EXHIBIT 99.1
Microsemi Reports Fourth Quarter and Fiscal Year 2007 Results
IRVINE, Calif., Nov. 15, 2007 (PRIME NEWSWIRE) -- Microsemi Corporation (Nasdaq:MSCC) today reported unaudited results for its fourth quarter and fiscal year 2007.
* Net Sales for Fourth Quarter Set New Record at $119.7 Million
* Net Sales for Fourth Quarter Increased 5.4 Percent over
Third Quarter
* FY07 Net Sales Grow $71.8 Million to $442.3 Million Compared
to FY06
* Non-GAAP Diluted Earnings Per Share Increased to $0.28 Compared to
$0.25 in Prior Year Fourth Quarter
* GAAP Diluted Earnings Per Share Increased to $0.13 Compared to
$0.11 in Prior Year Fourth Quarter
* Positive Book-to-Bill Ratio of 1.08 to 1.00 for Fourth Quarter
Net sales for Microsemi's fourth quarter, ended September 30, 2007, were $119.7 million, up 16.0 percent from net sales of $103.2 million in the fourth quarter of 2006, and up 5.4 percent from net sales of $113.6 million in the third quarter of 2007. Net sales for the full fiscal year 2007 were $442.3 million, up 19.4% from the $370.5 million for fiscal year 2006.
Non-GAAP gross margin in the fourth quarter was 51.0 percent, compared to 50.3 percent in the fourth quarter of 2006 and 50.9 percent in the third quarter of 2007. Non-GAAP operating margins were 24.2 percent in the fourth quarter compared to 25.8 percent in the fourth quarter of 2006 and 24.9 percent in the third quarter of 2007. For the fourth quarter, non-GAAP net income was $21.8 million, compared to $18.2 million in the fourth quarter of 2006 and $20.5 million in the third quarter of 2007. The non-GAAP effective tax rate was 26.7 percent. Non-GAAP diluted earnings per share in the fourth quarter of 2007 were $0.28 compared to $0.25 in the fourth quarter of 2006, and up $0.02 compared to $0.26 in the third quarter of 2007. Non-GAAP net income for fiscal year 2007 was up $5.2 million or 7.2% at $77.2 million or $1.01 per diluted share, compared to $72.0 million or $1.00 per diluted share for fiscal year 2006.
For the fourth quarter, GAAP gross margin was 39.6 percent compared to 42.3 percent in the fourth quarter of 2006 and 42.0 percent in the third quarter of 2007. GAAP results in the fourth quarter included non-cash acquisition-related charges and other items consisting of $9.8 million for transitional idle capacity, $3.8 million for inventory abandonment adjustments, $2.1 million in amortization of acquisition-related intangibles, $2.9 million related to compensation charges for stock awards, and $1.2 million in other charges. These charges were offset by $0.8 million of credits associated with the finalization of our in-process research and development (IPR&D) valuation, as well as gain from the sale of two company-owned properties of $4.4 million. The GAAP effective tax rate was 33.5 percent. GAAP diluted earnings per share in the fourth quarter of 2007 were $0.13, compared to $0.11 in the fourth quarter of 2006, and $0.11 in the third quarter of 2007. Fourth quarter GAAP net income was $10.1 million co mpared to net income of $8.1 million in the fourth quarter of 2006 and net income of $8.7 million in the third quarter of 2007.
James J. Peterson, President and Chief Executive Officer, stated, "2007 was a tremendous year for the company. We executed on our business plans growing revenues and profits to record levels. Our PowerDsine acquisition brought us a new product family, significant engineering resources, and a technology roadmap that we will capitalize on for many years. The acquisition became accretive this quarter, ahead of schedule. Our growth in the fourth quarter exceeded overall industry growth expectations with positive contributions from both our high reliability semiconductor and high performance analog mixed signal groups. Visibility into our customer demand is strong and we continue to make operational improvements in order to better service our customers."
The book-to-bill ratio for the quarter was 1.08 to 1.00.
Non-GAAP results are explained and reconciled to GAAP results in the attached tables. Non-GAAP income and non-GAAP operating margins exclude transitional idle capacity and inventory abandonments, manufacturing profit in acquired inventory, amortization of intangible assets, stock option compensation, IPR&D, gain or loss on disposition of assets, restructuring, reserve valuations and other special charges or credits.
