Microchip Technology (MCHP) FY2013 results: revenue $1.6 billion, up 14.3% on the year
Microchip Technology Inc. (MCHP) reported revenue of $1.6 billion for fiscal 2013, the year ended 31 March 2013, up 14.3% on the year before. Net income was $127 million, down 62.2%, and diluted earnings per share $0.31. The figures are the company's own, from the 10-K it filed with the SEC on 30 May 2013.
Revenue
$1.6 billion
+14.3% on the year
FY2008FY2013
Operating margin
11.3%
28.7% a year earlier
FY2008FY2013
Net income
$127 million
-62.2% on the year
FY2008FY2013
Diluted EPS
$0.31
-62.4% on the year
FY2008FY2013
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Revenue
1,582
1,383
1,487
+14.3%
Cost of revenue
743
591
613
+25.8%
Gross profit
838
799
881
+4.9%
Gross margin
53.0%
57.8%
59.3%
Research and development
255
183
171
+39.5%
Selling, general and administrative
261
208
222
+25.5%
Operating income
179
397
474
-55.0%
Operating margin
11.3%
28.7%
31.9%
Interest expense
40.9
34.3
31.5
+19.4%
Pre-tax income
152
380
461
-59.9%
Income tax
24.8
43.0
31.5
-42.3%
Effective tax rate
16.3%
11.3%
6.8%
Net income
127
337
419
-62.2%
Net margin
8.1%
24.3%
28.2%
Diluted EPS
$0.31
$0.82
$1.07
-62.4%
$ 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
FY2013
FY2012
FY2011
On the year
Last 8 years
Operating cash flow
459
412
583
+11.5%
Capital expenditure
4.7
5.8
16.6
-18.7%
Free cash flow
455
406
566
+11.9%
Free cash flow margin
28.7%
29.4%
38.1%
Cash from investing
-950
-272
-188
Cash from financing
382
-208
-183
Depreciation and amortisation
204
99.4
107
+105.3%
Share-based compensation
52.1
38.3
36.8
+36.0%
Buybacks
n/a
n/a
0.0
Dividends paid
274
266
257
+2.9%
Dividend per share
$0.70
$0.69
$0.69
+1.2%
Diluted shares, weighted
412m
407m
389m
+1.1%
Shares outstanding at period end
393m
386m
379m
+1.7%
Balance sheet
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Shareholders' equity
1,933
1,991
1,812
-2.9%
Debt
983
355
347
+177.0%
Other liabilities
935
738
808
+26.6%
Total liabilities and equity
3,851
3,084
2,968
+24.9%
Fixed assets
515
517
541
-0.4%
Goodwill
271
93.5
76.0
+190.2%
Intangible assets
530
90.4
77.9
+486.2%
Investments
1,308
1,152
1,004
+13.5%
Cash and equivalents
528
636
704
-16.9%
Receivables
230
170
181
+35.1%
Inventory
242
217
181
+11.5%
Other assets
227
208
203
+9.1%
Total assets
3,851
3,084
2,968
+24.9%
10-K for the year ended 31 March 2013, filed 30 May 2013: the filing.