The recent single-atom microlaser experiment [K. An et al., Phys. Rev. Lett. 73, 3375 (1994)], in which a stream of inverted two-level atoms is injected into an ultrahigh Q cavity, can be understood in the context of a semiclassical four-level laser model. Transit time broadening due to short atom-cavity interaction time effectively introduces nonradiative decay of the two levels in the model. The steady-state solution of semiclassical photon and atom rate equations for the intracavity mean photon number versus the intracavity atom number provides a good fit to the experimental data.