Microchip Technology Announces Financial Results For Third Quarter Fiscal Year 2016

- Non-GAAP net sales of $552.0 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 December 31, 2015 as summarized in the following table:

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

Three months ended December 31, 2015


GAAP

% of Net Sales

Non-GAAP1

% of Net Sales

Net Sales

$540.3


$552.0


Gross Margin

$292.7

54.2%

$319.7

57.9%

Operating Income

$76.1

14.1%

$162.6

29.5%

Other Expense

$(26.0)


$(8.7)


Income Tax (Benefit) Provision

$(11.1)


$15.4


Net Income

$61.2

11.3%

$138.4

25.1%

Earnings per Diluted Share

28 Cents


64 Cents


1

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

 

GAAP net sales for the third quarter of fiscal 2016 were $540.3 million, up 2.2% from GAAP net sales of $528.7 million in the prior year's third fiscal quarter.  GAAP net income for the third quarter of fiscal 2016 was $61.2 million, or 28 cents per diluted share, down 28.9% from GAAP net income of $86.1 million, or 39 cents per diluted share, in the prior year's third fiscal quarter.

Non-GAAP net sales for the third quarter of fiscal 2016 were $552.0 million, up 3.0% from non-GAAP net sales of $535.8 million in the prior year's third fiscal quarter.  Non-GAAP net income for the third quarter of fiscal 2016 was $138.4 million, or 64 cents per diluted share, down 3.4% from non-GAAP net income of $143.3 million, or 64 cents per diluted share, in the prior year's third fiscal quarter.  For the third 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 dates for our acquisitions, revenue recognition changes related to Micrel distributors, revenue recognition changes related to ISSC distributors, non-cash interest expense on our convertible debentures, gains on equity securities, impairments on available-for-sale investments, the related income tax implications of these items and non-recurring tax events.  A reconciliation of our non-GAAP and GAAP results is included in this press release.

Microchip announced today that its Board of Directors has declared a quarterly cash dividend on its common stock of 35.9 cents per share.  The quarterly dividend is payable on March 7, 2016 to stockholders of record on February 22, 2016.

On January 19, 2016, Microchip announced the signing of a definitive agreement to acquire Atmel Corporation for $8.15 per share in a combination of cash and shares of Microchip common stock.  The acquisition price represents a total equity value of about $3.56 billion , and a total enterprise value of about $3.40 billion , after excluding Atmel's cash and investments net of debt on its balance sheet of approximately $155.0 million as of December 31, 2015 .

1 | 2 | 3 | 4 | 5 | 6  Next Page »



Review Article Be the first to review this article
Featured Video
Jobs
SOC Logic Design Engineer for Global Foundaries at Santa Clara, CA
FAE FIELD APPLICATIONS SAN DIEGO for EDA Careers at San Diego, CA
Principal Engineer FPGA Design for Intevac at Santa Clara, CA
Senior DSP Architect / System Engineer for General Dynamics Mission Systems at Scottsdale, AZ
Sr. Staff Design SSD ASIC Engineer for Toshiba America Electronic Components. Inc. at San Jose, CA
Development Engineer-WEB SKILLS +++ for EDA Careers at North Valley, CA
Upcoming Events
DVCon 2017 Conference at DoubleTree Hotel San Jose CA - Feb 27 - 2, 2017
IoT Summit 2017 at Great America ballroom, Santa Clara Convention Center Santa Clara CA - Mar 16 - 17, 2017
SNUG Silicon Valley 2017 at Santa Clara Convention Center Santa Clara CA - Mar 22 - 23, 2017
CDNLive Silicon Valley 2017 at Santa Clara Convention Center Santa Clara CA - Apr 11 - 12, 2017



Internet Business Systems © 2017 Internet Business Systems, Inc.
595 Millich Dr., Suite 216, Campbell, CA 95008
+1 (408)-337-6870 — Contact Us, or visit our other sites:
AECCafe - Architectural Design and Engineering TechJobsCafe - Technical Jobs and Resumes GISCafe - Geographical Information Services  MCADCafe - Mechanical Design and Engineering ShareCG - Share Computer Graphic (CG) Animation, 3D Art and 3D Models
  Privacy Policy