First Quarter Results Include:
- Record Net Sales of $303.6 Million, Up 18.8 Percent Over Prior Year
- GAAP Operating Income of $29.7 Million, Up 315.3 Percent Over Prior Year
- Record Non-GAAP Operating Income of $74.2 Million, Up 37.0 Percent Over Prior Year
- Record Operating Cash Flow of $66.9 Million
- Record Free Cash Flow of $53.8 Million
Microsemi Corporation (Nasdaq: MSCC), a leading provider of semiconductor solutions differentiated by power, security, reliability and performance, today reported unaudited results for its first quarter of fiscal year 2015 ended Dec. 28, 2014.
Net sales for Microsemi's first quarter of fiscal year 2015 were a record $303.6 million, up 18.8 percent from the first quarter of 2014. GAAP gross margin for the first quarter of 2015 was 55.4 percent, inclusive of the effect of non-cash acquisition-related purchase accounting, compared to 54.1 percent in the first quarter of 2014. GAAP operating margin for the first quarter of 2015 was 9.8 percent compared to 2.8 percent in the first quarter of 2014. GAAP net income for the first quarter of 2015 was $19.7 million or $0.21 per diluted share compared to $1.4 million or $0.01 per diluted share for the first quarter of 2014. Operating and free cash flow for the first quarter of 2015 were a record of $66.9 million and $53.8 million, respectively.
For the first quarter of fiscal year 2015, non-GAAP gross margin was 56.2 percent. Non-GAAP operating margin was 24.4 percent, improving 40 basis points from the prior quarter and 320 basis points from the first quarter of 2014. Non-GAAP net income for the first quarter of 2015 was a record $61.9 million compared to $61.4 million for the fourth quarter of 2014 and $42.9 million for the first quarter of 2014. Non-GAAP diluted earnings per share for the first quarter of 2015 were $0.65.
"Microsemi made significant progress in our first fiscal quarter and we are pleased to see strong execution on our strategic business model," said James J. Peterson, chairman of the board and CEO of Microsemi. "Our continued operational excellence and increased traction with tier-one customers are supporting the long-term growth and enhanced profitability necessary to yield strong shareholder returns."
Business Outlook
Microsemi currently expects net sales in the second quarter of fiscal year 2015 to be flat to down 4.5% and expects non-GAAP diluted earnings per share of between $0.64 and $0.68.
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.
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