Microsemi Reports First Quarter 2014 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."

 

 

MICROSEMI CORPORATION

Summary of Schedule Reconciling Selected Non-GAAP Financial Measures

to Comparable GAAP Financial Measures

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




Quarter Ended December 29, 2013



GAAP


Non-GAAP Adjustments


Non-GAAP

Net sales


$

255.6


$


$

255.6

Gross profit


$

138.3


$

4.8


$

143.1

Operating income


$

7.2


$

46.9


$

54.1

Net income


$

1.4


$

41.5


$

42.9

Diluted earnings per share


$

0.01


$

0.45


$

0.46

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."

 

 

MICROSEMI CORPORATION

Consolidated Condensed Statement of Income

(unaudited, in millions, except per share amounts)




Quarter Ended



Dec 29,

2013


Sep 29,

2013


Dec 30,

2012

Net sales


$

255.6


$

250.4


$

247.6

Cost of sales


117.3


107.6


105.0

   Gross profit


$

138.3


$

142.8


$

142.6








Operating expenses







   Selling, general and administrative


$

55.6


$

49.9


$

51.3

   Research and development


44.1


43.2


43.2

   Amortization of intangible assets


22.0


21.0


21.7

   Restructuring charges


7.7


1.8


0.9

   Acquisition costs


1.7



      Total operating expenses


$

131.1


$

115.9


$

117.1








Operating income


$

7.2


$

26.9


$

25.5








Interest and other (expense), net


(7.9)


(6.7)


(8.3)

Income (loss) before income taxes


$

(0.7)


$

20.2


$

17.2

Provision (benefit) for income taxes


(2.1)


6.1


3.0

Net income


$

1.4


$

14.1


$

14.2








Earnings per share







   Basic


$

0.01


$

0.16


$

0.16

   Diluted


$

0.01


$

0.15


$

0.16








Weighted average common shares outstanding







   Basic


92.1


90.4


88.5

   Diluted


93.5


92.8


90.1


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