Microsemi Reports Third Quarter 2013 Results

Additional details reconciling the selected GAAP financial measure to the selected non-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 June 30, 2013



GAAP


Non-GAAP
Adjustments


Non-GAAP

Net sales


$

242.6



$



$

242.6


Gross profit


$

138.3



$



$

138.3


Operating income


$

25.2



$

29.6



$

54.8


Net income


$

18.3



$

26.5



$

44.8


Diluted earnings per share


$

0.20



$

0.29



$

0.49


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".

 

 

 

MICROSEMI CORPORATION

Consolidated Condensed Statement of Income and Cash Flow

(unaudited, in millions, except per share amounts)
























Quarter Ended


Nine Months



Jun 30,

2013


Mar 31,

2013


Jul 1,

2012


Jun 30,

2013


Jul 1,

2012

Net sales


$

242.6



$

235.3



$

259.2



$

725.6



$

749.4


Cost of sales


104.3



101.8



114.6



311.2



347.2


Gross profit


$

138.3



$

133.5



$

144.6



$

414.4



$

402.2













Operating expenses











Selling, general and administrative


$

48.8



$

52.3



$

51.4



$

152.5



$

151.4


Research and development


42.2



42.0



44.0



127.3



125.7


Amortization of intangible assets


21.0



21.1



26.0



63.9



77.4


Restructuring charges


1.1



6.3



1.7



8.1



9.1


Acquisition costs






0.2





6.8


Total operating expenses


$

113.1



$

121.7



$

123.3



$

351.8



$

370.4













Operating income


$

25.2



$

11.8



$

21.3



$

62.6



$

31.8













Interest and other (expense), net


(7.0)



(11.3)



(9.0)



(26.7)



(64.5)


Income (loss) before income taxes


$

18.2



$

0.5



$

12.3



$

35.9



$

(32.7)


Provision (benefit) for income taxes


(0.1)



3.4



4.2



6.3



8.6


Net income (loss)


$

18.3



$

(2.9)



$

8.1



$

29.6



$

(41.3)













Earnings (loss) per share











Basic


$

0.20



$

(0.03)



$

0.09



$

0.33



$

(0.48)


Diluted


$

0.20



$

(0.03)



$

0.09



$

0.33



$

(0.48)













Weighted-average common shares outstanding











Basic


89.8



89.4



86.0



89.2



85.7


Diluted


91.7



89.4



87.9



90.8



85.7













Operating cash flow


$

52.6



$

31.9



$

54.7



$

112.6



$

116.0


Capital expenditures


(13.6)



(9.0)



(13.1)



(31.1)



(39.8)


Free cash flow


$

39.0



$

22.9



$

41.6



$

81.5



$

76.2



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