CHANDLER, Ariz. — (BUSINESS WIRE) — October 30, 2014 — Microchip Technology Incorporated (NASDAQ: MCHP)
- Record net sales of $546.2 million, up 3.3% sequentially on a GAAP basis, including $16.9 million of revenue from the ISSC acquisition.
- Record net sales in each of our 8-bit, 16-bit and 32-bit microcontrollers.
- On a non-GAAP basis: gross margins of 59.1%; record operating income of $177.3 million, net income of $150.2 million; and EPS of 67 cents per diluted share.
- On a GAAP basis: gross margins of 56.3%; operating income of $101.3 million; net income of $93.6 million; and EPS of 42 cents per diluted share.
Microchip Technology Incorporated (NASDAQ: MCHP), a leading provider of microcontroller, mixed signal, analog and Flash-IP solutions, today reported results for the three months ended September 30, 2014 as summarized in the following table:
| (in millions, except earnings per diluted share and percentages) | Three Months Ended September 30, 2014 | ||||||||
| GAAP |
% of Net
|
Non-
|
% of Net
|
||||||
| Net Sales | $546.2 | $546.2 | |||||||
| Gross Margin | $307.5 | 56.3% | $322.8 | 59.1% | |||||
| Operating Income | $101.3 | 18.5% | $177.3 | 32.5% | |||||
| Other Expense (including Gains/Losses on Equity Method Investments) | $10.6 | $8.2 | |||||||
| Income Tax Provision (benefit) | $(1.3) | $18.4 | |||||||
| Net Income before non-controlling interest | $92.0 | 16.8% | $150.7 | 27.6% | |||||
| Net Income (loss) from non-controlling interest | $(1.6) | $0.5 | |||||||
| Net Income Attributable to Microchip | $93.6 | 17.1% | $150.2 | 27.5% | |||||
| Earnings per Diluted Share | 42 cents | 67 cents | |||||||
| 1 | See the "Use of Non-GAAP Financial Measures" section of this release. |
