Cypress Reports First Quarter 2002 Results.Business Editors/High-Tech Writers SAN JOSE San Jose, city, United States San Jose (sănəzā`, săn hōzā`), city (1990 pop. 782,248), seat of Santa Clara co., W central Calif.; founded 1777, inc. 1850. , Calif.--(BUSINESS WIRE)--April 18, 2002 Cypress Semiconductor Cypress Semiconductor is a semiconductor design and manufacturing company. It began operations in 1982 and listed publicly in 1986. Two years later, the company shifted over to the New York Stock Exchange under the symbol, (NYSE: CY). Corporation (NYSE NYSE See: New York Stock Exchange :CY) today announced that revenue for the 2002 first quarter, ended March 31, 2002, was $193.2 million, up 1% from 2001 fourth quarter revenue of $191.1 million but down 26% from year-ago quarter revenue of $262.3 million. Pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma net loss for 2002 first quarter was $12.6 million resulting in a pro forma diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. loss per share of $0.10, compared with a fourth quarter 2001 pro forma diluted loss per share of $0.11 and year-ago first quarter pro forma earnings pro forma earnings Income not necessarily calculated in accordance with generally accepted accounting principles. For example, a company might report pro forma earnings that exclude depreciation expense and nonrecurring expenses such as restructuring costs. of $0.25 per diluted share. Including acquisition-related costs, restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). or non-recurring charges and credits, Cypress Cypress, city, United States Cypress (sī`prəs), city (1990 pop. 42,655), Orange co., S Calif. near Long Beach; inc. 1956. Forest Lawn–Cypress, a branch of the famous cemetery in Glendale, Calif. posted a net loss of $39.8 million for the first quarter, resulting in a diluted loss per share of $0.33, compared with a fourth quarter 2001 diluted loss per share of $0.31. Cypress CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. T.J. Rodgers said, "Both our revenue and pro forma loss of $0.10 per share met or exceeded analysts' expectations. This is our second sequential One after the other in some consecutive order such as by name or number. quarter of revenue and earnings improvement, further strengthening our belief that the third quarter last year was the bottom of the recent downturn Downturn The transition point between a rising, expanding economy to a falling, contracting one. downturn A decline in security prices or economic activity following a period of rising or stable prices or activity. for Cypress. Our bookings of $201.5 million resulted in a book-to-bill of 1.04, providing us with a modest backlog Backlog The total value of sales orders waiting to be fulfilled. Notes: This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings. that has been absent in recent quarters. Although we still need bookings in order to meet expectations for the June June: see month. quarter, we expect to grow and to improve earnings sequentially se·quen·tial adj. 1. Forming or characterized by a sequence, as of units or musical notes. 2. Sequent. se·quen ." Rodgers continued, "The data communications data communications, application of telecommunications technology to the problem of transmitting data, especially to, from, or between computers. In popular usage, it is said that data communications make it possible for one computer to "talk" with another. market is beginning to improve after one year of dormancy Dormancy In the broadest sense, the state in which a living plant organ (seed, bud, tuber, bulb) fails to exhibit growth, even when environmental conditions are considered favorable. , the wireless market remains active at a reasonably high level and the consumer market continues to be strong. We are therefore growing mildly even though our largest market segment, data communications, is just starting to recover. We expect continued recovery through the end of the year on into 2003." MARKET SEGMENTS Wide Area Network and Storage Area Network (WAN/SAN) Revenue from the WAN/SAN segments, which accounted for 34% of first quarter revenue, increased 4.2% quarter-to-quarter, showing continued modest recovery in this market segment, which still suffers from end-demand issues. The WAN/SAN segment posted a gross margin of 48% in the first quarter. We expect WAN/SAN revenue to grow modestly in the second quarter. Segment highlights for the quarter include: -- Cypress subsidiary Cypress Microsystems' (CMS) first product, the Programmable System on a Chip(TM) (PSoC(TM)) microcontroller, was selected from among hundreds of candidates as a winner in the 8- to 16-bit microcontroller