Microsemi Reports First Quarter 2014 Results

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

Schedule Reconciling Selected Non-GAAP Financial Measures

to Comparable GAAP Financial Measures

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




Quarter Ended



Dec 29,

2013


Sep 29,

2013


Dec 30,

2012

GAAP gross profit


$

138.3


$

142.8


$

142.6

Manufacturing profit in acquired inventory (1)


4.8



Non-GAAP gross profit


$

143.1


$

142.8


$

142.6








GAAP operating income


$

7.2


$

26.9


$

25.5

Adjustments to GAAP gross profit


4.8



Restructuring and other special charges (2)


8.3


2.1


1.4

Amortization of intangible assets (3)


22.0


21.0


21.7

Stock based compensation (4)


10.1


9.2


8.1

Acquisition costs (5)


1.7



Non-GAAP operating income


$

54.1


$

59.2


$

56.7








GAAP net income


$

1.4


$

14.1


$

14.2

Adjustments to GAAP gross profit and operating income


46.9


32.3


31.2

Loss from facility closure and asset disposal (2)



(0.1)


Credit facility issuance and refinancing costs (6)


0.2


0.2


0.3

(Gain) in debt and derivative instruments (7)


(0.3)


(0.3)


(0.3)

Income tax effect on non-GAAP adjustments (8)


(5.3)


2.9


(0.4)

Non-GAAP net income


$

42.9


$

49.1


$

45.0








GAAP diluted earnings per share


$

0.01


$

0.15


$

0.16

Effect of non-GAAP adjustments on diluted earnings per share


$

0.45


$

0.38


$

0.34

Non-GAAP diluted earnings per share


$

0.46


$

0.53


$

0.50








Weighted average diluted shares used in calculating diluted earnings per share


93.5


92.8


90.1








Operating cash flow


$

62.5


$

52.4


$

28.1

Capital expenditures


(12.1)


(6.2)


(8.5)

Free cash flow


$

50.4


$

46.2


$

19.6


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