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MICROSEMI CORPORATION Summary of Schedule Reconciling Selected Non-GAAP Financial Measures to Comparable GAAP Financial Measures (unaudited, in millions, except for per share amounts) | |||||||||
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Quarter Ended December 29, 2013 | |||||||
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GAAP |
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Non-GAAP Adjustments |
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Non-GAAP | |||
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Net sales |
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$ |
255.6 |
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$ |
— |
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$ |
255.6 |
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Gross profit |
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$ |
138.3 |
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$ |
4.8 |
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$ |
143.1 |
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Operating income |
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$ |
7.2 |
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$ |
46.9 |
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$ |
54.1 |
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Net income |
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$ |
1.4 |
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$ |
41.5 |
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$ |
42.9 |
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Diluted earnings per share |
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$ |
0.01 |
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$ |
0.45 |
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$ |
0.46 |
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 to Comparable GAAP Financial Measures" and "Notes on Non-GAAP Financial Measures."
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MICROSEMI CORPORATION Consolidated Condensed Statement of Income (unaudited, in millions, except per share amounts) | |||||||||
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Quarter Ended | |||||||
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Dec 29, 2013 |
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Sep 29, 2013 |
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Dec 30, 2012 | |||
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Net sales |
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$ |
255.6 |
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$ |
250.4 |
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$ |
247.6 |
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Cost of sales |
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117.3 |
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107.6 |
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105.0 | |||
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Gross profit |
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$ |
138.3 |
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$ |
142.8 |
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$ |
142.6 |
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Operating expenses |
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Selling, general and administrative |
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$ |
55.6 |
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$ |
49.9 |
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$ |
51.3 |
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Research and development |
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44.1 |
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43.2 |
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43.2 | |||
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Amortization of intangible assets |
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22.0 |
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21.0 |
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21.7 | |||
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Restructuring charges |
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7.7 |
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1.8 |
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0.9 | |||
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Acquisition costs |
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1.7 |
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— |
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— | |||
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Total operating expenses |
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$ |
131.1 |
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$ |
115.9 |
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$ |
117.1 |
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Operating income |
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$ |
7.2 |
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$ |
26.9 |
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$ |
25.5 |
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Interest and other (expense), net |
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(7.9) |
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(6.7) |
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(8.3) | |||
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Income (loss) before income taxes |
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$ |
(0.7) |
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$ |
20.2 |
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$ |
17.2 |
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Provision (benefit) for income taxes |
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(2.1) |
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6.1 |
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3.0 | |||
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Net income |
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$ |
1.4 |
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$ |
14.1 |
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$ |
14.2 |
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Earnings per share |
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Basic |
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$ |
0.01 |
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$ |
0.16 |
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$ |
0.16 |
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Diluted |
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$ |
0.01 |
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$ |
0.15 |
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$ |
0.16 |
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Weighted average common shares outstanding |
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Basic |
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92.1 |
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90.4 |
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88.5 | |||
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Diluted |
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93.5 |
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92.8 |
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90.1 | |||
