Microsemi Corporation reported unaudited results for its fourth quarter of fiscal year 2015 and its fiscal year ended Sept. 27, 2015. Net sales for Microsemi's fourth quarter of fiscal year 2015 were a record $328.8 million, up 3.7 percent from $317.1 million reported in the third quarter of 2015 and up 8.4 percent from $303.3 million in the fourth quarter of 2014. Net sales for fiscal year 2015 were a record $1.25 billion, up 9.4 percent from $1.14 billion reported in fiscal year 2014.
GAAP gross margin for the fourth quarter of 2015 was 53.2 percent, inclusive of the effect of a non-cash purchase accounting charge of $11.0 million. GAAP operating income for the fourth quarter of 2015 was $32.3 million, up 28.3 percent from the $25.2 million reported in the third quarter of 2015 and compared to $33.4 million reported in the fourth quarter of 2014. GAAP operating margin for the fourth quarter of 2015 was 9.8 percent, up 190 basis points from the 7.9 percent reported in the third quarter of 2015 and compared to 11.0 percent reported in the fourth quarter of 2014.
GAAP net income for the fourth quarter of 2015 was $25.3 million or $0.26 per diluted share compared to $14.7 million or $0.15 per diluted share for the third quarter of 2015 and compared to $32.8 million or $0.34 per diluted share for the fourth quarter of 2014. GAAP net income for fiscal year 2015 was a record $84.6 million or $0.88 per diluted share compared to $23.1 million or $0.24 per diluted share for fiscal year 2014. Operating and free cash flow for the fourth quarter of 2015, which included payments for restructuring and transaction costs of $3.6 million, were both at records of $77.9 million and $68.7 million, respectively.
"We delivered an impressive fourth quarter and fiscal year, setting several new financial records for Microsemi," said James J. Peterson, chairman and CEO of Microsemi. "We produced record levels of sales, non-GAAP operating income, non-GAAP net income, operating cash flow and free cash flow in the fourth quarter of 2015. We see the first quarter of 2016 coming in above typical seasonality and as we look forward to 2016 we will continue to focus on the long-term growth and enhanced profitability necessary to yield strong shareholder returns." Microsemi currently expects net sales in the first quarter of fiscal year 2016 of between $325 million and $329 million, and expects non-GAAP diluted earnings per share of between $0.70 and $0.74.
