Microsemi Reports Q2 FY2013 Sales Down, Confidence Up

Microsemi Corporation reported unaudited results for its second quarter of fiscal 2013 ended March 31, 2013 including net sales of $235.3 million, down 5.0 percent sequentially. GAAP gross margin was 56.7 percent, improving 380 basis points over the prior year quarter. GAAP operating margin was 5.0 percent, improving 50 basis points over the prior year quarter. GAAP net loss for the second quarter of 2013 was $2.9 million or $(0.03) per share.

For the second quarter of fiscal 2013, non-GAAP gross margin was 56.7 percent, improving 170 basis points over the prior year quarter. Non-GAAP operating margin was 21.2 percent, decreasing 80 basis points over the prior year quarter. Non-GAAP net income was $38.9 million and non-GAAP diluted earnings per share were $0.43.

"We exit the March quarter with increasing confidence as our visibility has improved," said James J. Peterson, president and CEO of Microsemi. "Our book-to-bill ratio moved back above 1:1, profitability benefited from the cost control measures we initiated and we saw a number of significant design win successes for Microsemi's total solution market approach. As we look to the second half of 2013 and beyond, we remain confident in our unique opportunity to grow revenues and profitability to the benefit of our shareholders."

Microsemi expects net sales in the third quarter of fiscal year 2013 to increase 2 percent to 4 percent, sequentially, and expects non-GAAP diluted earnings per share of between $0.47 and $0.50.