Microsemi Reports Fourth Quarter 2013 Results

Additional details reconciling the selected GAAP financial measure to the selected non-GAAP financial measure may be found in "Notes on Non-GAAP Financial Measures."

MICROSEMI CORPORATION
Summary of Schedule Reconciling Selected Non-GAAP Financial Measures
to Comparable GAAP Financial Measures
(unaudited, in millions, except for per share amounts)
















Quarter Ended September 29, 2013



GAAP


Non-GAAP Adjustments


Non-GAAP

Net sales


$

250.4



$



$

250.4


Gross profit


$

142.8



$



$

142.8


Operating income


$

26.9



$

32.3



$

59.2


Net income


$

14.1



$

35.0



$

49.1


Diluted earnings per share


$

0.15



$

0.38



$

0.53


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
Consolidated Condensed Statement of Income
(unaudited, in millions, except per share amounts)
























Quarter Ended


Twelve Months Ended



Sep 29,

2013


Jun 30,

2013


Sep 30,

2012


Sep 29,

2013


Sep 30,

2012

Net sales


$

250.4



$

242.6



$

263.1



$

975.9



$

1,012.5


Cost of sales


107.6



104.3



112.7



418.7



459.9


Gross profit


$

142.8



$

138.3



$

150.4



$

557.2



$

552.6













Operating expenses











Selling, general and administrative


$

49.9



$

48.8



$

53.6



$

202.5



$

205.0


Research and development


43.2



42.2



42.8



170.6



168.5


Amortization of intangible assets


21.0



21.0



27.4



84.8



104.8


Restructuring charges


1.8



1.1



(0.5)



9.9



8.7


Acquisition costs






0.5





7.3


Total operating expenses


$

115.9



$

113.1



$

123.8



$

467.8



$

494.3













Operating income


$

26.9



$

25.2



$

26.6



$

89.4



$

58.3













Interest and other (expense), net


(6.7)



(7.0)



(8.6)



(33.3)



(73.0)


Income (loss) before income taxes


$

20.2



$

18.2



$

18.0



$

56.1



$

(14.7)


Provision (benefit) for income taxes


6.1



(0.1)



6.4



12.4



15.0


Net income (loss)


$

14.1



$

18.3



$

11.6



$

43.7



$

(29.7)













Earnings (loss) per share











Basic


$

0.16



$

0.20



$

0.13



$

0.49



$

(0.35)


Diluted


$

0.15



$

0.20



$

0.13



$

0.48



$

(0.35)













Weighted-average common shares outstanding











Basic


90.4



89.8



86.5



89.5



85.8


Diluted


92.8



91.7



88.8



91.3



85.8



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