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."
