Microsemi Reports Second Quarter 2015 Results
ALISO VIEJO, Calif., April 23, 2015 /PRNewswire/ — Microsemi Corporation (Nasdaq: MSCC), a leading provider of semiconductor solutions differentiated by power, security, reliability and performance, today reported unaudited results for its second quarter of fiscal year 2015 ended March 29, 2015.
Net sales for Microsemi’s second quarter of fiscal year 2015 were $296.2 million, up 3.2 percent from the second quarter of 2014. Gross margin on both a GAAP and non-GAAP basis for the second quarter of 2015 was 57.1 percent.
GAAP gross margin improved 170 basis points from 55.4 percent reported in the first quarter of 2015 and improved 530 basis points from 51.8 percent reported in the second quarter of 2014. GAAP operating margin improved 210 basis points to 11.9 percent from 9.8 percent reported in the first quarter of 2015 and improved 940 basis points from 2.5 percent reported in the second quarter of 2014. GAAP net income for the second quarter of 2015 was $24.9 million or $0.26 per diluted share compared to a loss of $6.8 million or $0.07 per diluted share for the second quarter of 2014. Operating and free cash flow for the second quarter of 2015 were a record of $69.5 million and $58.2 million, respectively.
Non-GAAP gross margin improved 90 basis points from 56.2 percent reported in the first quarter of 2015 and improved 190 basis points from 55.2 percent reported in the second quarter of 2014. Non-GAAP operating margin improved 120 basis points to 25.6 percent from 24.4 percent reported in the first quarter of 2015 and 490 basis points from 20.7 percent reported the second quarter of 2014. Non-GAAP net income for the second quarter of 2015 was a record $63.8 million compared to $61.9 million for the first quarter of 2015 and $47.7 million for the second quarter of 2014. Non-GAAP diluted earnings per share for the second quarter of 2015 were $0.67.
“Strong gross and operating margin improvements drove record cash flows as we continue to march towards our 60/30 profitability targets,” stated James J. Peterson, chairman and CEO of Microsemi. “Our fundamentals are solidifying against the backdrop of an improving aerospace and defense environment. Coupled with continuing contributions from our communications and industrial products, we are pleased to see the successful execution of our strategic business model.”
via Microsemi Reports Second Quarter 2015 Results — ALISO VIEJO, Calif., April 23, 2015 /PRNewswire/ –.
