A recording of this conference call will be available on the Microsemi website under the Investors section. Our website is located at www.microsemi.com. Microsemi issued guidance in the form of a limited business outlook on our expectations for the next quarter. This business outlook reflects our expectations as of July 26, 2012 and is continually subject to reassessment due to our 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, and our latest Form 10-Q, which was filed with the SEC on May 8, 2012.
With 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 is John Hohener.John W. HohenerThank you, Terri. Net sales for the quarter ended July 1, 2012, were a record $259.2 million, up 4% sequentially from the $249.3 million and up 20% from the year-ago quarter of $216.7 million. Our non-GAAP gross margin was 56.2%, a sequential increase of 120 basis points and at the top of our guidance. This was driven by increased revenue, focused on new high-margin products and realization of operational synergies. We expect our non-GAAP gross margin to increase between 30 and 70 basis points next quarter, driven by continued improvement in manufacturing efficiencies and product absorption.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV