Exhibit 99.1
MICROCHIP TECHNOLOGY INCORPORATED AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME | ||||||||||||||||
(in thousands except per share amounts) (Unaudited) | ||||||||||||||||
Three Months Ended March 31, | Twelve Months Ended March 31, | |||||||||||||||
2009 | 2008 | 2009 | 2008 | |||||||||||||
Net sales | $ | 173,253 | $ | 260,418 | $ | 903,297 | $ | 1,035,737 | ||||||||
Cost of sales | 89,286 | 101,784 | 386,793 | 410,799 | ||||||||||||
Gross profit | 83,967 | 158,634 | 516,504 | 624,938 | ||||||||||||
Operating expenses: | ||||||||||||||||
Research and development | 25,656 | 31,506 | 115,524 | 120,864 | ||||||||||||
Selling, general and administrative | 33,336 | 45,396 | 161,218 | 175,646 | ||||||||||||
Special charges | 5,934 | - | 6,434 | 26,763 | ||||||||||||
64,926 | 76,902 | 283,176 | 323,273 | |||||||||||||
Operating income | 19,041 | 81,732 | 233,328 | 301,665 | ||||||||||||
Other income, net | 9,881 | 7,089 | 3,922 | 49,320 | ||||||||||||
Income before income taxes | 28,922 | 88,821 | 237,250 | 350,985 | ||||||||||||
Income tax provision (benefit) | 6,093 | 12,169 | (11,570 | ) | 53,237 | |||||||||||
Net income | $ | 22,829 | $ | 76,652 | $ | 248,820 | $ | 297,748 | ||||||||
Basic net income per share | $ | 0.13 | $ | 0.41 | $ | 1.36 | $ | 1.44 | ||||||||
Diluted net income per share | $ | 0.12 | $ | 0.40 | $ | 1.33 | $ | 1.40 | ||||||||
Basic shares used in calculation | 182,392 | 186,969 | 183,158 | 207,220 | ||||||||||||
Diluted shares used in calculation | 184,168 | 191,261 | 186,788 | 212,048 | ||||||||||||