Microsemi Corp. reported unaudited results for its third quarter ended July 1, 2012. Net sales for Microsemi’s third quarter of 2012 were a record $259.2 million, up 20 percent over the prior year and up 4 percent sequentially. For the third quarter of 2012, GAAP gross margin, which included the effect of non-cash purchase accounting adjustments, was 55.8 percent and operating margin was 8.2 percent. GAAP net income was $8.1 million and diluted earnings per share were $0.09. Operating cash flow for the quarter was $54.7 million.
Non-GAAP gross margin was 56.2 percent, sequentially improving 120 basis points and non-GAAP operating margin was 23.4 percent, sequentially improving 140 basis points. Non-GAAP net income was $48.3 million, sequentially improving 20 percent and non-GAAP diluted earnings per share were $0.55.
"We are pleased to deliver sound results and guidance," said James J. Peterson, president and chief executive officer for Microsemi. "Our ability to deliver solid organic revenue growth coupled with strong profitability, even in this more cautious marketplace, validates Microsemi’s strategy. As we continue to leverage the industry’s most comprehensive product portfolio into our focus markets, we will remain diligent on delivering top line growth and increasing profitability for the benefit of our shareholders."
