Microsemi posts 4Q loss on charges, lower sales

IRVINE, Calif. - Chip maker Microsemi Corp. said Thursday it fell to a loss in the fiscal fourth quarter on numerous charges, including restructuring costs from a factory closing, and lower sales.

The Irvine, Calif., company posted a loss of $31.3 million, or 39 cents per share for the quarter ended Sept. 27, compared with net income of $17.3 million, or 21 cents per share, a year earlier.

Sales for the quarter fell 18.6 percent to $109.7 million from $134.7 million a year ago.

The results included special charges for idle capacity, restructuring, and items such as stock-based compensation and facility closure impairment charges associated with an Arizona factory closing.

Excluding those charges, the company earned $19.3 million, or 24 cents per share, compared with $29 million, or 36 cents per share, a year ago.

Analysts surveyed by Thomson Reuters expected a profit of 23 cents on sales of $109.4 million. They typically exclude one-time losses and gains.

Shares rose 56 cents, or 3.9 percent, to $14.95 in after-hours trading, following a loss of 27 cents to close at $14.39 in the regular session.

For the year, the company lost $26.8 million, or 34 cents per share, compared with net income of $49.7 million, or 63 cents per share, a year ago.

Sales fell nearly 12 percent to $453 million from $514 million a year ago.

Excluding the one-time charges, the company earned $79.5 million, or 99 cents per share, compared with $105.8 million, or $1.33 per share a year ago.

Analysts expected 98 cents.

The company expects first-quarter sales to increase between 1 percent and 4 percent. Excluding one-time gains and charges, the company expects earnings of 24 cents to 26 cents per share for the first quarter.

Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.