SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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For the quarterly period ended June 30, 2003. |
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OR |
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to ..
Commission File Number: 0-21184
MICROCHIP TECHNOLOGY INCORPORATED
(Exact Name of Registrant as Specified in Its Charter)
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Delaware |
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86-0629024 |
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(State or Other Jurisdiction of |
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(IRS Employer |
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Incorporation or Organization) |
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Identification No.) |
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2355 W. Chandler Blvd., Chandler, AZ 85224-6199 |
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(480) 792-7200 |
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(Address, Including Zip Code, and Telephone Number, |
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Including Area Code, of Registrant’s |
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Principal Executive Offices) |
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The registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to the filing requirements for the past 90 days.
Yes ý No o
The registrant is an accelerated filer (as defined by Rule 12b-2 of the Securities Exchange Act of 1934).
Yes ý No o
Number of shares of common stock, $.001 par value, outstanding as of August 1, 2003: 204,889,984 shares.
MICROCHIP TECHNOLOGY INCORPORATED AND SUBSIDIARIES
INDEX
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PART I. |
FINANCIAL INFORMATION |
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Item 1. |
Financial Statements (Unaudited) |
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Management’s Discussion and Analysis of Financial Condition and Results of Operations |
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CERTIFICATIONS |
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EXHIBITS |
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2
MICROCHIP TECHNOLOGY INCORPORATED AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands except share amounts)
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June 30, |
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March 31, |
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(Unaudited) |
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(Note 1) |
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ASSETS |
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Cash and cash equivalents |
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$ |
47,649 |
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$ |
53,909 |
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Short-term investments |
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224,953 |
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162,602 |
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Accounts receivable, net |
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88,168 |
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95,387 |
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Inventories |
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108,287 |
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102,344 |
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Prepaid expenses |
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4,447 |
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6,487 |
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Deferred tax assets |
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116,478 |
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116,481 |
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Other current assets |
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71,876 |
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71,899 |
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Total current assets |
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661,858 |
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609,109 |
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Property, plant and equipment, net |
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719,331 |
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767,933 |
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Goodwill |
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32,346 |
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32,346 |
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Intangible assets, net |
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10,299 |
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10,830 |
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Other assets |
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8,561 |
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8,057 |
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Total assets |
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$ |
1,432,395 |
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$ |
1,428,275 |
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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Accounts payable |
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$ |
26,076 |
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$ |
34,143 |
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Accrued liabilities |
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112,587 |
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109,999 |
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Deferred income on shipments to distributors |
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70,775 |
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70,988 |
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Total current liabilities |
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209,438 |
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215,130 |
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Pension accrual |
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980 |
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1,008 |
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Deferred tax liability |
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27,546 |
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33,188 |
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Stockholders’ equity: |
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Preferred stock, $.001 par value; authorized 5,000,000 shares; no shares issued or outstanding. |
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— |
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— |
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Common stock, $.001 par value; authorized 450,000,000 shares; issued and outstanding 204,241,220 shares at June 30, 2003; issued 203,744,801 and outstanding 203,432,946 shares at March 31, 2003. |
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204 |
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203 |
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Additional paid-in capital |
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486,284 |
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486,315 |
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Retained earnings |
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707,943 |
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699,366 |
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Less shares of common stock held in treasury at cost; 311,855 shares at March 31, 2003. |
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(6,935 |
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Net stockholders’ equity |
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1,194,431 |
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1,178,949 |
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Total liabilities and stockholders’ equity |
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$ |
1,432,395 |
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$ |
1,428,275 |
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See accompanying notes to condensed consolidated financial statements
3
MICROCHIP TECHNOLOGY INCORPORATED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands except per share amounts)
(Unaudited)
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Three Months Ended June 30, |
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2003 |
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2002 |
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Net sales |
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$ |
161,283 |
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$ |
157,544 |
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Cost of sales |
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105,762 |
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75,177 |
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Gross profit |
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55,521 |
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82,367 |
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Operating expenses: |
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Research and development |
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21,282 |
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21,560 |
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Selling, general and administrative |
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22,115 |
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21,941 |
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Special charges |
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1,612 |
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9,300 |
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45,009 |
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52,801 |
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Operating income |
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10,512 |
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29,566 |
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Other income (expense): |
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Interest income |
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791 |
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1,402 |
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Interest expense |
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(54 |
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(136 |
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Other, net |
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337 |
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(16 |
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Income before income taxes |
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11,586 |
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30,816 |
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Income tax provision (benefit) |
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(1,884 |
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10,057 |
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Income before cumulative effect of change in accounting principle |
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13,470 |
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20,759 |
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Cumulative effect of change in accounting principle, net of income tax benefit of $6,645 |
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