Microchip Technology Raises Revenue, EPS Guidance

May 26, 2004 by Jeff Shepard

Microchip Technology Inc. (Chandler, AZ), a provider of microcontroller and analog semiconductors, announced that its net sales and earnings for its first quarter of fiscal year 2005 ending June 30, 2004, are expected to exceed the upper end of prior guidance originally provided on April 22, 2004. Microchip had previously guided net sales to be $205 to $207 million, up approximately 7% to 8% sequentially, and earnings per share to be about $0.25.

Microchip now expects its net sales for the first quarter of fiscal 2005 to be between $210 and $212 million, or up 10% to 11% sequentially. Microchip expects earnings per share for the first quarter of fiscal 2005 to be about $0.26. Microchip plans to announce its first quarter fiscal year 2005 financial results after the close of market on Tuesday, July 20, 2004.

"Led by our PIC® Flash Microcontrollers, we are experiencing strong demand on all major product lines and in all geographies. We have seen record bookings in the first two months of the quarter," said Steve Sanghi, Microchip's president and CEO. "Based on current lead times, this quarter is nearly booked and we are seeing strong backlog starting to build for the next quarter."