Attached files
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8-K - FORM 8-K - LITTELFUSE INC /DE | lfus20180502_8k.htm |
Exhibit 99.1
LITTELFUSE, INC. |
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Condensed Consolidated Statement of Comprehensive Income |
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Supplemental GAAP to Non-GAAP Reconciliation |
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(In thousands of USD, except per share data, unaudited) |
GAAP As Reported |
Non-GAAP Adjustments |
Non-GAAP |
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March 31, 2018 |
March 31, 2018 |
March 31, 2018 |
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Net sales |
$ | 417,813 | $ | 417,813 | |||||||||
Cost of sales |
268,190 | (18,878 | ) |
(a) |
249,312 | ||||||||
Gross profit |
149,623 | 18,878 | 168,501 | ||||||||||
Selling, general and administrative expenses |
77,514 | (16,504 | ) |
(b) |
61,010 | ||||||||
Research and development expenses |
22,540 | (1,607 | ) |
(c) |
20,933 | ||||||||
Amortization of intangibles |
11,998 | (2,504 | ) |
(d) |
9,494 | ||||||||
112,052 | (20,615 | ) | 91,437 | ||||||||||
Operating income |
37,571 | 39,493 | 77,064 | ||||||||||
Interest expense |
5,423 | 5,423 | |||||||||||
Foreign exchange gain |
(10,555 | ) | 10,555 | - | |||||||||
Other income, net |
(1,943 | ) | (1,943 | ) | |||||||||
Income before income taxes |
44,646 | 28,939 | 73,584 | ||||||||||
Income taxes |
8,617 | 5,805 | 14,422 | ||||||||||
Net income |
$ | 36,029 | $ | 23,133 | $ | 59,162 | |||||||
Net income per share: |
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Basic |
$ | 1.48 | $ | 0.95 | $ | 2.43 | |||||||
Diluted |
$ | 1.45 | $ | 0.94 | $ | 2.39 | |||||||
Weighted average shares outstanding: |
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Basic |
24,339 | 24,339 | |||||||||||
Diluted |
24,775 | 24,775 | |||||||||||
Comprehensive income |
$ | 35,750 | $ | 58,883 |
(a) Cost of sales included $17.9 million for purchase accounting inventory adjustments, $0.5 million for acquisition related stock-based compensation charges and $0.5 million of restructuring charges |
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(b) Selling, general and administrative included $11.7 million for acquisition related and integration costs, $2.4 million for acquisition related stock-based compensation charges, $2.1 million for IXYS change in control and $0.3 million of restructuring charges |
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(c) Research and development expenses included $1.6 million for acquisition related stock-based compensation charges |
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(d) Amoritization of intangibles included $2.5 million of IXYS backlog amortization |
The Company believes that certain non-GAAP measures, when presented in conjunction with comparable GAAP measures, are useful because that information is an appropriate measure for evaluating the Company’s operating performance. Internally, the Company uses this non-GAAP information as an indicator of business performance, and evaluates management’s effectiveness with specific reference to this indicator. These measures should be considered in addition to, not a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. |