3Ware 2001 Annual Report Download - page 27

Download and view the complete annual report

Please find page 27 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

C O N S O L I D AT E D S TA T E M E N T S O F O P E R A T I O N S
Year Ended March 31,
(in thousands, except per share data) 1999 2000 2001
Net revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $105,000 $172,352 $ 435,543
Cost of revenues(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37,937 50,218 163,166
Gross profit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67,063 122,134 272,377
Operating expenses:
Research and development(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,301 32,527 105,225
Selling, general and administrative(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43,147 61,014 765,122
Operating income (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,916 61,120 (492,745)
Interest income, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,450 12,872 55,449
Income (loss) before income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,366 73,992 (437,296)
Income tax expense (benefit) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,233 25,367 (1,081)
Net income (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 17,133 $ 48,625 $ (436,215)
Basic earnings (loss) per share:
Earnings (loss) per share . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 0.09 $ 0.23 $ (1.63)
Shares used in calculating basic earnings (loss) per share . . . . . . . . . . . . . . . . . . . 196,112 215,640 267,363
Diluted earnings (loss) per share:
Earnings (loss) per share . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 0.08 $ 0.20 $ (1.63)
Shares used in calculating diluted earnings (loss) per share . . . . . . . . . . . . . . . . . . 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
See accompanying notes.
2 5