Microchip expects net sales to be approximately $258 to $259 million, which is down approximately 2.0 percent sequentially from net sales of $264.1 million in the first quarter of fiscal 2008. Earnings per diluted share on a GAAP basis is expected to be approximately $0.35.

"Our business results for the September quarter have been adversely impacted by several factors," said Steve Sanghi, Microchip's president and CEO, in a statement. "Net sales associated with the U.S. housing market continued to be weak, and we also experienced weakness in other segments of our consumer-related business."

"Geographically, net sales in both the Americas and Asia were below our expectations,'' he said. ''We believe that weakness in Asia is tied to U.S. multinational companies who manufacture at Asian subcontractors. Europe, although down sequentially, met our expectations based on the normal seasonal trends for the region.''

By: DocMemory
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