Microsemi Reports Third 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 June 28, 2015



GAAP


Non-GAAP Adjustments


Non-GAAP

Net sales


$

317.1



$



$

317.1


Gross profit


$

172.1



$

8.6



$

180.7


Operating income


$

25.2



$

53.6



$

78.8


Net income


$

14.7



$

50.6



$

65.3


Diluted earnings per share


$

0.15



$

0.53



$

0.68


 

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


Nine Months Ended



Jun 28,
2015


Mar 29,
2015


Jun 29,
2014


Jun 28,
2015


Jun 29,
2014

Net sales


$

317.1



$

296.2



$

292.3



$

916.8



$

834.9


Cost of sales


145.0



126.9



138.7



407.4



394.4


Gross profit


$

172.1



$

169.3



$

153.6



$

509.4



$

440.5













Operating expenses











Selling, general and administrative


$

63.4



$

58.9



$

61.0



$

182.2



$

179.1


Research and development


52.3



46.4



48.0



146.3



141.4


Amortization of intangible assets


24.8



22.7



23.4



71.1



69.7


Restructuring and severance charges


3.1



3.8



14.6



14.0



27.1


Acquisition related costs


3.3



2.1



0.3



5.5



2.4


  Total operating expenses


$

146.9



$

133.9



$

147.3



$

419.1



$

419.7













Operating income


$

25.2



$

35.4



$

6.3



$

90.3



$

20.8













Interest and other (expense), net


(8.0)



(6.3)



(7.1)



(20.9)



(23.8)


Income (loss) before income taxes


$

17.2



$

29.1



$

(0.8)



$

69.4



$

(3.0)


Provision for income taxes


2.5



4.2



3.5



10.2



6.7


Net income (loss)


$

14.7



$

24.9



$

(4.3)



$

59.2



$

(9.7)













Earnings (loss) per share











Basic


$

0.16



$

0.26



$

(0.05)



$

0.63



$

(0.10)


Diluted


$

0.15



$

0.26



$

(0.05)



$

0.62



$

(0.10)













Weighted-average common shares outstanding











Basic


94.5



94.0



93.1



94.1



92.7


Diluted


96.4



95.3



93.1



95.6



92.7



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