Microsemi Corp. (MSCC) reported that its first-quarter GAAP net income was $8.0 million compared to net income of $13.2 million in the first quarter of 2009. GAAP earnings per share in the first quarter of 2010 was $0.10, compared to GAAP earnings per share of $0.16 in the first quarter of 2009.
For the first quarter of 2010, non-GAAP net income was $21.1 million, compared to $28.7 million in the first quarter of 2009. Non-GAAP earnings per share in the first quarter of 2010 were $0.26 compared to $0.35 in the first quarter of 2009.
Net sales were $112.8 million, down 13.6% from net sales of $130.6 million in the first quarter of 2009.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.26 per share on revenues of $112.42 million for the quarter. Analysts' estimates typically exclude special items.
Microsemi expects that for the second quarter of fiscal year 2010, net sales will increase between a range of 2 percent and 4 percent, sequentially. On a non-GAAP basis, the company expect earnings for the second quarter of fiscal year 2010 to be $0.26 to $0.27 per share. Analysts expects the company to report earnings of $0.27 per share on revenues of $114.82 million for the quarter.
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