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© anatoly abyshev dreamstime.com Business | August 29, 2013

Microchip Technology exceeded expectations

“We are very pleased with our execution in the June quarter. Our actual net sales exceeded the high end of our upwardly revised guidance,” said Steve Sanghi, President and CEO.
“We also significantly exceeded the high end of our upwardly revised gross margin guidance and improved our gross margin percentage by 163 basis points sequentially.” Mr. Sanghi added,

© Microchip Technology

“Our microcontroller net sales grew a strong 8.9% sequentially in the June quarter to achieve an all time record of USD 300.3 million,” said Ganesh Moorthy, Chief Operating Officer.

GAAP net sales for the first quarter of fiscal 2014 were USD 462.8 million, up 7.6% sequentially from net sales of USD 430.1 million in the immediately preceding quarter, and up 31.4% from net sales of USD 352.1 million in the prior year’s first fiscal quarter. GAAP net income for the first quarter of fiscal 2014 was USD 78.6 million, up 31.7% from GAAP net income of USD 59.7 million, in the immediately preceding quarter, and down 0.2% from GAAP net income of USD 78.7 million, in the prior year’s first fiscal quarter. In the first quarter of fiscal 2014, GAAP net income included amortization of acquired intangibles of USD 27.7 million and special charges of USD 1.7 million.

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