Microchip Technology Incorporated reported results for the three months and fiscal year ended March 31, 2015, including: GAAP net sales for the fourth quarter of fiscal 2015 were $543.2 million, up 10.1% from GAAP net sales of $493.4 million in the prior year's fourth fiscal quarter. GAAP net income for the fourth quarter of fiscal 2015 was $99.4 million, or 45 cents per diluted share, down 10.8% from GAAP net income of $111.5 million, or 50 cents per diluted share, in the prior year's fourth fiscal quarter.
Non-GAAP net sales for the fourth quarter of fiscal 2015 were $547.2 million, up 10.9% from non-GAAP net sales of $493.4 million in the prior year's fourth fiscal quarter. Non-GAAP net income for the fourth quarter of fiscal 2015 was $148.8 million, or 68 cents per diluted share, up 5.3% from non-GAAP net income of $141.3 million, or 64 cents per diluted share, in the prior year's fourth fiscal quarter. For the fourth quarters of fiscal 2015 and fiscal 2014, non-GAAP results exclude the effect of share-based compensation, expenses related to our acquisition activities (including intangible asset amortization, inventory valuation costs, severance costs, and legal and other general and administrative expenses associated with acquisitions), revenue recognition changes related to ISSC's distribution relationships, a loss on the retirement of convertible debentures, gains from equity securities, non-cash interest expense on our convertible debentures, and non-recurring tax events.
GAAP net sales for the fiscal year ended March 31, 2015 were $2.147 billion, an increase of 11.2% from net sales of $1.931 billion in the prior fiscal year. On a GAAP basis, consolidated net income for the fiscal year ended March 31, 2015 was $369.0 million, or $1.65 per diluted share, a decrease of 6.6% from net income of $395.3 million, or $1.82 per diluted share in the prior fiscal year.
Non-GAAP net sales for the fiscal year ended March 31, 2015 were $2.161 billion, an increase of 11.9% from net sales of $1.931 billion in the prior fiscal year. On a non-GAAP basis, net income for the fiscal year ended March 31, 2015 was $593.9 million, or $2.66 per diluted share, an increase of 11.9% from net income of $531.0 million, or $2.45 per diluted share, in the prior fiscal year.
Microchip announced today that its Board of Directors declared a quarterly cash dividend on its common stock of 35.75 cents per share. The quarterly dividend is payable on June 4, 2015 to stockholders of record on May 21, 2015.
"We are very pleased with our execution in the March quarter," said Steve Sanghi, President and CEO. "We achieved record net sales and our non-GAAP earnings per share in the March quarter were 68 cents per diluted share, at the high end of our guidance which was upwardly revised on February 11, 2015 to reflect our refinancing activities."
Mr. Sanghi added, "Fiscal year 2015 was another record year as we achieved non-GAAP net sales of $2.161 billion, up 11.9% from fiscal year 2014. In fiscal year 2015 our microcontroller and analog product lines both set new revenue records. The March quarter was our 98th consecutive quarter of profitability, a track record that our employees and stockholders should be extremely proud of."
"Our microcontroller revenue was up 8.4% in the March quarter from the year ago quarter," said Ganesh Moorthy, Chief Operating Officer. "For fiscal year 2015, our microcontroller business was up 11.4% over fiscal year 2014, setting a revenue record at over $1.4 billion. Additionally, for fiscal year 2015, each of our three microcontroller segments, 8-bit, 16-bit and 32-bit set revenue records and gained significant market share as reported in the 2014 Gartner Dataquest rankings, with our 8-bit business also regaining the #1 position in revenue."
Mr. Moorthy added, "For fiscal year 2015, our analog business was also up strongly at 17.6% over fiscal year 2015, setting a revenue record and for the first time crossing the half billion dollar mark."
Eric Bjornholt, Microchip's Chief Financial Officer, said, "Our cash generation in the March quarter excluding the purchase of additional shares of ISSC, our dividend payment, and changes in borrowing levels was $155.5 million. As of March 31, 2015, our consolidated cash and total investment position was approximately $2.34 billion. The dividend that we announced today marks the 45th occasion that we have increased our dividend payment, and cumulative dividends paid are now $2.52 billion."
Mr. Sanghi concluded, "We have evaluated the current global economic environment, our backlog position and customer designs that are coming to production and expect our revenue to be between $547 million and $564 million in the June quarter."
