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26
Research฀In฀Motion฀Limited฀฀|฀฀Incorporated฀Under฀the฀Laws฀of฀Ontario฀(United฀States฀dollars,฀in฀thousands฀except฀per฀share฀data฀or฀as฀otherwise฀indicated)
27
For฀the฀years฀ended฀March฀1,฀2003,฀March฀2,฀2002฀and฀February฀28,฀2001
Consolidated฀Statements฀
of฀Operations฀and฀Retained฀
Earnings฀(Decit)
For฀the฀year฀ended฀ March฀1,฀2003฀ March฀2,฀2002฀ February฀28,฀2001
Revenue฀฀$฀ 306,732฀฀ $฀ 294,053฀฀ ฀$฀ 221,327฀
Cost฀of฀sales฀฀ ฀ ฀166,615฀฀ ฀ ฀195,493฀฀ ฀ ฀133,852฀
Gross฀margin฀฀ ฀140,117฀฀ ฀ ฀98,560฀฀ ฀ ฀87,475฀
Expenses฀ ฀ ฀ ฀ ฀ ฀
฀ Research฀and฀development฀
฀ ฀ (net฀of฀government฀funding)฀(note฀12(a))฀฀ ฀ ฀55,916฀฀ ฀ ฀37,446฀฀ ฀ ฀18,281฀
฀ Selling,฀marketing฀and฀administration฀(note฀17(b))฀ ฀ ฀117,984฀฀ ฀ ฀102,359฀฀ ฀ ฀65,200฀
฀ Amortization฀ ฀ ฀30,445฀฀ ฀ ฀17,485฀฀ ฀ ฀8,645฀
฀ Restructuring฀charges฀(note฀13)฀ ฀ ฀6,550฀฀ ฀ –฀฀ ฀ ฀–฀
฀ Litigation฀(note฀14)฀ ฀ ฀58,210฀฀ ฀ ฀–฀฀ ฀ ฀–฀
฀ ฀ ฀ ฀ 269,105฀฀ ฀ ฀157,290฀฀ ฀ ฀92,126฀
Loss฀from฀operations฀฀(128,988)฀ ฀ ฀(58,730)฀ ฀ ฀(4,651)
฀ Investment฀income฀ ฀ ฀11,430฀฀ ฀ ฀25,738฀฀ ฀ ฀22,921฀
Income฀(loss)฀before฀write-down฀of฀investments฀
฀ and฀income฀taxes฀฀ ฀฀(117,558)฀ ฀ ฀(32,992)฀ ฀ ฀18,270฀
฀ ฀ Writedown฀of฀investments฀(note฀15)฀ ฀ –฀฀ ฀ ฀5,350฀฀ ฀ ฀14,750฀
Income฀(loss)฀before฀income฀taxes฀ ฀฀(117,558)฀ ฀ ฀(38,342)฀ ฀ ฀3,520฀
Provision฀for฀(recovery฀of)฀income฀taxes฀(note฀8)฀ ฀ ฀ ฀ ฀ ฀
฀ Current฀ ฀ ฀3,513฀฀ ฀ ฀7,058฀฀ ฀ ฀4,720฀
฀ Future฀ ฀ ฀฀ 27,593฀฀ ฀ ฀(16,921)฀ ฀ ฀5,011฀
฀ ฀ ฀ ฀ 31,106฀฀ ฀ ฀(9,863)฀ ฀ ฀9,731฀
Net฀loss฀ ฀ ฀(148,664)฀ ฀ ฀(28,479)฀ ฀ ฀(6,211)
Retained฀earnings฀(decit),฀beginning฀of฀year฀ ฀ ฀(18,005)฀ ฀ ฀11,919฀฀ ฀ ฀18,130฀
฀ Common฀shares฀repurchased฀in฀excess฀
฀ ฀ of฀carrying฀amount฀(note฀10(a))฀ ฀ ฀(2,974)฀ ฀ ฀(1,445)฀ ฀ –฀
Retained฀earnings฀(decit),฀end฀of฀year฀$฀(169,643)฀ $฀ (18,005)฀ $฀ 11,919฀
Loss฀per฀share฀(note฀16)฀ ฀ ฀ ฀ ฀ ฀
฀ Basic฀ ฀ ฀$฀ (1.91)฀ $฀ (0.36)฀ $฀ (0.08)
฀ Diluted฀ ฀ ฀$฀ (1.91)฀ $฀ (0.36)฀ ฀$฀ (0.08)
฀ ฀ ฀ ฀ ฀ ฀
See฀notes฀to฀the฀consolidated฀nancial฀statements.฀ ฀ ฀ ฀ ฀ ฀
฀ ฀ ฀ ฀ ฀ ฀