Microchip Q1 earnings rise

Microchip Q1 earnings rise

By SiliconIndia   |   Monday, 21 July 2003, 07:00 Hrs
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CHANDLER, Ariz: Microchip Technology Inc (Nasdaq: MCHP), a provider of microcontroller and analog semiconductors, has reported that earnings and revenue rose in its fiscal first quarter ended June 30, 2003.

Net sales were $161.3 million, up 1% sequentially from $159.7 million in the immediately preceding quarter, and up 2% from sales of $157.5 million in the prior year's first quarter.

Net income was $13.5 million, or 6 cents per diluted share, compared with income of $9.3 million, or 4 cents a share, a year earlier.

"Microchip returned to a pattern of revenue growth in the June quarter, especially given the backdrop of current business challenges, particularly in Asia, that we have been experiencing," said Steve Sanghi, Microchip's president and CEO.

"We anticipate improvement of our business model in the September quarter, with Asia and the Americas being our strongest geographies. We expect net sales to grow sequentially between 1 to 6% in the September quarter," Sanghi said.

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