IRVINE, Calif., Nov. 13, 2008 (GLOBE NEWSWIRE) -- Microsemi Corporation (Nasdaq:MSCC) today reported unaudited results for its fourth quarter and fiscal year 2008.
* Net Sales for Fourth Quarter Set New Record at $134.7 Million * GAAP Diluted EPS for Fourth Quarter Up 62% over Prior Year Quarter * GAAP Gross Margin for Fourth Quarter Increased 180 Basis Points over Prior Quarter and 720 Basis Points over Prior Year Quarter * Non-GAAP Gross Margin for Fourth Quarter Increased 60 Basis Points over Prior Quarter and 150 Basis Points over Prior Year Quarter * Operating Cash Flow Increased 306% in Fiscal Year 2008 compared to Fiscal Year 2007
Net sales for Microsemi's fourth quarter ended September 28, 2008, were $134.7 million, up 12.5 percent from net sales of $119.7 million in the fourth quarter of 2007, and up 4.2 percent from net sales of $129.3 million in the third quarter of 2008. Net sales for the full fiscal year 2008 were $514.1 million, up 16.2% from the net sales of $442.3 million for fiscal year 2007.
Non-GAAP gross margin in the fourth quarter was 52.5 percent, an increase of 150 basis points compared to 51.0 percent in the fourth quarter of 2007 and up 60 basis points from 51.9 percent in the third quarter of 2008. Non-GAAP operating margin was 28.3 percent in the fourth quarter compared to 24.2 percent in the fourth quarter of 2007 and 27.5 percent in the third quarter of 2008. For the fourth quarter, non-GAAP net income was $29.0 million, compared to $21.8 million in the fourth quarter of 2007 and $27.0 million in the third quarter of 2008. For the fourth quarter, the non-GAAP effective tax rate was 25.0 percent. Non-GAAP diluted earnings per share in the fourth quarter were $0.36 compared to $0.28 in the fourth quarter of 2007 and $0.34 in the third quarter of 2008. Non-GAAP net income for fiscal year 2008 was $105.8 million or $1.33 per diluted share, an increase of $28.6 million or 37% compared to $77.2 million or $1.01 per diluted share for fiscal year 2007.
GAAP gross margin for the fourth quarter was 46.8 percent, an increase of 720 basis points compared to 39.6 percent in the fourth quarter of 2007 and up 180 basis points from 45.0 percent in the third quarter of 2008. GAAP operating margin was 16.3 percent in the fourth quarter compared to 12.0 percent in the fourth quarter of 2007 and 14.0 percent in the third quarter of 2008. GAAP results in the fourth quarter included $7.6 million for transitional idle capacity, a reduction of $1.3 million from our previous quarter, and $0.6 million in restructuring and other charges. Also included were non-cash charges of $4.8 million related to stock based compensation and $3.1 million in amortization of acquisition-related intangibles. For the fourth quarter, GAAP net income was $17.3 million compared to $10.1 million in the fourth quarter of 2007 and $13.9 million in the third quarter of 2008. For the fourth quarter, the GAAP effective tax rate was 23.3 percent. GAAP diluted earnings per share in the fourth quarter were $0.21, compared to $0.13 in the fourth quarter of 2007, and $0.17 in the third quarter of 2008. GAAP net income for fiscal year 2008 was $49.7 million or $0.63 per diluted share, an increase of $39.9 million or 407% compared to $9.8 million or $0.13 per diluted share for fiscal year 2007.
James J. Peterson, President and Chief Executive Officer, stated, "2008 was a tremendous year for the company. We executed on our business plans growing revenues and profits to record levels and capitalizing on our diversification strategy which allowed us to grow each quarter with continued improvements in gross, operating and net margin metrics. Our growth in our September quarter continued to exceed overall industry performance with positive contributions, especially in our satellite, defense and implantable medical markets. 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 1.05 to 1.00.
Business Outlook
Microsemi expects that for the first quarter of fiscal year 2009, our sales will be within a range of down 3 percent to up 2 percent, sequentially. On a non-GAAP basis, we expect earnings for the first quarter of fiscal year 2009 to be $0.36 to $0.37 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.
Non-GAAP results are explained and reconciled to GAAP results in the attached tables. Non-GAAP financial measures exclude items such as transitional idle capacity and inventory abandonments, amortization of acquisition-related intangible assets, effects of manufacturing profit in acquired inventory, stock based compensation, in-process research and development, restructuring, reserve valuations and other special charges or credits.
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 website at http://www.microsemi.com.
The Microsemi Corporation logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=1233
Information for Fourth Quarter and Fiscal Year 2008 Earnings Conference Call and Webcast
Date: Thursday, November 13, 2008
Time: 4:45 p.m. Eastern Standard Time (1:45 p.m. 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 90 days.
