Microsemi Matches Estimates, Will Close Plant - TheStreet

Microsemi

(MSCC)

matched earnings forecasts but said it planned to close a Massachusetts plant that employs 300.

The semiconductor maker posted pro forma net income of $5 million, or 17 cents a share, up from $4.6 million, or 16 cents a share, in the year-ago quarter. The results matched the consensus analyst estimate, according to Thomson Financial/First Call.

Sales for the quarter were $57 million, down from $60.8 million in the year-ago period.

The company expects to close the Massachusetts plant over the next six months, taking a second-quarter charge.

Shares of Microsemi were recently trading down 6.4% to $20.94 in Instinet action after closing at $22.38 Thursday on the Nasdaq.