.gif)
.gif)
Industry News
February 8, 2013
Microchip Announces Record Net Sales
Microchip Technology Incorporated reported results for the three months ended December 31, 2012. Consolidated GAAP net sales for the third quarter of fiscal 2013 were a record $416 million, up 8.5% sequentially from net sales of $383.3 million in the immediately preceding quarter, and up 26.4% from net sales of $329.2 million in the prior year's third fiscal quarter. Consolidated GAAP net income for the third quarter of fiscal 2013 was $10.2 million, or five cents per diluted share, up from a GAAP net loss of $21.2 million, or 11 cents per diluted share, in the immediately preceding quarter, and down from GAAP net income of $77.5 million, or 38 cents per diluted share, in the prior year's third fiscal quarter. The GAAP results were negatively impacted by the expenses associated with our acquisition activities as more fully described below.
Recommended: SynQor Announces Denial of Defendants' Motions for Rehearing
Consolidated non-GAAP net sales for the third quarter of fiscal 2013 were a record $416 million, up 2.0% sequentially from non-GAAP net sales of $407.8 million in the immediately preceding quarter, and up 26.4% from non-GAAP net sales of $329.2 million in the prior year's third fiscal quarter. Consolidated non-GAAP net income for the third quarter of fiscal 2013 was $84.5 million, or 41 cents per diluted share, down 13.5% from non-GAAP net income of $97.7 million, or 48 cents per diluted share, in the immediately preceding quarter, and down 1.1% from non-GAAP net income of $85.4 million, or 42 cents per diluted share, in the prior year's third fiscal quarter.
For the third quarters of fiscal 2013 and fiscal 2012, Microchip's non-GAAP results exclude the effect of share-based compensation, expenses related to acquisition activities (including intangible asset amortization, inventory valuation costs, restructuring costs, earn out adjustments and legal and other general and administrative expenses associated with acquisitions), and non-cash interest expense on convertible debentures.
Related: 36V Digital Potentiometers Support Wide Signal Swings and High Power-Supply Voltages
"We were pleased with our execution in the December quarter despite a very challenging macroeconomic environment," said Steve Sanghi, President and CEO. "Our net sales, gross margin, operating expenses and earnings per share were all better than the mid-point of our guidance given on November 8, 2012." Mr. Sanghi added, "We achieved an all-time record in net sales of $416 million in the December quarter. Net sales of microcontroller products were up 1.8% sequentially at $266 million, while achieving record sales for 16- bit as well as 32-bit microcontrollers thus exemplifying our continued strength in this market."
"Our 16-bit microcontroller business was up 12.6% sequentially in the December quarter, achieving a new record for revenue," said Ganesh Moorthy, Chief Operating Officer. "We continue to expand the breadth of the 16-bit solutions we are offering, and customers we are serving, as we continue to gain share in this market."
Opinion: Maximising Synergies between Power Electronics and ICT for improving Energy Efficiency
Mr. Moorthy continued, "Our 32-bit microcontroller revenue was up 17.4% sequentially in the December quarter, also achieving a new record. We are continuing to win new designs and expanding into new applications to enable further growth in revenue and market share."
Mr. Moorthy concluded, "Our analog revenue grew 7.7% sequentially in the December quarter to achieve a new record, and our analog business continues to perform exceptionally well. Analog revenue represented 22.4% of Microchip's overall revenue in the December quarter, the highest proportion of our revenue ever."
Eric Bjornholt, Microchip's Chief Financial Officer, said,"We made good progress in reducing our inventory position in the December quarter. The actions that we implemented to reduce factory output in the December quarter are bringing inventory levels down and we expect to make further progress in the March quarter."
Mr. Bjornholt added, "We had strong free cash flow generation in the December quarter at $123.2 million prior to our dividend payment of $68.7 million. We ended the quarter with $1.77 billion in cash and investments on the balance sheet."
Mr. Sanghi concluded, "The March quarter has the seasonal effect of the Chinese New Year. However, we are starting to see exceptionally strong bookings and expedite activity in our business driven by solid demand and a robust design win pipeline. We believe the December quarter was the bottom of this cycle for Microchip, and we expect our total net sales in the March quarter to be up between one and four percent sequentially."
