Microchip Technology Inc. (Chandler, AZ) reported results for the three months ended June 30, 2003. Net sales for the first quarter of fiscal-year 2004 were $161.3 million, up 1% sequentially from $159.7 million in the immediately preceding quarter, and up 2% from sales of $157.5 million in the prior-year's first quarter.
Pro-forma net income for the first quarter of fiscal 2004 was $33.5 million, or $0.16 per diluted share, up 2% from net income of $33 million, or $0.16 per diluted share, in the immediately preceding quarter, and up 12% from pro-forma net income of $30.1 million, or $0.14 per diluted share, in the prior-year's first quarter.
On a GAAP basis, net income for the first quarter of fiscal 2004 was $13.5 million, or $0.06 per diluted share. Pro-forma diluted earnings per share for the first quarter of fiscal 2004 excludes the effects of special charges of $33.4 million, which consisted of $30.6 million of accelerated depreciation relating to the closure of Fab 1, and $2.8 million of additional charges principally for contract cancellation, severance and other related costs.
