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