Avid 2000 Annual Report Download - page 21

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14
The following table sets forth our selected condensed consolidated financial data. Included in our financial
statements and selected financial data are the results of operations of Softimage, which we acquired on August 3, 1998.
This acquisition was accounted for as a purchase and, accordingly, the results of operations of Softimage are included as of
the date of acquisition. The selected consolidated financial data below should be read in conjunction with the
"Management's Discussion and Analysis of Financial Condition and Results of Operations" and the consolidated financial
statements and notes thereto included elsewhere in this filing.
CONSOLIDATED STATEMENTS OF OPERATIONS DATA:
In thousands (except per share data)
For the Year Ended December 31,
2000 1999 1998 1997 1996
Net revenues $476,090 $452,555 $482,377
$471,338
$429,009
Cost of revenues 234,424 205,877 190,249 221,553 238,808
Gross profit 241,666 246,678 292,128 249,785 190,201
Operating expenses:
Research and development 82,900 88,932 88,787 73,470 69,405
Marketing and selling 119,469 129,889 125,280 120,394 127,006
General and administrative 27,504 28,147 28,549 25,808 24,203
Restructuring and other costs 14,469 28,373 28,950
Amortization of acquisition-related intangible assets 66,872 79,879 34,204
Total operating expenses 296,745 341,316 305,193 219,672 249,564
Operating income (loss) (55,079) (94,638) (13,065) 30,113 (59,363)
Other income and expense, net 3,730 3,459 8,636 8,125 3,416
Income (loss) before income taxes (51,349) (91,179) (4,429) 38,238 (55,947)
Provision for (benefit from) income taxes 5,000 46,369 (796) 11,854 (17,903)
Net income (loss) ($56,349) ($137,548) ($3,633) $26,384 ($38,044)
Net income (loss) per common share  basic ($2.28) ($5.75)
($0.15)
$1.14 ($1.80)
Net income (loss) per common share  diluted ($2.28) ($5.75)
($0.15)
$1.08 ($1.80)
Weighted average common shares outstanding - basic
24,683
23,918
23,644
23,065 21,163
Weighted average common shares outstanding - diluted
24,683
23,918
23,644
24,325 21,163
CONSOLIDATED BALANCE SHEET DATA:
In thousands
As of December 31,
2000 1999 1998 1997 1996
Working capital $96,585 $70,344 $118,965 $186,474 $145,320
Total assets 266,482 312,024 486,715 356,805 300,979
Long-term obligations 13,449 14,220 13,261 403 1,186
Total stockholders' equity 137,850 167,923 290,311 241,794 213,415