-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, UnZduqLZab9yyNNMcSijyMTxGIh5mbs6vnRHbPjrJsUZNkAwJEEqR1Gz5loxmvWx KoRkU/uJn371IGGYFeCxWg== 0000950147-00-000060.txt : 20000202 0000950147-00-000060.hdr.sgml : 20000202 ACCESSION NUMBER: 0000950147-00-000060 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20000114 ITEM INFORMATION: FILED AS OF DATE: 20000114 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MICROCHIP TECHNOLOGY INC CENTRAL INDEX KEY: 0000827054 STANDARD INDUSTRIAL CLASSIFICATION: SEMICONDUCTORS & RELATED DEVICES [3674] IRS NUMBER: 860629024 STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 000-21184 FILM NUMBER: 507579 BUSINESS ADDRESS: STREET 1: 2355 W CHANDLER BLVD CITY: CHANDLER STATE: AZ ZIP: 85224-6199 BUSINESS PHONE: 4807867200 MAIL ADDRESS: STREET 1: 2355 WEST CHANDLER BLVD CITY: CHANDLER STATE: AZ ZIP: 85224-6199 8-K 1 CURRENT REPORT DATED 01/13/2000 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): JANUARY 13, 2000 MICROCHIP TECHNOLOGY INCORPORATED ------------------------------------------------------ (Exact name of registrant as specified in its charter) DELAWARE 0-21184 86-0629024 - --------------- ----------- ---------------------- (State or other (Commission (IRS Employer jurisdiction of File Number) Identification Number) incorporation) 2355 W. CHANDLER BLVD., CHANDLER, ARIZONA 85224-6199 - ----------------------------------------- ---------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (480) 786-7200 N/A ------------------------------------------------------------- (Former name or former address, if changed since last report) ITEM 5. OTHER EVENTS. RESULTS FOR QUARTER ENDED DECEMBER 31, 1999 On January 13, 2000, Microchip Technology Incorporated announced results for its third fiscal quarter ended December 31, 1999. Summary balance sheet information and summary revenue and income results are as follows: (The remainder of this Page has been intentionally left blank) MICROCHIP TECHNOLOGY INCORPORATED AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands except share amounts) ASSETS
December 31, March 31, 1999 1999 --------- --------- (Unaudited) Cash and cash equivalents $ 68,492 $ 30,826 Accounts receivable, net 70,342 62,545 Inventories 58,158 67,975 Prepaid expenses 3,441 2,982 Deferred tax asset 35,709 37,129 Other current assets 1,773 1,958 --------- --------- Total current assets 237,915 203,415 Property, plant and equipment, net 385,843 293,663 Other assets 8,373 8,152 --------- --------- Total assets $ 632,131 $ 505,230 ========= ========= LIABILITIES AND STOCKHOLDERS' EQUITY Short-term lines of credit $ 15,000 $ 1,509 Accounts payable 52,550 28,489 Current maturities of long-term debt -- 1,403 Current maturities of capital lease obligations -- 413 Accrued liabilities 50,479 49,699 Deferred income on shipments to distributors 43,383 28,607 --------- --------- Total current liabilities 161,412 110,120 Long-term lines of credit -- 25,000 Long-term pension accrual 891 -- Deferred tax liability 11,681 11,313 Stockholders' equity: Preferred stock, $.001 par value; authorized 5,000,000 shares; no shares issued or outstanding -- -- Common stock, $.001 par value; authorized 100,000,000 shares; issued 53,881,342 and outstanding 51,013,247 shares at December 31, 1999; 54 54 issued 53,881,342 and outstanding 51,232,157 shares at March 31, 1999 Additional paid-in capital 217,406 161,242 Retained earnings 335,754 264,281 Less shares of common stock held in treasury at cost; 2,868,095 shares at December 31, 1999 and 2,649,185 at March 31, 1999 (95,067) (66,780) --------- --------- Net stockholders' equity 458,147 358,797 Total liabilities and stockholders' equity $ 632,131 $ 505,230 ========= =========
See accompanying notes to condensed consolidated financial statements MICROCHIP TECHNOLOGY INCORPORATED AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME (in thousands except per share amounts)
Three Months Ended Nine Months Ended December 31, December 31, ---------------------- ---------------------- 1999 1998 1999 1998 --------- --------- --------- --------- (Unaudited) (Unaudited) Net sales $ 129,187 $ 100,167 $ 354,918 $ 303,436 Cost of sales 61,754 49,525 171,953 152,063 --------- --------- --------- --------- Gross profit 67,433 50,642 182,965 151,373 Operating expenses: Research and development 12,130 10,140 33,089 31,098 Selling, general and administrative 19,534 15,382 55,476 47,503 Special charge (2,400) -- (2,400) 5,500 --------- --------- --------- --------- 29,264 25,522 86,165 84,101 Operating income 38,169 25,120 96,800 67,272 Other income (expense): Interest income 615 143 1,275 563 Interest expense (209) (845) (677) (2,407) Other, net 40 38 512 586 --------- --------- --------- --------- Income before income taxes 38,615 24,456 97,910 66,014 Income taxes 10,426 6,602 26,434 17,823 --------- --------- --------- --------- Net income $ 28,189 $ 17,854 $ 71,476 $ 48,191 ========= ========= ========= ========= Basic net income per share $ 0.55 $ 0.35 $ 1.40 $ 0.94 ========= ========= ========= ========= Diluted net income per share $ 0.52 $ 0.34 $ 1.32 $ 0.90 ========= ========= ========= ========= Weighted average common shares outstanding 50,950 50,647 50,903 51,422 ========= ========= ========= ========= Weighted average common and common equivalent shares outstanding 54,344 53,192 54,049 53,819 ========= ========= ========= =========
See accompanying notes to condensed consolidated financial statements More detailed information on the quarter's results will be included in the Company's quarterly report on Form 10-Q for the quarter ended December 31, 1999 which will be filed on or before February 14, 2000. These financial results are based on the quarter ended December 31, 1999 and are not necessarily indicative of future financial results. Investors are encouraged to review Microchip's other filings with the Securities and Exchange Commission for a discussion of factors that could affect Microchip's future performance. STOCK SPLIT On January 3, 2000, Microchip announced a 3-for-2 stock split in the form of a stock dividend. The stock split will be effective for stockholders of record at the close of market on January 18, 2000. Additional stock certificates will be mailed to stockholders on February 7, 2000. Fractional shares will be paid in cash. The adjusted number of shares outstanding and per-share stock price will be reported by NASDAQ effective February 8, 2000. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized. Dated: January 14, 2000 MICROCHIP TECHNOLOGY INCORPORATED /s/ C. Philip Chapman ---------------------------------------- C. Philip Chapman Vice President, Chief Financial Officer And Secretary (Duly Authorized Officer, and Principal Financial and Accounting Officer) -----END PRIVACY-ENHANCED MESSAGE-----