Microchip Reports First-Quarter 2002 ResultsJuly 17, 2002 by Jeff Shepard
Microchip Technology Inc. (Chandler, AZ) reported net sales and earnings for the first fiscal quarter ended June 30, 2002. Net sales for the quarter were $159.7 million, up over seven percent from the March 2002 quarter, and up approximately 15 percent from the prior-year’s first quarter. Diluted earnings per share for the quarter were $0.15, up approximately 17 percent from the March 2002 quarter, and up approximately 39 percent from the prior-year’s first quarter.
"I am extremely pleased with the performance of the company in the June quarter," said Microchip President and CEO Steve Sanghi. "All product areas posted strong sequential revenue gains in the quarter, with our micro-controller product line growing six percent, our analog product line growing 16 percent and our serial EEPROM product line growing eight percent. The sequential revenue growth in micro-controllers evidences the rapid design win acceptance we continue to experience in our customers’ applications."