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 December 31, 2013 as summarized in the following table:
|(in millions, except earnings per diluted share and percentages)||Three Months Ended December 31, 2013|
% of Net Sales
Non- GAAP 1
% of Net Sales
Other Expense (including Gains/Losses on Equity Method Investments)
|Income Tax Expense||$7.2||$16.4|
|Earnings per Diluted Share||48 cents||61 cents|
1 See the “Use of Non-GAAP Financial Measures” section of this release.
Consolidated net sales for the third quarter of fiscal 2014 were $482.4 million, down 2.1% sequentially from net sales of $492.7 million in the immediately preceding quarter, and up 15.9% from net sales of $416.0 million in the prior year’s third fiscal quarter. Consolidated GAAP net income for the third quarter of fiscal 2014 was $105.4 million, or 48 cents per diluted share, up from a GAAP net income of $99.8 million, or 46 cents per diluted share, in the immediately preceding quarter, and up from GAAP net income of $10.2 million, or 5 cents per diluted share, in the prior year’s third fiscal quarter.
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