Microchip Technology Announces Financial Results for Third Quarter of Fiscal Year 2019

Diluted Common Shares Outstanding can vary for, among other things, the trading price of our common stock, the exercise of options or vesting of restricted stock units, the potential for incremental dilutive shares from our convertible debentures (additional information regarding our share count is available in the investor relations section of our website under the heading "Supplemental Financial Information"), and repurchases or issuances of shares of our common stock.  The diluted common shares outstanding presented in the guidance table above assumes an average Microchip stock price in the March 2019 quarter between $75 and $85 per share (however, we make no prediction as to what our actual share price will be for such period or any other period and we cannot estimate what our stock option exercise activity will be during the quarter).

 
MICROCHIP TECHNOLOGY INCORPORATED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions except per share amounts)
(unaudited)
       
  Three months ended Nine Months Ended
  December 31, December 31,
  2018 2017 2018 2017
         
Net sales $1,374.7  $994.2  $4,019.7  $2,978.5 
Cost of sales 595.1  387.1  1,908.8  1,172.9 
Gross profit 779.6  607.1  2,110.9  1,805.6 
         
Research and development 217.7  131.6  611.6  395.7 
Selling, general and administrative 174.8  109.1  515.5  337.6 
Amortization of acquired intangible assets 193.7  121.0  497.2  362.8 
Special (income) charges and other, net (1.3)  0.2  57.0  17.3 
Operating expenses 584.9  361.9  1,681.3  1,113.4 
         
Operating income 194.7  245.2  429.6  692.2 
Losses on equity method investment (0.1)  (0.1)  (0.2)  (0.2) 
Other expense, net (139.6)  (48.4)  (376.1)  (142.9) 
         
Income before income taxes 55.0   196.7     53.3     549.1  
Income tax provision (benefit)   5.8     447.8     (127.9)     440.4  
Net income (loss)   $ 49.2     $ (251.1)     $ 181.2     $ 108.7  
                 
Basic net income (loss) per common share   $ 0.21     $ (1.07)     $ 0.77     $ 0.47  
Diluted net income (loss) per common share   $ 0.20     $ (1.07)     $ 0.73     $ 0.44  
                 
Basic common shares outstanding   236.7     234.1     235.9     232.3  
Diluted common shares outstanding   244.6     234.1     249.5     248.0  

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