Microchip Technology announced Monday that net sales and earnings per share for the fourth quarter of fiscal 2003 are expected to be lower than estimated. Net sales for the microcontroller and analog semiconductor manufacturer are now expected to be U.S. $159-$160 million. Earnings per share are expected to be approximately $.16, up 28 percent from the fourth quarter of fiscal year 2002.
Microchip attributes the lower than expected findings to a drop off in business ascribed to the war in Iraq. According to Steve Sanghi, president and CEO of Microchip, the spread of SARS in Asia has also affected the purchasing decisions of some of Microchip’s customers.
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