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MCHP > SEC Filings for MCHP > Form 10-Q on 8-Nov-2013All Recent SEC Filings




Quarterly Report

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

This report, including "Part I - Item 2 Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Part II - Item 1A Risk Factors" contains certain forward-looking statements that involve risks and uncertainties, including statements regarding our strategy, financial performance and revenue sources. We use words such as "anticipate," "believe," "plan," "expect," "future," "intend" and similar expressions to identify forward-looking statements. Our actual results could differ materially from the results anticipated in these forward-looking statements as a result of certain factors including those set forth under "Risk Factors," beginning at page 36 and elsewhere in this Form 10-Q. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. You should not place undue reliance on these forward-looking statements. We disclaim any obligation to update information contained in any forward-looking statement. These forward-looking statements include, without limitation, statements regarding the following:

          The effects that adverse global economic conditions and fluctuations
           in the global credit and equity markets may have on our financial
           condition and results of operations;

The effects and amount of competitive pricing pressure on our product lines;

Our ability to moderate future average selling price declines;

          The effect of product mix, capacity utilization, yields, fixed cost
           absorption, competition and economic conditions on gross margin;

          The amount of, and changes in, demand for our products and those of
           our customers;

The level of orders that will be received and shipped within a quarter;

          Our expectation that our inventory levels will be relatively flat to
           up modestly in the December 2013 quarter compared to the September
           2013 quarter and that it will allow us to maintain competitive lead

          The effect that distributor and customer inventory holding patterns
           will have on us;

          Our belief that customers recognize our products and brand name and
           use distributors as an effective supply channel;

          Our belief that deferred cost of sales are recorded at their
           approximate carrying value and will have low risk of material

          Our belief that our direct sales personnel combined with our
           distributors provide an effective means of reaching our customer base;

          Our ability to increase the proprietary portion of our analog and
           interface product lines and the effect of such an increase;

          Our belief that our processes afford us both cost-effective designs in
           existing and derivative products and greater functionality in new
           product designs;

The impact of any supply disruption we may experience;

          Our ability to effectively utilize our facilities at appropriate
           capacity levels and anticipated costs;

          That we adjust capacity utilization to respond to actual and
           anticipated business and industry-related conditions;

          That our existing facilities will provide sufficient capacity to
           respond to increases in demand with modest incremental capital

          That manufacturing costs will be reduced by transition to advanced
           process technologies;

Our ability to maintain manufacturing yields;

Continuing our investments in new and enhanced products;

The cost effectiveness of using our own assembly and test operations;

Our anticipated level of capital expenditures;

Continuation and amount of quarterly cash dividends;

          The sufficiency of our existing sources of liquidity to finance
           anticipated capital expenditures and otherwise meet our anticipated
           cash requirements, and the effects that our contractual obligations
           are expected to have on them;

The impact of seasonality on our business;

The accuracy of our estimates used in valuing employee equity awards;

          That the resolution of legal actions will not have a material effect
           on our business, and the accuracy of our assessment of the probability
           of loss and range of potential loss;

The recoverability of our deferred tax assets;

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