Autodesk 2002 Annual Report Download - page 56

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AUTODESK, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
Discreet Logic Inc. (“Discreet”)
On March 16, 1999, Autodesk acquired Discreet by issuing approximately 20.0 million shares of Autodesk
common stock in exchange for Discreet’s outstanding common stock. Discreet develops, assembles, markets,
sells and supports nonlinear digital systems and software for creating, editing, compositing and animating
imagery.
Autodesk accounted for this acquisition under the pooling of interests method. Accordingly, all prior period
consolidated financial statements presented were restated to include the combined results of operations, financial
position and cash flows as though Discreet had always been part of Autodesk. Separate results of the combined
entities for the three months ended April 30, 1999 are as follows:
Three months
ended
April 30, 1999
(unaudited)
(In millions)
Net revenues:
Autodesk ................................................... $177.7
Discreet .................................................... 25.0
$202.7
Net income (loss):
Autodesk ................................................... $ (7.3)
Discreet .................................................... (9.8)
$ (17.1)
Prior to the acquisition, Discreet’s fiscal year ended on June 30. In conforming Discreet’s fiscal year end to
ours, we recorded a $5.0 million adjustment to retained earnings during fiscal 2000.
In addition to the acquisition of Discreet, the following acquisitions occurred over the past three years.
VISION* Solutions (“VISION”)
On April 22, 1999, Autodesk acquired VISION, a vendor of enterprise automated mapping/facilities
management/geographic information systems (AM/FM/GIS) solutions. This acquisition was accounted for under
the purchase method of accounting. Of the $26.0 million purchase price, which was paid in cash, $3.3 million
represented the value of in-process research and development (“IPR&D”) that had not yet reached technological
feasibility and had no alternative future use, and as such, was expensed during fiscal 2000. Of the remaining
purchase price, $17.6 million was allocated to goodwill and $2.1 million was allocated to other intangibles.
Proforma financial results, as defined by Accounting Principles Board Opinion No. 16, “Business
Combinations,” have not been provided since this acquisition was not material.
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