News

Microchip Technology Increases Guidance for Q1 2003

June 16, 2002 by Jeff Shepard

Microchip Technology Inc. (Chandler, AZ) announced its quarterly business update for the first quarter of fiscal 2003, and said that it expects sales for the quarter to be up 7 to 7.5 percent sequentially from the fourth quarter of fiscal 2002, and up approximately 14 percent from the prior-year's first quarter. This compares to the prior guidance of sequential revenue growth of six percent provided in the company's April 25, 2002, fourth-quarter and fiscal 2002 earnings release.

Earnings per share for the first quarter are expected to be approximately $0.15, up approximately 20 percent sequentially and up approximately 42 percent from the prior-year's first quarter, all prior to a one-time charge related to in-process research and development costs associated with the company's acquisition of PowerSmart Inc. (Shelton, CT). This compares to the prior guidance of $0.14 provided in the company's April 25, 2002, fourth-quarter and fiscal 2002 earnings release. The charge related to in-process research and development costs associated with the PowerSmart acquisition are currently being evaluated and have not yet been determined, but are expected to be recorded in the June 2002 quarter.