category of the "2001 Innovation of the Year" competition sponsored by EDN, the most widely read design publication in the electronics industry. -- CMS brought dynamic reconfigurability to its family of PSoC microcontrollers. CMS's new PSoC Designer(TM) software tool set enables design engineers to program and reprogram a single PSoC chip multiple times, changing functionality on the fly in an application. -- Cypress was first in the industry to ship over two million high-speed Universal Serial Bus (USB) 2.0 peripheral controllers. The success of its high-speed ISD-300A1 (mass storage) and EZ-USB FX2(TM) products extends Cypress's No. 1 position overall in the USB business to the fast-growing market for 480 megabit-per-second USB 2.0 devices. Cypress topped the 100-million-unit mark for total USB shipments last year. -- Cypress and Realtek Semiconductor Corporation jointly developed a reference design for high-speed USB 2.0 scanners. This reference design incorporates Cypress's CS5979AM USB 2.0 peripheral controller and Realtek's RTS8821 scanner controller in a cost-effective solution that enables breakthrough data transfer rates. -- Cypress introduced a 533-MHz dual memory clock generator (DMCG), a clock generator for RAMBUS interfaces, and announced that the device has been designed in by Intel Corp. Cypress is the sole qualified source of this DMCG and is currently ramping into mass production. The company initially expects to ship 1.5 million units per quarter. -- Cypress announced a combination USB-PS/2 optical mouse reference design for PC pointing devices. Cypress collaborated with Agilent Technologies to offer a design for a low-cost, full-featured PS/2 optical mouse solution based on Cypress's CY7C63723 enCoRe(TM) (enhanced Component Reduction(TM)) USB microcontroller and Agilent's ADNS-2051 optical mouse sensor. The Cypress device features the company's proprietary, eight-bit microcontroller core, the industry's smallest. -- Cypress and WIDCOMM Inc. announced an agreement to jointly develop next-generation Bluetooth(TM) solutions. Cypress will license from WIDCOMM a range of Bluetooth software products, including BTE (Bluetooth Embedded Software) and BTE development tools. WIDCOMM engineers will work with Cypress to develop customized Bluetooth solutions for Cypress customers. This cooperative effort will combine Cypress's personal communications and manufacturing expertise with WIDCOMM's proficiency in short-range wireless connectivity. Wireless Terminals and Wireless Infrastructure (WIT/WIN) Revenue from the WIT/WIN segments, which accounted for 32% of first quarter revenue, increased by 1.1% from the prior quarter due to an increase in cellular handset The part of the telephone that contains the speaker and the microphone. On a desktop phone, the part you hold in your hand is the handset. On a cellphone, the entire phone is the handset. See multihandset cordless and headset. business and the continued shift toward higher-density memories in cell phones. Despite robust unit sales unit sales Sales measured in terms of physical units rather than dollars. Unit sales data are often used by financial analysts when evaluating the health of a company. , these segments experienced a significant average selling price The average sales price of goods or commodities. Especially used in the retail sector and technology distribution. decline and posted a gross margin of 28% in the first quarter. We expect WIT/WIN sales to be slightly up in the second quarter of 2002. Segment highlights for the quarter include: -- Cypress subsidiary Cypress Microsystems' (CMS) first product, the Programmable System on a Chip(TM) (PSoC(TM)) microcontroller, was selected from among hundreds of candidates as a winner in the 8- to 16-bit microcontroller category of the "2001 Innovation of the Year" competition sponsored by EDN, the most widely read design publication in the electronics industry. -- CMS brought dynamic reconfigurability to its family of PSoC microcontrollers. CMS's new PSoC Designer(TM) software tool set enables design engineers to program and reprogram a single PSoC chip multiple times, changing functionality on the fly in an application. -- Cypress was first in the industry to ship over two million high-speed Universal Serial Bus (USB) 2.0 peripheral controllers. The success of its high-speed ISD-300A1 (mass storage) and EZ-USB FX2(TM) products extends Cypress's No. 1 position overall in the USB business to the fast-growing market for 480 megabit-per-second USB 2.0 devices. Cypress topped the 100-million-unit mark for total USB shipments last year. -- Cypress and Realtek Semiconductor Corporation jointly developed a reference