Microchip Technology Incorporated (NASDAQ: MCHP), a leading provider of
microcontroller, mixed-signal, analog and Flash-IP solutions, announced
today that it expects its net sales for its second quarter of fiscal
2013 ending September 30, 2012 to be about $407 to $408 million on a
non-GAAP basis. On August 2, 2012, Microchip provided guidance of net
sales to be approximately $412 to $430 million on a non-GAAP basis.
There will be no conference call in conjunction with today’s press
release.
“Our lower than anticipated net sales activity in the September quarter
was driven primarily by macroeconomic and industry conditions,” said
Steve Sanghi, Microchip’s President and CEO. “The overall global
economic outlook continues to be poor and is adversely impacting our
business as well as the rest of the semiconductor industry.”
“We will provide the details of our financial performance for the
September 2012 quarter and guidance for the December 2012 quarter during
our November 8, 2012 conference call,” added Mr. Sanghi.
Microchip plans to announce its financial results for the second quarter
of fiscal 2012 after market close on November 8, 2012. Due to the
preliminary nature of the Company’s results for the September quarter
and the complexity associated with the accounting for the Company’s
acquisition of SMSC which closed on August 2, 2012, the Company is not
yet able to provide a reconciliation of its GAAP and non-GAAP revenue at
this time, and expects to provide its full financial results and the
GAAP and non-GAAP reconciliation for the September 30, 2012 quarter as
part of its announcement on November 8, 2012.
Cautionary Statement:
The statements in this release relating to our expected non-GAAP net
sales for the September 2012 quarter, the poor overall global economic
outlook and its adverse impact on our business and the rest of the
semiconductor industry are forward-looking statements made pursuant to
the safe harbor provisions of the Private Securities Litigation Reform
Act of 1995. These statements involve risks and uncertainties that could
cause our actual results to differ materially, including, but not
limited to: continued economic uncertainty or any unexpected
fluctuations or further weakness in the U.S. and global economies,
changes in demand or market acceptance of our products (including our
SMSC products and our licensed technology) and the products of our
customers; the mix of inventory we hold and our ability to satisfy
short-term orders from our inventory; changes in utilization of our
manufacturing capacity and our ability to effectively manage our
production levels; competitive developments including pricing pressures;
the level of orders that are received and can be shipped in a quarter;
the level of sell-through of our products through distribution; changes
or fluctuations in customer order patterns and seasonality; foreign
currency effects on our business; our ability to realize the expected
benefits of our SMSC acquisition; the impact of any other significant
acquisitions that we may make; costs and outcome of any current or
future tax audit or any litigation involving intellectual property,
customers or other issues; our actual average stock price in the
September 2012 quarter and the impact such price will have on our share
count; disruptions in our business or the businesses of our customers or
suppliers due to natural disasters (including any floods in Thailand),
terrorist activity, armed conflict, war, worldwide oil prices and
supply, public health concerns or disruptions in the transportation
system; and general economic, industry or political conditions in the
United States or internationally.
For a detailed discussion of these and other risk factors, please refer
to Microchip's filings on Forms 10-K and 10-Q. You can obtain copies of
Forms 10-K and 10-Q and other relevant documents for free at Microchip’s
Web site (www.microchip.com)
or the SEC’s Web site (www.sec.gov)
or from commercial document retrieval services.
Stockholders of Microchip are cautioned not to place undue reliance on
our forward-looking statements, which speak only as of the date such
statements are made. Microchip does not undertake any obligation to
publicly update any forward-looking statements to reflect events,
circumstances or new information after this October 15, 2012 press
release, or to reflect the occurrence of unanticipated events.
About Microchip:
Microchip Technology Incorporated is a leading provider of
microcontroller, mixed-signal, analog and Flash-IP solutions, providing
low-risk product development, lower total system cost and faster time to
market for thousands of diverse customer applications worldwide.
Headquartered in Chandler, Arizona, Microchip offers outstanding
technical support along with dependable delivery and quality. For more
information, visit the Microchip website at www.microchip.com.
The Microchip name and logo are registered trademarks of Microchip
Technology Inc. in the USA and other countries.
All other
trademarks mentioned herein are the property of their respective
companies.
