Microsemi Reports First Quarter 2012 Results

Additional details reconciling the selected GAAP financial measure to the selected non-GAAP financial measure may be found in the "Selected Non-GAAP Financial Measures and Schedule Reconciling Selected Non-GAAP Financial Measures to Comparable GAAP Financial Measures" table and in footnotes (1) to (8) below.

MICROSEMI CORPORATION

Selected Non-GAAP Financial Measures and Schedule Reconciling Selected Non-GAAP Financial Measures

to Comparable GAAP Financial Measures

(Unaudited, in thousands except for per share amounts)







Quarter Ended



Jan. 1, 2012


Oct. 2, 2011


Jan. 2, 2011








GAAP gross profit

$

125,736

$

129,875

$

95,029

Manufacturing profit in acquired inventory (2)


6,125


348


3,783

Non-GAAP gross profit

$

131,861

$

130,223

$

98,812








GAAP operating income (loss)

$

(668)

$

28,753

$

6,323








Manufacturing profit in acquired inventory (2)


6,125


348


3,783

Restructuring and other special charges (1)


7,692


2,511


6,856

Amortization of intangible assets (3)


24,862


17,642


12,071

Stock based compensation (4)


7,531


7,300


7,278

Exceptional legal matters (5)


117


37


19

Acquisition costs (6)


6,147


3,136


6,061

Non-GAAP operating income

$

51,806

$

59,727

$

42,391








GAAP net income (loss)

$

(44,602)

$

42,085

$

(1,296)








Manufacturing profit in acquired inventory (2)


6,125


348


3,783

Restructuring and other special charges (1)


7,692


2,581


6,856

Amortization of intangible assets (3)


24,862


17,642


12,071

Stock based compensation (4)


7,531


7,300


7,278

Exceptional legal matters (5)


117


37


19

Acquisition costs (6)


6,147


3,136


6,061

Loss related to Thailand flood and facility closures (1)


3,506



Credit facility issuance and refinancing costs (7)


34,031



13,424

Fair value change in debt and derivative instruments (7)


(5,103)


2,046


4,449

Income tax effect on non-GAAP adjustments (8)


(6,709)


(29,614)


(21,513)

Non-GAAP net income

$

33,597

$

45,561

$

31,132








GAAP diluted earnings (loss) per share

$

(0.52)

$

0.49

$

(0.02)

Effect of non-GAAP adjustments on diluted earnings  per share


0.91


0.04


0.39

Non-GAAP diluted earnings per share

$

0.39

$

0.53

$

0.37








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


86,241


85,951


84,676





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