Microchip Technology Reports Q4, Annual ResultsApril 28, 2002 by Jeff Shepard
Microchip Technology Inc. (Chandler, AZ) reported net sales and earnings for the three months ended March 31, 2002, and the fiscal year ended March 31, 2002. Net sales for the quarter were $148.8 million, up 4.9 percent sequentially from $141.9 million in the immediately preceding quarter, and a decrease of 3.0 percent from sales of $153.4 million in the prior-year's fourth quarter.
Net sales for the fiscal year ended March 31, 2002, were $571.3 million, a decrease of 20.2 percent from net sales of $715.7 million in the prior fiscal year. Diluted earnings per share for the 2002 fiscal year were $0.68, a decrease of 40.3 percent from diluted earnings per share in the prior year of $1.14 before non-operating charges (a decrease of 34.8 percent from diluted earnings per share in the prior year of $1.04, including non-operating charges).
"Our March results are in line with our upside pre-announcement on April 8. The final results confirmed strong growth in our proprietary lines of microcontroller and analog products, driving an earnings-per-share growth of over 11 percent from the prior quarter," said President and CEO Steve Sanghi. "Based on our current outlook for the business, we are increasing our guidance for sequential revenue growth from five percent to approximately six percent for the quarter ending June 30, 2002, and are guiding to sequential revenue growth of approximately six percent in the September quarter."