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 2014 ended Dec. 29, 2013.
Net sales for Microsemi's first quarter of fiscal 2014 were $255.6 million. GAAP gross margin was 54.1 percent and GAAP operating margin was 2.8 percent. GAAP net income for the first quarter of fiscal 2014 was $1.4 million or $0.01 per diluted share. This quarter had approximately one month of activity from our recent acquisition of Symmetricom, Inc., including legal, investment banking, restructuring and financing charges. Operating cash flow for the quarter was $62.5 million and free cash flow was $50.4 million.
For the first quarter of fiscal 2014, non-GAAP gross margin was 56.0 percent compared to 57.0 percent for the fourth quarter of fiscal 2013 and non-GAAP operating margin was 21.2 percent in the first quarter of fiscal 2014 compared to 23.6 percent in the fourth quarter of fiscal 2013. Non-GAAP net income was $42.9 million or $0.46 per diluted share.
"Microsemi's strategic business model continued to serve us well in the December quarter," said James J. Peterson, chairman of the board and CEO of Microsemi. "Operating and free cash flow strengthened, reflecting the high quality of our business model. We continue to drive our communication focused growth strategy and are confident this will continue to bring benefit to our shareholders."
Book to bill was greater than 1:1 and Microsemi currently expects net sales in the second quarter of fiscal year 2014 to increase 10 percent to 14 percent sequentially, and expects non-GAAP diluted earnings per share of between $0.48 and $0.54.
The full report is available at www.microsemi.com.