Summary
Microchip Technology Inc. (MCHP) filed an 8-K report on April 23, 2003, to disclose its fourth quarter and full fiscal year 2003 financial results. A key aspect of this filing is the presentation of financial information on a pro forma basis, which excludes certain charges and accounting adjustments. These adjustments include a Fab 3 impairment charge, an in-process R&D charge related to the PowerSmart acquisition, and a change in accounting principle for revenue recognition with Asian distributors. The company believes that these pro forma results offer investors a clearer view of its core, ongoing operational performance and provide a better baseline for evaluating future earnings potential. The filing also mentions that certain forward-looking outlook items for the first quarter of fiscal year 2004 may exclude accelerated depreciation and other expenses related to the closure of its Fab 1 facility in Chandler, Arizona.
Key Highlights
- 1Microchip Technology announced its Fourth Quarter and Fiscal Year 2003 financial results on April 23, 2003.
- 2The company is providing financial results on a pro forma basis, which excludes certain charges. This is intended to offer investors a view of core ongoing performance.
- 3Excluded items from pro forma results include a Fab 3 impairment charge and an in-process R&D charge associated with the PowerSmart acquisition.
- 4A change in revenue recognition policy related to sales to regional Asian distributors is also excluded from pro forma results.
- 5The company is providing a Q1 FY2004 outlook that may exclude accelerated depreciation and related expenses from the closure of Fab 1 in Chandler, Arizona.
- 6Gordon W. Parnell, Vice President and Chief Financial Officer, signed the report.
- 7The filing is made under Regulation FD Disclosure (Item 9) and references Results of Operations and Financial Condition (Item 12).