CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(in thousands, except per share data)
Three Months Ended
March 31, December 31,
2008 2007 2007
Sales $88,887 $107,323 $83,836
Cost of sales 53,039 59,014 51,017
Gross profit 35,848 48,309 32,819
Operating expenses:
Research and development 13,085 12,035 12,510
Selling, general and
administrative 14,468 15,218 16,075
Amortization of intangible
assets 240 324 218
Restructuring charges 674 2,792 (219)
Total operating expenses 28,467 30,369 28,584
Income from operations 7,381 17,940 4,235
Other income, net 905 1,554 1,444
Income from continuing operations
before income taxes 8,286 19,494 5,679
Provision for income taxes 2,320 6,823 1,512
Net income $5,966 $12,671 $4,167
Basic and diluted earnings per share $0.13 $0.28 $0.09
Basic weighted-average common shares
outstanding 44,662 44,941 45,274
Diluted weighted-average common
shares outstanding 45,065 45,636 45,758
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(in thousands)
March 31, December 31,
2008 2007
ASSETS
Current assets:
Cash and cash equivalents $99,064 $94,588
Marketable securities 37,816 110,676
Accounts receivable, net 70,493 64,188
Inventories, net 51,603 50,532
Deferred income taxes 14,156 23,696
Other current assets 3,757 4,289
Total current assets 276,889 347,969
Property and equipment, net 31,870 30,912
Deposits and other 46,140 7,045
Goodwill and intangibles, net 72,528 67,768
Customer service equipment, net 1,060 1,236
Deferred income tax assets, net 14,614 4,098
Total assets $443,101 $459,028
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Trade accounts payable $16,786 $12,424
Other accrued expenses 25,669 29,590
Total current liabilities 42,455 42,014
Long-term liabilities 9,979 9,953
Total liabilities 52,434 51,967
Stockholders' equity 390,667 407,061
Total liabilities and stockholders'
equity $443,101 $459,028