Micro Linear Announces Financial Results
Micro Linear Corp. (San Jose, CA) announced its financial results for the quarter ended April 1, 2001. Net revenues for the first quarter of 2001 were $3.4 million, compared to net revenues of $4.3 million for the fourth quarter of 2000, and $11.4 million for the first quarter of 2000. Gross margin increased to $2.0 million from $1.8 million for the fourth quarter of 2000, but was down from $6.0 million in the first quarter of 2000. Gross margin as a percentage of net revenues increased to 57 percent from 43 percent in the prior quarter and 53 percent in the same period a year earlier.
The company reported a net loss of $3.2 million for the first quarter, or a loss of $0.27 per share. The first-quarter net loss compares to a net loss in the fourth quarter of 2000 of $3.4 million, or $0.29 per share, and a net income of $301,000, or $0.03 per share for the same period a year earlier.
Net product orders totaled $5.4 million in the first quarter, compared to $4.4 million in the fourth quarter of 2000. Ending backlog rose to $6.3 million, up from $4.8 million at the end of the fourth quarter. Inventories stood at $2.5 million at the end of the first quarter. Cash and short-term investments at the end of the current quarter totaled $30.2 million, down from $35.8 million at the end of the fourth quarter of 2000.
“The 23-percent quarter-to-quarter increase in bookings and 31-percent increase in backlog reflect the company's initial success in the wireless market," stated David Gellatly, president and CEO of Micro Linear. “As a result, we expect to ship one million RF transceivers during the current quarter, the fastest production ramp in the company's history."