Microsemi Corp. (Irvine, CA) reported results for its fiscal third quarter that were in line with the reduced expectations it announced on June 24, 2002. Net sales for the third quarter were $51.5 million, compared with net sales of $60.1 million in fiscal third-quarter 2001. Sales were re-estimated last month to come in at $51.0 to $52.0 million, down from the $56.0 to $58.0 million originally forecasted.
Third-quarter, pro-forma net income was $1.2 million, compared with $4.9 million in the year-ago period. A book-to-bill ratio of 0.97 also was recorded for the quarter. Not surprisingly, Microsemi predicted flat sales for the fourth quarter. The company estimated sales for the quarter to be in the $49.0 to $51.0 million range.
"These are difficult days in our industry, but I am confident that Microsemi is well-positioned to deliver as our markets turn toward a more positive outlook," said Microsemi President and CEO James Peterson.