Microsemi Reports Fiscal 2001, Fourth-Quarter ResultsNovember 28, 2001 by Jeff Shepard
Microsemi Corp. (Irvine, CA) announced results for its fourth quarter and fiscal year ended September 30, 2001. For the fourth quarter ended September 30, 2001, the company's net sales were $57.2 million, compared with net sales from continuing businesses of $62.9 million in the prior year's fourth quarter. For the fiscal year ended September 30, 2001, net sales from continuing businesses increased seven percent to $238.2 million from net sales from continuing businesses of $223.0 million in the prior year.
James Peterson, president and CEO, stated, "We are very excited about the health of our business fundamentals relative to the challenging market conditions in the semiconductor industry today, as well as the business disruptions associated with the tragic events of September 11."
Fourth-quarter, pro-forma, net income increased six percent to $5.0 million, or $0.17 per share (diluted), compared with $4.7 million, or $0.16 per share (diluted), in the prior-year's fourth quarter. All per-share amounts for prior periods have been adjusted to reflect a two-for-one stock split effected by means of a stock dividend.
Fiscal-year 2001 pro-forma net income increased 63 percent to $19.2 million, or $0.65 per share (diluted), compared with $11.8 million, or $0.47 per share (diluted), in fiscal year 2000.
Gross margin in the fourth quarter of fiscal year 2001 increased 170 basis points over the third quarter, 490 basis points over the prior-year's fourth quarter, and increased 450 basis points over fiscal year 2000 for the full fiscal year.