Microsemi Reports Third Quarter 2017 Results

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

Summary of Schedule Reconciling Selected Non-GAAP Financial Measures

(unaudited, in millions, except for per share amounts)

















Quarter Ended July 2, 2017



GAAP


Non-GAAP Adjustments


Non-GAAP

Net sales


$

458.1



$



$

458.1


Gross profit


$

292.7



$



$

292.7


Operating income


$

70.0



$

77.9



$

147.9


Net income


$

13.6



$

102.4



$

116.0


Diluted earnings per share


$

0.12



$

0.87



$

0.99


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" and "Notes on Non-GAAP Financial Measures."

Consolidated Condensed Statements of Income

(unaudited, in millions, except for per share amounts)
























Quarter Ended


Nine Months Ended



Jul 2,
2017


Apr 2,
2017


Jul 3,
2016


Jul 2,
2017


Jul 3,
2016

Net sales


$

458.1



$

442.9



$

431.4



$

1,336.5



$

1,204.9


Cost of sales


165.4



158.8



164.5



483.2



549.6


Gross profit


$

292.7



$

284.1



$

266.9



$

853.3



$

655.3













Operating expenses











Selling, general and administrative


$

76.4



$

75.4



$

80.1



$

241.6



$

234.6


Research and development


85.1



86.9



83.0



254.3



225.7


Amortization of intangible assets


49.6



46.5



44.9



141.6



115.6


Restructuring, severance and facilities charges


11.2



5.8



4.9



19.4



58.3


Acquisition and divestiture related costs


0.4



0.4



2.8



1.5



31.2


Total operating expenses


$

222.7



$

215.0



$

215.7



$

658.4



$

665.4













Operating income (loss)


$

70.0



$

69.1



$

51.2



$

194.9



$

(10.1)













Interest and other expense, net


(58.7)



(26.2)



73.4



(112.1)



(51.2)


Income (loss) before income taxes


$

11.3



$

42.9



$

124.6



$

82.8



$

(61.3)


Provision for (benefit from) income taxes


(2.3)



1.7



9.4



8.5



11.8


Net income (loss)


$

13.6



$

41.2



$

115.2



$

74.3



$

(73.1)













Earnings (loss) per share











Basic


$

0.12



$

0.36



$

1.03



$

0.65



$

(0.69)


Diluted


$

0.12



$

0.35



$

1.00



$

0.64



$

(0.69)













Weighted-average common shares outstanding











Basic


115.0



114.7



112.1



114.7



105.3


Diluted


117.2



117.0



114.6



116.8



105.3



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