Adaptec 2002 Annual Report Download - page 16

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BALANCE SHEET DATA: As of December 31, (1)
(in thousands)
−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−
Working capital $ 229,021 $ 214,471 $ 340,986 $ 191,019 $ 83,039
Cash, cash equivalents, short−term investments, and restricted cash 416,659 410,729 375,116 214,265 100,578
Long−term investment in bonds and notes 148,894 171,025 − − −
Total assets 728,716 855,341 1,126,090 388,750 225,303
Long−term debt (including current portion) 275,000 275,470 2,333 9,198 16,807
Stockholders' equity 198,639 272,227 851,318 224,842 119,225
(1) The Company's fiscal year ends on the last Sunday of the calendar year.
December 31 has been used as the fiscal year end for ease of presentation.
(2) Results for the year ended December 31, 2002 include a $4.0 million
allowance for inventories in excess of twelve−month demand recorded in cost
of revenues and a $15.3 million charge for impairment of other investments
recorded in gain (loss) on investments. In accordance with the adoption of
Statement of Financial Accounting Standard No. 142, "Goodwill and Other
Intangible Assets", we ceased amortizing goodwill at the beginning of 2002,
thereby eliminating amortization expense of approximately $2 million. See
Note 1 of the Consolidated Financial Statements.
(3) Results for the year ended December 31, 2001 include a $20.7 million
allowance for inventories in excess of twelve−month demand recorded in cost
of revenues and a $17.5 million charge for impairment of other investments
recorded in gain (loss) on investments.
(4) Reflects two 2−for−1 stock splits, in the form of 100% stock dividends,
effective May 1999 and February 2000.
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