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Microchip Technology Announces Record Net Sales And Financial Results For Second Quarter Fiscal Year 2014

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, 2013 as summarized in the following table:
(in millions, except earnings per diluted share and percentages)       Three Months Ended September 30, 2013
        GAAP    

% of Net Sales
   

Non- GAAP 1
   

% of Net Sales
Net Sales       $492.7           $492.7      
Gross Margin       $288.9     58.6%     $290.7     59.0%
Operating Income       $117.5     23.9%     $156.6     31.8%

Other Expense (including Gains/Losses on Equity Method Investments)
      $6.3           $4.1      
Income Tax Expense       $11.4           $16.2      
Net Income       $99.8     20.3%     $136.4     27.7%
Earnings per Diluted Share       46 cents           63 cents      

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

GAAP net sales for the second quarter of fiscal 2014 were $492.7 million, up 6.5% sequentially from net sales of $462.8 million in the immediately preceding quarter, and up 28.5% from GAAP net sales of $383.3 million in the prior year’s second fiscal quarter. GAAP net income for the second quarter of fiscal 2014 was $99.8 million, or 46 cents per diluted share, up 27.0% from GAAP net income of $78.6 million, or 37 cents per diluted share, in the immediately preceding quarter, and up from a GAAP net loss of $21.2 million, or a loss of 11 cents per diluted share, in the prior year’s second fiscal quarter. In the second quarter of fiscal 2014, GAAP net income included amortization of acquired intangibles of $23.7 million.

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