Microchip Technology Reports Q3, Fiscal 2003 Results
Microchip Technology Inc. (Chandler, AZ) reported net sales and earnings for the third fiscal quarter ended December 31, 2002. Net sales for the quarter were $171 million, an increase of approximately one percent from sales of $169.7 million in the immediately preceding quarter, and an increase of approximately 21 percent from sales of $141.9 million in the quarter ended December 31, 2001.
Net income for the quarter was $37 million, or $0.18 per diluted share, up approximately five percent from pro-forma net income of $35.2 million (prior to the effects of net-impairment charges of $24.9 million), or $0.17 per diluted share, in the immediately preceding quarter, and up approximately 56 percent from net income of $23.6 million, or $0.11 per diluted share, in the quarter ended December 31, 2001. During the quarter ended December 31, 2002, the company generated a net positive cash flow of approximately $57 million. Total cash and cash equivalents as of December 31, 2002, were $198 million.
The company expects to declare a quarterly cash dividend within the next week. The company initiated cash dividend payments in the third quarter of fiscal 2003, and paid its first quarterly cash dividend in the amount of $0.02 per share on December 6, 2002.