Microchip Technology (MCHP) FY2011 results: revenue $1.5 billion, up 56.9% on the year
Microchip Technology Inc. (MCHP) reported revenue of $1.5 billion for fiscal 2011, the year ended 31 March 2011, up 56.9% on the year before. Net income was $419 million, up 93.1%, and diluted earnings per share $1.07. The figures are the company's own, from the 10-K it filed with the SEC on 31 May 2011.
Revenue
$1.5 billion
+56.9% on the year
FY2008FY2011
Operating margin
31.9%
25.8% a year earlier
FY2008FY2011
Net income
$419 million
+93.1% on the year
FY2008FY2011
Diluted EPS
$1.07
+85.3% on the year
FY2008FY2011
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Revenue
1,487
948
903
+56.9%
Cost of revenue
613
413
387
+48.2%
Gross profit
881
534
517
+65.0%
Gross margin
59.3%
56.4%
57.2%
Research and development
171
121
116
+41.2%
Selling, general and administrative
222
167
161
+32.9%
Operating income
474
245
233
+93.6%
Operating margin
31.9%
25.8%
25.8%
Interest expense
31.5
31.1
29.4
+1.2%
Pre-tax income
461
238
232
+93.7%
Income tax
31.5
20.8
-13.5
+51.5%
Effective tax rate
6.8%
8.7%
-5.8%
Net income
419
217
246
+93.1%
Net margin
28.2%
22.9%
27.2%
Diluted EPS
$1.07
$0.58
$0.66
+85.3%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Operating cash flow
583
452
309
+28.9%
Capital expenditure
16.6
15.4
21.6
+7.3%
Free cash flow
566
437
287
+29.7%
Free cash flow margin
38.1%
46.1%
31.8%
Cash from investing
-188
-195
-19.8
Cash from financing
-183
-211
-330
Depreciation and amortisation
107
90.1
96.0
+18.4%
Share-based compensation
36.8
36.8
32.5
+0.1%
Buybacks
0.0
0.0
124
Dividends paid
257
250
247
+2.9%
Dividend per share
$0.69
$0.68
$0.67
+1.1%
Diluted shares, weighted
389m
375m
374m
+3.9%
Shares outstanding at period end
379m
371m
366m
+2.3%
Balance sheet
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Shareholders' equity
1,812
1,533
1,490
+18.2%
Debt
347
n/a
n/a
Other liabilities
808
983
915
-17.8%
Total liabilities and equity
2,968
2,516
2,406
+18.0%
Fixed assets
541
493
532
+9.6%
Goodwill
76.0
40.3
36.2
+88.5%
Intangible assets
77.9
35.5
25.7
+119.4%
Investments
1,004
1,039
994
-3.4%
Trading assets
n/a
24.9
n/a
Cash and equivalents
704
492
446
+43.0%
Receivables
181
138
88.5
+31.5%
Inventory
181
117
132
+55.1%
Other assets
203
137
151
+48.8%
Total assets
2,968
2,516
2,406
+18.0%
10-K for the year ended 31 March 2011, filed 31 May 2011: the filing.