Adaptec 2004 Annual Report Download - page 20

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ITEM 6. Selected Financial Data
Year Ended December 31, (1)
2004(2) 2003(3) 2002(4) 2001(5) 2000(6)
(in thousands, except for per share data)
STATEMENT OF OPERATIONS DATA:
Net revenues $ 297,383 $ 249,483 $ 218,093 $ 322,738 $ 694,684
Cost of revenues 87,542 87,875 89,542 137,262 166,161
Gross profit 209,841 161,608 128,551 185,476 528,523
Research and development 120,492 119,473 137,734 201,087 178,806
Marketing, general and administrative 46,135 45,974 63,419 90,302 100,589
Amortization of deferred stock compensation
Research and development — 317 2,645 32,506 32,258
Marketing, general and administrative 697 691 168 8,678 4,006
Impairment of property and equipment — — 1,824 — —
Restructuring costs and other special charges 3,520 15,314 — 195,186 —
Impairment of goodwill and purchased
intangible assets — — — 269,827 —
Amortization of goodwill — — — 44,010 36,397
Costs of merger — — — — 37,974
Acquisition costs 1,212 — — — —
Acquisition of in process research and
development — — — — 38,200
Income (loss) from operations 37,785 (20,161) (77,239) (656,120) 100,293
Interest income, net 4,859 1,709 6,518 14,339 18,887
Foreign exchange gain (loss) (1,295) (954) (1) 207 38
Gain (loss) on extinguishment of debt and
amortization of debt issue costs (2,233) 287 (1,564) (652) —
Gain (loss) on investments 9,242 2,416 (11,579) (14,591) 58,491
Provision for (recovery of) income taxes (3,323) (8,712) (18,858) (17,763) 102,412
Net income (loss) $ 51,681 $ (7,991) $ (65,007) $ (639,054) $ 75,298
Net income (loss) per share − basic: (7) $ 0.29 $ (0.05) $ (0.38) $ (3.80) $ 0.46
Net income (loss) per share − diluted: (7) $ 0.27 $ (0.05) $ (0.38) $ (3.80) $ 0.41
Shares used in per share calculation − basic 180,353 173,568 170,107 167,967 162,377
Shares used in per share calculation − diluted 188,903 173,568 170,107 167,967 181,891
As of December 31, (1)
(in thousands)
BALANCE SHEET DATA:
Working capital $ 152,306 $ 317,444 $ 229,021 $ 214,471 $ 340,986
Cash, cash equivalents, and short−term
investments 274,686 411,928 416,659 410,729 375,116
Long−term investment in bonds and notes 139,111 41,569 148,894 171,025 —
Total assets 507,024 552,956 728,716 855,341 1,126,090
Long−term debt (including current portion) 68,071 175,000 275,000 275,470 2,333
Stockholders’ equity 299,337 226,297 198,639 272,227 851,318
(1) The Company’s fiscal year ends on the last Sunday of the calendar year. December 31 has been used as the fiscal year end for
ease of presentation.
(2) Results for the year ended December 31, 2004 include $0.7 million amortization of deferred stock compensation, $0.7 million
reversal of a provision for excess inventory resulting from the sale of inventory that was previously provided for, $1.2 million
acquisition costs related to a purchase of assets, $3.5 million net charge for additional excess facilities costs related to our 2001
restructurings, $1.3 million elimination of a provision for employee−related taxes, $1.8 million loss on extinguishment of debt, $9.2
million gain on sale of investments, $5.1 million recovery of prior year taxes, $9.4 million tax recovery based on agreements and
assessments with Canada Revenue Agency and $1.5 million foreign exchange loss on Canadian taxes.
(3) Results for the year ended December 31, 2003 include a $15.3 million net charge for restructuring costs, the $1.8 million
elimination of a provision for potential litigation costs, a $2.5 million gain on sale of property and investments, $1.7 million gain on