Adaptec 2002 Annual Report Download - page 17

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Quarterly Comparisons
The following tables set forth the consolidated statements of operations for each of the Company's last
eight quarters. This quarterly information is derived from unaudited interim financial statements and has
been prepared on the same basis as the annual Consolidated Financial Statements. In management's opinion,
this quarterly information reflects all adjustments necessary for fair presentation of the information for
the periods presented. The operating results for any quarter are not necessarily indicative of results for
any future period.
Quarterly Data
(in thousands except for per share data)
Year Ended December 31, 2002 Year Ended December 31, 2001
−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−− −−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−
Fourth (1) Third Second First Fourth (2) Third Second (3) First (4)
STATEMENT OF OPERATIONS DATA:
Net revenues $ 52,556 $ 59,584 $ 54,511 $ 51,442 $ 47,157 $ 61,556 $ 94,130 $ 119,895
Cost of revenues 24,996 23,229 20,774 20,543 26,142 24,359 48,834 37,927
Gross profit 27,560 36,355 33,737 30,899 21,015 37,197 45,296 81,968
Research and development 33,085 33,977 34,438 36,234 41,145 48,705 53,769 57,468
Marketing, general and administrative 13,827 16,030 16,451 17,111 18,445 22,697 24,067 25,093
Amortization of deferred stock compensation:
Research and development 507 453 764 921 1,130 1,386 2,090 27,900
Marketing, general and administrative 18 23 61 66 7,480 254 425 519
Impairment of property and equipment 1,824 − − − − − − −
Restructuring costs and other special charges − − − − 175,286 − − 19,900
Impairment of goodwill and purchased
intangible assets − − − − 80,785 − 189,042 −
Amortization of goodwill − − − − 2,392 5,996 17,811 17,811
Income (loss) from operations (21,701) (14,128) (17,977) (23,433) (305,648) (41,841) (241,908) (66,723)
Gain (loss) on investments (14,714) 71 619 2,445 (14,992) − − 401
Provision for (recovery of) income taxes (5,105) (3,438) (4,428) (5,887) (10,922) (4,733) (4,179) 2,071
Net income (loss) $(30,491) $ (9,245) $(11,591) $(13,680) $(308,028) $(34,455) $(233,045) $(63,526)
Net income (loss) per share − basic $ (0.18) $ (0.05) $ (0.07) $ (0.08) $ (1.82) $ (0.20) $ (1.39) $ (0.38)
Net income (loss) per share − diluted $ (0.18) $ (0.05) $ (0.07) $ (0.08) $ (1.82) $ (0.20) $ (1.39) $ (0.38)
Shares used in per share calculation − basic 170,594 170,525 169,798 169,513 168,874 168,389 167,817 166,786
Shares used in per share calculation − diluted 170,594 170,525 169,798 169,513 168,874 168,389 167,817 166,786
(1) Results include a $4.0 million allowance for inventories in excess of
twelve−month demand recorded in cost of revenues and a charge of $15.3
million for impairment of other investments recorded in gain (loss) on
investments.
(2) Results include a $6.5 million allowance for inventories in excess of
twelve−month demand recorded in cost of revenues and a charge of $17.5
million for impairment of other investments recorded in gain (loss) on
investments.
(3) Results include a $12.1 million allowance for inventories in excess of
twelve−month demand recorded in cost of revenues.
(4) Results include a $2.1 million allowance for inventories in excess of
twelve−month demand recorded in cost of revenues.
16