Microsemi Reports Second Quarter 2013 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

Consolidated Condensed Statement of Income and Cash Flow

(unaudited, in millions, except per share amounts)
























Quarter Ended


Six Months Ended



Mar 31,
2013


Dec 30,
2012


Apr 1,
2012


Mar 31,
2013


Apr 1,
2012

Net sales


$

235.3



$

247.6



$

249.3



$

482.9



$

490.2


Cost of sales


101.8



105.0



117.4



206.8



232.6


Gross profit


$

133.5



$

142.6



$

131.9



$

276.1



$

257.6













Operating expenses











Selling, general and administrative


$

52.3



$

51.3



$

51.5



$

103.6



$

100.2


Research and development


42.0



43.2



42.2



85.2



81.8


Amortization of intangible assets


21.1



21.7



26.6



42.8



51.3


Restructuring charges


6.3



0.9



0.1



7.2



7.3


Acquisition costs






0.4





6.6


Total operating expenses


$

121.7



$

117.1



$

120.8



$

238.8



$

247.2













Operating income


$

11.8



$

25.5



$

11.1



$

37.3



$

10.4













Interest and other (expense), net


(11.3)



(8.3)



(11.2)



(19.6)



(55.5)


Income (loss) before income taxes


$

0.5



$

17.2



$

(0.1)



$

17.7



$

(45.1)


Provision for income taxes


3.4



3.0



4.7



6.4



4.4


Net income (loss)


$

(2.9)



$

14.2



$

(4.8)



$

11.3



$

(49.5)













Earnings (loss) per share











Basic


$

(0.03)



$

0.16



$

(0.06)



$

0.13



$

(0.58)


Diluted


$

(0.03)



$

0.16



$

(0.06)



$

0.12



$

(0.58)













Weighted-average common shares outstanding











Basic


89.4



88.5



85.6



89.0



85.4


Diluted


89.4



90.1



85.6



90.5



85.4













Operating cash flow


$

31.9



$

28.1



$

42.1



$

60.0



$

61.3


Capital expenditures


(9.0)



(8.5)



(14.2)



(17.5)



(26.7)


Free cash flow


$

22.9



$

19.6



$

27.9



$

42.5



$

34.6



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