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Microsemi Reports Record Sales in Q4

November 11, 2012 by Jeff Shepard

Microsemi Corporation reported unaudited results for its fourth quarter and fiscal year ended Sept. 30, 2012. Net sales for Microsemi's fourth quarter of 2012 were a record $263.1 million, up 15.7 percent over the prior year and up 1.5 percent sequentially. Net sales for fiscal year 2012 were a record $1.0 billion, up 21.1 percent from fiscal year 2011.

For the fourth quarter of 2012, non-GAAP gross margin was 57.2 percent, sequentially improving 100 basis points, and non-GAAP operating margin was 24.5 percent, sequentially improving 110 basis points. Non-GAAP net income was $51.8 million and non-GAAP diluted earnings per share were $0.58. For fiscal year 2012, non-GAAP gross margin was 55.8 percent, non-GAAP operating margin was 22.9 percent and non-GAAP net income was $173.9 million.

For the fourth quarter of 2012, GAAP gross margin was 57.2 percent, sequentially improving 140 basis points, and operating margin was 10.1 percent. GAAP net income was $11.6 million and diluted earnings per share were $0.13. For fiscal year 2012, GAAP gross margin was 54.6 percent, improving 180 basis points over the prior year, operating margin was 5.8 percent and GAAP net loss was $29.7 million. For the fourth quarter of 2012, operating cash flow was $55.2 million.

"As Microsemi continues to execute on its total solution strategy, we believe that the company is better positioned for growth than at any time in its history," said James J. Peterson, president and chief executive officer of Microsemi. "I am pleased that we delivered great results for fiscal year 2012. We surpassed $1 billion in sales, greatly improved our operational efficiencies and delivered an operating cash flow run rate in excess of $200 million."

Microsemi expects net sales in the first quarter of fiscal year 2013 to decline 2 percent to 6 percent, sequentially, and expects non-GAAP diluted earnings per share of between $0.50 and $0.54.