Adobe 1999 Annual Report Download - page 48

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ADOBE SYSTEMS INCORPORATED
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share data)
Years Ended
December 3 November 27 November 28
1999 1998 1997
Revenue ......................................... $1,015,434 $894,791 $911,894
Direct costs ...................................... 94,540 101,034 116,188
Gross profit ...................................... 920,894 793,757 795,706
Operating expenses:
Research and development .......................... 197,476 188,261 165,859
Sales and marketing ............................... 328,505 315,544 290,096
General and administrative .......................... 103,622 118,615 101,050
Restructuring and other charges ...................... 23,028 38,245 (590)
Acquired in-process research and development ........... 3,580 — 5,969
Amortization of goodwill and purchased intangibles ........ 4,830 7,745 2,566
Total operating expenses ............................. 661,041 668,410 564,950
Operating income .................................. 259,853 125,347 230,756
Nonoperating income, net:
Investment gain, net ............................... 88,891 14,994 34,290
Interest and other income .......................... 25,683 27,353 31,044
Total nonoperating income, net ........................ 114,574 42,347 65,334
Income before income taxes ........................... 374,427 167,694 296,090
Income tax provision ................................ 136,676 62,550 109,253
Net income ....................................... $ 237,751 $105,144 $186,837
Basic net income per share ........................... $ 1.97 $ 0.79 $ 1.30
Shares used in computing basic net income per share ........ 120,786 132,866 143,924
Diluted net income per share .......................... $ 1.84 $ 0.77 $ 1.26
Shares used in computing diluted net income per share ....... 129,205 135,948 148,320
See accompanying Notes to Consolidated Financial Statements.
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