Ouch.......this one hurts a little.
Microsemi Reduces Third-Quarter Expectations
IRVINE, Calif.--(BUSINESS WIRE)--June 24, 2002--Microsemi Corp. (Nasdaq:MSCC - News), today revised its financial guidance for its third quarter, which will end on June 30, 2002.
The company reported that sales and earnings for the third quarter are expected to be below its original expectations.
Sales are expected to come in at $51 million to $52 million, down from original expectations of $56 million to $58 million. The sales decline has reduced expected earnings per diluted share for the third quarter to $0.04 to $0.05 from the original guidance of $0.09 to $0.11.
The company sees this shortfall as resulting from several factors. Sales are expected to be $1 million lower due to the mid-quarter sale of its Low-Frequency RF Transistor business.
The additional shortfall is due to lower demand for products in the following markets: commercial aircraft, commercial space, computers and mobile handsets, as well as a delay in expected growth in its military business, all of which are expected to extend into the fourth quarter.
About Microsemi
Microsemi is a leading designer, manufacturer and marketer of analog, mixed-signal and discrete semiconductors. The company's semiconductors manage and regulate power, protect against transient voltage spikes and transmit, receive and amplify signals.
Microsemi products include individual components, as well as complete circuit solutions that enhance customer designs by providing battery optimization, reducing size or protecting circuits. Markets the company serves include mobile connectivity, computer/peripherals, telecommunications, medical, industrial/commercial, space/satellite and military.
More information may be obtained by contacting the company directly or by visiting its Web site at microsemi.com.
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. For instance, all statements of belief and expectations are forward-looking statements. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Potential risks and uncertainties include, but are not limited to, such factors as the difficulties regarding the making of estimates and projections, the hiring and retention of qualified technical personnel in a competitive labor market, acquiring and integrating new operations or assets, closing or disposing of operations or assets, rapidly changing technology and product obsolescence, 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, 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, unexpected business and economic conditions or adverse changes in current or expected industry conditions, business disruptions, future effects of the tragic events of Sept. 11, 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 matters or litigation, difficulties protecting patents and other proprietary rights, and inventory obsolescence. 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-Q filed on May 10, 2002, with the Securities and Exchange Commission. The company does not undertake to supplement or correct any information in this release that is or becomes incorrect.
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Contact:
Microsemi Corp., Irvine
David R. Sonksen (financial/investors), 949/221-7101
Cliff Silver (editorial), 949/221-7112 |
