Microsemi Reports Third 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 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


Nine Months



Jun 30,

2013


Mar 31,

2013


Jul 1,

2012


Jun 30,

2013


Jul 1,

2012

GAAP gross profit


$

138.3



$

133.5



$

144.6



$

414.4



$

402.2

Manufacturing profit in acquired inventory (1)






1.0





9.1

Thailand flood-related charges (2)










3.2

Non-GAAP gross profit


$

138.3



$

133.5



$

145.6



$

414.4



$

414.5












GAAP operating income


$

25.2



$

11.8



$

21.3



$

62.6



$

31.8

Adjustments to GAAP gross profit






1.0





12.3

Restructuring and other special charges (2)


1.5



6.9



2.8



9.5



12.1

Amortization of intangible assets (3)


21.0



21.1



26.0



63.9



77.4

Stock based compensation (4)


7.1



10.2



9.4



25.4



27.0

Acquisition costs (5)






0.2





6.8

Non-GAAP operating income


$

54.8



$

50.0



$

60.7



$

161.4



$

167.4












GAAP net income (loss)


$

18.3



$

(2.9)



$

8.1



$

29.6



$

(41.3)

Adjustments to GAAP gross profit and operating income


29.6



38.2



39.4



98.8



135.6

Loss from facility closure and asset disposal (2)




0.2



0.1



0.2



1.8

Thailand flood-related charges (2)










1.5

Credit facility issuance and refinancing costs (6)


0.2



3.3



0.3



3.8



35.9

(Gain) in debt and derivative instruments (7)


(0.3)



(0.3)



(0.2)



(1.0)



(5.4)

Income tax effect on non-GAAP adjustments (8)


(3.0)



0.4



0.6



(2.8)



(5.9)

Non-GAAP net income


$

44.8



$

38.9



$

48.3



$

128.6



$

122.2












GAAP diluted earnings (loss) per share


$

0.20



$

(0.03)



$

0.09



$

0.33



$

(0.48)

Effect of non-GAAP adjustments on diluted earnings per share


$

0.29



$

0.46



$

0.46



$

1.09



$

1.88

Non-GAAP diluted earnings per share


$

0.49



$

0.43



$

0.55



$

1.42



$

1.40












Weighted average diluted shares used in calculating non-GAAP diluted earnings per share


91.7



91.1



87.9



90.8



87.2


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