Adaptec 2008 Annual Report Download - page 27

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Quarterly Comparisons
Quarterly Data
(in thousands except for per share data)
Year Ended December 28, 2008 Year Ended December 30, 2007
Fourth(1) Third(2) Second(3) First(4) Fourth(5) Third(6) Second(7) First(8)
STATEMENT OF
OPERATIONS DATA:
Net revenues ............ $120,840 $139,356 $139,839 $125,040 $123,569 $117,455 $104,692 $103,665
Cost of revenues ......... 41,890 47,373 49,073 43,306 43,205 39,871 37,650 37,571
Gross profit ............. 78,950 91,983 90,766 81,734 80,364 77,584 67,042 66,094
Research and
development .......... 40,649 39,688 39,995 37,310 37,418 35,557 41,635 44,524
Selling, general and
administrative ......... 21,578 23,565 24,180 24,209 24,493 24,124 25,171 26,698
Amortization of purchased
intangible assets ........ 9,836 9,836 9,836 9,836 9,836 9,836 9,836 9,835
Restructuring costs and
other charges .......... 39 (259) 157 887 2,593 1,564 3,786 6,894
Income (loss) from
operations ............ 6,848 19,153 16,598 9,492 6,024 6,503 (13,386) (21,857)
Gain on repurchase of senior
convertible notes and
amortization of debt issue
costs ................. 13,706 (137) (136) 1,144 (242) (242) (242) (242)
Asset impairment ......... (4,300) ———————
Interest income, net ....... (242) 1,481 1,387 2,234 2,877 2,728 2,472 1,837
Foreign exchange gain
(loss) ................ 5,103 873 (1,066) 3,158 (2,511) (7,052) (7,926) (996)
Recovery on investments . . — 400 ——————
Loss on investment
securities ............. — (11,790) ——————
(Provision for) recovery of
income taxes .......... (7,428) (4,266) 120,397 (38,686) (11,229) (7,877) (3,177) 5,435
Net income (loss) ........ $ 13,687 $ 5,714 $137,180 $ (22,658) $ (5,081) $ (5,940) $ (22,259) $ (15,823)
Net income (loss) per
share—basic .......... $ 0.06 $ 0.03 $ 0.62 $ (0.10) $ (0.02) $ (0.03) $ (0.10) $ (0.07)
Net income (loss) per
share—diluted ......... $ 0.06 $ 0.03 $ 0.61 $ (0.10) $ (0.02) $ (0.03) $ (0.10) $ (0.07)
Shares used in per share
calculation—basic ...... 223,363 222,335 221,008 219,931 218,912 216,837 215,688 213,881
Shares used in per share
calculation—diluted .... 224,029 225,803 224,984 219,931 218,912 216,837 215,688 213,881
(1) Results include $0.2 million stock-based compensation expense included in Cost of revenues; $2.4 million
stock-based compensation expense included in Research and development expenses; $2.6 million stock-
based compensation expense included in Selling, general and administrative expenses; $15.2 million Gain
on repurchase of senior convertible notes, net; $4.5 million foreign exchange gain on our income tax
liabilities; and $2.2 million net income tax effects including $5.6 million deferred tax expense relating to
unrealized gain on foreign exchange translation of a foreign subsidiary, $4.3 million reversal of
unrecognized tax benefits and related interest, and $1.3 million tax adjustments based on completed filings
and assessments received from tax authorities.
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