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Microchip Technology Announces Q3 Results
Jan 26, 2004
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Microchip Technology Inc., a Chandler, AZ, U.S. provider of microcontroller and analog semiconductors, has reported its financial results for the three months ended Dec. 31, 2003.

Net sales for the third quarter of fiscal year 2004 were U.S. $178 million, up 5.6 percent sequentially from $168.5 million in the immediately preceding quarter, and up 6.3 percent from sales of $167.5 million in the prior year's third quarter.

Pro forma net income for the third quarter of fiscal 2004 was $40.4 million or $0.19 per diluted share, up 11.9 percent from GAAP net income of $36.1 million or $0.17 per diluted share in the immediately preceding quarter. This is an 11-percent increase from GAAP net income of $36.4 million or $0.17 per diluted share in the prior year's third quarter. GAAP net income of $40.8 million or $0.19 per diluted share in the third quarter of fiscal 2004 was up 13.1 percent sequentially from GAAP net income of $36.1 million or $0.17 per diluted share in the immediately preceding quarter. This is also an increase of 12.3 percent from GAAP net income of $36.4 million or $0.17 per diluted share in the same quarter a year ago.

Microchip also announced today that its board of directors has declared a quarterly cash dividend on its common stock and increased the dividend rate by 16.7 percent. The quarterly dividend declared is $0.035 per share and is payable on March 5, 2004 to stockholders of record on Feb. 12, 2004.

Microchip initiated quarterly cash dividend payments in the third quarter of fiscal year 2003 and increased the cash dividend amount in the fourth quarter of fiscal year 2003 and again in the second quarter of fiscal 2004.

"Our business continued to strengthen during the quarter, achieving 5.6 percent net sales growth in a period that seasonally slows at the end of December in both the Americas and Europe," Steve Sanghi, Microchip's president and CEO, said in a written statement. "This was the best December quarter sequential revenue growth the company achieved since December 1999."

The company's operating profits during the quarter were more than 30 percent, and it generated $100 million in free cash, a record for Microchip. The company also achieved record net sales of more then $141 million in its microcontroller products and grew both the memory and analog product areas.

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