CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(in thousands, except per share data)
Three Months Ended Nine Months Ended
-------------------- -----------------
September 30, June 30, September 30,
------------- -------- -------------
2009 2008 2009 2009 2008
---- ---- ---- ---- ----
Sales $51,762 $84,510 $35,567 $119,956 $261,393
Cost of sales 36,181 49,249 27,636 90,056 155,008
------ ------ ------ ------ -------
Gross profit 15,581 35,261 7,931 29,900 106,385
30.1% 41.7% 22.3% 24.9% 40.7%
Operating expenses:
Research and
development 10,195 14,681 10,742 32,035 41,528
Selling, general
and administrative 10,788 14,337 10,166 30,349 42,760
Amortization of
intangible assets 123 223 120 465 689
Impairment of goodwill - - - 63,260 -
Restructuring charges 235 522 739 4,370 1,589
--- --- --- ----- -----
Total operating
expenses 21,341 29,763 21,767 130,479 86,566
Income (loss) from
operations (5,760) 5,498 (13,836) (100,579) 19,819
Other income, net 506 429 627 1,415 2,330
--- --- --- ----- -----
Income (loss) from
operations before
income taxes (5,254) 5,927 (13,209) (99,164) 22,149
Provision for income
taxes 3,177 558 2,825 5,064 4,951
----- --- ----- ----- -----
Net income (loss) $(8,431) $5,369 $(16,034) $(104,228) $17,198
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Basic earnings (loss)
per share $(0.20) $0.13 $(0.38) $(2.48) $0.40
Diluted earnings (loss)
per share $(0.20) $0.13 $(0.38) $(2.48) $0.40
Basic weighted-average
common shares
outstanding 42,004 41,787 41,948 41,944 42,773
Diluted weighted-average
common shares
outstanding 42,004 42,201 41,948 41,944 43,183
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
September 30, December 31,
2009 2008
---- ----
(unaudited)
ASSETS
Current assets:
Cash and cash equivalents $139,679 $116,448
Marketable securities 37,601 33,266
Accounts receivable, net 37,160 56,549
Inventories, net 36,472 46,659
Deferred income taxes 4,392 13,253
Other current assets 5,241 5,324
----- -----
Total current assets 260,545 271,499
Property and equipment, net 29,916 31,322
Long-term investments - 30,401
Deposits and other 7,527 7,528
Goodwill and intangibles, net 6,355 72,918
Deferred income tax assets, net 14,727 6,969
------ -----
Total assets $319,070 $420,637
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $14,983 $8,005
Other accrued expenses 19,194 23,928
------ ------
Total current liabilities 34,177 31,933
Long-term liabilities 11,655 12,155
------ ------
Total liabilities 45,832 44,088
Stockholders' equity 273,238 376,549
------- -------
Total liabilities and
stockholders' equity $319,070 $420,637
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