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Microsemi Reports Second Fiscal Quarter 2012 Results

ALISO VIEJO, Calif. April 25, 2012 Microsemi Corporation April 1, 2012

  • $249.3 Million
  • $0.46
  • Book-to-Bill Ratio Greater than 1:1

 

http://photos.prnewswire.com/prnh/20110909/MM66070LOGO

$249.3 million

$40.3 million $0.46 $33.6 million $0.39 $38.4 million $0.45

Thailand $4.8 million $0.06 $44.6 million $0.52 $19.1 million $0.23

James J. Peterson Thailand

Business Outlook

$0.51 to $0.55

Microsemi regularly announces a quarterly outlook in the form of issuing a news release and does not undertake to update any of this information between such public announcements to reflect subsequent events or circumstances. Please refer to the "SAFE HARBOR" STATEMENT below for risks that may affect future actual results.

Information for Second Fiscal Quarter 2012 Earnings Conference Call and Webcast:

Wednesday, April 25, 2012
4:45 p.m. EDT 1:45 p.m. PDT

www.microsemi.com

4:35 p.m. EDT 1:35 p.m. PDT

6 p.m. EDT 3 p.m. PDT Wednesday, April 25, 2012 11:59 p.m. EDT 8:59 p.m. PDT Wednesday, May 2, 2012

Non-GAAP Adjustments

$1.5 million $1.6 million $0.4 million $1.0 million Thailand $26.5 million $10.0 million $3.8 million Thailand $2.0 million $0.1 million

About Microsemi Corporation

Aliso Viejo, Calif. www.microsemi.com

PLEASE READ THE FOLLOWING FACTORS THAT CAN MATERIALLY AFFECT MICROSEMI’S FUTURE RESULTS.

Thailand

To supplement the consolidated financial results prepared in accordance with Generally Accepted Accounting Principles ("GAAP"), this press release and its attachments include non-GAAP financial measures that exclude items listed in the footnotes below. GAAP results are reconciled to non-GAAP results in the accompanying tables. Management excludes these items because it believes that the non-GAAP measures enhance an investor’s overall understanding of Microsemi’s financial performance and future prospects by being more reflective of Microsemi’s core operational activities and to be more comparable with the results of the Company over various periods. Management uses non-GAAP financial measures internally for strategic decision making, forecasting future results and evaluating current performance. Guidance is provided only on a non-GAAP basis due to the inherent difficulty of forecasting the timing or amount of certain items that have been excluded from the forward-looking non-GAAP measures, and a reconciliation to the comparable GAAP guidance has not been provided because certain factors that are materially significant to Microsemi’s ability to estimate the excluded items are not accessible or estimable on a forward-looking basis. By disclosing non-GAAP financial measures, management intends to provide investors with additional measures of Microsemi’s operating results and trends for the periods presented. Non-GAAP financial measures are not prepared in accordance with GAAP; therefore, the information is not necessarily comparable to other companies’ financial information and should be considered as a supplement to, not a substitute for, or superior to, the corresponding measures calculated in accordance with GAAP.

(Financial Tables Follow)

 

MICROSEMI CORPORATION

Selected GAAP and Non-GAAP Financial Measures

(Unaudited, in thousands except for percentages and per share amounts)

 

Quarter Ended

Six Months Ended

April 1, 2012

Jan. 1, 2012

April 3, 2011

April 1, 2012

April 3, 2011

Net sales

$

249,306

$

240,920

$

207,490

$

490,226

$

391,841

Selected GAAP Financial Measures

Gross profit

$

131,868

$

125,736

$

92,636

$

257,604

$

187,665

Gross margin

52.9%

52.2%

44.6%

52.5%

47.9%

Operating income (loss)

$

11,118

$

(668)

$

(8,354)

$

10,450

$

(2,031)

Operating margin (loss)

4.5%

(0.3%)

(4.0%)

2.1%

(0.5%)

Net income (loss)

$

(4,792)

$

(44,602)

$

(19,129)

$

(49,394)

$

(20,425)

Diluted earnings (loss) per share

$

(0.06)

$

(0.52)

$

(0.23)

$

(0.58)

$

(0.25)

Selected Non-GAAP Financial Measures

Gross profit

$

137,030

$

131,861

$

116,545

$

268,891

$

215,357

Gross margin

55.0%

54.7%

56.2%

54.9%

55.0%

Operating income

$

54,882

$

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