Microsemi Reports Fiscal Second Quarter 2014 Results

 

 

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,
2014


Dec 29,
2013


Mar 31,
2013


Mar 30,
2014


Mar 31,
2013

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


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