design for high-speed USB 2.0 scanners. This reference design incorporates Cypress's CS5979AM USB 2.0 peripheral controller and Realtek's RTS8821 scanner controller in a cost-effective solution that enables breakthrough data transfer rates. -- Cypress introduced a 533-MHz dual memory clock generator (DMCG), a clock generator for RAMBUS interfaces, and announced that the device has been designed in by Intel Corp. Cypress is the sole qualified source of this DMCG and is currently ramping into mass production. The company initially expects to ship 1.5 million units per quarter. -- Cypress announced a combination USB-PS/2 optical mouse reference design for PC pointing devices. Cypress collaborated with Agilent Technologies to offer a design for a low-cost, full-featured PS/2 optical mouse solution based on Cypress's CY7C63723 enCoRe(TM) (enhanced Component Reduction(TM)) USB microcontroller and Agilent's ADNS-2051 optical mouse sensor. The Cypress device features the company's proprietary, eight-bit microcontroller core, the industry's smallest. -- Cypress and WIDCOMM Inc. announced an agreement to jointly develop next-generation Bluetooth(TM) solutions. Cypress will license from WIDCOMM a range of Bluetooth software products, including BTE (Bluetooth Embedded Software) and BTE development tools. WIDCOMM engineers will work with Cypress to develop customized Bluetooth solutions for Cypress customers. This cooperative effort will combine Cypress's personal communications and manufacturing expertise with WIDCOMM's proficiency in short-range wireless connectivity. Computation Computation is a general term for any type of information processing that can be represented mathematically. This includes phenomena ranging from simple calculations to human thinking. and Other Revenue from the computation and other segment, which accounted for 34% of first quarter revenue, decreased 1.9% from the prior quarter, driven by a continued increase in USB USB in full Universal Serial Bus Type of serial bus that allows peripheral devices (disks, modems, printers, digitizers, data gloves, etc.) to be easily connected to a computer. sales, offset by cyclically down PC-related clock sales. Gross margins were 41% in the first quarter. We expect this market segment to have flat revenue in the second quarter of 2002. Segment highlights for the quarter include: -- Cypress subsidiary Cypress Microsystems' (CMS) first product, the Programmable System on a Chip(TM) (PSoC(TM)) microcontroller, was selected from among hundreds of candidates as a winner in the 8- to 16-bit microcontroller category of the "2001 Innovation of the Year" competition sponsored by EDN, the most widely read design publication in the electronics industry. -- CMS brought dynamic reconfigurability to its family of PSoC microcontrollers. CMS's new PSoC Designer(TM) software tool set enables design engineers to program and reprogram a single PSoC chip multiple times, changing functionality on the fly in an application. -- Cypress was first in the industry to ship over two million high-speed Universal Serial Bus (USB) 2.0 peripheral controllers. The success of its high-speed ISD-300A1 (mass storage) and EZ-USB FX2(TM) products extends Cypress's No. 1 position overall in the USB business to the fast-growing market for 480 megabit-per-second USB 2.0 devices. Cypress topped the 100-million-unit mark for total USB shipments last year. -- Cypress and Realtek Semiconductor Corporation jointly developed a reference design for high-speed USB 2.0 scanners. This reference design incorporates Cypress's CS5979AM USB 2.0 peripheral controller and Realtek's RTS8821 scanner controller in a cost-effective solution that enables breakthrough data transfer rates. -- Cypress introduced a 533-MHz dual memory clock generator (DMCG), a clock generator for RAMBUS interfaces, and announced that the device has been designed in by Intel Corp. Cypress is the sole qualified source of this DMCG and is currently ramping into mass production. The company initially expects to ship 1.5 million units per quarter. -- Cypress announced a combination USB-PS/2 optical mouse reference design for PC pointing devices. Cypress collaborated with Agilent Technologies to offer a design for a low-cost, full-featured PS/2 optical mouse solution based on Cypress's CY7C63723 enCoRe(TM) (enhanced Component Reduction(TM)) USB microcontroller and Agilent's ADNS-2051 optical mouse sensor. The Cypress device features the company's proprietary, eight-bit microcontroller core, the industry's smallest. -- Cypress and WIDCOMM Inc. announced an agreement to jointly develop next-generation Bluetooth(TM) solutions. Cypress will license from WIDCOMM a range of Bluetooth software products, including BTE (Bluetooth Embedded Software) and BTE development tools. WIDCOMM engineers will work with Cypress to develop customized Bluetooth solutions for Cypress customers. This cooperative effort will combine Cypress's personal communications and manufacturing expertise with WIDCOMM's proficiency in short-range wireless connectivity. Other Developments The company repurchased $36.0 million of its 3.75% convertible debentures Convertible Debenture Any type of debenture that can be converted into some other security. Notes: For example, a convertible bond can be converted into stock. due July July: see month. 