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Microsemi Corp. (MSCC) filed Quarterly Report for the period ended 2012-01-01.
Microsemi Corp. has a market cap of $1.86 billion; its shares were traded at around $21.73 with a P/E ratio of 13.2 and P/S ratio of 2.2. Microsemi Corp. had an annual average earning growth of 24% over the past 10 years.
This is the annual revenues and earnings per share of MSCC over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of MSCC.
Highlight of Business Operations:
The fair value of the identified intangible assets was estimated for the Zarlink acquisition by performing a discounted cash flow analysis using the “income” approach. This method includes a forecast of direct revenues and costs associated with the respective intangible assets and charges for economic returns on tangible and intangible assets utilized in cash flow generation. Net cash flows attributable to the identified intangible assets were discounted to their present value at a rate commensurate with the perceived risk. The projected cash flow assumptions considered contractual relationships, customer attrition, eventual development of new technologies and market competition.At October 2, 2011, we had recorded severance accruals of $2.7 million from reductions in force at our various facilities other than Scottsdale. We recorded additional provisions, primarily related to activities at Microsemi – CMPG, for severance and retention payments totaling $7.2 million for the quarter ended January 1, 2012. Severance covered approximately 200 individuals in manufacturing, engineering and sales. Substantially all accrued amounts are expected to be paid within twelve months. The following table reflects the restructuring activities and the accrued liabilities in the consolidated balance sheets at the dates below (amounts in thousands):
Net sales in the Defense & Security end market decreased $0.7 million to $69.1 million in Q1 2012 from $69.8 million in Q1 2011. While sales increased in this end market in Q1 2012 compared to Q1 2011, when compared to recent quarters, sales were negatively impacted by the lack of a 2012 federal budget through the first fiscal quarter and uncertainty surrounding the defense budget that was reflected in cautious procurement plans of end customers. However, a new budget is in place that we believe emphasizes intelligence, reconnaissance, surveillance and modernization programs that equate to growing electronic content. We also believe that international defense sales will increase, enabled in part by our security product offerings, and that Microsemi’s dollar content in defense programs will increase as our products move up the value chain. As such, we believe that this end market will grow in the upcoming quarter.
Accounts receivable increased $28.4 million to $139.3 million at January 1, 2012 from $110.9 million at October 2, 2011. The increase in accounts receivable was primarily due to higher sales, including incremental sales by Microsemi – CMPG, in Q1 2012 compared to Q4 2011.
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