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
|Other Expense (including Gains/Losses on Equity Method Investments)||$||9.0||$||6.6|
|Income Tax Expense||$||17.1||$||18.1|
|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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