Adaptec 2006 Annual Report Download - page 39

Table of Contents
and development expenses; a $0.5 million foreign exchange gain on Canadian taxes; $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 and $7.0 million withholding and other taxes on repatriation of funds
included in the provision for income taxes.
(2) Results for the year ended December 31, 2005 include $13.8 million restructuring costs, $0.9 million reversal of provision for doubtful accounts receivable
included in Selling, general and administrative expenses, $6.3 million tax benefits comprised of $5.3 million excess R&D tax credits and $1.0 million
recovery of prior year sales tax, and $3.4 million foreign exchange loss on Canadian taxes.
(3) Results for the year ended December 26, 2004 include $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 included in Selling, general and administrative expenses, $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.
(4) Results for the year ended December 28, 2003 include a $15.3 million net charge for restructuring costs comprised of $7.2 million for workforce reduction,
$11.9 million for excess facilities, $1.4 for asset impairments, $4.5 million reversal of excess facilities costs related to our October 2001 restructuring and
$0.7 million reversal of excess workforce reduction costs related to our January 2003 restructuring plan, the $1.8 million elimination of a provision for
potential litigation costs included in Selling, general and administrative expenses, and a $3.5 million receipt of prior year income taxes.
Year ended December 29, 2002 (5), (6)
As Reported Adjustment Restated
(in thousands, except for per share data)
STATEMENT OF OPERATIONS DATA:
Net revenues $ 218,093 $ — $ 218,093
Cost of revenues 89,542 2,706 92,248
Gross profit 125,845 — 125,845
Research and development 140,379 16,237 156,616
Selling, general and administrative 63,587 19,716 83,303
Impairment of property and equipment 1,824 — 1,824
Loss from operations (77,239) (38,659) (115,898)
Interest income, net 6,518 — 6,518
Foreign exchange loss (1) — (1)
Loss on extinguishment of debt and amortization of debt issue costs (1,564) — (1,564)
Loss on sale of investments (11,579) — (11,579)
Recovery of income taxes 18,858 — 18,858
Net loss $ (65,007) $ (38,659) $ (103,666)
Net loss per share -basic: $ (0.38) $ (0.23) $ (0.61)
Net loss per share - diluted: $ (0.38) $ (0.23) $ (0.61)
Shares used in per share calculation - basic 170,107 170,107 170,107
Shares used in per share calculation - diluted 170,107 170,107 170,107
BALANCE SHEET DATA:
Working capital $ 229,021 $ — $ 229,021
Cash, cash equivalents, and short-term investments 416,659 — 416,659
Long-term investment in bonds and notes 148,894 — 148,894
Total assets 728,716 — 728,716
Long-term debt (including current portion) 275,000 — 275,000
Stockholders’ equity 198,639 — 198,639
(5) Results for the year ended December 29, 2002 include a $4.0 million allowance for inventories in excess of twelve-month demand, recorded in cost of
revenues, a $1.8 million write-down for impairment of property and equipment, a $15.3 million charge for impairment of other investments recorded in
loss on investments and a $3.8 million gain on sale of other investments. In accordance with the adoption of Statement of Financial Accounting Standard
No. 142, “Goodwill and Other Intangible Assets”, we ceased amortizing goodwill at the beginning of 2002, thereby eliminating amortization expense of
approximately $2 million.
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Source: PMC SIERRA INC, 10-K, March 01, 2007 Powered by Morningstar® Document Research℠