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Microsemi Shares Fall on Lowered Outlook

June 25, 2002|Dow Jones/Associated Press

Santa Ana chip maker Microsemi Corp. slashed its fiscal third-quarter earnings outlook, blaming weaker-than-expected sales to the aerospace and computer industries. Its stock plunged 40% on the news.

Microsemi, which specializes in analog and mixed-signal semiconductors for military applications, said it expects to earn 4 cents to 5 cents a share for the quarter ending June 30, down from an estimate, given in April, of 9 cents to 11 cents a share.

Revenue is expected to total $51 million to $52 million, down from the company's previous outlook of $56 million to $58 million.

The company blamed its lowered outlook on tepid demand in the commercial aircraft, commercial space, computers and mobile-handsets markets, as well as a delay in expected growth in its military business.

The company expects the trend to extend into the fourth quarter.

Microsemi shares fell $5.28, to $7.95 in Nasdaq trading.

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