Microsemi Reports Third Quarter 2016 Results

 

Additional details reconciling the selected non-GAAP financial measure to the selected GAAP financial measure may be found in "Notes on Non-GAAP Financial Measures."

 

Summary of Schedule Reconciling Selected Non-GAAP Financial Measures

(unaudited, in millions, except for per share amounts)





Quarter Ended July 3, 2016



GAAP


Non-GAAP Adjustments


Non-GAAP

Net sales


$

431.4



$



$

431.4


Gross profit


$

266.9



$



$

266.9


Operating income


$

51.2



$

71.5



$

122.7


Net income


$

115.2



$

(31.2)



$

84.0


Diluted earnings per share


$

1.00



$

(0.27)



$

0.73


 

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" and "Notes on Non-GAAP Financial Measures."

 


Consolidated Condensed Statements of Income

(unaudited, in millions, except for per share amounts)





Quarter Ended


Nine Months Ended



Jul 3,
2016


Apr 3,
2016


Jun 28,
2015


Jul 3,
2016


Jun 28,
2015

Net sales


$

431.4



$

444.3



$

317.1



$

1,204.9



$

916.8


Cost of sales


164.5



243.7



145.0



549.6



407.4


Gross profit


$

266.9



$

200.6



$

172.1



$

655.3



$

509.4













Operating expenses











Selling, general and administrative


$

80.1



$

91.4



$

63.4



$

234.6



$

182.2


Research and development


83.0



87.8



52.3



225.7



146.3


Amortization of intangible assets


44.9



45.3



24.8



115.6



71.1


Restructuring and severance charges


4.9



49.3



1.6



55.9



7.7


Facility consolidation and equipment charges




2.4



1.5



2.4



6.3


Acquisition and divestiture related costs


2.8



22.3



3.3



31.2



5.5


Total operating expenses


$

215.7



$

298.5



$

146.9



$

665.4



$

419.1













Operating income (loss)


$

51.2



$

(97.9)



$

25.2



$

(10.1)



$

90.3













Interest and other (expense), net


73.4



(115.8)



(8.0)



(51.2)



(20.9)


Income (loss) before income taxes


$

124.6



$

(213.7)



$

17.2



$

(61.3)



$

69.4


Provision (benefit) for income taxes


9.4



(1.7)



2.5



11.8



10.2


Net income (loss)


$

115.2



$

(212.0)



$

14.7



$

(73.1)



$

59.2













Earnings (loss) per share











Basic


$

1.03



$

(1.93)



$

0.16



$

(0.69)



$

0.63


Diluted


$

1.00



$

(1.93)



$

0.15



$

(0.69)



$

0.62













Weighted-average common shares outstanding











Basic


112.1



109.6



94.5



105.3



94.1


Diluted


114.6



109.6



96.4



105.3



95.6



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