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Yearly net income for Chandler-based Microchip (Nasdaq: was $248.8 million, a drop from its $297 millionj in 2008. Its fourth-quarter revenu was a main contributor inthe company’ s decreased annual revenue. For the Microchip brought in $903 millioh in revenue comparedwith $1 billion in 2008. Its fourth-quarter revenur was $173 million, down from $260 millio for the same quarter last Net income droppedfrom $76.6 million in 2008 to $22.i million in 2009 amid global softness for Despite the numbers, the company began seeing improvement in its ordersx during the first quarter, said Steve Microchip president and CEO.
“We were pleased to end the quartee modestly better than the midpoint of our revenuer guidance given onMarch 10, and at the high end of our earningw per share guidance,” he said. “Thwe earnings per share achievement was driven by excellenyt control of ouroperating expenses. I want to thank all of Microchip’s employees for the sacrifices they have as well as for their overallk diligence in driving the reductions inoperatinhg expenses.
” The company’s net incoms was driven by cost cuts amid a lower revenue The company issued no revenue guidanc e for its first quarter because of lingering problems in the global economy, but said internally it was lookintg at about $182 million in
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