3Ware 2001 Annual Report Download - page 36

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N O T E S T O C O N S O L I D A T E D F I N A N C I A L S TAT E M E N T S
3.C E RTA I N F I N A N C I A L S TAT E M E N T I N F O R M AT I O N
March 31,
(in thousands) 2000 2001
Inventories:
Finished goods . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,666 $ 16,363
Work in process . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,966 14,560
Raw materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,293 1,817
$ 10,925 $ 32,740
Property and equipment:
Machinery and equipment. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 46,302 $ 70,358
Leasehold improvements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,352 18,292
Computers, office furniture and equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,743 73,181
Land. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,881 22,122
80,278 183,953
Less accumulated depreciation and amortization. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (42,436) (71,000)
$ 37,842 $112,953
Other accrued liabilities:
Income taxes payable. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 839 $ 12,564
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,609 18,019
$ 6,448 $ 30,583
Cost of re venues includes certain amortization of purchased intangibles and other acquisition-related charges as follow s :
Fiscal Year Ended March 31,
(in thousands) 1999 2000 2001
Amortization of developed core technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $— $ — $ 25,280
Amortization of purchased inventory fair value adjustment (see Note 2) . . . . . . . . . . — — 26,907
$— $ — $ 52,187
The cost and accumulated amortization of machinery and equipment under capital leases at March 31, 2001 were
approximately $3.1 million and $1.7 million, respectively ($10.5 million and $8.7 million at March 31, 2000,
respectively). Amortization of assets held under capital leases is included with depreciation expense.
During the years ended March 31, 1999, 2000 and 2001, the Company earned interest income of $3,992,000,
$13,506,000 and $55,852,000, respectively, and incurred interest expense of $542,000, $634,000 and $403,000,
respectively.
4.L O N G-T E R M D E B T
The Company has various term notes, with monthly payments totaling $64,000 including interest, payable over
60 months, at interest rates between 6.5% and 7.35%. At March 31, 2001, approximately $1.9 million was
outstanding on the notes.
Principal maturities of the notes payable at March 31, 2001 are as follows (in thousands):
Year Ending March 31,
2002 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 668
2003 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 714
2004 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 502
$ 1,884