EX-99.1 2 ex_112475.htm EXHIBIT 99.1 ex_112475.htm

Exhibit 99.1

 

LITTELFUSE, INC.

Condensed Consolidated Statement of Comprehensive Income

Supplemental GAAP to Non-GAAP Reconciliation

(In thousands of USD, except per share data, unaudited)

 

   

GAAP As Reported

    

Non-GAAP Adjustments

      

Non-GAAP

  
   

March 31, 2018

    

March 31, 2018

      

March 31, 2018

  
                           

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:

                          

Basic

   $ 1.48     $ 0.95       $ 2.43  

Diluted

   $ 1.45     $ 0.94       $ 2.39  
                           

Weighted average shares outstanding:

                          

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

  

(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

  

(c) Research and development expenses included $1.6 million for acquisition related stock-based compensation charges

  

(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.