SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): JANUARY 13, 2000
MICROCHIP TECHNOLOGY INCORPORATED
------------------------------------------------------
(Exact name of registrant as specified in its charter)
DELAWARE 0-21184 86-0629024
- --------------- ----------- ----------------------
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification Number)
incorporation)
2355 W. CHANDLER BLVD., CHANDLER, ARIZONA 85224-6199
- ----------------------------------------- ----------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (480) 786-7200
N/A
-------------------------------------------------------------
(Former name or former address, if changed since last report)
<PAGE>
ITEM 5. OTHER EVENTS.
RESULTS FOR QUARTER ENDED DECEMBER 31, 1999
On January 13, 2000, Microchip Technology Incorporated announced results
for its third fiscal quarter ended December 31, 1999. Summary balance sheet
information and summary revenue and income results are as follows:
(The remainder of this Page has been intentionally left blank)
<PAGE>
MICROCHIP TECHNOLOGY INCORPORATED AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands except share amounts)
ASSETS
<TABLE>
<CAPTION>
December 31, March 31,
1999 1999
--------- ---------
(Unaudited)
<S> <C> <C>
Cash and cash equivalents $ 68,492 $ 30,826
Accounts receivable, net 70,342 62,545
Inventories 58,158 67,975
Prepaid expenses 3,441 2,982
Deferred tax asset 35,709 37,129
Other current assets 1,773 1,958
--------- ---------
Total current assets 237,915 203,415
Property, plant and equipment, net 385,843 293,663
Other assets 8,373 8,152
--------- ---------
Total assets $ 632,131 $ 505,230
========= =========
LIABILITIES AND STOCKHOLDERS' EQUITY
Short-term lines of credit $ 15,000 $ 1,509
Accounts payable 52,550 28,489
Current maturities of long-term debt -- 1,403
Current maturities of capital lease obligations -- 413
Accrued liabilities 50,479 49,699
Deferred income on shipments to distributors 43,383 28,607
--------- ---------
Total current liabilities 161,412 110,120
Long-term lines of credit -- 25,000
Long-term pension accrual 891 --
Deferred tax liability 11,681 11,313
Stockholders' equity:
Preferred stock, $.001 par value; authorized 5,000,000 shares;
no shares issued or outstanding -- --
Common stock, $.001 par value; authorized 100,000,000 shares;
issued 53,881,342 and outstanding 51,013,247 shares at December 31, 1999; 54 54
issued 53,881,342 and outstanding 51,232,157 shares at March 31, 1999
Additional paid-in capital 217,406 161,242
Retained earnings 335,754 264,281
Less shares of common stock held in treasury at cost; 2,868,095 shares
at December 31, 1999 and 2,649,185 at March 31, 1999 (95,067) (66,780)
--------- ---------
Net stockholders' equity 458,147 358,797
Total liabilities and stockholders' equity $ 632,131 $ 505,230
========= =========
</TABLE>
See accompanying notes to condensed consolidated financial statements
<PAGE>
MICROCHIP TECHNOLOGY INCORPORATED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands except per share amounts)
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended
December 31, December 31,
---------------------- ----------------------
1999 1998 1999 1998
--------- --------- --------- ---------
(Unaudited) (Unaudited)
<S> <C> <C> <C> <C>
Net sales $ 129,187 $ 100,167 $ 354,918 $ 303,436
Cost of sales 61,754 49,525 171,953 152,063
--------- --------- --------- ---------
Gross profit 67,433 50,642 182,965 151,373
Operating expenses:
Research and development 12,130 10,140 33,089 31,098
Selling, general and administrative 19,534 15,382 55,476 47,503
Special charge (2,400) -- (2,400) 5,500
--------- --------- --------- ---------
29,264 25,522 86,165 84,101
Operating income 38,169 25,120 96,800 67,272
Other income (expense):
Interest income 615 143 1,275 563
Interest expense (209) (845) (677) (2,407)
Other, net 40 38 512 586
--------- --------- --------- ---------
Income before income taxes 38,615 24,456 97,910 66,014
Income taxes 10,426 6,602 26,434 17,823
--------- --------- --------- ---------
Net income $ 28,189 $ 17,854 $ 71,476 $ 48,191
========= ========= ========= =========
Basic net income per share $ 0.55 $ 0.35 $ 1.40 $ 0.94
========= ========= ========= =========
Diluted net income per share $ 0.52 $ 0.34 $ 1.32 $ 0.90
========= ========= ========= =========
Weighted average common
shares outstanding 50,950 50,647 50,903 51,422
========= ========= ========= =========
Weighted average common and common
equivalent shares outstanding 54,344 53,192 54,049 53,819
========= ========= ========= =========
</TABLE>
See accompanying notes to condensed consolidated financial statements
<PAGE>
More detailed information on the quarter's results will be included in the
Company's quarterly report on Form 10-Q for the quarter ended December 31, 1999
which will be filed on or before February 14, 2000.
These financial results are based on the quarter ended December 31, 1999
and are not necessarily indicative of future financial results. Investors are
encouraged to review Microchip's other filings with the Securities and Exchange
Commission for a discussion of factors that could affect Microchip's future
performance.
STOCK SPLIT
On January 3, 2000, Microchip announced a 3-for-2 stock split in the form
of a stock dividend. The stock split will be effective for stockholders of
record at the close of market on January 18, 2000. Additional stock certificates
will be mailed to stockholders on February 7, 2000. Fractional shares will be
paid in cash. The adjusted number of shares outstanding and per-share stock
price will be reported by NASDAQ effective February 8, 2000.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this Report to be signed on its behalf by the
undersigned hereunto duly authorized.
Dated: January 14, 2000 MICROCHIP TECHNOLOGY INCORPORATED
/s/ C. Philip Chapman
----------------------------------------
C. Philip Chapman
Vice President, Chief Financial Officer
And Secretary (Duly Authorized Officer,
and Principal Financial and Accounting
Officer)
