Date: Fri, 21 Nov 1997 02:38:39 GMT Server: Apache/1.2.4 Last-Modified: Wed, 05 Nov 1997 18:27:46 GMT ETag: "2378-396f-3460baa2" Content-Length: 14703 Accept-Ranges: bytes Connection: close Content-Type: text/html
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Consolidated Statements of Income (in thousands, except per share amounts) Third Quarter Ended Nine Months Ended 9/28/97 9/29/96 9/28/97 9/29/96 Revenues: Product sales $124,999 $101,618 $348,944 $282,256 Service 50,024 48,392 149,316 150,980 Total revenues 175,023 150,010 498,260 433,236 Cost of sales: Product cost of sales 65,013 55,117 180,912 150,949 Service expense 31,034 29,094 92,480 91,634 Total cost of sales 96,047 84,211 273,392 242,583 Gross profit 78,976 65,799 224,868 190,653 Operating expenses: Research and development 24,189 19,439 65,833 59,310 Selling, general and administrative 33,813 33,726 102,161 98,436 Restructuring charge (a) --- --- --- 4,623 Total operating expenses 58,002 53,165 167,994 162,369 Operating income 20,974 12,634 56,874 28,284 Other income 3,718 1,520 9,073 5,149 Income before provision for income taxes 24,692 14,154 65,947 33,433 Provision for income taxes 5,432 3,397 14,508 7,638 Net income $ 19,260 $ 10,757 $ 51,439 $ 25,795 Weighted average shares of common stock and common stock equivalents outstanding 25,055 23,816 24,473 23,719 Net income per common share $ 0.77 $ 0.45 $ 2.10 $ 1.09 (a) The results of operations for the nine months ended September 29, 1996 include a one-time charge of $4.6 million for the cost of restructuring the Company's software business. Excluding this charge, earnings per share for the nine months ended September 29, 1996 would have been $1.24. Consolidated Balance Sheets (all amounts in thousands) 9/28/97 12/29/96 Assets: Current assets: Cash and cash equivalents $247,640 $174,870 Accounts receivable, net 132,293 175,061 Inventories 83,405 63,283 Other current assets 33,906 28,313 Total current assets 497,244 441,527 Property, plant and equipment, net 146,125 122,756 Other assets 66,408 74,638 Total assets $709,777 $638,921 Liabilities and stockholders' equity: Current liabilities: Short-term borrowings and obligations $ 1,626 $ 2,667 Accounts payable 27,868 30,357 Accrued expenses 81,632 69,215 Income taxes payable 25,656 13,564 Total current liabilities 136,782 115,803 Long-term obligations and deferred gain 750 3,634 Stockholders' equity 572,245 519,484 Total liabilities and stockholders' equity $709,777 $638,921 [HOME] [Contents] [Feedback] [Search]
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