|
MICROSEMI CORPORATION Selected Non-GAAP Financial Measures and Schedule Reconciling Selected Non-GAAP Financial Measures to Comparable GAAP Financial Measures (Unaudited, in millions except for per share amounts) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended |
|
Fiscal Year Ended | |||||||||||||
|
|
|
Sep 30, 2012 |
Jul 1, 2012 |
Oct 2, 2011 |
|
Sep 30, 2012 |
Oct 2, 2011 | ||||||||||
|
GAAP gross profit |
|
$ |
150.4 |
|
$ |
144.6 |
|
$ |
129.9 |
|
|
$ |
552.6 |
|
$ |
441.2 |
|
|
Inventory write-offs due to realignment activities (1) |
|
— |
|
— |
|
— |
|
|
— |
|
16.6 |
| |||||
|
Remediation and impairment of fixed assets (1) |
|
— |
|
— |
|
— |
|
|
— |
|
5.6 |
| |||||
|
Manufacturing profit in acquired inventory (2) |
|
— |
|
1.0 |
|
0.3 |
|
|
9.2 |
|
5.9 |
| |||||
|
Thailand flood-related charges (3) |
|
— |
|
— |
|
— |
|
|
3.2 |
|
— |
| |||||
|
Non-GAAP gross profit |
|
$ |
150.4 |
|
$ |
145.6 |
|
$ |
130.2 |
|
|
$ |
565.0 |
|
$ |
469.3 |
|
|
|
|
|
|
|
|
|
| ||||||||||
|
GAAP operating income |
|
$ |
26.6 |
|
$ |
21.3 |
|
$ |
28.8 |
|
|
$ |
58.3 |
|
$ |
55.0 |
|
|
Adjustments to GAAP gross profit |
|
— |
|
1.0 |
|
0.3 |
|
|
12.4 |
|
28.1 |
| |||||
|
Restructuring and other special charges (1) |
|
0.2 |
|
2.7 |
|
2.5 |
|
|
11.9 |
|
26.1 |
| |||||
|
Amortization of intangible assets (4) |
|
27.4 |
|
26.0 |
|
17.7 |
|
|
104.8 |
|
62.4 |
| |||||
|
Stock based compensation (5) |
|
9.7 |
|
9.4 |
|
7.3 |
|
|
36.7 |
|
28.5 |
| |||||
|
Exceptional legal matters (6) |
|
0.1 |
|
0.1 |
|
— |
|
|
0.5 |
|
0.1 |
| |||||
|
Acquisition costs (7) |
|
0.5 |
|
0.2 |
|
3.1 |
|
|
7.3 |
|
11.8 |
| |||||
|
Non-GAAP operating income |
|
$ |
64.5 |
|
$ |
60.7 |
|
$ |
59.7 |
|
|
$ |
231.9 |
|
$ |
212.0 |
|
|
|
|
|
|
|
|
|
| ||||||||||
|
GAAP net income (loss) |
|
$ |
11.6 |
|
$ |
8.1 |
|
$ |
43.4 |
|
|
$ |
(29.7) |
|
$ |
55.7 |
|
|
Adjustments to GAAP gross profit and operating income |
|
37.9 |
|
39.4 |
|
31.0 |
|
|
173.6 |
|
157.0 |
| |||||
|
Loss (gain) from facility closures and asset disposal (1) |
|
— |
|
0.1 |
|
0.1 |
|
|
1.7 |
|
(2.0) |
| |||||
|
Thailand flood-related charges (recoveries) (3) |
|
— |
|
— |
|
— |
|
|
1.5 |
|
— |
| |||||
|
Credit facility issuance and refinancing costs (8) |
|
0.3 |
|
0.3 |
|
— |
|
|
36.2 |
|
14.2 |
| |||||
|
(Gain) loss in debt and derivative instruments (9) |
|
(0.2) |
|
(0.2) |
|
2.0 |
|
|
(5.7) |
|
3.2 |
| |||||
|
Income tax effect on non-GAAP adjustments (10) |
|
2.2 |
|
0.6 |
|
(30.9) |
|
|
(3.7) |
|
(71.0) |
| |||||
|
Non-GAAP net income |
|
$ |
51.8 |
|
$ |
48.3 |
|
$ |
45.6 |
|
|
$ |
173.9 |
|
$ |
157.1 |
|
|
|
|
|
|
|
|
|
| ||||||||||
|
GAAP diluted earnings (loss) per share |
|
$ |
0.13 |
|
$ |
0.09 |
|
$ |
0.50 |
|
|
$ |
(0.35) |
|
$ |
0.65 |
|
|
Effect of non-GAAP adjustments on diluted earnings per share |
|
$ |
0.45 |
|
$ |
0.46 |
|
$ |
0.03 |
|
|
$ |
2.34 |
|
$ |
1.18 |
|
|
Non-GAAP diluted earnings per share |
|
$ |
0.58 |
|
$ |
0.55 |
|
$ |
0.53 |
|
|
$ |
1.99 |
|
$ |
1.83 |
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Weighted average diluted shares used in calculating non-GAAP diluted earnings per share |
|
88.8 |
|
87.9 |
|
86.0 |
|
|
87.6 |
|
85.7 |
| |||||
