3Ware 2001 Annual Report Download - page 16

Download and view the complete annual report

Please find page 16 of the 2001 3Ware annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 45

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45

1 4
S E L E C T E D C O N S O L I D AT E D F I N A N C I A L D ATA
C O N S O L I D AT E D S TAT E M E N T S O F O P E R AT I O N S D ATA
We effected two-for-one stock splits in the form of 100% stock dividends on each of September 9, 1999,
March 23, 2000, and October 30, 2000. All share and per share information has been restated to reflect these events.
Years Ended March 31,
(in thousands, except per share data) 1997 1998 1999 2000 2001
Net revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $57,468 $76,618 $105,000 $172,352 $ 435,543
Cost of revenues(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,057 34,321 37,937 50,218 163,166
Gross profit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,411 42,297 67,063 122,134 272,377
Operating expenses:
Research and development(1) . . . . . . . . . . . . . . . . . . . . 7,870 13,268 22,301 32,527 105,225
Selling, general and administrative(1) . . . . . . . . . . . . . . 12,537 14,278 17,795 28,035 69,232
Stock-based compensation(1) . . . . . . . . . . . . . . . . . . . . — — 701 452 79,730
Amortization of goodwill and purchased intangibles . . — — — — 308,835
Acquired in-process research and development . . . . . . . — — — — 202,100
Merger-related costs . . . . . . . . . . . . . . . . . . . . . . . . . . — — 2,350 — —
Total operating expenses . . . . . . . . . . . . . . . . . . . . 20,407 27,546 43,147 61,014 765,122
Operating income (loss) . . . . . . . . . . . . . . . . . . . . . . . . . 7,004 14,751 23,916 61,120 (492,745)
Interest income (expense), net . . . . . . . . . . . . . . . . . . . . . (29) 871 3,450 12,872 55,449
Income (loss) before income taxes . . . . . . . . . . . . . . . . . . 6,975 15,622 27,366 73,992 (437,296)
Income tax expense (benefit) . . . . . . . . . . . . . . . . . . . . . . 659 406 10,233 25,367 (1,081)
Net income (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 6,316 $15,216 $ 17,133 $ 48,625 $ (436,215)
Basic earnings (loss) per share:
Earnings (loss) per share . . . . . . . . . . . . . . . . . . . . $ 0.16 $ 0.18 $ 0.09 $ 0.23 $ (1.63)
Shares used in calculating basic earnings
(loss) per share . . . . . . . . . . . . . . . . . . . . . . . . . 40,048 84,752 196,112 215,640 267,363
Diluted earnings (loss) per share:
Earnings (loss) per share . . . . . . . . . . . . . . . . . . . . $ 0.04 $ 0.09 $ 0.08 $ 0.20 $ (1.63)
Shares used in calculating diluted earnings
(loss) per share . . . . . . . . . . . . . . . . . . . . . . . . . 143,256 162,352 219,440 238,304 267,363
(1)For presentation purposes, the functional line items exclude stock-based compensation charges related to acquired
companies as follows (in thousands):
Cost of revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ — $ — $ — $ — $ 2,820
Research and development . . . . . . . . . . . . . . . . . . . . . . . — — 171 288 41,303
Selling, general and administrative . . . . . . . . . . . . . . . . . . — — 530 164 35,607
$ — $ — $ 701 $ 452 $ 79,730