Microsemi Corp. reported unaudited results for its first quarter of fiscal year 2012 ended Jan. 1, 2012.
Net sales for Microsemi’s first quarter of 2012 achieved a record $240.9 million, up 30.7 percent from the first quarter of 2011 and up 6.0 percent from the fourth quarter of 2011. These results include a partial quarter of contribution from the Zarlink acquisition.
Non-GAAP gross margin was 54.7 percent, up 110 basis points from the prior year first quarter and down 260 basis points from the prior quarter. Non-GAAP operating margin was 21.5 percent, down 150 basis points from the prior year first quarter and down 480 basis points from prior quarter. Non-GAAP net income was $33.6 million or $0.39 per diluted share, compared to $31.1 million or $0.37 per diluted share in the prior year first quarter and $45.6 million or $0.53 per diluted share in the prior quarter.
GAAP results reflect the impact of acquisition costs, credit facility amendment costs and non-cash amortization expense. GAAP gross margin, which included the effect of non-cash purchase accounting adjustments, was 52.2 percent, up 70 basis points from the prior year first quarter and down 490 basis points from the prior quarter. GAAP operating margin was a loss of 0.3 percent, down 370 basis points from the prior year first quarter and down 1,300 basis points from the prior quarter. GAAP net loss was $44.6 million or $0.52 per diluted share, compared to net loss of $1.3 million or $0.02 per diluted share in the prior year first quarter and net income of $42.1 million or $0.49 per diluted share in the prior quarter.
"We believe that 2012 will be a great year for Microsemi. In a challenging environment we have transformed the company, adding more organic growth product capability than we have had at any time in the company’s history," said James J. Peterson, president and chief executive officer for Microsemi. "Our continuing operational focus as we streamline the business will provide the leverage necessary to drive our profitability to new heights and more dollars to the bottom line. To the benefit of our shareholders, Microsemi will remain focused on these goals."
