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 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


Twelve Months Ended



Sep 29,

2013


Jun 30,

2013


Sep 30,

2012


Sep 29,

2013


Sep 30,

2012

GAAP gross profit


$

142.8



$

138.3



$

150.4



$

557.2



$

552.6


Manufacturing profit in acquired inventory (1)










9.2


Thailand flood-related charges (2)










3.2


Non-GAAP gross profit


$

142.8



$

138.3



$

150.4



$

557.2



$

565.0













GAAP operating income


$

26.9



$

25.2



$

26.6



$

89.4



$

58.3


Adjustments to GAAP gross profit










12.4


Restructuring and other special charges (2)


2.1



1.5



0.3



11.8



12.4


Amortization of intangible assets (3)


21.0



21.0



27.4



84.8



104.8


Stock based compensation (4)


9.2



7.1



9.7



34.6



36.7


Acquisition costs (5)






0.5





7.3


Non-GAAP operating income


$

59.2



$

54.8



$

64.5



$

220.6



$

231.9













GAAP net income (loss)


$

14.1



$

18.3



$

11.6



$

43.7



$

(29.7)


Adjustments to GAAP gross profit and operating income


32.3



29.6



37.9



131.2



173.6


Loss from facility closure and asset disposal (2)


(0.1)







0.1



1.7


Thailand flood-related charges (2)










1.5


Credit facility issuance and refinancing costs (6)


0.2



0.2



0.3



3.9



36.2


(Gain) in debt and derivative instruments (7)


(0.3)



(0.3)



(0.2)



(1.3)



(5.7)


Income tax effect on non-GAAP adjustments (8)


2.9



(3.0)



2.2





(3.7)


Non-GAAP net income


$

49.1



$

44.8



$

51.8



$

177.6



$

173.9













GAAP diluted earnings (loss) per share


$

0.15



$

0.20



$

0.13



$

0.48



$

(0.35)


Effect of non-GAAP adjustments on diluted earnings per share


$

0.38



$

0.29



$

0.45



$

1.47



$

2.34


Non-GAAP diluted earnings per share


$

0.53



$

0.49



$

0.58



$

1.95



$

1.99













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


92.8



91.7



88.8



91.3



87.6













Operating cash flow


$

52.4



$

52.6



$

55.2



$

165.0



$

171.2


Capital expenditures


(6.2)



(13.6)



(9.3)



(37.3)



(49.1)


Free cash flow


$

46.2



$

39.0



$

45.9



$

127.7



$

122.1



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