Avid 1998 Annual Report Download - page 33

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28
AVID TECHNOLOGY, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
For the Year Ended December 31,
1998 1997 1996
Net revenues $482,377 $471,338 $429,009
Cost of revenues 190,249 221,553 238,808
Gross profit 292,128 249,785 190,201
Operating expenses:
Research and development 88,787 73,470 69,405
Marketing and selling 125,280 120,394 127,006
General and administrative 28,549 25,808 24,203
Nonrecurring costs 28,373 28,950
Amortization of acquisition-related intangible assets 34,204
Total operating expenses 305,193 219,672 249,564
Operating income (loss) (13,065) 30,113 (59,363)
Interest and other income 8,986 8,291 3,786
Interest expense (350) (166) (370)
Income (loss) before income taxes (4,429) 38,238 (55,947)
Provision for (benefit from) income taxes (796) 11,854 (17,903)
Net income (loss) ($3,633) $26,384 ($38,044)
Net income (loss) per common share - basic ($0.15) $1.14 ($1.80)
Net income (loss) per common share - diluted ($0.15) $1.08 ($1.80)
Weighted average common shares outstanding - basic 23,644 23,065 21,163
Weighted average common shares outstanding - diluted 23,644 24,325 21,163
The accompanying notes are an integral part of the consolidated financial statements.