Microsemi Reports First Quarter 2001 Financial ResultsJanuary 23, 2001 by Jeff Shepard
Microsemi Corp. (Santa Ana, CA) announced results for the first quarter of fiscal year 2001. For the first quarter, which ended December 31, 2000, the company's net sales increased 23 percent to $63.0 million, compared with pro forma net sales of $51.1 million in the prior-year period, which excludes net sales of a business sold in June 2000.
Pro forma net income for the first quarter, which excludes goodwill charges, increased 260 percent to $4.6 million, or $0.31 per diluted share, compared with $1.3 million or $0.11 per diluted share pro forma net income in the prior year's first quarter.
Jim Peterson, Microsemi's president and CEO, stated, “The earnings improvements in the first quarter over last year's first-quarter result from the expansion of our revenues in higher-margin power management, RF and TVS products for mobile connectivity and telecommunications infrastructure applications, as well as recovery in our commercial satellite business."