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37
Summary Results of Operations – Fourth Quarter of
Fiscal 2008 Compared to the Fourth Quarter of Fiscal 2007
The following table sets forth certain unaudited interim
consolidated statement of operations data, which is
expressed in thousands of dollars and as a percentage of
revenue for the interim periods indicated:
For the Three Months Ended
March 1, 2008 March 3, 2007 Change-Fiscal
2008/2007
(in thousands, except for per share amounts)
Revenue $ 1,882,705 100.0% $ 930,393 100.0% $ 952,312
Cost of sales 914,483 48.6% 433,035 46.5% 481,448
Gross margin 968,222 51.4% 497,358 53.5% 470,864
Expenses
Research and development 104,573 5.6% 67,321 7.2% 37,252
Selling, marketing and administration 267,881 14.2% 167,112 18.0% 100,769
Amortization 31,314 1.7% 22,021 2.4% 9,293
403,768 21.4% 256,454 27.6% 147,314
Income from operations 564,454 30.0% 240,904 25.9% 323,550
Investment income 20,114 1.1% 14,794 1.6% 5,320
Income before income taxes 584,568 31.0% 255,698 27.5% 328,870
Provision for income taxes 172,067 9.1% 68,314 7.3% 103,753
Net income $ 412,501 21.9% $ 187,384 20.1% $ 225,117
Earnings per share (1)
Basic $ 0.73 $ 0.34 $ 0.39
Diluted $ 0.72 $ 0.33 $ 0.39
Weighted-average number of shares
outstanding (000's)
Basic 561,837 557,223
Diluted 573,851 570,759
Notes:
(1) Basic and diluted earnings per share and basic and diluted weighted-average number of shares outstanding for the fourth quarter of fiscal
2008 and fiscal 2007, as presented in the table above, reflect the 3-for-1 stock split implemented by way of a stock dividend that was paid in the
second quarter of fiscal 2008.