Business Outlook
Microsemi expects that for the first quarter of fiscal year 2008 our sales will increase between 2 to 4 percent, sequentially. On a non-GAAP basis, we expect earnings for the first quarter of fiscal year 2008 to be $0.29 to $0.31 per diluted share.
Microsemi regularly announces a quarterly outlook in the form of issuing a news release and does not undertake to update any of this information between such public announcements. Please refer to the "SAFE HARBOR" STATEMENT below for risks that may affect future actual results.
About Microsemi Corporation
Microsemi, with corporate headquarters in Irvine, California, is a leading designer, manufacturer and marketer of high performance analog and mixed signal integrated circuits and high reliability semiconductors. The Company's semiconductors manage and control or regulate power, protect against transient voltage spikes and transmit, receive, and amplify signals.
Microsemi's products include individual components as well as integrated circuit solutions that enhance customer designs by improving performance and reliability, optimizing battery performance, reducing size or protecting circuits. The principal markets the company serves include defense, commercial air, satellite, medical, notebook computers, LCD TVs, mobile, and connectivity applications. More information may be obtained by contacting the company directly or by visiting its web site at http://www.microsemi.com.
The Microsemi Corporation logo is available at http://www.primenewswire.com/newsroom/prs/?pkgid=1233
Information for Fiscal 2007 and Fourth Quarter Earnings Conference Call and Webcast
Date: Thursday, November 15, 2007
Time: 4:45 pm Eastern Standard Time (1:45 pm Pacific Standard Time)
To access the Webcast, please log on to: www.microsemi.com and go to Investors and then to Webcasts. To listen to the live webcast, please go to this website approximately fifteen minutes prior to the start of the call to register, download, and install any necessary audio software. For those unable to participate during the live webcast, a replay will be available shortly after the call on the website for 30 days.
To participate in the conference call by telephone, please call: (877) 264-1110 or (706) 634-1357 at approximately 4:35 pm EST (1:35 pm PST). Please provide the following ID Number: 23990243.
A telephonic replay will be available from 6:00 pm EST (3:00 pm PST) on Thursday, November 15, 2007 through 11:59 pm EST (8:59 pm PST) on Thursday, November 22nd. To access the replay, please call (800) 642-1687, or (706) 645-9291. Please enter the following ID Number: 23990243.
PLEASE READ THE FOLLOWING FACTORS THAT CAN MATERIALLY AFFECT MICROSEMI'S FUTURE RESULTS.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Any statements set forth in the news release that are not entirely historical and factual in nature are forward-looking statements, including without limitation statements concerning the expected benefits of our acquisition of PowerDsine, our expectations regarding visibility into our customer demand, our business outlook, and any other statements of belief or about our plans or expectations. These forward-looking statements are based on our current expectations and are inherently subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements. The potential risks and uncertainties include, but are not limited to, such factors as changes in generally accepted accounting principles, the difficulties regarding the making of estimates and projections, the hiring and retention of qualified personnel in a competitive labor market, acquiring, managing an d integrating new operations, businesses or assets, uncertainty as to the future profitability of acquired businesses, delays in the realization of any accretion from acquisition transactions, any circumstances that adversely impact the end markets of acquired businesses, difficulties in closing or disposing of operations or assets, difficulties in transferring work from one plant to another, rapidly changing technology and product obsolescence, difficulties predicting the timing and amount of plant closure costs, the potential inability to realize cost savings or productivity gains and to improve capacity utilization, potential cost increases, weakness or competitive pricing environment of the marketplace, uncertain demand for and acceptance of the company's products, adverse circumstances in any of our end markets, results of in-process or planned development or marketing and promotional campaigns, changes in demand for products, difficulties foreseeing future demand, effects of limited visibility of futur e sales, potential non-realization of expected orders or non-realization of backlog, product returns, product liability, and other potential unexpected business and economic conditions or adverse changes in current or expected industry conditions, business disruptions, epidemics, health advisories, disasters, national emergencies, wars or potential future effects of the tragic events of September 11, 2001, political instability, currency fluctuations, variations in customer order preferences, fluctuations in market prices of the company's common stock and potential unavailability of additional capital on favorable terms, difficulties in implementing company strategies, dealing with environmental or other regulatory matters or litigation, or any matters involving litigation, contingent liabilities or other claims, difficulties and costs imposed by law, including under the Sarbanes-Oxley Act of 2002, difficulties in determining the scope of, and procuring and maintaining, adequate insurance coverage, difficult ies and costs of protecting patents and other proprietary rights, work stoppages, labor issues, inventory obsolescence and difficulties regarding customer qualification of products, manufacturing facilities and processes, and other difficulties managing consolidation or growth, including in the maintenance of internal controls, the implementation of information systems, and the training of personnel. In addition to these factors and any other factors mentioned elsewhere in this news release, the reader should refer as well to the factors, uncertainties or risks identified in the company's most recent Form 10-K and all subsequent Form 10-Q reports filed by Microsemi with the SEC. Additional risk factors shall be identified from time to time in Microsemi's future filings. The forward-looking statements included in this release speak only as of the date hereof, and Microsemi does not undertake any obligation to update these forward-looking statements to reflect subsequent events or circumstances.
