Microsemi reports sales increase of 23% during Q1’01

Santa Ana, California–Microsemi Corp. recently announced results for the first quarter (Q1) of fiscal year 2001. For the first quarter ended Dec. 31, 2000, the company’s net sales increased 23% to $63 million, compared with pro forma net sales of $51.1 million in the prior year period, which excludes net sales of a business sold in June 2000.

“The earnings improvements in Q1 over last year’s Q1 result from the expansion of our revenues in higher margin Power Management, RF and TVS products for mobile connectivity and telecommunications infrastructure applications, as well as recovery in our commercial satellite business,” says Jim Peterson, Microsemi’s president and chief executive officer.

Pro forma net income, which excludes goodwill charges, for Q1’01 increased 260% to $4.6 million, or $0.31 per diluted share compared with $1.3 million or $0.11 per diluted share pro forma net income in the prior year’s first quarter, which excludes business operations sold, and goodwill charges.

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