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 March 30, 2014 | |||||||
|
|
GAAP |
|
Non-GAAP Adjustments |
|
Non-GAAP | |||
Net sales |
|
$ |
287.0 |
|
$ |
— |
|
$ |
287.0 |
Gross profit |
|
$ |
145.4 |
|
$ |
12.9 |
|
$ |
158.3 |
Operating income |
|
$ |
4.1 |
|
$ |
55.2 |
|
$ |
59.3 |
Net income (loss) |
|
$ |
(8.7) |
|
$ |
56.4 |
|
$ |
47.7 |
Diluted earnings (loss) per share |
|
$ |
(0.09) |
|
$ |
0.60 |
|
$ |
0.51 |
|
Additional details reconciling the selected non-GAAP financial measure to the selected 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 (unaudited, in millions, except per share amounts) | |||||||||||||||
| |||||||||||||||
|
|
Quarter Ended |
|
Six Months Ended | |||||||||||
|
|
Mar 30,
|
|
Dec 29,
|
|
Mar 31,
|
|
Mar 30,
|
|
Mar 31,
| |||||
Net sales |
|
$ |
287.0 |
|
$ |
255.6 |
|
$ |
235.3 |
|
$ |
542.6 |
|
$ |
482.9 |
Cost of sales |
|
141.6 |
|
117.3 |
|
101.8 |
|
258.9 |
|
206.8 | |||||
Gross profit |
|
$ |
145.4 |
|
$ |
138.3 |
|
$ |
133.5 |
|
$ |
283.7 |
|
$ |
276.1 |
|
|
|
|
|
|
|
|
|
|
| |||||
Operating expenses |
|
|
|
|
|
|
|
|
|
|
| ||||
Selling, general and administrative |
|
$ |
62.5 |
|
$ |
55.6 |
|
$ |
52.3 |
|
$ |
118.2 |
|
$ |
103.6 |
Research and development |
|
49.3 |
|
44.1 |
|
42.0 |
|
93.4 |
|
85.2 | |||||
Amortization of intangible assets |
|
24.3 |
|
22.0 |
|
21.1 |
|
46.3 |
|
42.8 | |||||
Restructuring charges |
|
4.8 |
|
7.7 |
|
6.3 |
|
12.4 |
|
7.2 | |||||
Acquisition costs |
|
0.4 |
|
1.7 |
|
— |
|
2.2 |
|
— | |||||
Total operating expenses |
|
$ |
141.3 |
|
$ |
131.1 |
|
$ |
121.7 |
|
$ |
272.5 |
|
$ |
238.8 |
|
|
|
|
|
|
|
|
|
|
| |||||
Operating income |
|
$ |
4.1 |
|
$ |
7.2 |
|
$ |
11.8 |
|
$ |
11.2 |
|
$ |
37.3 |
|
|
|
|
|
|
|
|
|
|
| |||||
Interest and other (expense), net |
|
(8.8) |
|
(7.9) |
|
(11.3) |
|
(16.7) |
|
(19.6) | |||||
Income (loss) before income taxes |
|
$ |
(4.7) |
|
$ |
(0.7) |
|
$ |
0.5 |
|
$ |
(5.5) |
|
$ |
17.7 |
Provision (benefit) for income taxes |
|
4.0 |
|
(2.1) |
|
3.4 |
|
1.8 |
|
6.4 | |||||
Net income (loss) |
|
$ |
(8.7) |
|
$ |
1.4 |
|
$ |
(2.9) |
|
$ |
(7.3) |
|
$ |
11.3 |
|
|
|
|
|
|
|
|
|
|
| |||||
Earnings (loss) per share |
|
|
|
|
|
|
|
|
|
| |||||
Basic |
|
$ |
(0.09) |
|
$ |
0.01 |
|
$ |
(0.03) |
|
$ |
(0.08) |
|
$ |
0.13 |
Diluted |
|
$ |
(0.09) |
|
$ |
0.01 |
|
$ |
(0.03) |
|
$ |
(0.08) |
|
$ |
0.12 |
|
|
|
|
|
|
|
|
|
|
| |||||
Weighted average common shares outstanding |
|
|
|
|
|
|
|
|
|
| |||||
Basic |
|
92.8 |
|
92.1 |
|
89.4 |
|
92.5 |
|
89.0 | |||||
Diluted |
|
92.8 |
|
93.5 |
|
89.4 |
|
92.5 |
|
90.5 |