CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(in thousands, except per share data)
Three Months Ended Six Months Ended
------------------ ----------------
June 30, March 31, June 30,
-------- --------- --------
2009 2008 2009 2009 2008
---- ---- ---- ---- ----
Sales $35,567 $87,996 $32,627 $68,194 $176,883
Cost of sales 27,636 52,720 26,239 53,875 105,759
------ ------ ------ ------ -------
Gross profit 7,931 35,276 6,388 14,319 71,124
22.3% 40.1% 19.6% 21.0% 40.2%
Operating expenses:
Research and
development 10,742 13,762 11,098 21,840 26,847
Selling,
general and
administrative 10,166 13,955 9,395 19,561 28,423
Amortization
of intangible
assets 120 226 222 342 466
Impairment of
goodwill - - 63,260 63,260 -
Restructuring
charges 739 393 3,396 4,135 1,067
----- ----- ----- ----- -----
Total
operating
expenses 21,767 28,336 87,371 109,138 56,803
Income (loss) from
operations (13,836) 6,940 (80,983) (94,819) 14,321
Other income, net 627 996 282 909 1,901
--- --- --- --- -----
Income (loss) from
operations before
income taxes (13,209) 7,936 (80,701) (93,910) 16,222
Provision
(benefit) for
income taxes 2,825 2,073 (938) 1,887 4,393
----- ----- ---- ----- -----
Net income (loss) $(16,034) $5,863 $(79,763) $(95,797) $11,829
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Basic earnings
(loss) per share $(0.38) $0.14 $(1.90) $(2.28) $0.27
Diluted earnings
(loss) per share $(0.38) $0.14 $(1.90) $(2.28) $0.27
Basic weighted-
average common
shares
outstanding 41,948 41,869 41,881 41,915 43,265
Diluted weighted-
average common
shares
outstanding 41,948 42,290 41,881 41,915 43,686
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
June 30, December 31,
2009 2008
---- ----
(unaudited)
ASSETS
Current assets:
Cash and cash equivalents $137,416 $116,448
Marketable securities 37,897 33,266
Accounts receivable, net 32,298 56,549
Inventories, net 39,809 46,659
Deferred income taxes 11,754 13,253
Other current assets 3,593 5,324
----- -----
Total current assets 262,767 271,499
Property and equipment, net 29,385 31,322
Long-term investments - 30,401
Deposits and other 7,539 7,528
Goodwill and intangibles, net 6,055 72,918
Deferred income tax assets, net 8,993 6,969
----- -----
Total assets $314,739 $420,637
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $7,736 $8,005
Other accrued expenses 20,346 23,928
------ ------
Total current liabilities 28,082 31,933
Long-term liabilities 11,538 12,155
------ ------
Total liabilities 39,620 44,088
Stockholders' equity 275,119 376,549
------- -------
Total liabilities and stockholders'
equity $314,739 $420,637
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