Net sales down 33.5% to $173.25m
Microchip Technology, a developer of semiconductor products, has reported a net income of $22.83m, or diluted net income per share of $0.12, for the fourth quarter ended March 31, 2009, compared to $76.65m, or diluted net income per share of $0.4, for the same quarter of 2008.
For the fourth quarter of 2009, net sales were $173.25m, down 33.5% compared to $260.42m for the same quarter of 2008.
For the year 2009, net sales were $903.3m, down 12.8% compared to $1.03 billion for the year 2008. Net income was $248.82m, or diluted net income per share of $1.33, compared to $297.75m, or diluted net income per share of $1.4, for the year 2008.
Steve Sanghi, president and CEO of Microchip Technology, said: Our total backlog bottomed out early in the quarter and then gradually showed modest improvement through the remainder of the quarter. Our book-to-bill ratio for the March quarter was 1.04. We were pleased to end the quarter modestly better than the midpoint of our revenue guidance given on March 10, 2009 and at the high end of our earnings per share guidance. The earnings per share achievement was driven by excellent control of our operating expenses.