To supplement the consolidated financial results prepared in accordance with Generally Accepted Accounting Principles ("GAAP"), we use non-GAAP financial measures (non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP income before taxes, non-GAAP net income, and non-GAAP diluted earnings per share) that exclude transitional idle capacity and inventory abandonments, manufacturing profit in acquired inventory, amortization of intangible assets, stock option compensation, IPR&D, gain or loss on disposition of assets and restructuring, reserve valuations and other special charges. Management excludes these items because it believes that the non-GAAP measures enhance an investor's overall understanding of the Company's financial performance and future prospects by being more reflective of the Company's core operational activities and to be more comparable with the results of the Company over various periods. Management uses non-GAAP financial measures internally for strategi c decision making, forecasting future results and evaluating current performance. Guidance is provided only on a non-GAAP basis due to the inherent difficulty of forecasting the timing or amount of such items. These items could be materially significant in our GAAP results in any period. By disclosing non-GAAP financial measures, management intends to provide investors with a more meaningful, consistent comparison of the Company's core operating results and trends for the periods presented. Non-GAAP financial measures are not prepared in accordance with GAAP; therefore, the information is not necessarily comparable to other companies' financial information and should be considered as a supplement to, not a substitute for, or superior to, the corresponding measures calculated in accordance with GAAP.
Investor Inquiries: David R. Sonksen, Microsemi Corporation, Irvine, CA (949) 221-7101.
MICROSEMI CORPORATION
Unaudited Consolidated Income Statements
(In thousands, except per share amounts)
Quarter Ended Fiscal Year Ended
-------------------- --------------------
Sept 30, Oct 1, Sept 30, Oct 1,
2007 2006 2007 2006
--------- --------- --------- ---------
NET SALES $ 119,733 $ 103,244 $ 442,252 $ 370,477
Cost of sales 72,326 59,604 261,214 205,676
--------- --------- --------- ---------
GROSS MARGIN 47,407 43,640 181,038 164,801
Operating expenses:
Selling, general and
administrative 24,132 18,261 87,904 60,354
Research and development 11,646 8,633 42,163 25,030
Amortization of intangible
assets 2,097 2,004 11,890 3,850
Restructuring charges 450 708 1,098 2,444
In-process research and
development (830) -- 20,940 15,300
(Gain)/loss on dispositions
of assets (4,395) 30 (4,145) 13
--------- --------- --------- ---------
Total operating expenses 33,100 29,636 159,850 106,991
--------- --------- --------- ---------
OPERATING INCOME 14,307 14,004 21,188 57,810
Interest and other income,
net 866 1,539 4,141 4,767
--------- --------- --------- ---------
INCOME BEFORE INCOME TAXES 15,173 15,543 25,329 62,577
Provision for income taxes 5,075 7,431 15,511 26,912
--------- --------- --------- ---------
NET INCOME $ 10,098 $ 8,112 $ 9,818 $ 35,665
========= ========= ========= =========
Earnings per share
Basic $ 0.13 $ 0.11 $ 0.13 $ 0.52
========= ========= ========= =========
Diluted $ 0.13 $ 0.11 $ 0.13 $ 0.50
========= ========= ========= =========
Common and common
equivalent shares
outstanding:
Basic 76,746 71,241 74,027 68,887
Diluted 79,191 73,499 76,154 71,816
MICROSEMI CORPORATION
Schedule Reconciling Non-GAAP Income to GAAP Income
(in thousands, except per share amounts)
Quarter Ended Fiscal Year Ended
------------------ ------------------
