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Components | April 27, 2012

Microsemi with record net sales of USD 249.3 Million

Net sales for Microsemi's second quarter of 2012 reached a record $249.3 million, up 20.2 percent from the prior year second quarter and up 3.5 percent from the prior quarter.
GAAP gross margin, which included the effects of Thailand flood-related charges and non-cash purchase accounting adjustments, was 52.9 percent, up 70 basis points from the prior quarter and up 830 basis points from the prior year second quarter. GAAP operating margin was 4.5 percent, up 480 basis points from the prior quarter and up 850 basis points from the prior year second quarter. GAAP net loss was $4.8 million or $0.06 per diluted share, compared to a net loss of $44.6 million or $0.52 per diluted share in the prior quarter and a net loss of $19.1 million or $0.23 per diluted share in the prior year second quarter.

"We are extremely pleased with our second quarter results and third quarter guidance," said James J. Peterson, president and chief executive officer for Microsemi. "We see accelerating trends in bookings, design activity and operational efficiencies, as well as a recovery from recent floods in Thailand. We believe our strategic growth in new product offerings will enhance our position in all of our end markets and we intend to leverage this momentum into improved profitability to the benefit of our shareholders."

Business Outlook

Microsemi expects that for the third quarter of fiscal year 2012, net sales will increase between 3 percent and 5 percent, sequentially. On a non-GAAP basis, the company expects earnings per diluted share for the third quarter of fiscal year 2012 will increase between 11 percent and 19 percent or to between $0.51 to $0.55.

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