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Posted By: Technology Staff Editor In: Information Technology written by Mark LaPedus, courtesy of EE Times
SAN JOSE, Calif. -- Responding to the IC downturn, Microchip Technology Inc. (Chandler, Ariz.) has lowered its forecast, taken pay cuts and reduced its IC production rates.
Net sales for the third fiscal quarter are expected to be down 29-to-31 percent sequentially. Earnings per diluted share on a GAAP basis for the third fiscal quarter is expected to be approximately $0.21-to-$0.24.
Previously, the company expected net sales in the December quarter to be down 8-to-16 percent. Diluted EPS was originally expected to be approximately $0.31-to-$0.37 per share on a GAAP basis
The preliminary results on a GAAP basis exclude any charges related to the acquisition of Hampshire Co. as the financial valuation related to the acquisition has not been finalized as of the date of this release.
''General economic and semiconductor industry conditions have continued to decline since our October earnings call,'' said Steve Sanghi, Microchip's president and CEO, in a statement.
''As a result of these conditions, we are continuing with a pay cut for all of our worldwide non-manufacturing employees which was implemented during the December quarter,'' he said. ''We are also continuing actions to reduce manufacturing capacity in our wafer fabrication facilities in the U.S. and our assembly and test facility in Thailand. These and other actions have been taken to right-size our manufacturing output and keep operating expenses at reasonable levels.''
Microchip plans to announce its financial results for the third quarter of fiscal 2009 after market close on Jan. 29, 2009.
It's been a wild ride for the chip maker. Microchip has apparently not completely given up on the idea of acquiring rival Atmel Corp. Recently, Microchip announced a slate of seven new nominees to Atmel's board of directors to be proposed at Atmel's next annual shareholder meeting.
But Microchip recently added that, in light of current economic conditions and a semiconductor industry downturn, Microchip is still undecided about pursuing an acquisition of Atmel.
Earlier this year, Microchip and On Semiconductor Corp. proposed a $2.3 billion takeover bid for Atmel. The proposal was rejected by Atmel's board, prompting Microchip and On Semi to say they would take the case directly to Atmel's shareholders through a proxy vote. On Semiconductor has since given up the idea of the deal.
According to a filing with the U.S. Securities and Exchange Commission (SEC), Microchip last month disclosed that it owns a 5.4 percent stake in Supertex Inc., a publicly-held mixed signal semiconductor manufacturer.
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