Microchip Technology Inc. (Chandler, AZ) reported results for the three months ended September 30, 2003. Net sales for the second quarter of fiscal year 2004 were $168.5 million, up 4.5% sequentially from $161.3 million in the immediately preceding quarter, and up 1% from sales of $166.8 million in the prior year's second quarter.
Net income for the second quarter of fiscal 2004 was $36.1 million, or $0.17 per diluted share, up 7.8% from pro-forma net income of $33.5 million, or $0.16 per diluted share, in the immediately preceding quarter, and up 5% from pro-forma net income of $34.4 million, or $0.16 per diluted share, in the prior year's second quarter. GAAP net income of $36.1 million, or $0.17 per diluted share, was up 168% sequentially from GAAP net income of $13.5 million, or $0.06 per diluted share, in the immediately preceding quarter and up 280% from GAAP net income of $9.5 million, or $0.05 per diluted share, in the same quarter a year ago.
The company expects to declare a quarterly cash dividend within the next week. Microchip initiated quarterly cash dividend payments in the third quarter of fiscal year 2003 and increased the cash dividend amount in the fourth quarter of fiscal year 2003.
