Chip Maker Microsemi Posts 2Q Loss

IRVINE, Calif. (AP) — Chip maker Microsemi Corp. said Thursday it posted a loss of $16.6 million in the fiscal second quarter, reversing a year-ago profit as revenue fell sharply.

The loss of 21 cents per share in the quarter ended March 29 was down from profit of $9.8 million, or 12 cents per share, in the same quarter a year earlier. Adjusted income excluding one-time charges was $14.8 million, or 19 cents per share.

Revenue fell 17 percent to $105.7 million, down from $126.7 million a year ago.

Analysts polled by Thomson Reuters had predicted, on average, earnings of 18 cents per share on slightly higher revenue of $107 million.

The company said it expects third-quarter revenue to range between a decline of 3 percent and an increase of 2 percent compared with the second quarter of 2009 — implying sales of $102.5 million to $107.8 million. Adjusted income is forecast at 19 cents to 21 cents per share.

Wall Street, on average, has forecast profit of 19 cents per share on revenue of $107.2 million.

Shares fell 17 cents to close at $12.84 before the announcement.