Microchip Technology Incorporated (NASDAQ: MCHP)
- RECORD NET SALES INCLUDING NET SALES FROM THE ACQUISITION OF SMSC WHICH WAS COMPLETED ON AUGUST 2, 2012
- NON-GAAP NET SALES OF $407.8 MILLION, UP 15.7% SEQUENTIALLY
- GAAP NET SALES OF $383.3 MILLION, UP 8.9% SEQUENTIALLY
- ON A NON-GAAP BASIS: GROSS MARGIN OF 57.7%; OPERATING INCOME OF $119.1 MILLION; NET INCOME OF $97.7 MILLION; AND EPS OF 48 CENTS PER DILUTED SHARE. THE FIRST CALL PUBLISHED ESTIMATE FOR NON-GAAP EPS WAS 51 CENTS.
- ON A GAAP BASIS: GROSS MARGIN OF 50.7%; OPERATING INCOME OF $8.1 MILLION; NET LOSS OF $21.2 MILLION; AND NET LOSS OF 11 CENTS PER DILUTED SHARE. THERE WAS NO PUBLISHED FIRST CALL ESTIMATE FOR GAAP EPS.
Microchip Technology Incorporated (NASDAQ: MCHP), a leading provider of microcontroller, mixed-signal, analog and Flash-IP solutions, today reported results for the three months ended September 30, 2012 as summarized in the following table:
|(in millions, except earnings per diluted share and percentages)||Three Months Ended September 30, 2012|
Non- GAAP 1
% of Net Sales
% of Net Sales
|Income Tax Provision||$||17.5||$||23.3|
|Net Income (Loss)||$||97.7||24.0||%||($21.2||)||(5.5||)%|
|Earnings (Loss) per Diluted Share||48 cents||(11 cents||)|
|See the “Use of Non-GAAP Financial Measures” section of this release.|
Consolidated GAAP net sales for the second quarter of fiscal 2013 were a record $383.3 million, up 8.9% sequentially from net sales of $352.1 million in the immediately preceding quarter, and up 12.5% from net sales of $340.6 million in the prior year’s second fiscal quarter. Consolidated GAAP net loss for the second quarter of fiscal 2013 was $21.2 million, or 11 cents per diluted share, down from GAAP net income of $78.7 million, or 39 cents per diluted share, in the immediately preceding quarter, and down from GAAP net income of $79.3 million, or 40 cents per diluted share, in the prior year’s second fiscal quarter.