Microchip Technology Announces Financial Results For Third Quarter Fiscal Year 2016


Microchip will host a conference call today, February 3, 2016 at 5:00 p.m. (Eastern Time) to discuss this release.  This call will be simulcast over the Internet at www.microchip.com.  The webcast will be available for replay until February 10, 2016.

A telephonic replay of the conference call will be available at approximately 8:00 p.m. (Eastern Time) February 3, 2016 and will remain available until 8:00 p.m. (Eastern Time) on February 10, 2016.  Interested parties may listen to the replay by dialing 719-457-0820 and entering access code 6929841.

Cautionary Statement:

The statements in this release relating to our December quarter financial results positioning us well, expecting to close the Atmel acquisition in the second calendar quarter of 2016, the broad-based weakness that the industry is experiencing, being confident that we are gaining market share in every microcontroller market we compete in, continuing to deliver innovative new microcontrollers that we believe will enable us to grow faster than the market and gain market share, continuing to develop and introduce new proprietary products to fuel the future growth of our analog business, our belief that our business has stabilized and that the majority of the inventory correction is behind us, that the March quarter will be impacted negatively by the Chinese New Year holidays, that the March quarter is the strongest quarter of the year in Europe for Microchip, expecting our non-GAAP net sales to be flat to up 3% in the March quarter, that our MOST technology is a leading standard for automotive infotainment, our fourth quarter fiscal 2016 guidance including net sales, gross margin, operating expenses, operating income, other expense, income tax expense, net income, diluted common shares outstanding, earnings per diluted share, inventory days, capital expenditures for the March 2016 quarter and for all of fiscal 2016, continuing to invest to support the growth of our production capabilities for fast growing new products and technologies, net cash generation, and assumed average stock price in the March 2016 quarter are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.  These statements involve risks and uncertainties that could cause our actual results to differ materially, including, but not limited to: any economic uncertainty due to monetary policy, political or other issues in the U.S. or internationally, any unexpected fluctuations or weakness in the U.S. and global economies (including China), the timing of the closing of the Atmel acquisition, the satisfaction of the conditions to closing in the Atmel acquisition agreement (including obtaining Atmel stockholder approval and regulatory clearances), any termination of the Atmel acquisition agreement, fluctuations in Microchip's stock price which would impact the number of shares that Microchip issues in the Atmel transaction; changes in demand or market acceptance of our products and the products of our customers; foreign currency effects on our business; the mix of inventory we hold and our ability to satisfy short-term orders from our inventory; changes in utilization of our manufacturing capacity and our ability to effectively manage our production levels; competitive developments including pricing pressures; the level of orders that are received and can be shipped in a quarter; the level of sell-through of our products through distribution; changes or fluctuations in customer order patterns and seasonality; our ability to successfully integrate the operations and employees from our recent Micrel acquisition, retain key employees and customers and otherwise realize the expected synergies and benefits of our recent acquisitions (including Micrel); our ability to continue to realize the expected benefits of our other acquisitions (including our pending acquisition of Atmel); the impact of any other significant acquisitions that we may make; our ability to obtain a sufficient supply of wafers from third party wafer foundries and the cost of such wafers, the costs and outcome of any current or future tax audit or any litigation involving intellectual property, customers, the Atmel transaction or other issues; our actual average stock price in the March 2016 quarter and the impact such price will have on our share count; fluctuations in our stock price and trading volume which could impact the number of shares we acquire under our share repurchase program and the timing of such repurchases; disruptions in our business or the businesses of our customers or suppliers due to natural disasters (including any floods in Thailand), terrorist activity, armed conflict, war, worldwide oil prices and supply, public health concerns or disruptions in the transportation system; and general economic, industry or political conditions in the United States or internationally.

For a detailed discussion of these and other risk factors, please refer to Microchip's filings on Forms 10-K and 10-Q.  You can obtain copies of Forms 10-K and 10-Q and other relevant documents for free at Microchip's website ( www.microchip.com) or the SEC's website ( www.sec.gov) or from commercial document retrieval services.

Stockholders of Microchip are cautioned not to place undue reliance on our forward-looking statements, which speak only as of the date such statements are made.  Microchip does not undertake any obligation to publicly update any forward-looking statements to reflect events, circumstances or new information after this February 3, 2016 press release, or to reflect the occurrence of unanticipated events.

About Microchip:

Microchip Technology Incorporated 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 www.microchip.com.

Note:  The Microchip name and logo, MPLAB, MOST, and PIC are registered trademarks of Microchip Technology Inc. in the USA and other countries. All other trademarks mentioned herein are the property of their respective companies.

J. Eric Bjornholt -- CFO..... (480) 792-7804

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SOURCE Microchip Technology Incorporated

Microchip Technology Incorporated
Web: http://www.microchip.com

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