2005 through open market purchases. The debentures were purchased at a discount of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 15%, netting a pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta gain of $4.7 million, which was reported as a one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. event, not as pro forma earnings. Conclusion Rodgers concluded, "We are pleased to continue on an upward trend in revenue and profit. We have grown revenue 7% in the two quarters since Q301, which appears to have been the bottom of the 2001 recession. Our bookings have grown over the last four quarters, and we finally added some backlog after five* quarters of sequential decline. Visibility continues to be limited, but we are seeing positive signs of business improvement. We will continue to control our costs, to focus on new products and to drive toward profitability this year." About Cypress Cypress Semiconductor Corporation is "Driving the Communications Revolution"(TM) with high-performance Adj. 1. high-performance - modified to give superior performance; "a high-performance car" superior - of high or superior quality or performance; "superior wisdom derived from experience"; "superior math students" integrated circuits Integrated circuits Miniature electronic circuits produced within and upon a single semiconductor crystal, usually silicon. Integrated circuits range in complexity from simple logic circuits and amplifiers, about 1/20 in. (1. for network infrastructure and access equipment. Leveraging its process and system-level expertise, the company designs and manufactures solutions targeted across wireless and wireline communications. Cypress supports a wide range of industry standards, such as SONET/SDH (Synchronous Optical NETwork/Synchronous Digital Hierarchy) A common reference to SONET networks worldwide. See SONET. (OC-192/STM-64 and above), 10G Ethernet Ethernet Telecommunications networking protocol introduced by Xerox Corp. in 1979. It was developed as an inexpensive way of sending information quickly between office machines connected together in a single room or building, but it rapidly became a standard computer , Voice over Internet Protocol See Internet and TCP/IP. (networking) Internet Protocol - (IP) The network layer for the TCP/IP protocol suite widely used on Ethernet networks, defined in STD 5, RFC 791. IP is a connectionless, best-effort packet switching protocol. (VoIP) and InfiniBand An input/output architecture used in high-end computer clusters and storage networks, introduced in 1999. Using switched, point-to-point channels similar to mainframes and also similar to PCI Express (switched version of PCI), InfiniBand is designed as a true fabric architecture that can . The company's communications product lines include programmable high-speed high-speed adj. 1. Operated or designed for operation at high speed: a high-speed food processor. 2. Taking place at high speed: a high-speed chase. 3. physical layer devices (PHYs), wirespeed network search engines (NSEs) and network coprocessors (NCPs), and datapath A datapath is a collection of functional units, such as ALUs or multipliers, that perform data processing operations. Most processors consist of a datapath and a control unit, with a large part of the control unit dedicated to regulating the interaction between the datapath and switching elements (DSEs). Cypress is also the industry's foremost provider of communications timing solutions, networking-optimized communications memories and personal connectivity A generic term for connecting devices to each other in order to transfer data back and forth. It often refers to network connections, which embraces bridges, routers, switches and gateways as well as backbone networks. solutions, such as USB and Bluetooth A wireless personal area network (WPAN) standard for short-range transmission of digital voice and data. Bluetooth is widely used for hands-free cellphone operation, including wireless headsets and connecting to Bluetooth-enabled