|(in millions, except earnings per diluted share and percentages)||Three Months Ended September 30, 2013|
|GAAP||% of Net Sales||Non- GAAP 1||% of Net Sales|
|Other Expense (including Gains/Losses on Equity Method Investments)||$6.3||$4.1|
|Income Tax Expense||$11.4||$16.2|
|Earnings per Diluted Share||46 cents||63 cents|
|1 See the “Use of Non-GAAP Financial Measures” section of this release.|
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, 2013 as summarized in the following table:
GAAP net sales for the second quarter of fiscal 2014 were $492.7 million, up 6.5% sequentially from net sales of $462.8 million in the immediately preceding quarter, and up 28.5% from GAAP net sales of $383.3 million in the prior year’s second fiscal quarter. GAAP net income for the second quarter of fiscal 2014 was $99.8 million, or 46 cents per diluted share, up 27.0% from GAAP net income of $78.6 million, or 37 cents per diluted share, in the immediately preceding quarter, and up from a GAAP net loss of $21.2 million, or a loss of 11 cents per diluted share, in the prior year’s second fiscal quarter. In the second quarter of fiscal 2014, GAAP net income included amortization of acquired intangibles of $23.7 million.