Microsemi celebrates sales of $118.2 Million for FQ2 2010
Microsemi Corporation reports unaudited results for its second quarter of fiscal year 2010 ended March 28, 2010. Microsemi's products include individual components and IC solutions to customers so as to improve general performance (e.g. reliability, size, battery lifetime). Markets served by the firm include defense, satellite, notebook computers, mobile, and connectivity applications. Selected GAAP and Non-GAAP Financial results are summarized below:
(Unaudited, in thousands except for percentages and per share amounts)
Quarter Ended Six Months Ended ----------------------------- ------------------ Mar 28, Dec 27, Mar 29, Mar 28, Mar 29, 2010 2009 2009 2010 2009 -------- -------- --------- -------- -------- Net sales $118,218 $112,832 $105,693 $231,050 $236,287 Selected GAAP Financial Measures Gross margin $56,001 $52,268 $32,712 $108,269 $93,145 Gross margin percentage 47.4% 46.3% 31.0% 46.9% 39.4% Operating income (loss) $14,672 $10,472 $(16,805) $25,144 $(2,893) Operating margin 12.4% 9.3% (15.9%) 10.9% (1.2%) Net income (loss) $11,486 $7,960 $(16,612) $19,446 $(3,404) Diluted earnings (loss) per share $0.14 $0.10 $(0.20) $0.24 $(0.04) Selected Non-GAAP Financial Measures Gross margin $56,001 $52,268 $43,506 $108,269 $104,182 Gross margin percentage 47.4% 46.3% 41.2% 46.9% 44.1% Operating income $25,797 $22,232 $11,857 $48,029 $40,038 Operating margin 21.8% 19.7% 11.2% 20.8% 16.9% Net income $21,356 $18,034 $9,762 $39,390 $32,923 Diluted earnings per share $0.26 $0.22 $0.12 $0.48 $0.40
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The non-GAAP financial measures do not include restructuring activities involving the closure and consolidation of certain manufacturing facilities, cost reduction measures and anything relating to inventory reserves. Further details regarding the GAAP and non-GAAP measures may be accessed at the following website along with the entire press release : http://investor.microsemi.com/releasedetail.cfm?ReleaseID=462599. A telephonic replay of the conference call (which took place on April 22, 2010) is available until (8:59 pm PST) Thursday, April 29th. The replay may be accessed via
(800) 642-1687 or (706) 645-9291 The ID Number is: 68849589
James J. Peterson, President and Chief Executive Officer, stated, "We are extremely pleased with our second quarter results. As anticipated, we had increases in net sales for all of our end markets accompanied by notable improvements in our gross, operating and net margins. These results, along with an incremental operating cash flow of $28.8 million, continue to demonstrate rock-solid execution in delivering to our shareholders consistently profitable results." Microsemi expects that for FQ3 2010 its net sales will increase between 3 and 5%, sequentially. On a non-GAAP basis earnings for the third quarter of fiscal year 2010 is expected to be between $0.28 and $0.30 per diluted share.