Microsemi posts 4Q loss on charges, lower sales

IRVINE, Calif. (AP) — 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 netincome 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.