Microsemi Reports Fiscal Third Quarter 2014 Results

 

 

MICROSEMI CORPORATION

Schedule Reconciling Selected Non-GAAP Financial Measures

to Comparable GAAP Financial Measures

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

























Quarter Ended


Nine Months Ended



Jun 29,
2014


Mar 30,
2014


Jun 30,
2013


Jun 29,
2014


Jun 30,
2013

GAAP gross profit


$

153.6



$

148.6



$

138.3



$

440.5



$

414.4


Manufacturing profit in acquired inventory (1)


2.2



9.7





16.7




Inventory write-offs from restructuring activities (2)


7.9







7.9




Non-GAAP gross profit


$

163.7



$

158.3



$

138.3



$

465.1



$

414.4













GAAP operating income


$

6.3



$

7.3



$

25.2



$

20.8



$

62.6


Adjustments to GAAP gross profit


10.1



9.7





24.6




Restructuring and other special charges (2)


3.6



6.2



1.5



18.1



9.5


Facility consolidation and equipment charges


11.2







11.2




Amortization of intangible assets (3)


23.4



24.3



21.0



69.7



63.9


Stock based compensation (4)


11.3



11.4



7.1



32.8



25.4


Acquisition costs (5)


0.3



0.4





2.4




Non-GAAP operating income


$

66.2



$

59.3



$

54.8



$

179.6



$

161.4













GAAP net income (loss)


$

(4.3)



$

(6.8)



$

18.3



$

(9.7)



$

29.6


Adjustments to GAAP gross profit and operating income


59.9



52.0



29.6



158.8



98.8


Loss from facility closure and asset disposal (2)










0.2


Credit facility issuance and refinancing costs (6)


0.2



0.9



0.2



1.3



3.8


(Gain) in debt and derivative instruments (7)


(0.1)



(0.1)



(0.3)



(0.5)



(1.0)


Income tax effect on non-GAAP adjustments (8)


(0.9)



1.7



(3.0)



(4.5)



(2.8)


Non-GAAP net income


$

54.8



$

47.7



$

44.8



$

145.4



$

128.6













GAAP diluted earnings (loss) per share


$

(0.05)



$

(0.07)



$

0.20



$

(0.10)



$

0.33


Effect of non-GAAP adjustments on diluted earnings per share


$

0.63



$

0.58



$

0.29



$

1.64



$

1.09


Non-GAAP diluted earnings per share


$

0.58



$

0.51



$

0.49



$

1.54



$

1.42













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


94.8



94.1



91.7



94.2



90.8













Operating cash flow


$

54.4



$

30.2



$

52.6



$

147.1



$

112.6


Capital expenditures


(8.0)



(8.7)



(13.6)



(28.9)



(31.1)


Free cash flow


$

46.4



$

21.5



$

39.0



$

118.2



$

81.5



Additional details reconciling the selected non-GAAP financial measure to the selected GAAP financial measure may be found in "Notes on Non-GAAP Financial Measures."


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