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Quarterly Financial Information (unaudited) (Tables)
12 Months Ended
Jun. 27, 2015
Quarterly Financial Information (unaudited)  
Schedule of quarterly consolidated statements

 

The following table presents the Company’s quarterly consolidated statements of operations for fiscal 2015 and 2014 (in millions, except per share data):

 

 

 

June 27,
2015

 

March 28,
2015

 

December
27, 2014

 

September
27, 2014

 

June 28,
2014

 

March 29,
2014

 

December
28, 2013

 

September
28, 2013

 

Net revenue

 

$

427.7

 

$

410.7

 

$

437.1

 

$

433.6

 

$

448.6

 

$

418.0

 

$

447.6

 

$

429.0

 

Cost of sales

 

225.7

 

215.5

 

225.5

 

224.3

 

228.2

 

222.3

 

232.8

 

232.4

 

Amortization of acquired technologies

 

7.4

 

10.9

 

11.1

 

10.0

 

10.9

 

11.0

 

9.9

 

11.4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross profit

 

194.6

 

184.3

 

200.5

 

199.3

 

209.5

 

184.7

 

204.9

 

185.2

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

80.9

 

76.7

 

79.2

 

76.4

 

80.0

 

74.1

 

72.3

 

69.6

 

Selling, general and administrative

 

121.3

 

116.7

 

114.8

 

110.7

 

120.9

 

113.4

 

109.0

 

107.1

 

Amortization of other intangibles

 

4.8

 

4.9

 

5.0

 

5.1

 

5.1

 

5.2

 

2.8

 

2.7

 

Restructuring and related charges

 

13.6

 

8.3

 

9.7

 

2.9

 

20.0

 

3.6

 

1.0

 

(0.8

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total operating expenses

 

220.6

 

206.6

 

208.7

 

195.1

 

226.0

 

196.3

 

185.1

 

178.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Loss) income from operations

 

(26.0

)

(22.3

)

(8.2

)

4.2

 

(16.5

)

(11.6

)

19.8

 

6.6

 

Interest and other income (expense), net

 

2.2

 

0.3

 

0.4

 

0.5

 

0.1

 

0.6

 

0.4

 

(0.6

)

Interest expense

 

(8.6

)

(8.6

)

(8.5

)

(8.3

)

(8.4

)

(7.7

)

(8.4

)

(5.2

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Loss) income before income taxes

 

(32.4

)

(30.6

)

(16.3

)

(3.6

)

(24.8

)

(18.7

)

11.8

 

0.8

 

Provision for (Benefit from) income taxes (2) (3)

 

7.7

 

(17.4

)

8.8

 

6.1

 

0.6

 

(17.2

)

3.0

 

0.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net (loss) income

 

$

(40.1

)

$

(13.2

)

$

(25.1

)

$

(9.7

)

$

(25.4

)

$

(1.5

)

$

8.8

 

$

0.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net (loss) income per share from (1):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

(0.17

)

$

(0.06

)

$

(0.11

)

$

(0.04

)

$

(0.11

)

$

(0.01

)

$

0.04

 

$

0.00

 

Diluted

 

$

(0.17

)

$

(0.06

)

$

(0.11

)

$

(0.04

)

$

(0.11

)

$

(0.01

)

$

0.04

 

$

0.00

 

Shares used in per share calculation:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

234.6

 

233.2

 

232.1

 

230.8

 

234.3

 

234.0

 

233.0

 

235.3

 

Diluted net income (loss) per share from:

 

234.6

 

233.2

 

232.1

 

230.8

 

234.3

 

234.0

 

235.8

 

239.6

 

 

(1)

Net income (loss) per share is computed independently for each of the quarters presented. Therefore, the sum of the quarterly basic and diluted net income (loss) per share amounts do not equal the annual basic and diluted net income (loss) per share amount for fiscal 2014.

 

(2)

During the third quarter of fiscal 2014, the Company recognized $21.7 million of uncertain tax benefits related to deferred tax assets due to the expiration of the statute of limitations in a non-U.S. jurisdiction.

 

(3)

During the third quarter of fiscal 2015, the company recognized $21.8 million tax benefit recognized upon the settlement of an audit in a non-U.S. jurisdiction.