3Ware 2002 Annual Report Download - page 34

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Item 6. SELECTED CONSOLIDATED FINANCIAL DATA.
The following table sets forth selected financial data for each of our last five fiscal years ended March 31,
2002. This consolidated financial information includes the results of operations of acquisitions accounted for
using the purchase method of accounting commencing as of their respective acquisition dates. See Note 3 of the
Notes to Consolidated Financial Statements. This selected consolidated financial data should be read together
with the Consolidated Financial Statements and related Notes contained in this Report, as well as the section of
this Report entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations.”
March 31,
1998 1999 2000 2001 2002
(in thousands, except per share data)
Consolidated Statements of Operations Data:
Net revenues ................................................ $ 76,618 $105,000 $ 172,352 $ 435,543 $ 152,840
Cost of revenues(1) ........................................... 34,321 37,937 50,218 163,166 142,055
Gross profit ................................................. 42,297 67,063 122,134 272,377 10,785
Operating expenses:
Research and development(1) .............................. 13,268 22,301 32,527 105,225 154,625
Selling, general and administrative(1) ........................ 14,278 17,795 28,035 69,232 75,656
Stock-based compensation(1) ............................... — 701 452 79,730 147,051
Amortization of goodwill and purchased intangibles ............. — — — 308,835 239,563
Goodwill impairment charge ............................... — — — — 3,101,817
Restructuring costs ....................................... — — — — 11,577
Acquired in-process research and development ................. — — — 202,100 —
Merger-related costs ...................................... — 2,350 — — —
Total operating expenses .............................. 27,546 43,147 61,014 765,122 3,730,289
Operating income (loss) ....................................... 14,751 23,916 61,120 (492,745) (3,719,504)
Other income (expense), net .................................... (1) 131 1 113 (14,592)
Interest income, net ........................................... 872 3,319 12,871 55,336 47,477
Income (loss) before income taxes ............................... 15,622 27,366 73,992 (437,296) (3,686,619)
Income tax expense (benefit) ................................... 406 10,233 25,367 (1,081) (80,929)
Net income (loss) ............................................ $ 15,216 $ 17,133 $ 48,625 $ (436,215) $(3,605,690)
Basic earnings (loss) per share:
Earnings (loss) per share ................................... $ 0.18 $ 0.09 $ 0.23 $ (1.63) $ (12.08)
Shares used in calculating basic earnings (loss) per share ......... 84,752 196,112 215,640 267,363 298,502
Diluted earnings (loss) per share:
Earnings (loss) per share ................................... $ 0.09 $ 0.08 $ 0.20 $ (1.63) $ (12.08)
Shares used in calculating diluted earnings (loss) per share ........ 162,352 219,440 238,304 267,363 298,502
Consolidated Balance Sheet Data:
Working capital ............................................. $ 77,417 $103,617 $ 977,621 $1,208,226 $ 1,060,364
Goodwill and intangible assets, net .............................. — — — 4,008,440 590,610
Total assets ................................................. 112,834 150,655 1,046,882 5,453,278 1,829,193
Long-term debt and capital lease obligations including current portion . . 6,711 10,495 7,417 3,530 2,283
Total stockholders’ equity ..................................... 91,634 121,694 1,013,805 5,238,101 1,771,251
(1) Stock-based compensation expense related to acquired companies is excluded from the following (in thousands):
Cost of revenues ............................................. $—$—$ —$2,820 $ 8,869
Research and development ..................................... — 171 288 41,303 71,757
Selling, general and administrative ............................... — 530 164 35,607 66,425
Total stock-based compensation expense ...................... $ — $ 701 $ 452 $ 79,730 $ 147,051
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