Adaptec 2007 Annual Report Download - page 36

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Table of Contents
ITEM 6. Selected Financial Data
The following tables set forth data from our consolidated financial statements for each of our last five fiscal years.
Year Ended
(in thousands, except for per share data)
December 30,
2007(1)
December 31,
2006(2)
December 31,
2005(3)
December 26,
2004(4)
December 28,
2003(5)
STATEMENT OF OPERATIONS DATA:
Net revenues $ 449,381 $ 424,992 $ 291,411 $ 297,383 $ 249,483
Cost of revenues 158,297 146,456 80,963 87,542 87,875
Gross profit 291,084 278,536 210,448 209,841 161,608
Research and development 159,134 158,661 118,720 120,492 119,790
Selling, general and administrative 100,486 102,363 56,278 46,832 46,665
Amortization of purchased intangible assets 39,343 33,381 — — —
In-process research and development — 35,300 — — —
Restructuring costs and other charges 14,837 6,119 13,833 3,520 15,314
Acquisition costs — — — 1,212 —
(Loss) income from operations (22,716) (57,288) 21,617 37,785 (20,161)
Interest income, net 9,914 8,979 12,106 4,859 1,709
Foreign exchange loss (18,486) (109) (3,259) (1,295) (954)
(Loss) gain on extinguishment of debt and amortization of debt issue
costs (968) (968) (1,809) (2,233) 287
(Loss) gain on investments — (1,269) 1,439 9,242 2,416
(Provision for) recovery of income taxes (16,848) (49,237) (2,108) 3,323 8,712
Net (loss) income $ (49,104) $ (99,892) $ 27,986 $ 51,681 $ (7,991)
Net income (loss) per share—basic: $ (0.23) $ (0.49) $ 0.15 $ 0.29 $ (0.05)
Net income (loss) per share—diluted: $ (0.23) $ (0.49) $ 0.15 $ 0.27 $ (0.05)
Shares used in per share calculation—basic 216,330 203,470 184,098 180,353 173,568
Shares used in per share calculation—diluted 216,330 203,470 189,132 188,903 173,568
(in thousands)
BALANCE SHEET DATA:
Working capital $ 280,575 $ 192,146 $ 565,501 $ 152,306 $ 317,444
Cash, cash equivalents, and short-term investments 364,922 258,914 627,476 274,686 411,928
Long-term investment in bonds and notes — — — 139,111 41,569
Total assets 1,131,998 1,006,557 732,949 507,024 552,956
Long-term debt (including current portion) 225,000 225,000 225,000 68,071 175,000
Stockholders’ equity 595,996 570,428 354,047 299,337 226,297
(1) Results for the year ended December 30, 2007 include $1.7 million stock-based compensation expense included in Cost of revenues; $16.6 million
stock-based compensation expense included in Research and development expenses; $17.1 million stock-based compensation expense and $2.2 million
reversal of an accrual for payroll-related taxes, included in Selling, general and administrative expenses; $14.8 million restructuring costs; $18.2 million
foreign exchange loss on an income tax liability; $4.0 million recovery of prior years’ income taxes, and $3.8 million recovery of future income taxes,
offset by $13.1 million of interest relating to the liability for unrecognized tax benefit of prior years.
(2) Results for the year ended December 31, 2006 include $8.2 million purchase accounting adjustments to inventory, $1.8 million stock-based compensation
expense, and $0.8 million in additional contractor costs included in Cost of revenues; $16.2 million stock-based compensation expense included in
Research and development expenses; $19.9 million stock-based compensation expense, $2.4 million for employee-related taxes, and $0.2 million
acquisition-related relocation expenses included in Selling, general and administrative expenses; $6.1 million restructuring costs; a $0.5 million foreign
exchange gain on an income tax liability; $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.
30
Source: PMC SIERRA INC, 10-K, February 22, 2008