Microchip Announces Second-Quarter 2003 Results
Microchip Technology Inc. (Chandler, AZ) reported net sales and earnings for the second fiscal quarter ended September 30, 2002. Net sales for the quarter were $169.7 million, an increase of 6.3 percent from sales of $159.7 million in the immediately preceding quarter, and an increase of 19.8 percent from sales of $141.7 million in the quarter ended September 30, 2001.
Pro-forma net income for the quarter was $35.2 million, or $0.17 per diluted share, up approximately 14 percent from pro-forma net income of $31.0 million, or $0.15 per diluted share, in the immediately preceding quarter, and up approximately 51 percent from net income of $23.1 million, or $0.11 per diluted share, in the quarter ended September 30, 2001. Pro-forma net income for the second quarter of fiscal 2003 excludes a $24.9 million tax-effected impairment charge associated with the company's writedown of Fab 3 in Puyallup, WA.
Pro-forma net income in the previous quarter of $31.0 million excludes a $9.3 million in-process research and development charge associated with the company's acquisition of PowerSmart Inc. Reported net income for the second quarter of fiscal 2003, which includes the Fab 3 impairment charge, was $10.3 million, or $0.05 earnings per diluted share.