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Politics : Formerly About Applied Materials
AMAT 327.03+2.5%Jan 16 3:59 PM EST
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To: Proud_Infidel who wrote (47949)6/14/2001 6:27:29 PM
From: Proud_Infidel  Read Replies (1) of 70976
 
Microchip believes it sees slump's bottom, reaffirms guidance
Semiconductor Business News
(06/14/01 18:14 p.m. EST)

CHANDLER, Ariz.-- Microchip Technology Inc. today said backlog cancellations and postponement of orders are "substantially slowing" and inventories at distributors and system manufacturers are easing.

Based on data from April and May, Microchip said it was on track to hit its estimate of $138 million in net sales in the company's current fiscal fourth quarter, which ends June 30. The company predicted a 10% sequential drop in revenues while posting results for the fiscal third-quarter, ended March 31.

"Additionally, we are seeing an increase of customer orders requiring immediate delivery of product, indicating that inventories at some OEM customers may be reaching replenishment levels," said Steve Sanghi, Microchip's president and chief executive officer. "We are starting to see an increasing volume of new designs going into production. We believe these are signs of a bottom forming."

But the CEO added that the company remains cautious despite the favorable signs "because of continued low visibility and bearish information coming from the industry."
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