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Microchip Technology Announces Record Net Sales For First Quarter Fiscal Year 2014

Stocks in this article: MCHP

Microchip Technology Incorporated (NASDAQ: MCHP), a leading provider of microcontroller, analog and Flash-IP solutions, today reported results for the three months ended June 30, 2013 as summarized in the following table:

 
(in millions, except earnings per diluted share and percentages)   Three Months Ended June 30, 2013
   

GAAP

 

% of Net Sales

 

Non- GAAP 1

 

% of Net Sales

Net Sales   $ 462.8       $ 462.8    
Gross Margin   $ 266.6   57.6 %   $ 268.5   58.0 %
Operating Income   $ 98.4   21.3 %   $ 141.3   30.5 %
Other Expense (including Gains/Losses on Equity Method Investments)  

$

8.1

 

 

 

$

5.9

 

 

Income Tax Expense   $ 11.8       $ 15.0    
Net Income   $ 78.6   17.0 %   $ 120.4   26.0 %
Earnings per Diluted Share     37 cents         57 cents    

1

  See the “Use of Non-GAAP Financial Measures” section of this release.
 

GAAP net sales for the first quarter of fiscal 2014 were $462.8 million, up 7.6% sequentially from net sales of $430.1 million in the immediately preceding quarter, and up 31.4% from net sales of $352.1 million in the prior year’s first fiscal quarter. GAAP net income for the first quarter of fiscal 2014 was $78.6 million, or 37 cents per diluted share, up 31.7% from GAAP net income of $59.7 million, or 28 cents per diluted share, in the immediately preceding quarter, and down 0.2% from GAAP net income of $78.7 million, or 39 cents per diluted share, in the prior year’s first fiscal quarter. In the first quarter of fiscal 2014, GAAP net income included amortization of acquired intangibles of $27.7 million and special charges of $1.7 million.

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