Microsemi Reports First Quarter 2015 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."

 

Summary of Schedule Reconciling Selected Non-GAAP Financial Measures
(unaudited, in millions, except for per share amounts)
















Quarter Ended December 28, 2014



GAAP


Non-GAAP Adjustments


Non-GAAP

Net sales


$

303.6



$



$

303.6


Gross profit


$

168.1



$

2.4



$

170.5


Operating income


$

29.7



$

44.5



$

74.2


Net income


$

19.7



$

42.2



$

61.9


Diluted earnings per share


$

0.21



$

0.44



$

0.65


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" and "Notes on Non-GAAP Financial Measures."

 

Consolidated Condensed Statement of Income
(unaudited, in millions, except for per share amounts)
















Quarter Ended



Dec 28,
2014


Sep 28,
2014


Dec 29,
2013

Net sales


$

303.6



$

303.3



$

255.6


Cost of sales


135.5



132.3



117.3


Gross profit


$

168.1



$

171.0



$

138.3









Operating expenses







Selling, general and administrative


$

60.0



$

58.9



$

55.6


Research and development


47.6



50.6



44.1


Amortization of intangible assets


23.6



23.1



22.0


Restructuring charges


3.6



1.8



7.7


Facility consolidation charges


3.5



2.7




Acquisition costs


0.1



0.5



1.7


  Total operating expenses


$

138.4



$

137.6



$

131.1









Operating income


$

29.7



$

33.4



$

7.2









Interest and other (expense), net


(6.6)



(6.5)



(7.9)


Income (loss) before income taxes


$

23.1



$

26.9



$

(0.7)


Provision (benefit) for income taxes


3.4



(5.9)



(2.1)


Net income


$

19.7



$

32.8



$

1.4









Earnings per share







Basic


$

0.21



$

0.35



$

0.01


Diluted


$

0.21



$

0.34



$

0.01









Weighted-average common shares outstanding







Basic


93.9



93.6



92.1


Diluted


95.1



95.6



93.5



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