Autodesk 2001 Annual Report Download - page 51

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48 FY 01 Autodesk, Inc.
Note 16. Quarterly Financial Information (Unaudited)
Summarized quarterly financial information for fiscal 2001 and 2000 is as follows:
(in thousands, except per share data)
1st 2nd 3rd 4th Fiscal
quarter quarter quarter quarter year
Fiscal 2001
Net revenues $ 231,259 $ 232,841 $ 229,177 $ 243,047 $ 936,324
Gross margin 194,533 193,632 191,221 206,740 786,126
Income from operations 37,983 34,000 29,520 38,511 140,014
Net income 25,606 20,753 18,511 28,363 93,233
Basic net income per share 0.43 0.36 0.33 0.51 1.63
Diluted net income per share 0.41 0.35 0.32 0.51 1.59
Fiscal 2000
Net revenues $ 202,661 $ 210,582 $ 208,131 $ 226,677 $ 848,051
Gross margin 169,649 170,310 172,310 189,467 701,736
Income (loss) from operations (20,209) (5,248) (4,435) 30,655 763
Net income (loss) (17,144) 389 1,393 25,170 9,808
Basic net income (loss) per share (0.29) 0.01 0.02 0.42 0.16
Diluted net income (loss) per share (0.29) 0.01 0.02 0.41 0.16
As a result of two new accounting pronouncements that
were effective during the fourth quarter of fiscal 2001,
Autodesk reclassified dealer commissions to market-
ing and sales expenses and customer-paid shipping and
handling fees to net revenues (see Note 1 for further dis-
cussion). Previously, dealer commission costs were
reflected as a direct reduction of net revenues and cus-
tomer-paid shipping and handling amounts were
reflected as a reduction of cost of revenues.
During fiscal 2001, dealer commission costs were
$7.4 million (Qtr 1), $6.0 million (Qtr 2), $7.2 million (Qtr 3),
$4.1 million (Qtr 4), and $24.7 million (total). Shipping and
handling amounts during fiscal 2001 were as follows:
$0.6 million (Qtr 1), $0.5 million (Qtr 2), $0.5 million (Qtr 3),
$0.5 million (Qtr 4), and $2.1 million (total).
During fiscal 2000, dealer commission costs were
$7.1 million (Qtr 1), $7.0 million (Qtr 2), $5.4 million (Qtr 3),
$5.9 million (Qtr 4), and $25.4 million (total). Shipping and
handling amounts during fiscal 2000 were as follows:
$0.6 million (Qtr 1), $0.6 million (Qtr 2), $0.6 million (Qtr 3),
$0.6 million (Qtr 4), and $2.4 million (total).
Results for the first quarter and third quarter of
fiscal 2001 included nonrecurring credits totaling
$0.8 million and $0.4 million, respectively, $1.0 million of
which related to the reversal of fiscal 2000 restructuring
charges.
Results for the first quarter of fiscal 2000 included nonre-
curring charges totaling $21.8 million,which resulted from
the acquisition of Discreet and VISION. Results for the third
quarter of fiscal 2000 included nonrecurring charges
totaling $14.7 million, which primarily related to a corpo-
rate restructuring. Results for the fourth quarter of
fiscal 2000 included nonrecurring credits totaling $1.8 mil-
lion, primarily related to the reversal of a litigation reserve
established in fiscal 1999.