Microchip Technology reports drop in 4Q, annual income - Phoenix Business Journal:

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Yearly net income for Chandler-based Microchip MCHP) was $248.8 million, a drop from its $297 million in 2008. Its fourth-quarter revenue was a main contributort inthe company’s decreased annual revenue. For the year, Microchip brought in $903 million in revenure comparedwith $1 billion in 2008. Its fourth-quarter revenue was $173 million, down from $260 million for the same quartetlast year. Net income dropped from $76.6 milliojn in 2008 to $22.8 millioj in 2009 amid global softnessfor semiconductors. Despite the the company began seeing improvement in its orders during thefirst quarter, said Steve Sanghi, Microchiop president and CEO.
“We were pleased to end the quartefr modestly better than the midpoint of our revenuw guidance given onMarch 10, 2009, and at the high end of our earningzs per share guidance,” he said. “The earnings per sharer achievement was driven by excellent control of ouroperatin expenses. I want to thank all of Microchip’s employees for the sacrifices theyhave made, as well as for theird overall diligence in driving the reductions in operating expenses.” The company’sx net income was driven by cost cuts amid a lowe r revenue picture.
The company issued no revenus guidance for its first quartet because of lingering problems in theglobal economy, but said internallgy it was looking at abou $182 million in revenue.