3Ware 2004 Annual Report Download - page 27

Item 6. Selected Financial Data.
The following table sets forth selected financial data for each of our last five fiscal years ended March 31,
2004. This information includes the results of operations of acquisitions accounted for using the purchase method
of accounting commencing as of their respective acquisition dates (Note 2 to the Consolidated Financial
Statements). You should read this data together with the Consolidated Financial Statements and related Notes, as
well as “Management’s Discussion and Analysis of Financial Condition and Results of Operations”, contained
elsewhere in this report.
March 31,
2004 2003 2002 2001 2000
(in thousands, except per share data)
Consolidated Statements of Operations Data:
Net revenues ..................................... $ 131,177 $ 101,591 $ 152,840 $ 435,543 $ 172,352
Cost of revenues .................................. 57,601 61,900 150,924 165,986 50,218
Gross profit ...................................... 73,576 39,691 1,916 269,557 122,134
Operating expenses:
Research and development ........................ 112,594 131,909 154,622 105,178 32,477
Selling, general and administrative .................. 45,121 59,588 75,656 69,172 27,945
Stock-based compensation:
Research and development ...................... 15,444 70,840 71,760 41,350 338
Selling, general and administrative ................ 5,195 58,510 66,425 35,667 254
Amortization of goodwill and purchased intangibles .... 1,097 — 239,563 308,835 —
Purchased intangible asset impairment charges ........ — 204,284 — — —
Goodwill impairment charges ...................... — 186,389 3,101,817 — —
Restructuring charges ............................ 22,325 7,250 11,577 — —
Acquired in-process research and development ........ 21,800 — — 202,100 —
Total operating expenses ..................... 223,576 718,770 3,721,420 762,302 61,014
Operating income (loss) ............................ (150,000) (679,079) (3,719,504) (492,745) 61,120
Interest income, net ................................ 35,007 47,719 47,477 55,336 12,871
Other income (expense), net ......................... 8,340 (11,952) (14,592) 113 1
Income (loss) before income taxes and cumulative effect of
accounting change .............................. (106,653) (643,312) (3,686,619) (437,296) 73,992
Income tax expense (benefit) ........................ (1,776) — (80,929) (1,081) 25,367
Income (loss) before cumulative effect of accounting
change ........................................ (104,877) (643,312) (3,605,690) (436,215) 48,625
Cumulative effect of accounting change ............... — (102,229) — — —
Net income (loss) ................................. $ (104,877) $ (745,541) $(3,605,690) $ (436,215) $ 48,625
Basic and diluted net income (loss) per share:
Income (loss) per share before cumulative effect of
accounting change ............................ $ (0.34) $ (2.14) $ (12.08) $ (1.63) $ 0.20
Cumulative effect of accounting change ............. — (0.33) — — —
Net income (loss) per share ....................... $ (0.34) $ (2.47) $ (12.08) $ (1.63) $ 0.20
Shares used in calculating basic and diluted net income
(loss) per share ............................... 306,476 301,252 298,502 267,363 238,304
Consolidated Selected Balance Sheet Data:
Working capital .................................. $ 841,467 $1,021,175 $ 1,060,364 $1,208,226 $ 977,621
Goodwill and intangible assets, net ................... $ 240,193 $ 88,219 $ 590,610 $4,008,440 $ —
Total assets ...................................... $1,188,103 $1,223,588 $ 1,829,193 $5,453,278 $1,046,882
Long-term debt and capital lease obligations including
current portion ................................. $ 303 $ 1,265 $ 2,283 $ 3,530 $ 7,417
Total stockholders’ equity .......................... $1,120,547 $1,172,188 $ 1,771,251 $5,238,101 $1,013,805
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