Microchip Technology Exceeds Financial Guidance for the Second Fiscal Quarter 2010

  • NET SALES OF $226.7 MILLION, UP 17.5% SEQUENTIALLY
    • HIGHEST SEQUENTIAL GROWTH IN 15 YEARS
  • ON A GAAP BASIS:
    • GROSS MARGIN OF 54.4%; OPERATING PROFIT OF 23.3%; NET INCOME OF $44.5 MILLION AND 19.6% OF NET SALES; EPS OF 24 CENTS PER DILUTED SHARE
  • ON A NON-GAAP BASIS:
    • GROSS MARGIN OF 55.5%; OPERATING PROFIT OF 27.8%; NET INCOME OF $53.2 MILLION AND 23.5% OF NET SALES; EPS OF 29 CENTS PER DILUTED SHARE
  • DAYS OF INVENTORY REDUCED BY 12 DAYS SEQUENTIALLY, TO 96 DAYS
  • RECORD SHIPMENTS OF 38,086 DEVELOPMENT TOOLS
  • INCREASED QUARTERLY DIVIDEND TO 34 CENTS PER SHARE

CHANDLER, Ariz. — (BUSINESS WIRE) — November 4, 2009 — Microchip Technology Incorporated (NASDAQ: MCHP), a leading provider of microcontroller and analog semiconductors, today reported results for the three months ended September 30, 2009 as summarized in the following table:

     

GAAP

   

% of
Revenue

   

Non-GAAP1

   

% of
Revenue

Revenue     $226.7 million           $226.7 million      
Gross Margin     $123.3 million     54.4%     $125.8 million     55.5%
Operating Income     $52.7 million     23.3%     $63.1 million     27.8%
Other Income (Expense)     ($1.4) million           ($2.0) million      
Income Tax Expense     $6.8 million           $7.9 million      
Net Income     $44.5 million     19.6%     $53.2 million     23.5%
Earnings per Diluted Share     24 cents           29 cents      
               

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


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