Autodesk 2004 Annual Report Download - page 81

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Note 15. Quarterly Financial Information (Unaudited)
Summarized quarterly financial information for fiscal 2004 and 2003 is as follows:
1st
quarter
2nd
quarter
3rd
quarter
4th
quarter
Fiscal
year
(In thousands, except per share data)
Fiscal 2004
Net revenues ........................ $210,766 $211,705 $233,862 $295,310 $951,643
Gross margin ........................ 172,524 175,659 197,253 258,079 803,515
Income from operations ............ 6,607 13,941 27,940 57,749 106,237
Net income .......................... 7,508 32,602 22,606 57,600 120,316
Basic net income per share .......... 0.07 0.29 0.20 0.52 1.08
Diluted net income per share ....... 0.07 0.29 0.20 0.48 1.04
Fiscal 2003
Net revenues ........................ $229,327 $211,401 $188,701 $195,516 $824,945
Gross margin ........................ 187,056 175,835 155,509 160,735 679,135
Income (loss) from operations ...... 21,188 10,393 (7,845) 1,226 24,962
Net income (loss) .................... 17,641 11,760 (3,910) 6,413 31,904
Basic net income (loss) per share .... 0.16 0.10 (0.03) 0.06 0.28
Diluted net income (loss) per share . 0.15 0.10 (0.03) 0.06 0.28
Results for the second quarter of fiscal 2004 include a non-recurring tax benefit of $19.7 million. Results
for the fourth quarter of fiscal 2004 include a non-recurring tax benefit of $7.0 million and restructuring and
other charges of $3.2 million, which related to corporate restructuring activities.
Results for the first, second, third and fourth quarters of fiscal 2003 include restructuring and other
charges totaling $1.5 million, $3.8 million, $13.3 million and $7.3 million, respectively, which related to
corporate restructuring activities. In addition, results for the fourth quarter of fiscal 2003 include a non-
recurring tax benefit of $3.8 million.
Autodesk previously classified Information Technology and other corporate service costs that benefit
the entire organization as General and Administrative expenses in our Consolidated Statements of Income.
During the fourth quarter of fiscal 2004, Autodesk re-evaluated its cost allocation methodology and
reclassified these costs to other functional areas of the business that benefit from these services. This
reclassification has no impact on Autodesk’s total income from operations or net income. As a result of this
reclassification, the gross margin for fiscal 2004 and fiscal 2003 were reduced as follows:
1st
quarter
2nd
quarter
3rd
quarter
4th
quarter
Fiscal
year
(In thousands)
Fiscal 2004
Gross margin as previously reported . . . $173,815 $176,809 $198,498 $258,079 $807,201
Gross margin as reclassified ............ 172,524 175,659 197,253 258,079 803,515
Effect of reclassification ................. $ 1,291 $ 1,150 $ 1,245 $ — $ 3,686
Fiscal 2003
Gross margin as previously reported . . . $188,635 $177,191 $156,866 $162,091 $684,783
Gross margin as reclassified ............ 187,056 175,835 155,509 160,735 679,135
Effect of reclassification ................. $ 1,579 $ 1,356 $ 1,357 $ 1,356 $ 5,648
AUTODESK, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
71