Autodesk 2005 Annual Report Download - page 85

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The components of accumulated other comprehensive loss, net of taxes, were as follows:
January 31,
2005 2004
(In thousands)
Net unrealized gains on available-for-sale securities ............. $ — $ 1,539
Foreign currency translation adjustments ........................ (2,843) (6,293)
Accumulated other comprehensive loss .......................... $(2,843) $(4,754)
Note 13. Quarterly Financial Information (Unaudited)
Summarized quarterly financial information for fiscal 2005 and 2004 is as follows:
1st
quarter
2nd
quarter
3rd
quarter
4th
quarter
Fiscal
year
(In thousands, except per share data)
Fiscal 2005
Net revenues ......................... $297,876 $279,578 $ 300,158 $ 356,155 $ 1,233,767
Gross margin ......................... 256,004 239,362 256,764 312,194 1,064,324
Income from operations ............. 53,521 49,344 53,858 78,150 234,873
Net income .......................... 42,505 39,165 74,070 65,768 221,508
Basic net income per share .......... 0.19 0.17 0.33 0.29 0.98
Diluted net income per share ........ 0.18 0.16 0.30 0.26 0.90
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 .......... 0.03 0.15 0.10 0.26 0.54
Diluted net income per share ........ 0.03 0.14 0.10 0.24 0.52
Results for the first, second, third and fourth quarters of fiscal 2005 include restructuring charges of $8.3 million,
$3.7 million, $2.9 million and $11.8 million, respectively, which related to corporate restructuring activities. In addition,
results for the third quarter of fiscal 2005 include non-recurring tax benefits of $28.7 million, of which $15.5 million
related to the impact of the DRD Legislation on prior fiscal years earnings and $4.3 million related to a cumulative
catch-up adjustment for the effective tax rate impact of the DRD Legislation on the current fiscal year.
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 charges
of $3.2 million, which related to corporate restructuring activities.
Note 14. Subsequent Events (Unaudited)
During February 2005, Autodesk entered into an agreement to acquire the assets of Compass Systems GmbH
(“Compass”), a European-based developer of the Compass family of data management solutions, for approximately
$16.5 million. The acquisition is intended to allow Autodesk to more quickly expand its data management solution and
deliver on its plans to provide a comprehensive data management solution for small- and medium-size manufacturers.
Compass was owned 50.1% by Mensch und Machine, one of Autodesk’s largest resellers.
AUTODESK, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Note 12. Comprehensive Income (Continued)
73