Microsemi Receives $3.9 Million Contract For High-Reliability Products from Smith Industries
Wednesday September 3, 8:32 am ET
Two-Year Contract Involves Seven Smith Locations
IRVINE, Calif.--(BUSINESS WIRE)--Sept. 3, 2003--Microsemi Corp. (Nasdaq:MSCC - News), a leading manufacturer of high reliability semiconductors, announced today that it has been awarded a two-year contract of $3.9 million from Smith Industries, covering products used at six Smith locations in the United States and one in England.
The contract calls for orders of Microsemi devices produced at each of its operations, lasting through March 2005. Covered are high reliability discrete devices, as well as integrated circuits. The actual quantities, value and shipment dates will be based upon orders placed by Smith Industries over the period of the contract.
"High reliability products for military and medical applications continue to offer strong opportunities for Microsemi," said James J. Peterson, president and CEO. "The Smith contract is the largest in our longstanding relationship with this significant systems supplier and reflects our on-going commitment to serving their critical needs," he said.
Smith Industries is the largest European-based aerospace equipment company focused on supplying integrated solutions requiring highly specialized engineering and manufacturing capability in a multitude of avionics and ground systems for both military and commercial aircraft. Its domestic headquarters are in Grand Rapids, Mich., with worldwide corporate headquarters in London. Smith provides systems for the F-22, F/A-18E/F, C130, JSF and Eurofighter programs as well as for Alenia, Northrup, Lockheed Martin, Boeing and Airbus commercial aircraft.
During the quarter that ended June 30, 2003, more than 60% of Microsemi shipments were of high reliability products for customers in the military/aerospace and medical markets.
About Microsemi
Microsemi is a leading designer, manufacturer and marketer of analog, mixed-signal and discrete semiconductors. The company's semiconductors typically 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 complete circuit solutions that enhance customer designs by improving reliability, battery optimization, reducing size or protecting circuits. Markets the company serves include mobile connectivity, computer/peripherals, datacom, medical, industrial, automotive, digital media, 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 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, product returns, product liability, and other potential unexpected business and economic conditions or adverse changes in current or expected industry conditions, business disruptions, epidemics, disasters, wars or potential future effects of the tragic events of September 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 in determining and maintaining adequate insurance coverage, 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-K filed on Dec. 19, 2002, and the Form 10-Q filed on Aug. 12, 2003, by Microsemi with the Securities and Exchange Commission which relates to the second quarter. Additional risk factors may be identified from time to time in Microsemi's future filings, including the Form 10-Q which will be filed that relates to the third quarter. Microsemi does not undertake to supplement or correct any information in this release that is or becomes incorrect.
Contact:
Microsemi Corp., Irvine
David R. Sonksen (financial), 949-221-7101
or
Cliff Silver (editorial), 949-221-7112
Source: Microsemi Corp. |
