Adaptec 2006 Annual Report Download - page 38

Table of Contents
ITEM 6. Selected Financial Data
The following tables set forth data from our consolidated financial statements for each of our last five fiscal years. The data for fiscal year 2002 is set forth below
this table to provide information on the adjustments made as a result of the restatement (See Note 2 to the Consolidated Financial Statements). This information
should be read together with the Consolidated Financial Statements and related Notes contained in this Annual Report and in our prior and subsequent reports
filed with the SEC, as well as the section of this Annual Report and our other reports entitled “Management’s Discussion and Analysis of Financial Condition
and Results of Operations”.
Year Ended
(in thousands, except for per share data)
December 31,
2006(1)
December 31,
2005(2)
December 26,
2004(3)
December 28,
2003(4)
STATEMENT OF OPERATIONS DATA:
Net revenues $ 424,992 $ 291,411 $ 297,383 $ 249,483
Cost of revenues 146,456 80,963 87,542 87,875
Gross profit 278,536 210,448 209,841 161,608
Research and development 158,661 118,720 120,492 119,790
Selling, general and administrative 102,363 56,278 46,832 46,665
Amortization of purchased intangible assets 33,381 — — —
In-process research and development 35,300 — — —
Restructuring costs and other charges 6,119 13,833 3,520 15,314
Acquisition costs — — 1,212 —
(Loss) income from operations (57,288) 21,617 37,785 (20,161)
Interest income, net 8,979 12,106 4,859 1,709
Foreign exchange loss (109) (3,259) (1,295) (954)
(Loss) gain on extinguishment of debt and amortization of debt issue costs (968) (1,809) (2,233) 287
(Loss) gain on investments (1,269) 1,439 9,242 2,416
(Provision for) recovery of income taxes (49,237) (2,108) 3,323 8,712
Net (loss) income $ (99,892) $ 27,986 $ 51,681 $ (7,991)
Net income (loss) per share - basic: $ (0.49) $ 0.15 $ 0.29 $ (0.05)
Net income (loss) per share - diluted: $ (0.49) $ 0.15 $ 0.27 $ (0.05)
Shares used in per share calculation - basic 203,470 184,098 180,353 173,568
Shares used in per share calculation - diluted 203,470 189,132 188,903 173,568
(in thousands)
BALANCE SHEET DATA:
Working capital $ 192,146 $ 565,501 $ 152,306 $ 317,444
Cash, cash equivalents, and short-term investments 258,914 627,476 274,686 411,928
Long-term investment in bonds and notes — — 139,111 41,569
Total assets 1,006,557 732,949 507,024 552,956
Long-term debt (including current portion) 225,000 225,000 68,071 175,000
Stockholders’ equity 570,428 354,047 299,337 226,297
(1) Results for the year ended December 31, 2006 include $8.2 million purchase accounting adjustments to inventory, $1.8 million stock-based compensation
expense, and $0.8 million in additional contractor costs included in Cost of revenues; $19.9 million stock-based compensation expense, $2.4 million for
employee-related taxes, and $0.2 million acquisition-related relocation expenses included in Selling, general and administrative expenses; $16.2 million
stock-based compensation expense included in Research
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Source: PMC SIERRA INC, 10-K, March 01, 2007 Powered by Morningstar® Document Research℠