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Microchip Technology Announces Financial Results For Third 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 December 31, 2013 as summarized in the following table:

   
(in millions, except earnings per diluted share and percentages)     Three Months Ended December 31, 2013
      GAAP 1    

% of Net Sales

   

Non- GAAP 1

   

% of Net Sales

Net Sales     $482.4           $482.4      
Gross Margin     $282.7     58.6%     $284.6     59.0%
Operating Income     $116.9     24.2%     $153.8     31.9%

Other Expense (including Gains/Losses on Equity Method Investments)

    $4.3           $4.5      
Income Tax Expense     $7.2           $16.4      
Net Income     $105.4     21.9%     $132.9     27.5%
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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