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 Notes Reconciling Non-GAAP Financial Information to GAAP Financial Information and in footnotes (1) – (8) below.

MICROSEMI CORPORATION

Consolidated Condensed Income and Supplemental Cash Flow Information

(Unaudited, in thousands, except per share amounts)




Quarter Ended



Jan. 1, 2012


Oct. 2, 2011


Jan. 2, 2011








NET SALES

$

240,920

$

227,291

$

184,351

Cost of sales


115,184


97,416


89,322








GROSS PROFIT


125,736


129,875


95,029








Operating expenses:







Selling, general and administrative


48,569


46,091


40,269

Research and development


39,601


32,443


23,971

Amortization of intangible assets


24,862


17,642


12,071

Acquisition costs


6,147


3,136


6,061

Restructuring charges


7,225


1,810


6,334








 Total operating expenses


126,404


101,122


88,706








OPERATING INCOME (LOSS)


(668)


28,753


6,323








Interest and other income (expense), net


(44,243)


(6,617)


(21,104)








INCOME (LOSS) BEFORE INCOME TAXES


(44,911)


22,136


(14,781)








Benefit for income taxes


(309)


(19,949)


(13,485)








NET INCOME (LOSS)

$

(44,602)

$

42,085

$

(1,296)








Earnings (loss) per share  







  Basic

$

(0.52)

$

0.50

$

(0.02)

  Diluted

$

( 0.52)

$

0.49

$

(0.02)








Common and common equivalent shares outstanding:







    Basic


85,217


84,448


82,716

  Diluted


85,217


85,951


82,716








Supplemental Cash Flow Information

OPERATING CASH FLOW

$

18,849

$

52,220

$

9,624

Acquisition related adjustments


7,231


2,287


20,300

OPERATING CASH FLOW (ADJUSTED)

$

26,080

$

54,507

$

29,924

Capital expenditures


(12,446)


(6,459)


(5,746)

FREE CASH FLOW (ADJUSTED)

$

13,634

$

48,048

$

24,178












MICROSEMI CORPORATION

Condensed Consolidated Balance Sheets

(Unaudited, in thousands)





January 1, 2012


October 2, 2011

ASSETS 










Current assets:





Cash and cash equivalents

$

133,470

$

266,631

Accounts receivable, net


139,283


110,908

Inventories


164,786


140,827

Other current assets


65,777


59,524

Total current assets


503,316


577,890

Non-current assets


1,441,395


892,583






TOTAL ASSETS

$

1,944,711

$

1,470,473






LIABILITIES AND STOCKHOLDERS' EQUITY










Current liabilities

$

168,511

$

153,689

Long-term amounts on credit facility


790,000


357,384

Other long-term liabilities


129,583


67,293

Stockholders' equity


856,617


892,107






TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

$

1,944,711

$

1,470,473





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