Avid 2004 Annual Report Download - page 54

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40
AVID TECHNOLOGY, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
For the Year Ended December 31,
2004
2003
2002
Net revenues:
Product
$528,463
$425,403
$381,851
Services
61,142
46,509
36,868
Total net revenues
589,605
471,912
418,719
Cost of revenues:
Product
220,246
183,304
185,293
Services
34,842
26,069
21,943
Amortization of intangible assets
408
–
–
Total cost of revenues
255,496
209,373
207,236
Gross profit
334,109
262,539
211,483
Operating expenses:
Research and development
94,940
85,552
82,346
Marketing and selling
135,811
109,704
100,761
General and administrative
29,780
23,208
19,819
Restructuring and other costs, net
–
3,194
2,923
Amortization of intangible assets
3,641
1,316
1,153
Impairment of intangible assets
1,187
–
–
Total operating expenses
265,359
222,974
207,002
Operating income
68,750
39,565
4,481
Interest income
2,501
2,011
1,163
Interest expense
(342)
(318)
(203)
Other income (expense), net
(820)
181
(742)
Income before income taxes
70,089
41,439
4,699
Provision for (benefit from) income taxes
(1,612)
550
1,700
Net income
$71,701
$40,889
$2,999
Net income per common share – basic
$2.21
$1.40
$0.11
Net income per common share – diluted
$2.05
$1.25
$0.11
Weighted average common shares outstanding – basic
32,485
29,192
26,306
Weighted average common shares outstanding – diluted
35,003
32,653
26,860
The accompanying notes are an integral part of the consolidated financial statements.