Dip in Microsemi Inventory Value Leads to Charge
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SANTA ANA — Microsemi Corp. said it will record an $8-million to $10-million charge in its fourth quarter to reduce the carrying value of military-related inventories and other assets where there has been a permanent reduction of value.
Microsemi said substantially all the charges result directly from changes in military procurement policies and practices that call for the use of commercial products rather than a mandatory use of military standard parts.
The company reported net income of $950,000, or 12 cents a share, on sales of $29,830,000 in the year-ago fourth quarter ended Oct. 3, 1993.
Microsemi said uncertainties caused by the Department of Defense’s changes in defense procurement policy make it necessary to revalue certain inventories to current market value.
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