Microsemi Management Discusses Q1 2012 Results - Earnings Call Transcript

A recording of this conference call will be available on the Microsemi website under the Investor section. Our website is located at www.microsemi.com. Microsemi issues guidance in the form of a limited business outlook on our expectations for the next quarter. This business outlook reflects our expectations as of January 26, 2012, and is continually subject to reassessment due to changing market conditions and other factors, therefore, must be considered only as management's present opinion.

Actual results may be materially different. However, management undertakes no obligation to update these or any forward-looking statements, whether as a result of new information, future events or otherwise. If an update to our business outlook is provided, the information will be in the form of a news release. We wish to caution you that all of our statements, except the company's past financial results, are just our current opinions, predictions and expectations. Actual future events or results may differ materially.

For a review of risk factors, please refer to Microsemi's report on Form 10-K for the fiscal year ended October 2, 2011, which was filed with the SEC on November 23, 2011.

That said, I'm going to turn the call over to John to discuss our financial results, and then Jim will address our end markets and overall business strategy. Here's John Hohener.

John W. Hohener

Thank you, Terri. Net sales for the quarter ended January 1, 2012 were a record $240.9 million, up 6% from the $227.3 million in the fourth quarter of 2011, and up 30.7% from the $184.4 million reported in the year ago first quarter. These results include a partial quarter of contribution from our Zarlink acquisition.

As forecasted, our non-GAAP gross margin decreased from the fourth quarter to 54.7% as we incurred additional costs dealing with relocation from Thailand to new sites, the under absorption of some costs due to our lower sales, overall product mix and the inclusion of Zarlink revenues at an initial gross margin lower than that of our core businesses.

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