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Microsemi Reports Second Fiscal Quarter 2012 Results

April 26, 2012 by Jeff Shepard

Microsemi Corp. reported unaudited results for its second quarter of fiscal year 2012 ended April 1, 2012. Net sales for Microsemi’s second quarter of 2012 achieved a record $249.3 million, up 20.2 percent from the prior year second quarter and up 3.5 percent from the prior quarter.

Non-GAAP gross margin was 55.0 percent, up 30 basis points from the prior quarter and down 120 basis points from the prior year second quarter. Non-GAAP operating margin was 22.0 percent, up 50 basis points from the prior quarter and down 360 basis points from the prior year second quarter. Non-GAAP net income was $40.3 million or $0.46 per diluted share, compared to $33.6 million or $0.39 per diluted share in the prior quarter and $38.4 million or $0.45 per diluted share in the prior year second quarter.

GAAP gross margin, which included the effects of Thailand flood-related charges and non-cash purchase accounting adjustments, was 52.9 percent, up 70 basis points from the prior quarter and up 830 basis points from the prior year second quarter. GAAP operating margin was 4.5 percent, up 480 basis points from the prior quarter and up 850 basis points from the prior year second quarter. GAAP net loss was $4.8 million or $0.06 per diluted share, compared to a net loss of $44.6 million or $0.52 per diluted share in the prior quarter and a net loss of $19.1 million or $0.23 per diluted share in the prior year second quarter. Adjustments to reconcile Microsemi’s GAAP and non-GAAP results are further discussed below.

"We are extremely pleased with our second quarter results and third quarter guidance," said James J. Peterson, president and chief executive officer for Microsemi. "We see accelerating trends in bookings, design activity and operational efficiencies, as well as a recovery from recent floods in Thailand. We believe our strategic growth in new product offerings will enhance our position in all of our end markets and we intend to leverage this momentum into improved profitability to the benefit of our shareholders."