CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
Twelve Months
Three Months Ended Ended
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December 31, December 31,
------------ ------------
2008 2007 2008 2007
---- ---- ---- ----
Sales $67,525 $83,836 $328,918 $384,699
Cost of sales 49,128 51,017 204,136 221,890
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Gross profit 18,397 32,819 124,782 162,809
Operating expenses:
Research and development 13,424 12,510 54,952 50,393
Selling, general and
administrative 9,513 16,075 52,273 62,179
Amortization of intangible
assets 257 218 946 1,010
Restructuring charges 1,898 (219) 3,487 3,287
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Total operating
expenses 25,092 28,584 111,658 116,869
Income (loss) from operations (6,695) 4,235 13,124 45,940
Other income, net 553 1,443 2,883 4,810
--- ----- ----- -----
Income (loss) from continuing
operations before income taxes (6,142) 5,678 16,007 50,750
Provision for income taxes 12,835 1,512 17,786 16,389
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Net income (loss) $(18,977) $4,166 $(1,779) $34,361
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Basic earnings (loss) per share $(0.45) $0.09 $(0.04) $0.76
Diluted earnings (loss) per share $(0.45) $0.09 $(0.04) $0.75
Basic weighted-average common
shares outstanding 41,832 45,274 42,537 45,156
Diluted weighted-average common
shares outstanding 41,832 45,758 42,537 45,704
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
December 31, December 31,
2008 2007
---- ----
ASSETS
Current assets:
Cash and cash equivalents $116,448 $94,588
Marketable securities 33,266 110,676
Accounts receivable, net 56,549 61,545
Inventories, net 46,659 50,532
Deferred income taxes 13,253 23,696
Other current assets 5,324 6,932
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Total current assets 271,499 347,969
Property and equipment, net 31,322 30,912
Long-term investments 30,401 1,483
Deposits and other 7,505 5,562
Goodwill and intangibles, net 72,918 67,768
Customer service equipment, net 23 1,236
Deferred income tax assets, net 6,969 4,098
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Total assets $420,637 $459,028
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $8,005 $12,424
Other accrued expenses 23,928 29,590
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Total current liabilities 31,933 42,014
Long-term liabilities 12,155 9,953
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Total liabilities 44,088 51,967
Stockholders' equity 376,549 407,061
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Total liabilities and stockholders' equity $420,637 $459,028
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