Microsemi Reports Q4 2013 Results with Net Sales of $250.4 Million
Microsemi Corporation reported unaudited results for its fourth quarter of fiscal 2013 ended Sept. 29, 2013 including net sales of $250.4 million, up 3.2 percent sequentially. GAAP gross margin remained unchanged from the third quarter at 57.0 percent, and decreased 20 basis points over the prior year quarter. GAAP operating margin was 10.7 percent, improving 30 basis points sequentially and 60 basis points over the prior year quarter. GAAP net income for the fourth quarter of fiscal 2013 was $14.1 million or $0.15 per diluted share. Operating cash flow for the quarter was $52.4 million and free cash flow was $46.2 million.
For the fourth quarter of fiscal 2013, non-GAAP gross margin remained unchanged from the third quarter at 57.0 percent and non-GAAP operating margin was 23.6 percent, a sequential improvement of 100 basis points. Non-GAAP net income was $49.1 million or $0.53 per diluted share.
"Microsemi's strategic business model continued to serve us well in the September quarter, with a sequential increase in revenue of 3.2 percent and disciplined cost controls driving 100 basis points of operating margin improvement," said James J. Peterson, president and CEO of Microsemi. "Operating and free cash flows remained strong and we are confident that our overall strategy continues to bring benefit to our shareholders."
Book to bill was greater than 1:1, driven by orders for longer lead time products. As a result of some timing uncertainty surrounding the recent government shutdown and ongoing customer cautiousness, Microsemi currently expects net sales in the first quarter of fiscal year 2014 to decrease 3 percent to 5 percent sequentially, and expects non-GAAP diluted earnings per share of between $0.42 and $0.46.