• Net sales of $1.287 billion, down 3.8% sequentially and down 6.4% from the year ago quarter.  The midpoint of our updated net sales guidance provided on January 6, 2020 was $1.285 billion.
• On a GAAP basis:  gross margin of 61.0%; operating income of $131.2 million; net income of $311.1 million; and EPS of $1.20 per diluted share.  Our guidance provided on December 3, 2019 was GAAP (loss) earnings per share of $(0.03) to $0.04 per diluted share.
• On a Non-GAAP basis:  gross margin of 61.5%; operating income of $452.1 million and 35.1% of net sales; net income of $340.8 million and EPS of $1.32 per diluted share.  Our guidance provided on December 3, 2019 was Non-GAAP EPS of $1.19 to $1.30 per diluted share.
• End-market demand of $1.324 billion was $36.1 million higher than net sales.
• Cash flow from operations of $395.5 million.
• Paid down $257.0 million of debt in the December 2019 quarter.  Cumulatively paid down almost $2 billion of debt over the last six quarters.
• Record quarterly dividend declared of 36.70 cents per share.

CHANDLER, Ariz., Feb. 04, 2020 (GLOBE NEWSWIRE) -- (NASDAQ: MCHP) -- Microchip Technology Incorporated, a leading provider of smart, connected and secure embedded control solutions, today reported results for the three months ended December 31, 2019 as summarized in the following table:        

GAAP net sales for the third quarter of fiscal 2020 were $1.287 billion, down 6.4% from net sales of $1.375 billion in the prior year's third fiscal quarter.