automobiles that turn the car's audio system into a . Cypress is a leader in pure optical and optoelectronic Refers to devices that function due to the interaction of light and electronics. For example, an electronic signal is the input to a laser diode, which generates light pulses that are transmitted through an optical fiber. technologies designed to push network transmissions to higher performance levels and to satisfy the increasing demand for network bandwidth bandwidth Measurement of the capacity of a communications signal. For digital signals, the bandwidth is the data speed or rate, measured in bits per second (bps). For analog signals, it is the difference between the highest and lowest frequency components, measured in hertz . With a focus on emerging communications applications, Cypress aims to become the preferred silicon supplier for network infrastructure solutions and for every network data stream to pass through at least one Cypress IC. Cypress employs approximately 4,000 people worldwide. Its shares are listed on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. under the symbol CY. More information about Cypress is accessible on the Web at http://www.cypress.com. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. -- Forward Looking Statements "Safe Harbor" Statement under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995: Statements herein that are not historical facts are "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " involving risks and uncertainties, including but not limited to: the effect of global economic conditions, shifts in supply and demand, market acceptance, the impact of competitive products and pricing, product development, commercialization and technological difficulties, and capacity and supply constraints CONSTRAINTS - A language for solving constraints using value inference. ["CONSTRAINTS: A Language for Expressing Almost-Hierarchical Descriptions", G.J. Sussman et al, Artif Intell 14(1):1-39 (Aug 1980)]. . Please refer to Cypress's Securities and Exchange Commission filings for a discussion of such risks. Note to Editors: Cypress, the Cypress logo, and MoBL are registered trademarks of Cypress Semiconductor Corporation. Grating Light Valve valve, device for controlling the flow of fluids (liquids and gases). Valves vary in construction and size depending upon their function. Some are classified according to their method of operation or design, e.g. , POSIC POSIC Partially-Connected Ordered Successive-Interference Cancellation , Com-Link, RAM7, RAM5, More Battery Life, MoBL2, RAM8, Programmable System-on-Chip See SoC. , PSoC PSOC Programmable System-On-Chip PSoC Partial State of Charge PSOC Preliminary System Operational Concept PSOC Probabilistic System on a Chip PSOC Programmable System on a Chip , PSoC Designer, EZ-USB FX2, enCoRe, Enhanced Component Reduction, and Driving the Communications Revolution are trademarks of Cypress Semiconductor Corporation. All other registered trademarks or trademarks are the property of their respective owners.
CYPRESS SEMICONDUCTOR CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except per share data)
(Unaudited)
Mar 31, Dec 30,
2002 2001
----------- -----------
ASSETS
Current assets:
Cash and short-term
investments (1) $ 155,249 $ 205,422
Accounts receivable, net 111,914 97,817
Inventories, net 66,436 73,268
Other current assets 237,029 250,328
----------- -----------
Total current assets 570,628 626,835
Property and equipment, net 499,464 499,795
Long-term investments (1) 122,078 134,495
Restricted investments (1) 76,739 74,968
Goodwill 331,988 324,764
Other assets 208,069 225,579
----------- -----------
Total assets $ 1,808,966 $ 1,886,436
=========== ===========
LIABILITIES AND STOCKHOLDERS'
EQUITY
Current liabilities:
Accounts payable $ 62,774 $ 73,916
Accrued liabilities 152,242 165,037
Deferred income 21,680 14,249
Income taxes payable 1,757 1,300
----------- -----------
Total current liabilities 238,453 254,502
Convertible subordinated notes 481,700 517,700
Deferred income taxes and other
tax liabilities 199,937 203,272
Other long-term liabilities 41,646 42,534
----------- -----------
Total liabilities 961,736 1,018,008
Stockholders' equity (2) 847,230 868,428
----------- -----------
Total liabilities and
stockholders' equity $ 1,808,966 $ 1,886,436
=========== ===========
(1) Cash and investments at March 31, 2002 and December 30, 2001
totaled $354,066 and $414,885, respectively.
(2) Common stock, $.01 par value, 650,000 and 650,000 shares
authorized; 139,165 and 139,052 issued; 122,699 and 121,495
outstanding.
(3) Certain prior year amounts have been reclassified to conform to
current year presentation.
