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

 

MICROCHIP TECHNOLOGY INCORPORATED AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(in thousands except per share amounts)

(Unaudited)

















Three months ended


Twelve months ended



March 31,


March 31,



2016


2015


2016


2015










Net sales


$

557,647



$

543,207



$

2,173,334



$

2,147,036


Cost of sales


254,868



229,575



967,870



917,472


Gross profit


302,779



313,632



1,205,464



1,229,564











Research and development


95,638



87,662



372,596



349,543


Selling, general and administrative


78,293



67,778



301,670



274,815


Amortization of acquired intangible assets


48,132



47,087



174,896



176,746


Special charges, net


770



758



3,957



2,840


Operating expenses


222,833



203,285



853,119



803,944











Operating income


79,946



110,347



352,345



425,620


Losses on equity method investments


(56)



(188)



(345)



(317)


Other expense, net


(22,277)



(48,138)



(70,707)



(79,396)











Income before income taxes


57,613



62,021



281,293



345,907


Income tax benefit


(9,742)



(36,559)



(42,632)



(19,418)


Net income


67,355



98,580



323,925



365,325


Less: Net loss attributable to noncontrolling interests




822



207



3,684


Net income attributable to Microchip Technology


$

67,355



$

99,402



$

324,132



$

369,009











Basic net income per common share attributable to Microchip Technology stockholders


$

0.33



$

0.49



$

1.59



$

1.84


Diluted net income per common share attributable to Microchip Technology stockholders


$

0.31



$

0.45



$

1.49



$

1.65











Basic common shares outstanding


203,736



201,730



203,384



200,937


Diluted common shares outstanding


217,711



220,947



217,388



223,561
















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