Microchip Technology Reports Narrower 4Q Profit

CHANDLER, Ariz. (AP) — Semiconductor maker Microchip Technology Inc. reported Thursday that its fiscal fourth quarter 2009 profit declined 70 percent to $22.8 million as sales plunged 34 percent, but results still topped Wall Street expectations.

Profit for the quarter ended March 31 totaled 12 cents a share, compared with year-ago earnings of $76.7 million, or 40 cents a share. Adjusted profit came to 15 cents a share in the latest period.

Sales slid to $173.3 million from $260.4 million a year earlier.

The results topped estimates of analysts surveyed by Thomson Reuters, who had expected profit of 11 cents a share on revenue of $172.1 million. Analysts generally exclude one-time items from their estimates.

For its fiscal 2009 year, the company said it earned $248.8 million, or $1.33 a share, compared with profit of $297.7 million, or $1.40 a share, for the prior year. Twelve-month sales came to $903.3 million, compared with $1.04 billion for the prior year.

Microchip Technology also announced that its board has declared a quarterly cash dividend on its common stock of 33.9 cents per share. The quarterly dividend is payable on June 4 to stockholders of record on May 21.