Microsemi Reports First Quarter 2013 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 Reconciling Non-GAAP Financial Information to GAAP Financial Information".

 

MICROSEMI CORPORATION

Consolidated Condensed Statement of Income and Operating Cash Flow

(unaudited, in millions, except per share amounts)
















Quarter Ended



Dec 30,
2012


Sep 30,
2012


Jan 1,
2012

Net sales


$

247.6


$

263.1


$

240.9

Cost of sales


105.0


112.7


115.2

Gross profit


$

142.6


$

150.4


$

125.7








Operating expenses







Selling, general and administrative


$

51.3


$

53.6


$

48.6

Research and development


43.2


42.8


39.6

Amortization of intangible assets


21.7


27.4


24.9

Acquisition costs



0.5


6.1

Restructuring charges


0.9


(0.5)


7.2

Total operating expenses


$

117.1


$

123.8


$

126.4








Operating income (loss)


$

25.5


$

26.6


$

(0.7)








Interest and other (expense), net


(8.3)


(8.6)


(44.2)

Income (loss) before income taxes


$

17.2


$

18.0


$

(44.9)

Provision (benefit) for income taxes


3.0


6.4


(0.3)

Net income (loss)


$

14.2


$

11.6


$

(44.6)








Earnings (loss) per share







Basic


$

0.16


$

0.13


$

(0.52)

Diluted


$

0.16


$

0.13


$

(0.52)








Weighted-average common shares outstanding







Basic


88.5


86.5


85.2

Diluted


90.1


88.8


85.2








Operating cash flow


$

28.1


$

55.2


$

19.2

Capital expenditures


(8.5)


(9.3)


(12.4)

Free cash flow


$

19.6


$

45.9


$

6.8


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