CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
Three Months Ended
--------------------
March 31, December 31,
----------- ------------
2009 2008 2008
---- ---- ----
Sales $32,627 $88,887 $67,525
Cost of sales 26,239 53,039 49,128
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Gross profit 6,388 35,848 18,397
Operating expenses:
Research and development 11,098 13,085 13,424
Selling, general and administrative 9,395 14,468 9,513
Amortization of intangible assets 222 240 257
Impairment of goodwill 63,260 - -
Restructuring charges 3,396 674 1,898
----- ----- -----
Total operating expenses 87,371 28,467 25,092
Income (loss) from operations (80,983) 7,381 (6,695)
Other income, net 282 905 553
---- ---- ----
Income (loss) from continuing operations
before income taxes (80,701) 8,286 (6,142)
Provision (benefit) for income taxes (938) 2,320 12,835
---- ----- ------
Net income (loss) $(79,763) $5,966 $(18,977)
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Basic earnings (loss) per share $(1.90) $0.13 $(0.45)
Diluted earnings (loss) per share $(1.90) $0.13 $(0.45)
Basic weighted-average common shares
outstanding 41,881 44,662 41,832
Diluted weighted-average common shares
outstanding 41,881 45,065 41,832
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
March 31, December 31,
2009 2008
---- ----
ASSETS
Current assets:
Cash and cash equivalents $115,409 $116,448
Marketable securities 29,588 33,266
Accounts receivable, net 35,578 56,549
Inventories, net 46,024 46,659
Deferred income taxes 12,781 13,253
Other current assets 4,649 5,324
----- -----
Total current assets 244,029 271,499
Property and equipment, net 29,960 31,322
Long-term investments 28,418 30,401
Deposits and other 7,557 7,505
Goodwill and intangibles, net 6,009 72,918
Customer service equipment, net - 23
Deferred income tax assets, net 7,955 6,969
----- -----
Total assets $323,928 $420,637
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $6,087 $8,005
Other accrued expenses 21,843 23,928
------ ------
Total current liabilities 27,930 31,933
Long-term liabilities 10,653 12,155
------ ------
Total liabilities 38,583 44,088
Stockholders' equity 285,345 376,549
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Total liabilities and stockholders' equity $323,928 $420,637
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