Adaptec 2005 Annual Report Download - page 38

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Table of Contents
Quarterly Comparisons
The following tables set forth the consolidated statements of operations for each of our last eight quarters. This quarterly information is derived from unaudited
interim financial statements and has been prepared on the same basis as the annual Consolidated Financial Statements. In management’s opinion, this quarterly
information reflects all adjustments necessary for fair presentation of the information for the periods presented. The operating results for any quarter are not
necessarily indicative of results for any future period.
Quarterly Data
(in thousands except for per share data)
Year Ended December 30, 2007 Year Ended December 31, 2006
Fourth
(1) Third
(2) Second
(3) First
(4) Fourth
(5) Third
(6) Second
(7) First
(8)
STATEMENT OF OPERATIONS DATA:
Net revenues $ 123,569 $ 117,455 $ 104,692 $ 103,665 $ 101,917 $ 116,514 $ 118,780 $ 87,781
Cost of revenues 43,205 39,871 37,650 37,571 37,125 39,146 43,560 26,625
Gross profit 80,364 77,584 67,042 66,094 64,792 77,368 75,220 61,156
Research and development 37,418 35,557 41,635 44,524 41,713 41,611 41,587 33,749
Selling, general and administrative 24,493 24,124 25,171 26,698 26,362 29,235 27,174 19,593
Amortization of purchased intangible assets 9,836 9,836 9,836 9,835 10,136 11,202 9,934 2,110
In-process research and development — — — — — — 20,500 14,800
Restructuring costs and other charges 2,593 1,564 3,786 6,894 453 6,404 — (738)
Income (loss) from operations 6,024 6,503 (13,386) (21,857) (13,872) (11,084) (23,975) (8,358)
Interest income, net 2,877 2,728 2,472 1,837 2,297 1,849 1,267 3,566
Foreign exchange (loss) gain (2,511) (7,052) (7,926) (996) 3,508 (252) (3,378) 13
Amortization of debt issue costs (242) (242) (242) (242) (242) (242) (242) (242)
(Loss) gain on investments — — — — — — (3,118) 1,849
(Provision for) recovery of income taxes (11,229) (7,877) (3,177) 5,435 (33,891) (1,796) (2,388) (11,161)
Net (loss) $ (5,081) $ (5,940) $ (22,259) $ (15,823) $ (42,200) $ (11,525) $ (31,834) $ (14,333)
Net income (loss) per share—basic $ (0.02) $ (0.03) $ (0.10) $ (0.07) $ (0.20) $ (0.05) $ (0.16) $ (0.08)
Net income (loss) per share—diluted $ (0.02) $ (0.03) $ (0.10) $ (0.07) $ (0.20) $ (0.05) $ (0.16) $ (0.08)
Shares used in per share calculation—basic 218,912 216,837 215,688 213,881 212,295 211,298 203,067 187,218
Shares used in per share calculation—diluted 218,912 216,837 215,688 213,881 212,295 211,298 203,067 187,218
(1) Results include $0.3 million stock-based compensation expense included in Cost of revenues, $4.1 million stock-based compensation expense included in
Research and development expenses, $3.7 million stock-based compensation expense included in Selling, general and administrative expenses, $2.1
million foreign exchange loss on our income tax liability, and $4.1 million of interest relating to the liability for unrecognized tax benefit of prior years.
(2) Results include $0.3 million stock-based compensation expense included in Cost of revenues, $3.8 million stock-based compensation expense included in
Research and development expenses, $4.0 million stock-based compensation expense and $1.2 million employee-related taxes included in Selling, general
and administrative expenses, and $6.8 million foreign exchange loss on our income tax liability.
(3) Results include $0.5 million stock-based compensation expense included in Cost of revenues, $4.4 million stock-based compensation expense included in
Research and development expenses, $4.7 million stock-based compensation expense and $2.2 million reversal of a payroll tax accrual in a foreign
jurisdiction included in Selling, general and administrative expenses and $8.3 million foreign exchange loss on our income tax liability.
(4) Results include $0.5 million stock-based compensation expense included in Cost of revenues; $4.3 million stock-based compensation expense included in
Research and Development expenses; $4.6 million stock-based compensation expense included in Selling, General and administrative expenses; $1.0
million foreign exchange loss on our income tax liability; and $4.0 million tax recovery relating to prior years.
(5) Results include $0.5 million stock-based compensation expense included in Cost of revenues, $5.5 million stock-based compensation expense included in
Research and development expenses, $5.4 million stock-based compensation expense included in Selling, general and administrative expenses, $3.5
million foreign exchange gain on our income tax liability, and $29.9 million increase in our estimated tax provision for previous years as a result of a
written communication received in 2007 from a tax authority.
(6) Results include $0.4 million stock-based compensation expense included in Cost of revenues, $4.2 million stock-based compensation expense included in
Research and development expenses, $6.0 million stock-based compensation expense and $2.4 million employee-related taxes included in Selling, general
and administrative expenses, and $0.1 million foreign exchange gain on our income tax liability.
32
Source: PMC SIERRA INC, 10-K, February 22, 2008