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