Microsemi Reports First Quarter 2012 Results

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.

Investor Inquiries: Robert C. Adams, Microsemi Corporation, Aliso Viejo, Calif. (949) 380-6100.  

(Financial Tables Follow)

MICROSEMI CORPORATION

Selected GAAP and Non-GAAP Financial Measures

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




Quarter Ended



Jan. 1, 2012


Oct. 2, 2011


Jan. 2, 2011








Net sales

$

240,920

$

227,291

$

184,351








Selected GAAP Financial Measures







Gross profit

$

125,736

$

129,875

$

95,029

Gross margin


52.2%


57.1%


51.5%

Operating income (loss)

$

(668)

$

28,753

$

6,323

Operating margin


(0.3%)


12.7%


3.4%

Net income (loss)

$

(44,602)

$

42,085

$

(1,296)

Diluted earnings (loss) per share

$

(0.52)

$

0.49

$

(0.02)








Selected Non-GAAP Financial Measures







Gross profit

$

131,861

$

130,223

$

98,812

Gross margin


54.7%


57.3%


53.6%

Operating income

$

51,806

$

59,727

$

42,391

Operating margin


21.5%


26.3%


23.0%

Net income

$

33,597

$

45,561

$

31,132

Diluted earnings per share

$

0.39

$

0.53

$

0.37





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