-- Net sales of $534.0 million.
(PRNewswire) — (NASDAQ: MCHP) - Microchip Technology Incorporated, a leading provider of microcontroller, mixed signal, analog and Flash-IP solutions, today reported results for the three months ended June 30, 2015 as summarized in the following table:|
(in millions, except earnings per diluted share and percentages) |
Three months ended June 30, 2015 | |||
|
|
GAAP |
% of Net Sales |
Non-GAAP1 |
% of Net Sales |
|
Net Sales |
$534.0 |
|
$534.0 |
|
|
Gross Margin |
$309.0 |
57.9% |
$311.2 |
58.3% |
|
Operating Income |
$121.3 |
22.7% |
$174.3 |
32.6% |
|
Other Expense |
$(1.8) |
|
$(6.0) |
|
|
Income Tax Provision (Benefit) |
$(10.9) |
|
$19.2 |
|
|
Net Income Before Noncontrolling Interest |
$130.5 |
|
$149.1 |
|
|
Net Income (Loss) from Noncontrolling Interest |
$(0.2) |
|
$0.2 |
|
|
Net Income Attributable to Microchip |
$130.7 |
24.5% |
$148.9 |
27.9% |
|
Earnings per Diluted Share |
60 Cents |
|
69 Cents |
|
|
|
|
1 See the "Use of Non-GAAP Financial Measures" section of this release. |
GAAP net sales for the first quarter of fiscal 2016 were $534.0 million, up 1.0% from GAAP net sales of $528.9 million in the prior year's first fiscal quarter. GAAP net income for the first quarter of fiscal 2016 was $130.7 million, or 60 cents per diluted share, up 45.3% from GAAP net income of $89.9 million, or 40 cents per diluted share, in the prior year's first fiscal quarter.
Non-GAAP net sales for the first quarter of fiscal 2016 were $534.0 million, up 0.5% from non-GAAP net sales of $531.3 million in the prior year's first fiscal quarter. Non-GAAP net income for the first quarter of fiscal 2016 was $148.9 million , or 69 cents per diluted share, down 1.8% from non-GAAP net income of $151.6 million , or 68 cents per diluted share, in the prior year's first fiscal quarter. For the first quarters of fiscal 2016 and fiscal 2015, our non-GAAP results exclude the effect of share-based compensation, expenses related to our acquisition activities (including intangible asset amortization, inventory valuation costs, severance costs, and legal and other general and administrative expenses associated with acquisitions), GAAP non recognition of revenue for inventory in the distribution channel at the acquisition date for our acquisitions, gains from equity securities and equity method investment, non-cash interest expense on our convertible debentures, and non-recurring tax events. A reconciliation of our non-GAAP and GAAP results is included in this press release.
