Microsemi Reports Third-Quarter 2001 Results

July 24, 2001 by Jeff Shepard

Microsemi Corp. (Santa Ana, CA) reported financial results for the quarter ended July 1, 2001. Net sales for the quarter were $60.1 million. Net sales from continuing business for the quarter were $59.5 million, compared with $59.9 million in the third quarter of 2000. Third quarter pro-forma net income increased 39 percent to $4.9 million, up from $3.5 million. Pro-forma net income per share diluted was $0.33, up 22 percent from $0.27 per share diluted, in the third quarter of last year. Sales from continuing business excludes sales from three units closed over the last nine months through consolidation and exiting low-margin business.

James J. Peterson, president and CEO, stated, "We are very pleased with our third-quarter results, which are inline with our original guidance and beat the consensus estimate by $0.01. Our strong design win activity in new products in recent quarters, as well as diversification among markets we serve, have been the main factors resulting in our continued sales strength at a time when others have been reporting significant declines."

Peterson added, "Based on current backlog and forecasts from customers, we are expecting our fourth-quarter sales to again buck the current trend in an industry that has announced significant declines."