Microsemi has reported unaudited results for its first quarter of fiscal 2014, ended Dec. 29, 2013.
Net sales were $255.6m. GAAP (generally accepted accounting principle) gross margin was 54.1%, and GAAP operating margin was 2.8%.
GAAP net income for the first quarter of fiscal 2014 was $1.4m, or $0.01 per diluted share.
“This quarter had approximately one month of activity from our recent acquisition of Symmetricom, including legal, investment banking, restructuring and financing charges,” said Microsemi. “Operating cash flow for the quarter was $62.5m and free cash flow was $50.4m.
Non-GAAP gross margin was 56.0% compared to 57.0 for the fourth quarter of fiscal 2013, and non-GAAP operating margin was 21.2% compared to 23.6 in the fourth quarter of fiscal 2013.
Non-GAAP net income was $42.9m or $0.46 per diluted share.
“Microsemi’s strategic business model continued to serve us well in the December quarter,” said chairman and CEO James Peterson. “Operating and free cash flow strengthened, reflecting the quality of our business model. We continue to drive our communication focused growth strategy and are confident this will continue to bring benefit to our shareholders.”
Book to bill was greater than 1:1 and the firm is expecting net sales in the second quarter of its fiscal year 2014 to increase 10% to 14% sequentially, and expects non-GAAP diluted earnings per share of between $0.48 and $0.54.
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