Microchip Technology Inc. and Subsidiaries
Consolidated Statement of Income
(in thousands except per share amounts)
Three Months Ended June 30,
2000 1999
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Net sales $157,737 $107,710
Cost of sales 72,173 52,955
Gross profit 85,564 54,755
Operating expenses:
Research and development 14,818 10,307
Selling, general and
administrative 22,712 16,866
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37,530 27,173
Operating income 48,034 27,582
Other income and (expenses), net 2,458 87
Income before income taxes 50,492 27,669
Income taxes 13,632 7,470
Net income $ 36,860 $ 20,199
Basic net income per share $ 0.47 $ 0.26
Diluted net income per share $ 0.44 $ 0.25
Basic shares used in calculation 78,931 76,458
Diluted shares used in calculation 84,217 80,681
(Shares and per share amounts have been restated to reflect a
3-for-2 stock split effective Feb. 7, 2000.)
Microchip Technology Inc. and Subsidiaries
Condensed Consolidated Balance Sheet
(in thousands)
Assets
June 30, March 31,
2000 2000
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Cash and short term investments $ 167,215 $ 188,112
Accounts receivable, net 90,050 75,911
Inventories 58,705 59,461
Other current assets 46,316 41,329
Total current assets 362,286 364,813
Property, plant & equipment, net 529,537 447,598
Total assets $ 891,823 $ 812,411
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Liabilities and Stockholders' Equity
Lines of credit $ 0 $ 9,000
Accounts payable and
other accrued liabilities 136,931 104,740
Current maturities of
long-term debt and leases 0 0
Deferred income on
shipments to distributors 64,166 54,760
Total current liabilities 201,097 168,500
Long term debt and deferred taxes 19,787 19,615
Stockholders' equity 670,939 624,296
Total liabilities and
stockholders' equity $ 891,823 $ 812,411
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