Share this story
Send via E-mail
Post to Twitter
On the Web:
White Papers
March 11, 2013
Power Modules for Charger Applications
Sponsored by Vincotech
February 27, 2013
The Adaptive Cell Converter Topology Enables Constant Efficiency Over Universal Input AC Line in Front-End, High-Density Power Factor Correction Applications
Sponsored by Vicor Corp.
February 27, 2013
From 48 V direct to Intel VR12.0: Saving "Big Data" $500,000 per datacenter, per year
Sponsored by Vicor Corp.
More White Papers
- SynQor Announces Denial of Defendants' Motions for Rehearing
- Teen Wins $50,000 for Development of Nanorod Supercapacitors
- Advanced Internal Structure of New MOSFET Family Lowers On-State Resistance
- Murata Introduces Digital 420W PMBus-Compliant 1/4 Brick
- Rivals Powermat and PowerKiss to Become One
- Eos Energy Raises $15 Million Series B Funding from Strategic Investors
- GridSTAR Net Zero Energy Demonstration Project underway at The Navy Yard
- Microgrid at Fort Bliss Commissioned as a Counter to Cyber Warfare Threat
- PG&E, Energy Commission Unveil 4MW NaS Battery Energy Storage in San Jose
- Allegro MicroSystems Introduces 2.5A Buck Regulator with Low IQ Standby Mode
- Renesas Adds IGBT Drivers with Micro-Isolator for Electric and Hybrid Vehicle Inverters
- European Project Reports Achievements in Drive to Shape the Future of Power Microelectronics
- Bosch Claims First Sub-$450 240V EV Charging Station
- 500W Full-Brick DC-DC Converter Optimized for Fuel Cell Applications
- DOE Selects Consortium to Develop Next-Generation Batteries for Automobiles
- Altera Acquires Enpirion for $140 Million, Forms Power Business Unit
- Teen Wins $50,000 for Development of Nanorod Supercapacitors
- 36V Digital Potentiometers Support Wide Signal Swings and High Power-Supply Voltages
- LG Chem Announces Plans for Start of Production of Automotive Li-Ion Batteries
- Digitally-Isolated Gate Drivers Provide Robust Drop-in Replacements for Opto-Drivers
- Green Building Power Forum 2010: Fujitsu Components America
- Darnell's Digital Power Forum 2009: CUI Incorporated
- Green Building Power Forum 2010: Anderson Power Products
- Green Building Power Forum 2010: EMerge Alliance
- Green Building Power Forum 2009: Independence Station
- Darnell's Digital Power Forum 2009: Coilcraft
- Darnell's Digital Power Forum 2009: Champs Technologies
- Darnell's Digital Power Forum 2009: EXAR Corporation
- Darnell's Digital Power Forum 2009: PMBus
- Darnell's Digital Power Forum 2009: Power Plaza
Design Features
October 22, 2012
Energy Efficiency with Class D Amplifier Modules
Class-D switching amplifiers are helping audio designers create personal multimedia devices and home audio/visual systems that demonstrate how compact and stylish equipment can also deliver high sound quality and high audio output power. The key to this breakthrough, providing freedom from the large and bulky boxes housing traditional audio products, lies in the class-D amplifier’s high energy efficiency, which is typically around 90%. This allows designers to reduce or eliminate heatsinks as well as using smaller-sized PCBs and smaller components such as transformers, connectors and power supplies.
Design Features
October 8, 2012
The Role of Hall Effect Sensors in Power Distribution Infrastructure
Power distribution units (PDUs) form an essential part of modern computing and data communications hardware. They provide multiple outputs for transferring electrical power with maximum efficiency, controlling the power capacity and safeguarding against the possible causes of supply interruption. With an ever increasing need from tech savvy consumers for higher data throughput and greater quantities of data storage capacity, as well as tough international legislation now governing CO&sub2; emissions, the demands being placed on these units are proving challenging for engineering teams to satisfy.
Product Focus
August 13, 2012
The Year in AC-DC Power Supply Technology
The past year witnessed significant new product releases, technological developments, and industry news related to the field of AC-DC Power Supply technology.