Once these most recent quarterly results are finalized, they will be run through TheStreet.com Ratings' model and our ratings will be adjusted accordingly. To keep up to date on all of our ratings, visit TheStreet.com Ratings Screener.
On April 23, 2009,
reported that during Q2 FY09 it swung to a net loss, hurt by charges and lower sales. Net loss was $16.61 million, or $0.21 per share, compared to a profit of $9.82 million, or $0.12 per share, in Q2 FY08. Results included $6.30 million for transitional idle capacity and $16.00 million for restructuring charges. Excluding one-time items, earnings plunged 41.5% to $14.81 million, or $0.19 per share, which beat the most recent consensus estimate of $0.18 per share.
During the quarter under review, the company's total revenue dropped 16.6% year-over-year to $105.69 million from $126.67 million.
Microsemi introduced the LX8213 300mA CMOS LDO voltage regulator, optimized for digital and communication-based systems. Also, it offered 2x2mm LX5516 features integrated 50 Ohm input and output matching circuits, the smallest wireless LAN power amplifier. Furthermore, it launched a series of PIN diode microwave switch drivers with switching speeds of less than 10 nanoseconds, designed for defense and other applications. The company also released power transistors and modules designed for S-Band pulsed radar in air traffic control and military applications.
Recently, Microsemi acquired the Space Level Power Products business of Spectrum Microwave Inc. The acquired technology consists of MIL-PRF 38534 power products for the satellite and high-reliability markets. In addition, the company launched a 60W, single-port Power-over-Ethernet (PoE) midspan with gigabit switching support, highly efficient four-pair operation, and full compliance with the IEEE 802.3at draft 4.1 high-power PoE specifications.
Looking forward to Q3 FY09, Microsemi expects net sales growth to be in the range of negative 3.0% to positive 2.0%, and its non-GAAP earnings to be $0.19 to $0.21 per share.