CONSOLIDATED INCOME STATEMENT
(in thousands except per share data)
Quarter Ended Nine Months Ended
September 30, September 30,
2000 1999 2000 1999
(unaudited) (unaudited) (unaudited)(unaudited)
Sales $96,317 $55,626 $257,046 $137,408
Cost of sales 49,492 30,675 131,191 76,955
Gross profit 46,825 24,951 125,855 60,453
Operating expenses:
Research and
development 9,711 7,211 26,328 20,223
Sales and marketing 6,232 4,589 17,472 12,208
General and
administrative 6,748 4,437 18,197 11,692
Merger costs 2,250 -- 4,583 --
Restructuring charge 1,000 -- 1,000 --
Income from operations 20,884 8,714 58,275 16,330
Other income (expense) 5,598 1,063 6,449 1,028
Net income before income
taxes and minority
interest 26,482 9,777 64,724 17,358
Provision for
income taxes 10,195 3,687 24,165 6,747
Minority interest
in net loss (2) -- (86) --
Net income $16,289 $6,090 $40,645 $10,611
Basic earnings
per share $0.52 $0.21 $1.30 $0.36
Diluted earnings
per share $0.50 $0.20 $1.25 $0.35
Basic weighted-average
common shares
outstanding 31,399 29,662 31,276 29,435
Diluted weighted-average
common shares
outstanding 32,417 30,932 32,473 30,666
ADDITIONAL INFORMATION -
Pro forma without
one-time items:
Pro forma net income
without one-time
items $16,455 $6,090 $42,821 $10,611
Pro forma basic
earnings per share $0.52 $0.21 $1.37 $0.36
Pro forma fully diluted
earnings per share $0.51 $0.20 $1.32 $0.35
ADDITIONAL INFORMATION - EBITDA:
Earnings before interest,
taxes, depreciation
and amortization $28,492 $11,711 $70,732 $22,799
Pretax cash diluted
EPS* $0.81 $0.38 $2.01 $0.74
After tax cash diluted
EPS* 0.50 0.24 1.26 $0.45
* Assumes dilution from conversion of subordinated notes in 2000
CONSOLIDATED BALANCE SHEET
(in thousands)
September 30, December 31,
2000 1999
ASSETS (unaudited) (audited)
Current Assets:
Cash and cash equivalents $23,254 $21,043
Marketable securities - trading 198,562 186,440
Accounts receivable 78,045 46,471
Income tax receivable 73 1,453
Inventories 39,732 28,410
Other current assets 2,202 1,803
Deferred income tax assets, net 5,773 3,753
Total current assets 347,641 289,373
Long-term investments 4,571 --
Property and equipment, net 21,055 17,699
Goodwill and intangibles, net 10,490 11,040
Deferred debt issuance costs 3,929 4,410
Other assets 3,353 2,911
Total assets $391,039 $325,433
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable, trade $17,409 $15,702
Other current liabilities 17,096 11,450
Accrued income taxes payable 7,777 1,266
Current portion of long-term debt 2,902 2,585
Accrued interest payable on
convertible subordinated notes 2,658 886
Total current liabilities 47,842 31,889
Long-term Liabilities:
Capital leases and notes payable 1,134 1,427
Convertible subordinated
notes payable 135,000 135,000
Total long-term liabilities 136,134 136,427
Total liabilities 183,976 168,316
Minority interest 42 128
Stockholders' equity 207,021 156,989
Total liabilities and
stockholders' equity $391,039 $325,433
CONSOLIDATED STATEMENT OF CASH FLOWS
(in thousands)
Nine Months Ended September 30,
2000 1999
(unaudited) (unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $40,645 $10,611
Depreciation and amortization 7,917 5,964
Accounts receivable (31,574) (23,011)
Inventories (11,322) (2,560)
Accounts payable, trade 1,726 5,848
Income taxes 7,891 4,987
Other (1,942) (806)
Net cash provided by
operating activities 13,341 1,033
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from sale of equipment 150 --
Marketable securities (5,000) (1,072)
Purchase of property and
equipment, net (8,687) (4,483)
Net cash used in
investing activities (13,537) (5,555)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net change from notes payable
and capital lease obligations (28) 1,528
Proceeds from common
stock transactions 4,013 3,045
Net cash provided by
financing activities 3,985 4,573
EFFECT OF CURRENCY TRANSLATION
ON CASH FLOW (1,578) (323)
INCREASE (DECREASE) IN CASH
AND CASH EQUIVALENTS 2,211 (272)
CASH AND EQUIVALENTS,
beginning of period 21,043 12,875
CASH AND EQUIVALENTS,
end of period $23,254 $12,603