Microchip Announces Second-Quarter 2003 ResultsOctober 23, 2002 by Jeff Shepard
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.