Microchip Technology Announces Record Financial Results For Fourth Quarter And Fiscal Year 2016

(PRNewswire) —
  • For Fiscal Year 2016
    • Record Non-GAAP net sales of $2.214 billion.
    • Record GAAP net sales of $2.173 billion.
    • On a non-GAAP basis: gross margins of 58.1%; operating income of $685.4 million; net income of $583.3 million and record EPS of $2.68 per diluted share.
    • On a GAAP basis: gross margins of 55.5%; operating income of $352.3 million; net income of $324.1 million; and EPS of $1.49 per diluted share. There was no First Call published estimate for GAAP EPS.
  • For the quarter ended March 31, 2016
    • Record Non-GAAP net sales of $568.4 million.
    • GAAP net sales of $557.6 million.
    • On a non-GAAP basis: gross margins of 58.4%; record operating income of $178.4 million; record net income of $153.0 million and record EPS of 70 cents per diluted share. The midpoint of our original guidance provided on February 3, 2016 was EPS of 67 cents.
    • On a GAAP basis: gross margins of 54.3%; operating income of $79.9 million; net income of $67.4 million; and EPS of 31 cents per diluted share. There was no First Call published estimate for GAAP EPS.
  • Record quarterly dividend declared of 35.95 cents per share.
  • Completed acquisition of Atmel Corporation on April 4, 2016.

(NASDAQ: MCHP) - Microchip Technology Incorporated, a leading provider of microcontroller, mixed signal, analog and Flash-IP solutions, today reported results for the three months and year ended March 31, 2016 as summarized in the following table:

 

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

Three Months Ended March 31, 2016

Year Ended March 31, 2016


GAAP

% of

Net
Sales

Non-

GAAP1

% of

Net
Sales

GAAP

% of

Net
Sales

Non-

GAAP1

% of

Net
Sales

Net Sales

$557.6


$568.4


$2,173.3


$2,213.8


Gross Margin

$302.8

54.3%

$331.9

58.4%

$1,205.5

55.5%

$1,286.8

58.1%

Operating Income

$79.9

14.3%

$178.4

31.4%

$352.3

16.2%

$685.4

31.0%

Other Expense

$(22.3)


$(6.4)


$(71.1)


$(29.7)


Income Tax (Benefit) Provision

$(9.7)


$19.0


$(42.6)


$72.2


Net Income

$67.4

12.1%

$153.0

26.9%

$324.1

14.9%

$583.3

26.3%

Earnings per Diluted Share

31 Cents


70 Cents


$1.49


$2.68


1

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


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