Plantronics 2002 Annual Report Download - page 51

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(in th o u sands) January 2, 2002
Current assets $ 5,555
P r o p e r t y, plant and equipment 503
In-process research and development 100
Intangible assets 4,500
G o o d w i l l 3,250
Total assets acquired 13,908
Liabilities assumed (3,492)
Net assets acquired $ 10,416
$0.1 million was assigned to in-process research and development assets which was written
o ff at the date of acquisition. T his write-off is included in research and development costs.
Acquired intangible assets of $4.5 million included developed technology ($2.0 million,
7 year useful life), customer contracts ($1.3 million, 7 year useful life), patents and
trademarks ($1.0 million, 7 year useful life), and non-compete agreements ($0.2 million,
5 year useful life).
T he following unaudited pro forma summary presents our results of operations assuming
the Ameriphone acquisition had been consummated at the beginning of the period:
M a rch 31 ,
(in th o u sands, excep t p er share am oun t s) 2001 2002
R e v e n u e $4 0 2 , 9 1 6 $ 320,307
Net income 7 4 , 4 0 1 37,510
Diluted EPS $1 . 4 0 $ 0.76
1 2 . G O O D W I L L A N D I N TA N G I B L E S
During the first quarter of fiscal year 2002, we early-adopted Statement of Financial
Accounting Standards No. 142 (“SFAS 142”), “Goodwill and Other Intangible Assets.”
In accordance with SFAS 142, we discontinued goodwill amortization in April 2001.
T he following table presents net income on a comparable basis, after adjustment for
goodwill amortization:
Fiscal Year End ed M arch 3 1 ,
(in th o u sands) 2000 2001 2002
Reported net income $6 4 , 5 1 7 $ 7 3 , 5 5 0 $ 36,248
Add back : goodwill amortization 174 6 9 5 —
Adjusted net income $6 4 , 6 9 1 $ 7 4 , 2 4 5 $ 36,248
Basic earnings per share:
As reported $1 . 3 0 $ 1 . 4 9 $ 0.77
As adjusted $1 . 3 1 $ 1 . 5 1 $ 0.77
Diluted earnings per share:
As reported $1 . 2 2 $ 1 . 3 8 $ 0.74
As adjusted $1 . 2 2 $ 1 . 3 9 $ 0.74
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