Microchip Technology Announces Second Quarter Fiscal Year 2013 Financial Results, Including Record Net Sales

Microchip Technology Incorporated (NASDAQ: MCHP)
  • RECORD NET SALES INCLUDING NET SALES FROM THE ACQUISITION OF SMSC WHICH WAS COMPLETED ON AUGUST 2, 2012
  • NON-GAAP NET SALES OF $407.8 MILLION, UP 15.7% SEQUENTIALLY
  • GAAP NET SALES OF $383.3 MILLION, UP 8.9% SEQUENTIALLY
  • ON A NON-GAAP BASIS: GROSS MARGIN OF 57.7%; OPERATING INCOME OF $119.1 MILLION; NET INCOME OF $97.7 MILLION; AND EPS OF 48 CENTS PER DILUTED SHARE. THE FIRST CALL PUBLISHED ESTIMATE FOR NON-GAAP EPS WAS 51 CENTS.
  • ON A GAAP BASIS: GROSS MARGIN OF 50.7%; OPERATING INCOME OF $8.1 MILLION; NET LOSS OF $21.2 MILLION; AND NET LOSS OF 11 CENTS PER DILUTED SHARE. THERE WAS NO PUBLISHED FIRST CALL ESTIMATE FOR GAAP EPS.

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, 2012 as summarized in the following table:
(in millions, except earnings per diluted share and percentages)     Three Months Ended September 30, 2012
     

Non- GAAP 1
 

% of Net Sales
  GAAP  

% of Net Sales
Net Sales     $ 407.8         $ 383.3      
Gross Margin     $ 235.2     57.7 %   $ 194.2     50.7 %
Operating Income     $ 119.1     29.2 %   $ 8.1     2.1 %
Other Expense       ($3.9 )         ($6.0 )    
Income Tax Provision     $ 17.5         $ 23.3      
Net Income (Loss)     $ 97.7     24.0 %     ($21.2 )   (5.5 )%
Earnings (Loss) per Diluted Share       48 cents           (11 cents )    

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

Consolidated GAAP net sales for the second quarter of fiscal 2013 were a record $383.3 million, up 8.9% sequentially from net sales of $352.1 million in the immediately preceding quarter, and up 12.5% from net sales of $340.6 million in the prior year’s second fiscal quarter. Consolidated GAAP net loss for the second quarter of fiscal 2013 was $21.2 million, or 11 cents per diluted share, down from GAAP net income of $78.7 million, or 39 cents per diluted share, in the immediately preceding quarter, and down from GAAP net income of $79.3 million, or 40 cents per diluted share, in the prior year’s second fiscal quarter.

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