Microsemi Reports Fourth Quarter and Fiscal Year 2014 Results

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

Schedule Reconciling Selected Non-GAAP Financial Measures

to Comparable GAAP Financial Measures

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






















Quarter Ended


Twelve Months Ended


Sep 28, 2014


Jun 29, 2014


Sep 29, 2013


Sep 28, 2014


Sep 29, 2013

GAAP gross profit

$

171.0



$

153.6



$

142.8



$

611.5



$

557.2


Manufacturing profit in acquired inventory (1)



2.2





16.6




Inventory write-offs from restructuring activities (2)



7.9





7.9




Non-GAAP gross profit

$

171.0



$

163.7



$

142.8



$

636.0



$

557.2












GAAP operating income

$

33.4



$

6.3



$

26.9



$

54.2



$

89.4


Adjustments to GAAP gross profit



10.1





24.5




Restructuring and other special charges (2)

1.8



3.6



2.1



19.9



11.8


Facility consolidation and equipment charges

2.7



11.2





13.9




Amortization of intangible assets (3)

23.1



23.4



21.0



92.8



84.8


Stock based compensation (4)

11.3



11.3



9.2



44.1



34.6


Acquisition costs (5)

0.5



0.3





3.0




Non-GAAP operating income

$

72.8



$

66.2



$

59.2



$

252.4



$

220.6












GAAP net income (loss)

$

32.8



$

(4.3)



$

14.1



$

23.1



$

43.7


Adjustments to GAAP gross profit and operating income

39.4



59.9



32.3



198.2



131.2


(Gain) loss from facility closure and asset disposal (2)





(0.1)





0.1


Credit facility issuance and refinancing costs (6)

0.2



0.2



0.2



1.5



3.9


(Gain) in derivative instruments (7)

(0.1)



(0.1)



(0.3)



(0.6)



(1.3)


Income tax effect on non-GAAP adjustments (8)

(10.9)



(0.9)



2.9



(15.4)




Non-GAAP net income

$

61.4



$

54.8



$

49.1



$

206.8



$

177.6












GAAP diluted earnings (loss) per share

$

0.34



$

(0.05)



$

0.15



$

0.24



$

0.48


Effect of non-GAAP adjustments on diluted earnings per share

$

0.30



$

0.63



$

0.38



$

1.95



$

1.47


Non-GAAP diluted earnings per share

$

0.64



$

0.58



$

0.53



$

2.19



$

1.95












Weighted-average diluted shares used in calculating non-GAAP diluted earnings per share

95.6



94.8



92.8



94.5



91.3












Operating cash flow

$

59.6



$

54.4



$

52.4



$

206.7



$

165.0


Capital expenditures

(10.6)



(8.0)



(6.2)



(39.4)



(37.3)


Free cash flow

$

49.0



$

46.4



$

46.2



$

167.3



$

127.7



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