Microsemi Reports Modest Increases in Sales and Income in Q1 2013
Microsemi Corporation reported unaudited net sales for Microsemi's first quarter of fiscal 2013, ended Dec. 30, 2012, were $247.6 million, up 2.8 percent over the prior year quarter. GAAP gross margin was 57.6 percent, improving 540 basis points over the prior year quarter and improving 40 basis points sequentially. GAAP operating margin was 10.3 percent, improving 1,060 basis points over the prior year quarter and improving 20 basis points sequentially. GAAP net income for the first quarter of 2013 was $14.2 million compared to a GAAP net loss of $44.6 million in the prior year quarter and GAAP net income of $11.6 million in the prior quarter. GAAP diluted earnings per share for the first quarter of 2013 were $0.16.
For the first quarter of fiscal 2013, non-GAAP gross margin was 57.6 percent, improving 290 basis points over the prior year quarter and improving 40 basis points sequentially. Non-GAAP operating margin was 22.9 percent, improving 140 basis points over the prior year quarter. Non-GAAP net income was $45.0 million and non-GAAP diluted earnings per share were $0.50.
"We continue to execute on our long term strategy," stated James J. Peterson, president and CEO of Microsemi. "In a difficult environment, Microsemi delivered results within guidance and continued to lay the foundation for future revenue and profitability growth by improving product mix and gross margins, paying down our term loan, and implementing a disciplined cost control program. As we look toward expected recovery in 2013, we will continue to see accelerating success of Microsemi's total solution approach in the marketplace."
Microsemi expects net sales in the second quarter of fiscal year 2013 to decline 4 percent to 8 percent, sequentially, and expects non-GAAP diluted earnings per share of between $0.37 and $0.43.