Microsemi Reports Second 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 March 29, 2015



GAAP


Non-GAAP Adjustments


Non-GAAP

Net sales


$

296.2



$



$

296.2


Gross profit


$

169.3



$



$

169.3


Operating income


$

35.4



$

40.4



$

75.8


Net income


$

24.9



$

38.9



$

63.8


Diluted earnings per share


$

0.26



$

0.41



$

0.67


 

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


Six Months Ended



Mar 29,
2015


Dec 28,
2014


Mar 30,
2014


Mar 29,
2015


Mar 30,
2014

Net sales


$

296.2



$

303.6



$

287.0



$

599.8



$

542.6


Cost of sales


126.9



135.5



138.4



262.4



255.7


Gross profit


$

169.3



$

168.1



$

148.6



$

337.4



$

286.9













Operating expenses











Selling, general and administrative


$

58.9



$

60.0



$

62.5



$

118.9



$

118.2


Research and development


46.4



47.6



49.3



94.0



93.3


Amortization of intangible assets


22.7



23.6



24.3



46.3



46.3


Restructuring and severance charges


3.8



7.1



4.8



10.9



12.4


Acquisition costs


2.1



0.1



0.4



2.2



2.2


  Total operating expenses


$

133.9



$

138.4



$

141.3



$

272.3



$

272.4













Operating income


$

35.4



$

29.7



$

7.3



$

65.1



$

14.5













Interest and other (expense), net


(6.3)



(6.6)



(8.8)



(12.9)



(16.7)


Income (loss) before income taxes


$

29.1



$

23.1



$

(1.5)



$

52.2



$

(2.2)


Provision for income taxes


4.2



3.4



5.3



7.6



3.2


Net income (loss)


$

24.9



$

19.7



$

(6.8)



$

44.6



$

(5.4)













Earnings (loss) per share











Basic


$

0.26



$

0.21



$

(0.07)



$

0.47



$

(0.06)


Diluted


$

0.26



$

0.21



$

(0.07)



$

0.47



$

(0.06)













Weighted-average common shares outstanding











Basic


94.0



93.9



92.8



94.0



92.5


Diluted


95.3



95.1



92.8



95.2



92.5



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