Sept 30, Oct 1, Sept 30, Oct 1,
2007 2006 2007 2006
-------- -------- -------- --------
GAAP NET INCOME $ 10,098 $ 8,112 $ 9,818 $ 35,665
======== ======== ======== ========
The non-GAAP amounts have been
adjusted to exclude the
following items:
Excluded from cost of sales
Transitional idle capacity(a) $ 9,818 $ 6,889 $ 38,034 $ 17,830
Inventory abandonments/
adjustments(a) 3,800 -- 3,936 --
Manufacturing profit in
acquired inventory(e) -- 1,372 710 4,115
Excluded from operating
expenses
Amortization of intangible
assets(b) 2,097 2,004 11,890 3,850
Stock option compensation(c) 2,928 1,090 9,996 1,574
(Gain)/loss on disposition
of assets(a) (4,395) 30 (4,145) 13
In-process research and
development(d) (830) -- 20,940 15,300
Bad debt(f) -- -- 1,514 --
Restructuring and other
special charges(a) 1,216 1,288 2,429 4,715
-------- -------- -------- --------
14,634 12,673 85,304 47,397
Income tax effect on non-GAAP
adjustments(g) 2,890 2,577 17,908 11,028
-------- -------- -------- --------
Net effect of adjustments to
GAAP net income $ 11,744 $ 10,096 $ 67,396 $ 36,369
======== ======== ======== ========
NON-GAAP NET INCOME $ 21,842 $ 18,208 $ 77,214 $ 72,034
======== ======== ======== ========
(a) - (f) Please refer to corresponding footnotes below
MICROSEMI CORPORATION
Schedule Reconciling Reported Financial Ratios
Quarter ended
-----------------------------------------
Sept 30, July 1, Oct 1
2007 2007 2006
------------- ------------ ------------
GAAP gross margin 39.6 percent 42.0 percent 42.3 percent
Effect of reconciling
items on gross margin 11.4 percent 8.9 percent 8.0 percent
Non-GAAP gross margin 51.0 percent 50.9 percent 50.3 percent
GAAP operating margin 11.9 percent 10.6 percent 13.6 percent
Effect of reconciling
items on operating margin 12.3 percent 14.3 percent 12.2 percent
Non-GAAP operating margin 24.2 percent 24.9 percent 25.8 percent
To supplement the consolidated financial results prepared in accordance with Generally Accepted Accounting Principles ("GAAP"), we use non-GAAP financial measures (non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP income before taxes, non-GAAP net income, and non-GAAP diluted earnings per share) that exclude transitional idle capacity and inventory abandonments, manufacturing profit in acquired inventory, amortization of intangible assets, stock option compensation, IPR&D, gain or loss on disposition of assets and restructuring, reserve valuations and other special charges. Management excludes these items because it believes that the non-GAAP measures enhance an investor's overall understanding of the Company's financial performance and future prospects by being more reflective of the Company's core operational activities and to be more comparable with the results of the Company over various periods. Management uses non-GAAP financial measures internally for strategi c decision making, forecasting future results and evaluating current performance. Guidance is provided only on a non-GAAP basis due to the inherent difficulty of forecasting the timing or amount of such items. These items could be materially significant in our GAAP results in any period. By disclosing non-GAAP financial measures, management intends to provide investors with a more meaningful, consistent comparison of the Company's core operating results and trends for the periods presented. Non-GAAP financial measures are not prepared in accordance with GAAP; therefore, the information is not necessarily comparable to other companies' financial information and should be considered as a supplement to, not a substitute for, or superior to, the corresponding measures calculated in accordance with GAAP.
