Microsemi Reports Fourth Quarter and Fiscal Year 2014 Results

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."

 

 

MICROSEMI CORPORATION

Summary of Schedule Reconciling Selected Non-GAAP Financial Measures

to Comparable GAAP Financial Measures

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
















Quarter Ended September 28, 2014



GAAP


Non-GAAP Adjustments


Non-GAAP

Net sales


$

303.3



$



$

303.3


Gross profit


$

171.0



$



$

171.0


Operating income


$

33.4



$

39.4



$

72.8


Net income


$

32.8



$

28.6



$

61.4


Diluted earnings per share


$

0.34



$

0.30



$

0.64


Additional details reconciling the selected non-GAAP financial measure to the selected 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

(unaudited, in millions, except per share amounts)






















Quarter Ended


Twelve Months Ended


Sep 28, 2014


Jun 29, 2014


Sep 29, 2013


Sep 28, 2014


Sep 29, 2013

Net sales

$

303.3



$

292.3



$

250.4



$

1,138.3



$

975.9


Cost of sales

132.3



138.7



107.6



526.8



418.7


Gross profit

$

171.0



$

153.6



$

142.8



$

611.5



$

557.2












Operating expenses










Selling, general and administrative

$

58.9



$

61.0



$

49.9



$

238.1



$

202.5


Research and development

50.6



48.0



43.2



192.0



170.6


Amortization of intangible assets

23.1



23.4



21.0



92.8



84.8


Restructuring charges

1.8



3.4



1.8



17.6



9.9


Facility consolidation charges

2.7



11.2





13.9




Acquisition costs

0.5



0.3





2.9




Total operating expenses

$

137.6



$

147.3



$

115.9



$

557.3



$

467.8












Operating income

$

33.4



$

6.3



$

26.9



$

54.2



$

89.4












Interest and other (expense), net

(6.5)



(7.1)



(6.7)



(30.3)



(33.3)


Income (loss) before income taxes

$

26.9



$

(0.8)



$

20.2



$

23.9



$

56.1


Provision (benefit) for income taxes

(5.9)



3.5



6.1



0.8



12.4


Net income (loss)

$

32.8



$

(4.3)



$

14.1



$

23.1



$

43.7












Earnings (loss) per share










Basic

$

0.35



$

(0.05)



$

0.16



$

0.25



$

0.49


Diluted

$

0.34



$

(0.05)



$

0.15



$

0.24



$

0.48












Weighted-average common shares outstanding










Basic

93.6



93.1



90.4



92.9



89.5


Diluted

95.6



93.1



92.8



94.5



91.3



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