Commenting on the third quarter 2014 results, Micrel's President and CEO Ray Zinn said, "Excluding one-time distributor conversion revenue, Micrel benefited from sequential quarter growth of timing and communications and LAN solutions product sales.
Gross margin declined to 51.0% from 52.6% in the previous quarter due to a shift in the product mix, price erosion, and utilization.
Gross margin was 49.5% without the one-time revenue conversion.
In addition, we remain focused on increasing shareholder value through our stock repurchase program and quarterly dividend payments.
During the first nine months of 2014, Micrel
spent $13.4 million to repurchase approximately 1.2 million shares of common stock, and maintained its quarterly dividend.
continued, "Consistent with the rest of the industry, Micrel saw bookings soften in the third quarter as the global economy remained lackluster.
President and Chief Executive Officer, Raymond Zinn, and Chief Financial Officer, Bob DeBarr, will present an overview of the 2014 third quarter financial results; discuss current business conditions and then respond to questions.