SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
|
ý |
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended September 30, 2003.
OR
|
o |
|
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) |
||
|
|
|
|
|
Delaware |
|
86-0629024 |
|
(State or Other
Jurisdiction of |
|
(IRS Employer |
|
|
|
|
|
2355 W. Chandler Blvd., Chandler,
AZ 85224-6199 |
||
|
(Address,
Including Zip Code, and Telephone Number, |
||
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 November 7, 2003: 207,435,577 shares.
MICROCHIP TECHNOLOGY INCORPORATED AND SUBSIDIARIES
INDEX
|
PART I. |
FINANCIAL INFORMATION |
|
||
|
|
|
|
||
|
|
Item 1. |
Financial Statements (Unaudited) |
|
|
|
|
|
|
||
|
|
|
Condensed
Consolidated Balance Sheets - |
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
Notes
to Condensed Consolidated Financial Statements - |
|
|
|
|
|
|
|
|
|
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations |
|
||
|
|
|
|
||
|
|
|
|||
|
|
|
|
||
|
|
|
|||
|
|
|
|
||
|
|
||||
|
|
|
|
||
|
|
|
|||
|
|
|
|
||
|
|
|
|||
|
|
|
|
||
|
|
|
|||
|
|
|
|||
|
|
||||
|
|
|
|||
|
CERTIFICATIONS |
|
|||
|
|
|
|||
|
EXHIBITS |
|
|||
2
MICROCHIP TECHNOLOGY INCORPORATED AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands except share amounts)
|
|
|
September
30, |
|
March 31, |
|
||
|
|
|
(Unaudited) |
|
(Note 1) |
|
||
|
ASSETS |
|
|
|
|
|
||
|
Cash and cash equivalents |
|
$ |
44,462 |
|
$ |
53,909 |
|
|
Short-term investments |
|
306,415 |
|
162,602 |
|
||
|
Accounts receivable, net |
|
90,785 |
|
95,387 |
|
||
|
Inventories |
|
103,798 |
|
102,344 |
|
||
|
Prepaid expenses |
|
6,524 |
|
6,487 |
|
||
|
Deferred tax assets |
|
115,721 |
|
116,481 |
|
||
|
Other current assets |
|
72,016 |
|
71,899 |
|
||
|
Total current assets |
|
739,721 |
|
609,109 |
|
||
|
|
|
|
|
|
|
||
|
Property, plant and equipment, net |
|
703,272 |
|
767,933 |
|
||
|
Goodwill |
|
32,346 |
|
32,346 |
|
||
|
Intangible assets, net |
|
10,497 |
|
10,830 |
|
||
|
Other assets |
|
6,455 |
|
8,057 |
|
||
|
|
|
|
|
|
|
||
|
Total assets |
|
$ |
1,492,291 |
|
$ |
1,428,275 |
|
|
|
|
|
|
|
|
||
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
||
|
|
|
|
|
|
|
||
|
Accounts payable |
|
$ |
27,968 |
|
$ |
34,143 |
|
|
Accrued liabilities |
|
116,894 |
|
109,999 |
|
||
|
Deferred income on shipments to distributors |
|
70,671 |
|
70,988 |
|
||
|
Total current liabilities |
|
215,533 |
|
215,130 |
|
||
|
|
|
|
|
|
|
||
|
Pension accrual |
|
942 |
|
1,008 |
|
||
|
Deferred tax liability |
|
25,581 |
|
33,188 |
|
||
|
|
|
|
|
|
|
||
|
Stockholders’ equity: |
|
|
|
|
|
||
|
|
|
|
|
|
|
||
|
Preferred
stock, $.001 par value; authorized 5,000,000 shares; |
|
— |
|
— |
|
||
|
Common
stock, $.001 par value; authorized 450,000,000 shares; |
|
206 |
|
203 |
|
||
|
Additional paid-in capital |
|
510,901 |
|
486,315 |
|
||
|
Retained earnings |
|
739,128 |
|
699,366 |
|
||
|
Less shares of common stock held in treasury at cost; 311,855 shares at March 31, 2003. |
|
— |
|
(6,935 |
) |
||
|
Net stockholders’ equity |
|
1,250,235 |
|
1,178,949 |
|
||
|
|
|
|
|
|
|
||
|
Total liabilities and stockholders’ equity |
|
$ |
1,492,291 |
|
$ |
1,428,275 |
|
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)
|
|
|
Three Months Ended September 30, |
|
Six Months Ended September 30, |
|
||||||||
|
|
|
2003 |
|
2002 |
|
2003 |
|
2002 |
|
||||
|
Net sales |
|
$ |
168,486 |
|
$ |
166,778 |
|
$ |
329,769 |
|
$ |
324,322 |
|
|
Cost of sales |
|
77,292 |
|
76,478 |
|
183,054 |
|
151,655 |
|
||||
|
Gross profit |
|
91,194 |
|
90,300 |
|
146,715 |
|
172,667 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
||||
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
||||
|
Research and development |
|
21,148 |
|
22,337 |
|
42,430 |
|
43,897 |
|
||||
|
Selling, general and administrative |
|
22,452 |
|
23,127 |
|
44,567 |
|
45,068 |
|
||||
|
Special charges |
|
— |
|
41,500 |
|
1,612 |
|
50,800 |
|
||||
|
|
|
43,600 |
|
86,964 |
|
88,609 |
|
139,765 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
||||
|
Operating income |
|
47,594 |
|
3,336 |
|
58,106 |
|
32,902 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
||||
|
Other income (expense): |
|||||||||||||