Microsemi Corporation reported unaudited results for its second quarter of fiscal 2014 ended March 30, 2014. Net sales for Microsemi’s second quarter of fiscal 2014 were $287.0 million. GAAP gross margin, reflecting the effect of non-cash purchase accounting adjustments, was 50.7 percent and GAAP operating margin was 1.4 percent. GAAP net loss for the second quarter of fiscal 2014 was $8.7 million or $0.09 per diluted share. Subsequent to the end of the second quarter, Microsemi completed term loan principal payments of $70.0 million, for a total of $100.0 million for fiscal year 2014 to date.
For the second quarter of fiscal 2014, non-GAAP gross margin was 55.2 percent and favorable to post-acquisition targets for the quarter. Non-GAAP operating margin was 20.7 percent in the second quarter of fiscal 2014. Non-GAAP net income was $47.7 million or $0.51 per diluted share.
“Microsemi made significant progress on a number of fronts in the second quarter,” said James J. Peterson, chairman of the board and CEO of Microsemi. “Our integration efforts are on target; our defense end market stabilized; and our focused investments in FPGAs, timing products and mixed signal-RF solutions are gaining traction with industry-leading customers. We look forward to continuing this momentum throughout the rest of the year driving shareholder return.”
Microsemi currently expects net sales in the third quarter of fiscal year 2014 of between $287 million and $293 million and expects non-GAAP diluted earnings per share of between $0.55 and $0.61.