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ImageMicrochip Technology has instituted pay cuts for all its employees worldwide and reduced production levels by 40 per cent in the current quarter from peak levels in the September quarter.

Company CEO Steve Sanghi said, "General economic and semiconductor industry conditions have continued to decline since our October earnings call. As a result of these conditions, we are continuing with a pay cut for all of our worldwide non-manufacturing employees which was implemented during the December quarter." He added, "We are also continuing actions to reduce manufacturing capacity in our wafer fabrication facilities in the US and our assembly and test facility in Thailand."

However, the company declared a regular quarterly dividend of 33.9 cents a share, maintaining its fat yield of 7.4 per cent.

For its fiscal third quarter ended December 31, the company posted sales of $192.2 million, a bit ahead of the Street at $188.9 million, but down 28.8 per cent sequentially and 23.9 per cent year over year.