Microchip Technology Announces Record Non-GAAP Earnings Per Share For First Quarter Fiscal Year 2016

-- Net sales of $534.0 million.

(PRNewswire) —  (NASDAQ: MCHP) - Microchip Technology Incorporated, a leading provider of microcontroller, mixed signal, analog and Flash-IP solutions, today reported results for the three months ended June 30, 2015 as summarized in the following table:

(in millions, except earnings per diluted share and percentages)

Three months ended June 30, 2015


GAAP

% of Net Sales

Non-GAAP1

% of Net Sales

Net Sales

$534.0


$534.0


Gross Margin

$309.0

57.9%

$311.2

58.3%

Operating Income

$121.3

22.7%

$174.3

32.6%

Other Expense

$(1.8)


$(6.0)


Income Tax Provision (Benefit)

$(10.9)


$19.2


Net Income Before Noncontrolling Interest

$130.5


$149.1


Net Income (Loss) from Noncontrolling Interest

$(0.2)


$0.2


Net Income Attributable to Microchip

$130.7

24.5%

$148.9

27.9%

Earnings per Diluted Share

60 Cents


69 Cents



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

 

Microchip Technology Inc. is a leading provider of microcontroller, mixed-signal, analog and Flash-IP solutions, providing low-risk product development, lower total system cost and faster time to market for thousands of diverse customer applications worldwide. Headquartered in Chandler, Arizona, Microchip offers outstanding technical support along with dependable delivery and quality. For more information, visit the Microchip website at http://www.microchip.com.

GAAP net sales for the first quarter of fiscal 2016 were $534.0 million, up 1.0% from GAAP net sales of $528.9 million in the prior year's first fiscal quarter.  GAAP net income for the first quarter of fiscal 2016 was $130.7 million, or 60 cents per diluted share, up 45.3% from GAAP net income of $89.9 million, or 40 cents per diluted share, in the prior year's first fiscal quarter.

Non-GAAP net sales for the first quarter of fiscal 2016 were $534.0 million, up 0.5% from non-GAAP net sales of $531.3 million in the prior year's first fiscal quarter.  Non-GAAP net income for the first quarter of fiscal 2016 was $148.9 million , or 69 cents per diluted share, down 1.8% from non-GAAP net income of $151.6 million , or 68 cents per diluted share, in the prior year's first fiscal quarter.  For the first quarters of fiscal 2016 and fiscal 2015, our non-GAAP results exclude the effect of share-based compensation, expenses related to our acquisition activities (including intangible asset amortization, inventory valuation costs, severance costs, and legal and other general and administrative expenses associated with acquisitions), GAAP non recognition of revenue for inventory in the distribution channel at the acquisition date for our acquisitions, gains from equity securities and equity method investment, non-cash interest expense on our convertible debentures, and non-recurring tax events.  A reconciliation of our non-GAAP and GAAP results is included in this press release.

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