Microchip Technology Announces Record Net Sales and Financial Results for Second Quarter Fiscal Year 2014

  • Record net sales of $492.7 million, up 6.5% sequentially and up 28.5% from net sales in the year ago quarter.
  • On a non-GAAP basis: gross margins of 59.0%; Record operating income of $156.6 million; Record net income of $136.4 million; and Record EPS of 63 cents per diluted share. The First Call published estimate for non-GAAP diluted EPS was 60 cents.
  • On a GAAP basis: gross margins of 58.6%; operating income of $117.5 million; net income of $99.8 million; and EPS of 46 cents per diluted share. There was no published First Call estimate for GAAP EPS.
  • Record net sales of 8-bit microcontrollers, 16-bit microcontrollers, 32-bit microcontrollers and analog products
  • Record licensing revenue of $24.8 million

CHANDLER, Ariz. — (BUSINESS WIRE) — October 30, 2013 — 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:

(in millions, except earnings per diluted share and percentages)       Three Months Ended September 30, 2013
        GAAP    

% of Net
Sales

   

Non-
GAAP1

   

% of Net
Sales

Net Sales       $492.7           $492.7      
Gross Margin       $288.9     58.6%     $290.7     59.0%
Operating Income       $117.5     23.9%     $156.6     31.8%

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

      $6.3           $4.1      
Income Tax Expense       $11.4           $16.2      
Net Income       $99.8     20.3%     $136.4     27.7%
Earnings per Diluted Share       46 cents           63 cents      

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

 

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