Microchip Technology Reports Q3 2002 Results
Microchip Technology Inc. (Chandler, AZ) reported net sales for its third fiscal quarter ended December 31, 2001, of $141.9 million, essentially flat with sales of $141.7 million in the immediately preceding quarter. Diluted earnings per share for the third fiscal quarter were $0.17 on 139.9 million average shares outstanding, flat with diluted earnings per share of $0.17 in the immediately preceding quarter.
Net sales for the quarter ended December 31, 2001, were down 25.4 percent from sales of $190.1 million in the prior year's December quarter. Diluted earnings per share for the December quarter of fiscal 2002 decreased approximately 45 percent from diluted earnings per share of $0.31 in the prior-year's December quarter.
"Our December-quarter performance was strong and consistent with our expectations. Microchip's gross margins and operating profits remained solid at 50 percent and 21 percent, respectively. We remain debt-free, and have added $74.0 million in cash this quarter. We also reduced inventories by approximately $2.0 million in the quarter. These financial indicators continue to demonstrate the strength of our business model," said Steve Sanghi, Microchip's president and CEO.