CHANDLER (dpa-AFX) - Microchip Technology Inc.'s (MCHP) second-quarter GAAP net loss was $21.2 million, or $0.11 per share, compared to GAAP net income of $79.3 million, or $0.40 per share in the prior year's second fiscal quarter.
Non-GAAP net income for the quarter rose to $97.7 million, or $0.48 per share, from non-GAAP net income of $92.6 million, or $0.46 per share last year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.48 per share for the quarter. Analysts' estimates typically exclude special items.
GAAP net sales for the quarter were $383.3 million, up 12.5% from net sales of $340.6 million in the prior year's second fiscal quarter. Consolidated non-GAAP net sales for the quarter were $407.8 million, up 19.7% from non-GAAP net sales of $340.6 million in the prior year. Fifteen analysts had consensus revenue estimate of $407.66 million for the quarter.
The company also announced that its Board has declared a quarterly cash dividend on its common stock of 35.2 cents per share. The dividend is payable on December 6, 2012 to stockholders of record on November 21, 2012.
Looking ahead for the third-quarter, the company expects net income to be in the range of $0.1 million - $4.4 million or breakeven per share - $0.02 per share, non-GAAP million of $75.7 million - $85.3 million or $0.37 - $0.41 per share. The company expects total net sales including SMSC to be $396 million to $426 million. Analysts expect the company to report earnings of $0.49 per share on revenues of $428.72 million for the third-quarter.
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