To participate in the conference call by telephone, please call: (877) 264-1110 or (706) 634-1357 at approximately 4:35 p.m. EST (1:35 p.m. PST). Please provide the following ID Number: 69328262.
A telephonic replay will be available from 6:00 p.m. EST (3:00 p.m. PST) on Thursday, November 13, 2008 through 11:59 pm EST (8:59 p.m. PST) on Thursday, November 20th. To access the replay, please call (800) 642-1687, or (706) 645-9291. Please enter the following ID Number: 69328262.
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 our expectations regarding our business outlook, our performance and competitive position during the coming quarter and year, expectation regarding the change in our end markets, our belief that we will continue to make operational improvements in order to better service our customers, 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 and 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 future 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, principal and liquidity risks associated with our investments including auction rate securities, 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, difficulties 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 may 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. Amounts reported in this release are preliminary and subject to finalization prior to the filing of our Form 10-K, which is expected to occur no later than November 28, 2008.
To supplement the consolidated financial results prepared in accordance with Generally Accepted Accounting Principles ("GAAP"), this press release and its attachments include non-GAAP financial measures (non-GAAP gross margin, non-GAAP operating margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP income before taxes, non-GAAP effective tax rate, non-GAAP net income, and non-GAAP diluted earnings per share) that exclude transitional idle capacity and inventory abandonments, effects of manufacturing profit in acquired inventory, amortization of acquisition-related intangible assets, stock based compensation, in-process research and development, restructuring, reserve valuations and other special charges or credits. 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 strategic 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 certain items that have been excluded from the forward-looking non-GAAP measures, and a reconciliation to the comparable GAAP guidance has not been provided because certain factors that are materially significant to the Company's ability to estimate the excluded items are not accessible or estimable on a forward-looking basis. 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: Robert C. Adams, Microsemi Corporation, Irvine, CA (949) 221-7100.
MICROSEMI CORPORATION
Consolidated Income Statements
(Unaudited, in thousands, except per share amounts)
Quarter ended Fiscal year ended
------------------ ------------------
Sept 28, Sept 30, Sept 28, Sept 30,
2008 2007 2008 2007
-------- -------- -------- --------
NET SALES $134,673 $119,733 $514,067 $442,252
Cost of sales 71,586 72,326 285,095 261,214
-------- -------- -------- --------
GROSS MARGIN 63,087 47,407 228,972 181,038
Operating expenses:
Selling, general and
administrative 26,231 24,132 105,297 87,904
Research and development 11,546 11,646 45,008 42,163
Amortization of
intangible assets 3,098 2,097 11,828 11,890
Restructuring charges 279 450 2,856 1,098
In-process research
and development -- (830) 440 20,940
Gain on disposition
of assets -- (4,395) -- (4,145)
-------- -------- -------- --------
Total operating expenses 41,154 33,100 165,429 159,850
-------- -------- -------- --------
OPERATING INCOME 21,933 14,307 63,543 21,188
Interest and other
income, net 618 866 2,928 4,141
-------- -------- -------- --------
INCOME BEFORE INCOME TAXES 22,551 15,173 66,471 25,329
Provision for income taxes 5,262 5,075 16,817 15,511
-------- -------- -------- --------
NET INCOME $ 17,289 $ 10,098 $ 49,654 $ 9,818
======== ======== ======== ========
Earnings per share
Basic $ 0.22 $ 0.13 $ 0.64 $ 0.13
======== ======== ======== ========
Diluted $ 0.21 $ 0.13 $ 0.63 $ 0.13
======== ======== ======== ========
Common and common
equivalent shares
outstanding:
Basic 78,958 76,746 77,292 74,027
Diluted 81,087 79,191 79,400 76,154
MICROSEMI CORPORATION
Schedule Reconciling Non-GAAP Net Income to GAAP Net Income
(Unaudited, in thousands, except per share amounts)
Quarter ended Fiscal year ended
------------------ ------------------
Sept 28, Sept 30, Sept 28, Sept 30,
2008 2007 2008 2007
-------- -------- -------- --------
GAAP NET INCOME $ 17,289 $ 10,098 $ 49,654 $ 9,818
======== ======== ======== ========
The non-GAAP amounts have
been adjusted to exclude
the following items:
Excluded from cost of sales
Transitional idle capacity
and inventory
abandonments (a)
$ 7,630 $ 13,618 $ 37,305 $ 41,970
Manufacturing profit in
acquired inventory (e) -- -- -- 710
Excluded from operating
expenses
Amortization of intangible
assets (b) 3,098 2,097 11,828 11,890
Stock based
compensation (c) 4,810 2,928 20,973 9,996
Gain on disposition of
assets (a) -- (4,395) -- (4,145)
In-process research and
development (d) -- (830) 440 20,940
Bad debt (f) -- -- -- 1,514
Restructuring and other
special charges (a) 599 1,216 4,873 2,429
-------- -------- -------- --------
16,137 14,634 75,419 85,304
Income tax effect on
non-GAAP adjustments (g) (4,410) (2,890) (19,288) (17,908)
-------- -------- -------- --------
Net effect of adjustments
to GAAP net income $ 11,727 $ 11,744 $ 56,131 $ 67,396
======== ======== ======== ========
NON-GAAP NET INCOME $ 29,016 $ 21,842 $105,785 $ 77,214
======== ======== ======== ========
(a) - (g) Please refer to corresponding footnotes below.
