Microsemi Reports Fourth Quarter and Fiscal Year 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) - (10) below.

 

MICROSEMI CORPORATION

Consolidated Condensed Income and Operating Cash Flow

(Unaudited, in millions, except per share amounts)





















Quarter Ended


Fiscal Year Ended



Sep 30,

2012

Jul 1,

2012

Oct 2,

2011


Sep 30,

2012

Oct 2,

2011

Net sales


$

263.1


$

259.2


$

227.3



$

1,012.5


$

835.9


Cost of sales


112.7


114.6


97.4



459.9


394.7


Gross profit


$

150.4


$

144.6


$

129.9



$

552.6


$

441.2










Operating expenses








Selling, general and administrative


$

53.6


$

51.4


$

46.1



$

205.0


$

175.8


Research and development


42.8


44.0


32.4



168.5


114.2


Amortization of intangible assets


27.4


26.0


17.7



104.8


62.4


Acquisition costs


0.5


0.2


3.1



7.3


11.8


Restructuring charges


(0.5)


1.7


1.8



8.7


22.0


Total operating expenses


$

123.8


$

123.3


$

101.1



$

494.3


$

386.2










Operating income


$

26.6


$

21.3


$

28.8



$

58.3


$

55.0










Interest and other (expense), net


(8.6)


(9.0)


(6.7)



(73.0)


(33.0)


Income (loss) before income taxes


$

18.0


$

12.3


$

22.1



$

(14.7)


$

22.0


Provision (benefit) for income taxes


6.4


4.2


(21.3)



15.0


(33.7)


Net income (loss)


$

11.6


$

8.1


$

43.4



$

(29.7)


$

55.7










Earnings (loss) per share








Basic


$

0.13


$

0.09


$

0.51



$

(0.35)


$

0.66


Diluted


$

0.13


$

0.09


$

0.50



$

(0.35)


$

0.65










Weighted-average common shares outstanding








Basic


86.5


86.0


84.4



85.8


83.9


Diluted


88.8


87.9


86.0



85.8


85.7










Operating cash flow


$

55.2


$

54.7


$

56.0



$

171.2


$

146.6


Capital expenditures


(9.3)


(13.1)


(6.5)



(49.1)


(25.8)


Free cash flow


$

45.9


$

41.6


$

49.5



$

122.1


$

120.8



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