Microchip Technology completes Atmel Corporation acquisition
Microchip also expects its non-GAAP earnings per share to be near the high end of its February 3, 2016 guidance of 65 cents to 69 cents per diluted share.
Microchip will announce its financial results on May 4, 2016 and will hold a conference call at that time and will provide guidance for the June 30, 2016 quarter for the combined sales and earnings of Microchip and Atmel.
Microchip is not able to provide an estimate of its GAAP earnings per share at this time but will report its GAAP results and provide reconciliations of its GAAP and Non-GAAP results with its earnings release on May 4, 2016.
Microchip also announced that Atmel’s sales and earnings for the quarter ending March 31, 2016 are expected to be significantly lower than Atmel’s December 31, 2015 quarterly results.
Specifically, Atmel’s net sales are expected to be in the range of $219 million to $221 million in its quarter ended March 31, 2016, down 15.8% at the mid-point from Atmel’s net sales in the quarter ended December 31, 2015.
In calendar year 2015, Atmel’s distributors where revenue is recognized on a sell-in basis increased their inventory levels significantly and the inventory in this sales channel saw a severe inventory contraction in the March 2016 quarter. ■