The items excluded from GAAP financial results in calculating non-GAAP financial results, are set forth below:
(a) The restructuring activities involve the closure and
consolidation of our manufacturing facilities. As these
facilities are not expected to have a continuing contribution to
operations or have a diminishing contribution during the
transition phase, management believes excluding such items from
the Company's operations provides investors with a means of
evaluating the Company's on-going operations. Transitional idle
capacity relates to unused manufacturing capacity and non-
productive manufacturing expenses during the period from when
shutdown activities commence to when all transition activities
are completed. Inventory abandonments relate to identification
and disposal of inventory that will not be utilized after a
product line is transferred to a new manufacturing location and
in the fourth quarter of 2007, $3.8 million of this type of
inventory was deemed unusable and discarded. Loss on
disposition of assets results from abandonment of non-productive
assets in accordance with a restructuring plan. Restructuring
and other special charges includes severance and other costs
related to facilities in the process of closing or already
closed and one-time events. The third quarter of 2007 includes
a $0.3 million loss on liquidation of PowerDsine's marketable
investments and $0.3 million related to a legal settlement with
a former distributor. Management excludes these expenses when
evaluating core operating activities and for strategic decision
making, forecasting future results and evaluating current
performance.
(b) While amortization of acquisition related intangible assets is
expected to continue in the future, for internal analysis of the
Company's operations, management does not view this expense as
reflective of the business' current performance.
(c) Stock option compensation in connection with the SFAS123R has
been excluded as management excludes these expenses when
evaluating core operating activities and for strategic decision
making, forecasting future results and evaluating current
performance.
(d) In-process research and development has been excluded to
facilitate the comparability of expenses between periods. In
addition, management does not include IPR&D, a one-time
acquisition-related charge, in measuring core research and
development costs, nor does it believe that IPR&D is indicative
of current or future spending.
(e) Manufacturing profit in acquired inventory resulted from
purchase-accounting adjustments to increase the value of
inventory acquired in the PowerDsine transaction to its fair
value. As the acquired inventory is sold, the associated
manufacturing profit in acquired inventory increases cost of
goods sold and reduces gross margins. The manufacturing profit
in acquired inventory has been excluded to facilitate
comparability of gross margins between periods. In addition,
management excludes the impact of manufacturing profit in
acquired inventory in internal measurements of gross margin as
it does not reflect continuing operations at PowerDsine.
Manufacturing profit in acquired inventory from the PowerDsine
acquisition will not materially impact gross margins beyond the
second quarter of fiscal year 2007.
(f) Bad debt represents write off of accounts receivable from a
minor distributor. This amount is excluded from our GAAP
results because it is highly unusual and has never occurred
previously.
(g) The primary difference between the GAAP and non-GAAP effective
tax rates was the effect of exclusion of acquisition-related
activities.
MICROSEMI CORPORATION
Selected Non-GAAP Financial Information
(in thousands except for per share amounts)
Quarter Ended Fiscal Year ended
-------------------- --------------------
Sept 30, Oct 1, Sept 30, Oct 1,
2007 2006 2007 2006
--------- --------- --------- ---------
GAAP gross margin $ 47,407 $ 43,640 $ 181,038 $ 164,801
Transitional idle
capacity(a) 9,818 6,889 38,034 17,830
Inventory abandonments/
adjustments(a) 3,800 -- 3,936 --
Manufacturing profit in
acquired inventory(e) -- 1,372 710 4,115
--------- --------- --------- ---------
Non-GAAP gross margin $ 61,025 $ 51,901 $ 223,718 $ 186,746
--------- --------- --------- ---------
GAAP operating expenses $ 33,100 $ 29,636 $ 159,850 $ 106,991
Amortization of intangible