MICROSEMI CORPORATION
Schedule Reconciling Reported Non-GAAP Financial Ratios
to Comparable GAAP Financial Ratios
(Unaudited)
Quarter ended
----------------------------------------
Sept 28, June 29, Sept 30,
2008 2008 2007
------------ ------------ ------------
GAAP gross margin 46.8 percent 45.0 percent 39.6 percent
Effect of reconciling items
on gross margin 5.7 percent 6.9 percent 11.4 percent
Non-GAAP gross margin 52.5 percent 51.9 percent 51.0 percent
GAAP operating margin 16.3 percent 14.0 percent 12.0 percent
Effect of reconciling items
on operating margin 12.0 percent 13.5 percent 12.2 percent
Non-GAAP operating margin 28.3 percent 27.5 percent 24.2 percent
Balance Sheet Notes
Investment in available for sale securities consists of $15.5 million in auction rate preferred shares of municipal bond funds and $46.5 million in auction rate bonds backed by student loans. We have entered into a settlement agreement with the financial institution where we hold these investments and per the terms of the settlement agreement: a) on November 3, 2008, the financial institution repurchased our $15.5 million investment in auction rate preferred shares at par plus accrued interest; b) we hold rights to sell our $46.5 million investment in auction rate bonds back to the financial institution at par plus accrued interest beginning June 30, 2010; and c) we are permitted to borrow at "no net cost" the full par value of our investment in auction rate bonds.
Notes Reconciling Non-GAAP Financial Information to GAAP Financial Information
To supplement the consolidated financial results prepared in accordance with Generally Accepted Accounting Principles ("GAAP"), this press release and its attachments include non-GAAP financial measures (non-GAAP gross margin, non-GAAP operating margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP income before taxes, non-GAAP effective tax rate, non-GAAP net income, and non-GAAP diluted earnings per share) that exclude transitional idle capacity and inventory abandonments, effects of manufacturing profit in acquired inventory, amortization of acquisition-related intangible assets, stock based compensation, in-process research and development,restructuring, reserve valuations and other special charges or credits. 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 strategic 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 certain items that have been excluded from the forward-looking non-GAAP measures, and a reconciliation to the comparable GAAP guidance has not been provided because certain factors that are materially significant to the Company's ability to estimate the excluded items are not accessible or estimable on a forward-looking basis. 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.
Restructuring and other special charges include severance and
other costs related to facilities in the process of closing or
already closed and one-time events. In the third quarter of 2007,
we liquidated a portfolio of available-for-sale securities
acquired as part of the PowerDsine acquisition that occurred in
the second quarter of 2007. This liquidation resulted in one-time
realized loss of $285,000 which is recorded in interest and other
income, net. 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 based 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, an
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 margin. The manufacturing profit in
acquired inventory has been excluded to facilitate comparability
of gross margin 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 acquired operations.
(f) Bad debt represents write off of accounts receivable from
a minor distributor. This amount was excluded from our GAAP
results because it is highly unusual and as of the quarter ended
April 1, 2007, had never previously occurred nor has there been
any subsequent comparable write-off activity with a distributor.
(g) The tax effect on non-GAAP adjustments is calculated using
the relevant tax jurisdictions' statutory tax rates and also
excludes the tax effects of acquisition-related intercompany
charges that management does not view as reflective of the
business' current performance.
