Adaptec 2001 Annual Report Download - page 16

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16
ITEM 6. Sel ected Fi nancial Data
(1) The Company's fiscal year ends on the last Sunday of the calendar year. The reference to December 31 has been used as the fiscal year end for ease of presentation.
(2) Results for the year ended December 31, 2001 include a $20.7 million write-dow n of excess inventory recorded in cost of revenues and a $17.5 million charge for impairment of
other investments recorded in gain (loss) on investments.
(3) Results for the year ended December 31, 1997 include a recovery of $1.4 million from the reversal of the excess accrued restructure charge resulting from the conclusion of a 1996
restructuring plan.
(4) Reflects 2-for-1 stock splits in the form of 100% stock dividends effective February 2000 and May 1999.
Year Ended December 31, (1)
(in thousands, except for per share data)
2001(2) 2000 1999 1998 1997 (3)
STATEMENT OF OPERATIONS DATA:
Net revenues 322,738$ 694,684$ 295,768$ 174,288$ 139,337$
Cost of revenues 137,262 166,161 73,439 45,290 34,063
Gross profit 185,476 528,523 222,329 128,998 105,274
Research and development 201,087 178,806 83,676 50,890 34,608
Marketing, general and administrative 90,302 100,589 52,301 33,842 26,502
Amortization of deferred stock compensation
Research and development 32,506 32,258 3,738 1,329 -
Marketing, general and administrative 8,678 4,006 1,383 140 -
Amortization of goodwill 44,010 36,397 1,912 915 300
Restructuring costs and other special charges 195,186 - - - (1,383)
Impairment of
g
oodwill and purchased intan
g
ible asset
s
269,827 - - 4,311 -
Costs of merger - 37,974 866 - -
Acquisition of in process research and development - 38,200 - 39,176 -
Income (loss) from operations (656,120) 100,293 78,453 (1,605) 45,247
Gain (loss) on investments (14,591) 58,491 26,800 - -
Net income (loss) (639,054) 75,298 71,829 (21,699) 30,535
Net income (loss) per share - basic: (4) (3.80)$ 0.46$ 0.49$ (0.16)$ 0.24$
Net income (loss) per share - diluted: (4) (3.80)$ 0.41$ 0.45$ (0.16)$ 0.23$
Shares used in per share calculation - basic 167,967 162,377 146,818 137,750 127,767
Shares used in per share calculation - diluted 167,967 181,891 160,523 137,750 134,133
BALANCE SHEET DATA: As of December 31, (1)
(in thousands)
Working capital 214,471$ 340,986$ 191,019$ 83,039$ 61,752$
Cash, cash equivalents and short-term investments 410,729 375,116 214,265 100,578 76,060
Long-term investment in bonds and notes 171,025 - - - -
Total assets 855,341 1,126,090 388,750 225,303 161,454
Long-term debt (including current portion) 275,470 2,333 9,198 16,807 16,873
Stockholders' equity 272,227 851,318 224,842 119,225 94,309