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Technology Stocks : Microchip technology (MCHP) -- Ignore unavailable to you. Want to Upgrade?

To: Mr. BSL who wrote (364)	10/14/1999 6:55:00 PM
From: PJM001	Read Replies (1) \| Respond to of 475

Microchip Technology Reports Record Second Quarter Results CHANDLER, Ariz.--(BUSINESS WIRE)--Oct. 14, 1999--Microchip Technology Inc. (Nasdaq:MCHP - news), the world's leading manufacturer of field programmable microcontrollers and related products for high-volume embedded control applications, reported record net sales, bookings and earnings for its second quarter of fiscal 2000 ended Sept. 30, 1999. Net sales for the quarter were $118.0 million, an increase of 14 percent from sales of $103.8 million in the prior year's second quarter and up 10 percent sequentially from $107.7 million in the immediately preceding quarter. Diluted earnings per share were 43 cents on 53.9 million average shares outstanding, up 30 percent from 33 cents in the prior year's second quarter, and up 14 percent from diluted earnings per share of 38 cents in the immediately preceding quarter. ``Microchip's business was unusually strong in the September quarter, beating consensus estimates for sales and earnings by a fairly wide margin and generating some of the strongest indicators of future growth ever experienced by the Company,' said Steve Sanghi, Microchip president and chief executive officer. ``The most positive forward indicators relate to the tremendous growth in bookings and backlog during the September quarter and the resulting increase in the Company's future sales visibility. ``Record bookings in both the June and September quarters - with book-to-bill ratios of 1.21 and 1.41, respectively - have lessened Microchip's dependency on turns orders to the lowest point in the Company's ten-year history. ``Combined with improved gross margin performance, well-controlled operating expenses, a stable pricing environment, strong design win activity and steady stream of new products, it appears that Microchip's business is firing on all cylinders in the current business environment.' The statements contained in this release relating to the favorable indicators for future growth are forward-looking statements. These statements involve risks and uncertainties which could cause actual results to differ materially, including, but not limited to future demand for the company's products, inventory mix and the timing of customer orders, the level of orders that are received and can be shipped in a quarter, continued design wins for new products, the company's abilities to maintain operating margins, general economic conditions, and other risks detailed in the company's 10-Qs and the 10-K for the fiscal year ended March 31, 1999 filed with the Securities and Exchange Commission. Microchip Technology Inc. manufactures the PICmicro© family of RISC-based microcontrollers with OTP, Flash, and ROM memory technologies; serial EEPROMs; KEELOQ© code-hopping devices; related microperipheral products including RFID, analog and system supervisors ICs; and other specialized semiconductor products. These products target thousands of embedded control applications in the consumer, automotive, office automation, communications and industrial markets. Microchip's quality systems are ISO 9001 and QS-9000 certified. Headquartered near Phoenix in Chandler, Microchip employs approximately 2,000 people worldwide and has sales offices throughout Asia, Europe, Japan and the Americas. Additional company information is available on Microchip's website at: www.microchip.com. The Microchip logo and name are registered trademarks of Microchip Technology Inc. All rights reserved.