SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
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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, 2004. |
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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 |
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For the transition period from to . |
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Commission File Number: 0-21184 |
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MICROCHIP TECHNOLOGY INCORPORATED |
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(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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2355 W.
Chandler Blvd., Chandler, AZ 85224-6199 |
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(Address, Including
Zip Code, and Telephone Number, |
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Indicate by checkmark whether 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
Indicate by checkmark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Securities Exchange Act of 1934).
Yes ý No o
Number of shares of common stock, $.001 par value, outstanding as of July 30, 2004: 205,865,693 shares.
MICROCHIP TECHNOLOGY INCORPORATED AND SUBSIDIARIES
INDEX
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PART I. |
FINANCIAL INFORMATION |
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Item 1. |
Financial Statements (Unaudited) |
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Management’s Discussion and Analysis of Financial Condition and Results of Operations |
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Changes in Securities, Use of Proceeds and Issuer Purchases of Equity Securities |
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EXHIBITS |
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2
MICROCHIP TECHNOLOGY INCORPORATED AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share amounts)
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June 30 |
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March 31 |
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(Unaudited) |
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(Note 1) |
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ASSETS |
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Cash and cash equivalents |
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$ |
86,886 |
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$ |
105,334 |
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Short-term investments |
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451,978 |
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369,216 |
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Accounts receivable, net |
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112,519 |
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109,231 |
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Inventories |
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90,575 |
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94,514 |
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Prepaid expenses |
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6,306 |
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6,884 |
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Deferred tax assets |
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101,297 |
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126,046 |
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Other current assets |
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72,274 |
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72,720 |
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Total current assets |
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921,835 |
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883,945 |
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Property, plant and equipment, net |
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673,576 |
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689,206 |
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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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9,327 |
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9,698 |
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Other assets |
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7,625 |
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6,948 |
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Total assets |
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$ |
1,644,709 |
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$ |
1,622,143 |
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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Accounts payable |
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$ |
37,759 |
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$ |
61,184 |
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Accrued liabilities |
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130,305 |
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124,051 |
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Deferred income on shipments to distributors |
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93,632 |
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84,816 |
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Total current liabilities |
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261,696 |
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270,051 |
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Pension accrual |
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792 |
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871 |
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Deferred tax liability |
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27,092 |
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30,704 |
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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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Common stock, $.001 par value; authorized 450,000,000 shares; issued 208,556,546 and outstanding 207,073,600 shares at June 30, 2004; issued 208,556,546 and outstanding 206,589,038 shares at March 31, 2004. |
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207 |
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207 |
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Additional paid-in capital |
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551,220 |
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558,354 |
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Accumulated other comprehensive income (loss) |
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(5,760 |
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733 |
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Retained earnings |
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848,840 |
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813,307 |
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Less shares of common stock held in treasury at cost; 1,482,946 shares at June 30, 2004 and 1,967,508 shares at March 31, 2004. |
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(39,378 |
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(52,084 |
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Net stockholders’ equity |
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1,355,129 |
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1,320,517 |
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Total liabilities and stockholders’ equity |
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$ |
1,644,709 |
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$ |
1,622,143 |
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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 Month Ended June 30, |
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2004 |
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2003 |
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Net sales |
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$ |
212,775 |
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$ |
161,283 |
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Cost of sales |
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91,316 |
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105,762 |
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Gross profit |
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121,459 |
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55,521 |
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