MICROSEMI CORPORATION
Selected Non-GAAP Financial Measures and Schedule Reconciling
Selected Non-GAAP Financial Measures to
Comparable GAAP Financial Measures
(Unaudited, in thousands except for per share amounts)
Quarter ended Fiscal year ended
------------------ -------------------
Sept 28, Sept 30, Sept 28, Sept 30,
2008 2007 2008 2007
-------- -------- -------- --------
GAAP gross margin $ 63,087 $ 47,407 $228,972 $181,038
Transitional idle capacity
and inventory
abandonments (a) 7,630 13,618 37,305 41,970
Manufacturing profit in
acquired inventory (e) -- -- -- 710
-------- -------- -------- --------
Non-GAAP gross margin $ 70,717 $ 61,025 $266,277 $223,718
-------- -------- -------- --------
GAAP operating expenses $ 41,154 33,100 165,429 159,850
Amortization of intangible
assets (b) (3,098) (2,097) (11,828) (11,890)
Stock based compensation (c) (4,810) (2,928) (20,973) (9,996)
Gain on disposition of
assets (a) -- 4,395 -- 4,145
In-process research and
development (d) -- 830 (440) (20,940)
Bad debt (f) -- -- -- (1,514)
Restructuring and other
special charges (a) (599) (1,216) (4,873) (2,144)
-------- -------- -------- --------
Non-GAAP operating expenses $ 32,647 $ 32,084 $127,315 $117,511
-------- -------- -------- --------
GAAP operating income $ 21,933 $ 14,307 $ 63,543 $ 21,188
Transitional idle capacity
and inventory
abandonments (a) 7,630 13,618 37,305 41,970
Manufacturing profit in
acquired inventory (e) -- -- -- 710
Amortization of intangible
assets (b) 3,098 2,097 11,828 11,890
Stock based compensation (c) 4,810 2,928 20,973 9,996
Gain on disposition of
assets (a) -- (4,395) -- (4,145)
In-process research and
development (d) -- (830) 440 20,940
Bad debt (f) -- -- -- 1,514
Restructuring and other
special charges (a) 599 1,216 4,873 2,144
-------- -------- -------- --------
Non-GAAP operating income $ 38,070 $ 28,941 $138,962 $106,207
-------- -------- -------- --------
GAAP income before taxes $ 22,551 $ 15,173 $ 66,471 $ 25,329
Transitional idle capacity
and inventory
abandonments (a) 7,630 13,618 37,305 41,970
Manufacturing profit in
acquired inventory (e) -- -- -- 710
Amortization of intangible
assets (b) 3,098 2,097 11,828 11,890
Stock based compensation (c) 4,810 2,928 20,973 9,996
Gain on disposition of
assets (a) -- (4,395) -- (4,145)
In-process research and
development (d) -- (830) 440 20,940
Bad debt (f) -- -- -- 1,514
Restructuring and other
special charges (a) 599 1,216 4,873 2,429
-------- -------- -------- --------
Non-GAAP income before taxes $ 38,688 $ 29,807 $141,890 $110,633
-------- -------- -------- --------
(a) -- (g) Please refer to corresponding footnotes above.
Quarter ended Fiscal year ended
------------------ ------------------
Sept 28, Sept 30, Sept 28, Sept 30,
2008 2007 2008 2007
-------- -------- -------- --------
GAAP net income $ 17,289 $ 10,098 $ 49,654 $ 9,818
Transitional idle capacity
and inventory
abandonments (a) 7,630 13,618 37,305 41,970
Manufacturing profit in
acquired inventory (e) -- -- -- 710
Amortization of intangible
assets (b) 3,098 2,097 11,828 11,890
Stock based compensation (c) 4,810 2,928 20,973 9,996
Gain on disposition of
assets (a) -- (4,395) -- (4,145)
In-process research and
development (d) -- (830) 440 20,940
Bad debt (f) -- -- -- 1,514
Restructuring and other
special charges (a) 599 1,216 4,873 2,429
Income tax effect on
non-GAAP adjustments (g) (4,410) (2,890) (19,288) (17,908)
-------- -------- -------- --------
Non-GAAP net income $ 29,016 $ 21,842 $105,785 $ 77,214
-------- -------- -------- --------
GAAP diluted earnings
per share $ 0.21 $ 0.13 $ 0.63 $ 0.13
Impact of non-GAAP
adjustments on diluted
earnings per share $ 0.15 $ 0.15 $ 0.70 $ 0.88
-------- -------- -------- --------
Non-GAAP diluted earnings
per share $ 0.36 $ 0.28 $ 1.33 $ 1.01
-------- -------- -------- --------
(a) -- (g) Please refer to corresponding footnotes above.
MICROSEMI CORPORATION
Condensed Consolidated Balance Sheets
(Unaudited, in thousands)
Sept 28, Sept 30,
2008 2007
-------- --------
ASSETS
Current assets:
Cash and cash equivalents $107,197 $107,685
Investment in available for sale securities 62,000 --
Accounts receivable, net 103,467 81,035
Inventories 122,096 115,038
Other current assets 26,725 25,158
-------- --------
Total current assets 421,485 328,916
Non-current assets 344,417 308,364
-------- --------
TOTAL ASSETS $765,902 $637,280
======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities $ 76,145 $ 61,245
Long-term liabilities 16,587 6,630
Shareholders' equity 673,170 569,405
-------- --------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $765,902 $637,280
======== ========