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."
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.
Non-GAAP Financial Measures
For further information regarding Microsemi's non-GAAP financial measures, please refer to "Notes on Non-GAAP Financial Measures" below. Non-GAAP financial measures are reconciled to comparable GAAP financial measures in the accompanying financial tables.
Microsemi Corporation (Nasdaq: MSCC) offers a comprehensive portfolio of semiconductor and system solutions for communications, defense & security, aerospace and industrial markets. Products include high-performance and radiation-hardened analog mixed-signal integrated circuits, FPGAs, SoCs and ASICs; power management products; timing and synchronization devices and precise time solutions, setting the world's standard for time; voice processing devices; RF solutions; discrete components; security technologies and scalable anti-tamper products; Power-over-Ethernet ICs and midspans; as well as custom design capabilities and services. Microsemi is headquartered in Aliso Viejo, Calif., and has approximately 3,400 employees globally. Learn more at www.microsemi.com.