• For the quarter ended March 31, 2017

• Record GAAP and Non-GAAP net sales of $902.7 million.  Our updated guidance provided on February 28, 2017 was net sales of $876.8 million to $903.2 million.
• On a GAAP basis: gross margins of 59.0%; operating income of $154.1 million; net income from continuing operations of $136.9 million; and EPS from continuing operations of 57 cents per diluted share.  Microchip did not provide updated GAAP guidance on February 28, 2017 due to its February 2017 financing activities and the related accounting impact not being available at that time.
• On a Non-GAAP basis:  gross margins of 59.2%; record operating income of $321.2 million; record net income from continuing operations of $276.9 million and record EPS from continuing operations of $1.16 per diluted share.  Our updated guidance provided on February 28, 2017 was EPS of $1.02 to $1.10 per share.
• Record cash flow from operations of $322.6 million.
• Record quarterly dividend declared of $0.3615 cents per share.

• For Fiscal Year 2017

• Record GAAP net sales of $3.408 billion.
• Record Non-GAAP net sales of $3.502 billion.
• On a GAAP basis:  gross margins of 51.6%; operating income of $275.8 million; net income from continuing operations of $170.6 million; and EPS from continuing operations of 73 cents per diluted share.
• On a Non-GAAP basis:  gross margins of 57.6%; operating income of $1.108 billion; net income from continuing operations of $937.1 million and record EPS from continuing operations of $3.99 per diluted share.

CHANDLER, Ariz., May 09, 2017 (GLOBE NEWSWIRE) -- (NASDAQ:MCHP) - Microchip Technology Incorporated, a leading provider of microcontroller, mixed signal, analog and Flash-IP solutions, today reported results for the three months and fiscal year ended March 31, 2017 as summarized in the following table:

¹ See the "Use of Non-GAAP Financial Measures" section of this release.

GAAP net sales for the fourth quarter of fiscal 2017 were $902.7 million, up 61.9% from GAAP net sales of $557.6 million in the prior year's fourth fiscal quarter.  GAAP net income from continuing operations for the fourth quarter of fiscal 2017 was $136.9 million, or 57 cents per diluted share, up from GAAP net income of $67.4 million, or 31 cents per diluted share, in the prior year's fourth fiscal quarter.

Non-GAAP net sales for the fourth quarter of fiscal 2017 were $902.7 million, up 58.8% from non-GAAP net sales of $568.4 million in the prior year's fourth fiscal quarter.  Non-GAAP net income from continuing operations for the fourth quarter of fiscal 2017 was $276.9 million, or $1.16 per diluted share, up 81.0% from non-GAAP net income of $153.0 million, or 70 cents per diluted share, in the prior year's fourth fiscal quarter.  For fiscal 2017 and fiscal 2016, our non-GAAP results exclude the effect of discontinued operations, 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), preclusion of revenue recognition under GAAP for inventory in the distribution channel on the acquisition dates of our acquisitions, revenue recognition changes related to Atmel and Micrel distributors, a loss on the inducement and extinguishment of our convertible debentures, non-cash interest expense on our convertible debentures, gains on equity securities, impairments on available-for-sale investments, the related income tax implications of these items, tax adjustments in accordance with ASC 740-270 and non-recurring tax events.  Certain of these non-GAAP items are also reflected in our non-GAAP results for the fourth quarters of fiscal 2017 and fiscal 2016.  A reconciliation of our non-GAAP and GAAP results is included in this press release.