SANTA ANA, Calif. -- Microsemi Corp. today reported net sales increased 21% to $65.4 million in the company's fiscal fourth quarter, ended Oct. 1, compared to pro forma sales of $54.2 million in the period last year (excluding a business sold in June). The supplier of analog, mixed-signal and discrete devices posted a net income of $4.7 million in the fourth quarter vs. $2.5 million last year.
"The earnings improvements in the fourth quarter over the last year result from the expansion of our revenues in higher margin power management and RF commercial products for mobile connectivity and telecommunications infrastructure applications," said Jim Peterson, Microsemi's new chief executive officer and president.
For the entire 2000 fiscal year, Microsemi recorded a 36% increase in net sales to $238.8 million compared to pro forma sales of $175.4 million in the 1999 period. The company's net income for the fiscal year was $11.8 million vs. $7.8 million in the 1999 year.
Microsemi's fiscal fourth quarter earnings of $0.33 per share beat Wall Street's consensus of $0.24, based on a survey of financial analysts by First Call/Thomson Financial.