Microchip reported results for the three months ended June 30, 2007. Net sales for the first quarter of fiscal 2008 were $264.1 million, up 2.3% sequentially from sales of $258.2 million in the immediately preceding quarter, and up 0.6% from sales of $262.6 million in the prior year's first quarter. GAAP net income for the first quarter of fiscal 2008 was $80.3 million, down 37.1% from GAAP net income of $127.7 million, in the immediately preceding quarter, and up 4.3% from GAAP net income of $77.0 million, in the prior year's first quarter.