Microsemi Reports Record Second 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 April 3, 2016



GAAP


Non-GAAP Adjustments


Non-GAAP

Net sales


$

444.3



$



$

444.3


Gross profit


$

200.6



$

70.2



$

270.8


Operating income (loss)


$

(97.9)



$

214.1



$

116.2


Net income (loss)


$

(212.0)



$

286.7



$

74.7


Diluted earnings (loss) per share


$

(1.93)



$

2.60



$

0.67


 

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


Six Months Ended



Apr 3,

2016


Jan 3,

2016


Mar 29,

2015


Apr 3,

2016


Mar 29,

2015

Net sales


$

444.3



$

329.2



$

296.2



$

773.5



$

599.8


Cost of sales


243.7



141.3



126.9



385.0



262.4


Gross profit


$

200.6



$

187.9



$

169.3



$

388.5



$

337.4













Operating expenses











Selling, general and administrative


$

91.4



$

63.3



$

58.9



$

154.7



$

118.9


Research and development


87.8



54.9



46.4



142.7



94.0


Amortization of intangible assets


45.3



25.4



22.7



70.7



46.3


Restructuring and severance charges


51.7



1.7



3.8



53.4



10.9


Acquisition and divestiture related costs


22.3



6.0



2.1



28.3



2.2


  Total operating expenses


$

298.5



$

151.3



$

133.9



$

449.8



$

272.3













Operating income (loss)


$

(97.9)



$

36.6



$

35.4



$

(61.3)



$

65.1













Interest and other (expense), net


(115.8)



(8.8)



(6.3)



(124.6)



(12.9)


Income (loss) before income taxes


$

(213.7)



$

27.8



$

29.1



$

(185.9)



$

52.2


Provision (benefit) for income taxes


(1.7)



4.1



4.2



2.4



7.6


Net income (loss)


$

(212.0)



$

23.7



$

24.9



$

(188.3)



$

44.6













Earnings (loss) per share











Basic


$

(1.93)



$

0.25



$

0.26



$

(1.85)



$

0.47


Diluted


$

(1.93)



$

0.25



$

0.26



$

(1.85)



$

0.47













Weighted-average common shares outstanding











Basic


109.6



95.1



94.0



102.0



94.0


Diluted


109.6



96.5



95.3



102.0



95.2



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