MICROSEMI CORPORATION Summary of Schedule Reconciling Selected Non-GAAP Financial Measures to Comparable GAAP Financial Measures (unaudited, in millions, except for per share amounts) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended June 30, 2013 | ||||||||||
|
|
GAAP |
|
Non-GAAP
|
|
Non-GAAP | ||||||
Net sales |
|
$ |
242.6 |
|
|
$ |
— |
|
|
$ |
242.6 |
|
Gross profit |
|
$ |
138.3 |
|
|
$ |
— |
|
|
$ |
138.3 |
|
Operating income |
|
$ |
25.2 |
|
|
$ |
29.6 |
|
|
$ |
54.8 |
|
Net income |
|
$ |
18.3 |
|
|
$ |
26.5 |
|
|
$ |
44.8 |
|
Diluted earnings per share |
|
$ |
0.20 |
|
|
$ |
0.29 |
|
|
$ |
0.49 |
|
Additional details reconciling the selected GAAP financial measure to the selected non-GAAP financial measure may be found in the "Schedule Reconciling Selected Non-GAAP Financial Measures to Comparable GAAP Financial Measures" and "Notes on Non-GAAP Financial Measures".
MICROSEMI CORPORATION Consolidated Condensed Statement of Income and Cash Flow (unaudited, in millions, except per share amounts) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended |
|
Nine Months | ||||||||||||||||
|
|
Jun 30, 2013 |
|
Mar 31, 2013 |
|
Jul 1, 2012 |
|
Jun 30, 2013 |
|
Jul 1, 2012 | ||||||||||
Net sales |
|
$ |
242.6 |
|
|
$ |
235.3 |
|
|
$ |
259.2 |
|
|
$ |
725.6 |
|
|
$ |
749.4 |
|
Cost of sales |
|
104.3 |
|
|
101.8 |
|
|
114.6 |
|
|
311.2 |
|
|
347.2 |
| |||||
Gross profit |
|
$ |
138.3 |
|
|
$ |
133.5 |
|
|
$ |
144.6 |
|
|
$ |
414.4 |
|
|
$ |
402.2 |
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Operating expenses |
|
|
|
|
|
|
|
|
|
| ||||||||||
Selling, general and administrative |
|
$ |
48.8 |
|
|
$ |
52.3 |
|
|
$ |
51.4 |
|
|
$ |
152.5 |
|
|
$ |
151.4 |
|
Research and development |
|
42.2 |
|
|
42.0 |
|
|
44.0 |
|
|
127.3 |
|
|
125.7 |
| |||||
Amortization of intangible assets |
|
21.0 |
|
|
21.1 |
|
|
26.0 |
|
|
63.9 |
|
|
77.4 |
| |||||
Restructuring charges |
|
1.1 |
|
|
6.3 |
|
|
1.7 |
|
|
8.1 |
|
|
9.1 |
| |||||
Acquisition costs |
|
— |
|
|
— |
|
|
0.2 |
|
|
— |
|
|
6.8 |
| |||||
Total operating expenses |
|
$ |
113.1 |
|
|
$ |
121.7 |
|
|
$ |
123.3 |
|
|
$ |
351.8 |
|
|
$ |
370.4 |
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Operating income |
|
$ |
25.2 |
|
|
$ |
11.8 |
|
|
$ |
21.3 |
|
|
$ |
62.6 |
|
|
$ |
31.8 |
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Interest and other (expense), net |
|
(7.0) |
|
|
(11.3) |
|
|
(9.0) |
|
|
(26.7) |
|
|
(64.5) |
| |||||
Income (loss) before income taxes |
|
$ |
18.2 |
|
|
$ |
0.5 |
|
|
$ |
12.3 |
|
|
$ |
35.9 |
|
|
$ |
(32.7) |
|
Provision (benefit) for income taxes |
|
(0.1) |
|
|
3.4 |
|
|
4.2 |
|
|
6.3 |
|
|
8.6 |
| |||||
Net income (loss) |
|
$ |
18.3 |
|
|
$ |
(2.9) |
|
|
$ |
8.1 |
|
|
$ |
29.6 |
|
|
$ |
(41.3) |
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Earnings (loss) per share |
|
|
|
|
|
|
|
|
|
| ||||||||||
Basic |
|
$ |
0.20 |
|
|
$ |
(0.03) |
|
|
$ |
0.09 |
|
|
$ |
0.33 |
|
|
$ |
(0.48) |
|
Diluted |
|
$ |
0.20 |
|
|
$ |
(0.03) |
|
|
$ |
0.09 |
|
|
$ |
0.33 |
|
|
$ |
(0.48) |
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Weighted-average common shares outstanding |
|
|
|
|
|
|
|
|
|
| ||||||||||
Basic |
|
89.8 |
|
|
89.4 |
|
|
86.0 |
|
|
89.2 |
|
|
85.7 |
| |||||
Diluted |
|
91.7 |
|
|
89.4 |
|
|
87.9 |
|
|
90.8 |
|
|
85.7 |
| |||||
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Operating cash flow |
|
$ |
52.6 |
|
|
$ |
31.9 |
|
|
$ |
54.7 |
|
|
$ |
112.6 |
|
|
$ |
116.0 |
|
Capital expenditures |
|
(13.6) |
|
|
(9.0) |
|
|
(13.1) |
|
|
(31.1) |
|
|
(39.8) |
| |||||
Free cash flow |
|
$ |
39.0 |
|
|
$ |
22.9 |
|
|
$ |
41.6 |
|
|
$ |
81.5 |
|
|
$ |
76.2 |
|