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Microchip Technology Announces Record Net Sales For First Quarter Fiscal Year 2015

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 June 30, 2014 as summarized in the following table:

(in millions, except earnings per diluted share and percentages)   Three Months Ended June 30, 2014

% of Net Sales

Non- GAAP 1

% of Net Sales
Net Sales   $ 528.9       $ 531.3    
Gross Margin   $ 306.5   58.0 %   $ 317.7   59.8 %
Operating Income   $ 115.9   21.9 %   $ 176.3   33.2 %
Other Expense (including Gains/Losses on Equity Method Investments)   $ 9.0       $ 6.6    
Income Tax Expense   $ 17.1       $ 18.1    
Net Income   $ 89.9   17.0 %   $ 151.6   28.5 %
Earnings per Diluted Share     40 cents         68 cents    

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

Consolidated GAAP net sales for the first quarter of fiscal 2015 were a record $528.9 million, up 7.2% sequentially from net sales of $493.4 million in the immediately preceding quarter, and up 14.3% from net sales of $462.8 million in the prior year’s first quarter. Consolidated GAAP net income for the first quarter of fiscal 2015 was $89.9 million, or 40 cents per diluted share, down 19.4% from GAAP net income of $111.5 million, or 50 cents per diluted share, in the immediately preceding quarter, and up 14.4% from GAAP net income of $78.6 million, or 37 cents per diluted share, in the prior year’s first quarter.

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