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MICROCHIP TECHNOLOGY INCORPORATED AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME (in thousands except per share amounts) (Unaudited) | ||||||||||||||||
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Three months ended |
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Twelve months ended | ||||||||||||
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March 31, |
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March 31, | ||||||||||||
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2016 |
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2015 |
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2016 |
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2015 | ||||||||
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Net sales |
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$ |
557,647 |
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$ |
543,207 |
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$ |
2,173,334 |
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$ |
2,147,036 |
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Cost of sales |
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254,868 |
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229,575 |
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967,870 |
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917,472 |
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Gross profit |
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302,779 |
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313,632 |
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1,205,464 |
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1,229,564 |
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Research and development |
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95,638 |
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87,662 |
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372,596 |
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349,543 |
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Selling, general and administrative |
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78,293 |
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67,778 |
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301,670 |
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274,815 |
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Amortization of acquired intangible assets |
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48,132 |
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47,087 |
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174,896 |
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176,746 |
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Special charges, net |
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770 |
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758 |
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3,957 |
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2,840 |
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Operating expenses |
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222,833 |
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203,285 |
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853,119 |
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803,944 |
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Operating income |
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79,946 |
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110,347 |
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352,345 |
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425,620 |
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Losses on equity method investments |
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(56) |
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(188) |
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(345) |
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(317) |
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Other expense, net |
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(22,277) |
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(48,138) |
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(70,707) |
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(79,396) |
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Income before income taxes |
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57,613 |
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62,021 |
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281,293 |
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345,907 |
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Income tax benefit |
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(9,742) |
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(36,559) |
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(42,632) |
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(19,418) |
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Net income |
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67,355 |
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98,580 |
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323,925 |
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365,325 |
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Less: Net loss attributable to noncontrolling interests |
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— |
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822 |
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207 |
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3,684 |
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Net income attributable to Microchip Technology |
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$ |
67,355 |
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$ |
99,402 |
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$ |
324,132 |
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$ |
369,009 |
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Basic net income per common share attributable to Microchip Technology stockholders |
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$ |
0.33 |
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$ |
0.49 |
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$ |
1.59 |
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$ |
1.84 |
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Diluted net income per common share attributable to Microchip Technology stockholders |
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$ |
0.31 |
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$ |
0.45 |
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$ |
1.49 |
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$ |
1.65 |
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Basic common shares outstanding |
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203,736 |
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201,730 |
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203,384 |
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200,937 |
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Diluted common shares outstanding |
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217,711 |
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220,947 |
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217,388 |
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223,561 |
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Microchip Technology Announces Record Financial Results For Fourth Quarter And Fiscal Year 2016
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