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MICROSEMI CORPORATION | ||||||||||||
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Summary of Schedule Reconciling Selected Non-GAAP Financial Measures | ||||||||||||
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to Comparable GAAP Financial Measures | ||||||||||||
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(unaudited, in millions, except for per share amounts) | ||||||||||||
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Quarter Ended June 29, 2014 | ||||||||||
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GAAP |
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Non-GAAP Adjustments |
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Non-GAAP | ||||||
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Net sales |
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$ |
292.3 |
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$ |
— |
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$ |
292.3 |
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Gross profit |
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$ |
153.6 |
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$ |
10.1 |
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$ |
163.7 |
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Operating income |
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$ |
6.3 |
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$ |
59.9 |
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$ |
66.2 |
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Net income (loss) |
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$ |
(4.3) |
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$ |
59.1 |
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$ |
54.8 |
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Diluted earnings (loss) per share |
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$ |
(0.05) |
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$ |
0.63 |
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$ |
0.58 |
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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." |
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MICROSEMI CORPORATION | ||||||||||||||||||||
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Consolidated Condensed Statement of Income | ||||||||||||||||||||
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(unaudited, in millions, except per share amounts) | ||||||||||||||||||||
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Quarter Ended |
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Nine Months Ended | ||||||||||||||||
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Jun 29,
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Mar 30,
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Jun 30,
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Jun 29,
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Jun 30,
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Net sales |
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$ |
292.3 |
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$ |
287.0 |
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$ |
242.6 |
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$ |
834.9 |
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$ |
725.6 |
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Cost of sales |
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138.7 |
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138.4 |
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104.3 |
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394.4 |
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311.2 |
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Gross profit |
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$ |
153.6 |
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$ |
148.6 |
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$ |
138.3 |
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$ |
440.5 |
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$ |
414.4 |
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Operating expenses |
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Selling, general and administrative |
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$ |
61.0 |
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$ |
62.5 |
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$ |
48.8 |
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$ |
179.1 |
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$ |
152.5 |
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Research and development |
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48.0 |
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49.3 |
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42.2 |
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141.5 |
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127.3 |
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Amortization of intangible assets |
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23.4 |
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24.3 |
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21.0 |
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69.7 |
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63.9 |
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Restructuring charges |
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3.4 |
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4.8 |
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1.1 |
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15.8 |
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8.1 |
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Facility consolidation charges |
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11.2 |
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— |
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— |
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11.2 |
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— |
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Acquisition costs |
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0.3 |
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0.4 |
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— |
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2.4 |
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— |
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Total operating expenses |
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$ |
147.3 |
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$ |
141.3 |
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$ |
113.1 |
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$ |
419.7 |
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$ |
351.8 |
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Operating income |
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$ |
6.3 |
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$ |
7.3 |
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$ |
25.2 |
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$ |
20.8 |
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$ |
62.6 |
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Interest and other (expense), net |
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(7.1) |
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(8.8) |
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(7.0) |
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(23.8) |
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(26.7) |
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Income (loss) before income taxes |
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$ |
(0.8) |
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$ |
(1.5) |
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$ |
18.2 |
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$ |
(3.0) |
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$ |
35.9 |
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Provision (benefit) for income taxes |
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3.5 |
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5.3 |
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(0.1) |
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6.7 |
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6.3 |
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Net income (loss) |
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$ |
(4.3) |
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$ |
(6.8) |
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$ |
18.3 |
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$ |
(9.7) |
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$ |
29.6 |
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Earnings (loss) per share |
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Basic |
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$ |
(0.05) |
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$ |
(0.07) |
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$ |
0.20 |
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$ |
(0.10) |
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$ |
0.33 |
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Diluted |
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$ |
(0.05) |
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$ |
(0.07) |
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$ |
0.20 |
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$ |
(0.10) |
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$ |
0.33 |
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Weighted-average common shares outstanding |
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Basic |
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93.1 |
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92.8 |
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89.8 |
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92.7 |
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89.2 |
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Diluted |
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93.1 |
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92.8 |
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91.7 |
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92.7 |
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90.8 |
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