assets(b) (2,097) (2,004) (11,890) (3,850)
Stock option
compensation(c) (2,928) (1,090) (9,996) (1,574)
Gain/(loss) on disposition
of assets(a) 4,395 (30) 4,145 (13)
In-process research and
development 830 -- (20,940) (15,300)
Bad debt(f) -- -- (1,514) --
Restructuring and other
special charges(a) (1,216) (1,288) (2,144) (4,715)
--------- --------- --------- ---------
Non-GAAP operating
expenses $ 32,084 $ 25,224 $ 117,511 $ 81,539
--------- --------- --------- ---------
GAAP operating income $ 14,307 $ 14,004 $ 21,188 $ 57,810
Transitional idle
capacity(a) 9,818 6,889 38,034 17,830
Inventory abandonments/
adjustments(a) 3,800 -- 3,936 --
Manufacturing profit in
acquired inventory(e) -- 1,372 710 4,115
Amortization of intangible
assets(b) 2,097 2,004 11,890 3,850
Stock option
compensation(c) 2,928 1,090 9,996 1,574
(Gain)/loss on disposition
of assets(a) (4,395) 30 (4,145) 13
In-process research and
development (830) -- 20,940 15,300
Bad debt(f) -- -- 1,514 --
Restructuring and other
special charges(a) 1,216 1,288 2,144 4,715
--------- --------- --------- ---------
Non-GAAP operating income $ 28,941 $ 26,677 $ 106,207 $ 105,207
--------- --------- --------- ---------
GAAP income before taxes $ 15,173 $ 15,543 $ 25,329 $ 62,577
Transitional idle
capacity(a) 9,818 6,889 38,034 17,830
Inventory abandonments/
adjustments(a) 3,800 -- 3,936 --
Manufacturing profit in
acquired inventory(e) -- 1,372 710 4,115
Amortization of intangible
assets(b) 2,097 2,004 11,890 3,850
Stock option
compensation(c) 2,928 1,090 9,996 1,574
(Gain)/loss on disposition
of assets(a) (4,395) 30 (4,145) 13
In-process research and
development (830) -- 20,940 15,300
Bad debt(f) -- -- 1,514 --
Restructuring and other
special charges(a) 1,216 1,288 2,429 4,715
--------- --------- --------- ---------
Non-GAAP income before
taxes $ 29,807 $ 28,216 $ 110,633 $ 109,974
--------- --------- --------- ---------
(a) - (g) Please refer to corresponding footnotes above
MICROSEMI CORPORATION
Selected Non-GAAP Financial Information
(in thousands except for per share amounts)
Quarter Ended Fiscal Year Ended
------------------ ------------------
Sept 30, Oct 1, Sept 30, Oct 1,
2007 2006 2007 2006
-------- -------- -------- --------
GAAP net income $ 10,098 $ 8,112 $ 9,818 $ 35,665
Transitional idle capacity(a) 9,818 6,889 38,034 17,830
Inventory abandonments/
adjustments(a) 3,800 -- 3,936 --
Manufacturing profit in
acquired inventory(e) -- 1,372 710 4,115
Amortization of intangible
assets(b) 2,097 2,004 11,890 3,850
Stock option compensation(c) 2,928 1,090 9,996 1,574
(Gain)/loss on disposition
of assets(a) (4,395) 30 (4,145) 13
In-process research and
development (830) -- 20,940 15,300
Bad debt(f) -- -- 1,514 --
Restructuring and other
special charges(a) 1,216 1,288 2,429 4,715
Income tax effect on non-GAAP
adjustments(g) (2,890) (2,577) (17,908) (11,028)
-------- -------- -------- --------
Non-GAAP net income $ 21,842 $ 18,208 $ 77,214 $ 72,034
-------- -------- -------- --------
GAAP diluted earnings per
share $ 0.13 $ 0.11 $ 0.13 $ 0.50
Impact of non-GAAP
adjustments on diluted
earnings per share $ 0.15 $ 0.14 $ 0.88 $ 0.50
-------- -------- -------- --------
Non-GAAP diluted earnings per
share $ 0.28 $ 0.25 $ 1.01 $ 1.00
-------- -------- -------- --------
(a) - (g) Please refer to corresponding footnotes above
MICROSEMI CORPORATION
Condensed Unaudited Consolidated Balance Sheets
(in thousands)
Sept 30, Oct 1,
2007 2006
--------- ---------
ASSETS
Current Assets:
Cash and cash equivalents $ 107,685 $ 165,415
Accounts receivable, net 81,035 70,260
Inventories 115,038 88,643
Deferred income taxes 14,315 13,482
Other current assets 10,843 8,223
--------- ---------
Total current assets 328,916 346,023
Property and equipment, net 68,846 65,018
Goodwill 179,244 51,546
Other intangible assets, net 54,714 45,253
Other assets 6,394 2,150
--------- ---------
TOTAL ASSETS $ 638,114 $ 509,990
========= =========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities $ 61,245 $ 51,988
Long-term liabilities 7,464 4,875
Shareholders' equity 569,405 453,127
--------- ---------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 638,114 $ 509,990
========= =========
CONTACT: Microsemi Corporation
FINANCIAL CONTACT:
David R. Sonksen, Executive Vice President and CFO
(949) 221-7101
EDITORIAL CONTACT:
Cliff Silver, Manager, Corporate Communications
(949) 221-7112
