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Microsemi Management Discusses Q2 2012 Results - Earnings Call Transcript

Microsemi issued guidance in a form of a limited business outlook on our expectations for the next quarter. This business outlook reflects our expectations as of April 25, 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 be -- 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, and our latest Form 10-Q, which was filed with the SEC on February 8, 2012.

With that said, I'm looking 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 April 1, 2012, were a record $249.3 million, up 3.5% from $240.9 million in the first quarter of 2012 and up 20.2% from the $207.5 million reported in the year-ago second quarter.

Our non-GAAP gross margin came in at the high end of our guidance at 55%, an increase of 30 basis points from our prior quarter. During the quarter, we completed the relocation of production previously located in Thailand. We expect our non-GAAP gross margin to increase between 80 and 120 basis points next quarter, driven by improved manufacturing efficiencies and product absorption.

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