Microchip Technology Announces Financial Results for Second Quarter Fiscal Year 2015

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
Sales

 

Non-
GAAP1

 

% of Net
Sales

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.

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