Microsemi completes acquisition of White Electronic Designs, raises guidance

IRVINE, UAS: Microsemi Corp., a leading manufacturer of high performance analog mixed-signal integrated circuits and high reliability semiconductors, announced that its acquisition of White Electronic Designs Corporation closed on Friday, April 30, 2010. Following the acquisition, White Electronic is a wholly-owned subsidiary of Microsemi.

"White Electronic is an excellent fit for Microsemi," said James J. Peterson, CEO of Microsemi. "This acquisition extends our offering into high-growth sectors in our core Aerospace & Defense markets and adds an extraordinary anti-tamper functionality to our existing product suite. We continue to expect the acquisition to be accretive immediately and to perform within our targeted corporate gross margin range during its first full quarter of contribution."

Accounting for the acquisition of White Electronic, Microsemi now expects for the third quarter of fiscal 2010 that net sales will increase between 9 percent and 11 percent sequentially. On a non-GAAP basis, the company expects earnings for the third fiscal quarter to be $0.29 to $0.30 per diluted share.