CYPRESS SEMICONDUCTOR CORPORATION
PRO FORMA CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
THREE MONTHS ENDED
(Unaudited)
-------------------------------------
Mar 31, Apr 1, Dec 30,
2002 2001 2001
--------- --------- ---------
Revenues $ 193,155 $ 262,263 $ 191,099
Costs and expenses:
Costs of revenues 117,296 125,245 113,574
Research and
development 61,587 56,233 60,425
Selling, general and
administrative 33,340 43,948 37,265
--------- --------- ---------
Total operating costs 212,223 225,426 211,264
--------- --------- ---------
Operating income (loss) (19,068) 36,837 (20,165)
Net interest income
(expense) and other 1,579 9,914 849
--------- --------- ---------
Income (loss) before
income tax (17,489) 46,751 (19,316)
(Provision) benefit for
income tax 4,897 (14,025) 5,795
--------- --------- ---------
Net income (loss) $ (12,592) $ 32,726 $ (13,521)
========= ========= =========
Pro forma earnings per
share:
Basic net income (loss)
per share $ (0.10) $ 0.26 $ (0.11)
Diluted net income
(loss) per share $ (0.10) $ 0.25 $ (0.11)
Shares used in per
share calculations:
Basic 122,122 126,417 120,501
Diluted 122,122 132,050 120,501
CYPRESS SEMICONDUCTOR CORPORATION
NOTES TO UNAUDITED PRO FORMA CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
THREE MONTHS ENDED
(Unaudited)
-------------------------------------
Mar 31, Apr 1, Dec 30,
2002 2001 2001
--------- --------- ---------
GAAP net income (loss) $ (39,791) $ 10,457 $ (37,704)
========= ========= =========
Acquisition costs (1) 26,600 27,047 42,003
Restructuring costs (2) 1,595 - -
Tax effects on pro
forma adjustments 1,826 (4,778) (13,475)
--------- --------- ---------
Income (loss) before
extraordinary gain (9,770) 32,726 (9,176)
Extraordinary gain, net
of taxes (2,822) - (4,345)
--------- --------- ---------
Pro forma net income
(loss) $(12,592) $ 32,726 $ (13,521)
========= ========= =========
(1) In-process technology, non-cash stock compensation costs, cash
charges based on the achievement of milestones under acquisition
agreements, and the amortization of intangible assets and goodwill
related to those acquisitions.
(2) Charges related to additional opportunities identified and
implemented as part of 2001 restructuring plan.
CYPRESS SEMICONDUCTOR CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
'(In thousands, except per share data)
THREE MONTHS ENDED
(Unaudited)
-------------------------------------
Mar 31, Apr 1, Dec 30,
2002 2001 2001
--------- --------- ---------
Revenues $ 193,155 $ 262,263 $ 191,099
Costs and expenses:
Costs of revenues 118,266 125,709 114,930
Research and
development 73,482 57,424 71,093
Selling, general and
administrative 35,383 46,292 40,148
Restructuring costs
(credits) 1,595 -- --
Acquisition and merger
costs 11,692 23,048 27,096
--------- --------- ---------
Total operating costs 240,418 252,473 253,267
--------- --------- ---------
Operating income (loss) (47,263) 9,790 (62,168)
Net interest income
(expense) and other 1,579 9,914 849
--------- --------- ---------
Income (loss) before
income tax and
extraordinary gain (45,684) 19,704 (61,319)
(Provision) benefit for
income tax 3,071 (9,247) 19,270
--------- --------- ---------
Net income (loss)
before extraordinary
gain (42,613) 10,457 (42,049)
Extraordinary gain (net
of tax of $1,882, $0
and $2,896,
respectively) 2,822 -- 4,345
--------- --------- ---------
Net income (loss) $ (39,791) $ 10,457 $ (37,704)
========= ========= =========
Basic net income (loss)
per share:
Before extraordinary
gain $ (0.35) $ 0.08 $ (0.35)
Extraordinary gain (net
of tax) 0.02 -- 0.04
--------- --------- ---------
Net income (loss) $ (0.33) $ 0.08 $ (0.31)
Diluted net income
(loss) per share
Before extraordinary
gain $ (0.35) $ 0.08 $ (0.35)
Extraordinary gain (net
of tax) 0.02 -- 0.04
--------- --------- ---------
Net income (loss) $ (0.33) $ 0.08 $ (0.31)
Shares used in per
share calculations:
Basic 122,122 126,417 120,501
Diluted 122,122 132,050 120,501
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