8x8 1999 Annual Report Download - page 56

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8X8, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
fair value of options at their grant dates, as prescribed in FAS 123, the Company's net income (loss) would have been as follows (in thousands,
except per share amounts):
NOTE 7 -- EMPLOYEE BENEFIT PLANS:
401(K) SAVINGS PLAN
In April 1991, the Company adopted a 401(k) savings plan (the "Savings Plan") covering substantially all of its U.S. employees. Eligible
employees may contribute to the Savings Plan up to the maximum allowed by the IRS from their compensation. Effective January 1, 1998, the
Company's matching contribution increased from $300 to $1,500 per employee per calendar year at a dollar for dollar rate of the employee
contribution. The Company's matching contributions vest over three years. The Company contributed $144,000 to the Savings Plan during
fiscal 1999. The Company's contributions were not significant for the fiscal years ended March 31, 1998 or 1997.
PROFIT SHARING PLAN
In April 1995, the Company's Board of Directors approved a profit sharing plan which provides for additional compensation to all employees
of the Company based on quarterly income before income taxes. The profit sharing plan was effective beginning in fiscal 1996 and provided
for payments of 15% of total quarterly income before income taxes. In July 1997, the Board of Directors amended the profit sharing plan such
fiscal year ended March 31, 1998, and were not significant for the fiscal years ended March 31, 1999 or 1997.
NOTE 8 -- GEOGRAPHIC AREA, PRODUCT AND SIGNIFICANT CUSTOMER INFORMATION:
The following illustrates net revenues by geographic area. Revenues are attributed to countries based on the destination of shipment.
51
YEAR ENDED MARCH 31,
------------------------------
1999 1998 1997
-------- ------ --------
Net income (loss):
As reported........................................ $(19,224) $3,727 $(13,613)
Pro forma.......................................... $(24,175) $ 58 $(14,744)
Basic income (loss) per share:
As reported........................................ $ (1.28) $ 0.31 $ (2.56)
Pro forma.......................................... $ (1.61) $ 0.01 $ (2.78)
Diluted income (loss) per share:
As reported........................................ $ (1.28) $ 0.25 $ (2.56)
Pro forma.......................................... $ (1.61) $ 0.01 $ (2.78)
YEAR ENDED MARCH 31,
-----------------------------
1999 1998 1997
------- ------- -------
United States......................................... $18,116 $26,381 $ 8,807
Japan................................................. 4,227 4,647 3,792
Europe................................................ 5,393 10,951 4,021
Other foreign countries............................... 3,946 7,797 2,526
------- ------- -------
$31,682 $49,776 $19,146
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