McDATA Achieves Record Revenues for Fiscal Fourth Quarter and Full Year 2003; Reports 28% Year-Over-Year Revenue Growth for Fiscal Full Year 2003.Business Editors/High-Tech Writers BROOMFIELD Broomfield can be: In the United Kingdom:
McDATA Corporation (Nasdaq:MCDTA)(Nasdaq:MCDT MCDT Micro Credit Development Trust SACCO (Uganda microfinance) MCDT Microsoft Certified Desktop Technician ), the expert provider of multi-capable storage networking solutions, today reported record revenue results of $114.0 million for its fiscal 2003 fourth quarter ended January January: see month. 31, 2004, which reflects 20 percent sequential growth and 8 percent year-over-year growth. McDATA's non-GAAP net income for the fourth quarter totaled $3.3 million, or $0.03 per 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. share. This compares with the company's non-GAAP fiscal third quarter 2003 net income of $2.1 million, or $0.02 per diluted share, and non-GAAP fourth quarter 2002 net income of $10.6 million, or $0.09 per diluted share. McDATA's fiscal fourth quarter non-GAAP results exclude charges related to the amortization of deferred compensation and purchased intangible assets Intangible Asset An asset that is not physical in nature. Notes: Examples are things like copyrights, patents, intellectual property, and goodwill. These are the opposite of tangible assets. , a loss on its investment in Aarohi Aarohi is the annual youth festival (Culfest) of Visvesvaraya National Institute of Technology, Nagpur, India. It is organised every year during winter in December-January. Students from undergraduate institutes in the city take part in many of the events organised. , and a charge related to the company's recently announced 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). , which included a reduction in workforce. The company reported a GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). net loss of $7.5 million, and GAAP diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of (EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. ) of $(0.07) for the fourth quarter of fiscal 2003. McDATA's non-GAAP results are a supplement to financial statements based on Generally Accepted Accounting Principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting (GAAP). McDATA believes this presentation provides investors with additional insight into its underlying operating results and business trends. A reconciliation of reported and non-GAAP results is provided in the attached condensed con·dense v. con·densed, con·dens·ing, con·dens·es v.tr. 1. To reduce the volume or compass of. 2. To make more concise; abridge or shorten. 3. Physics a. financial statements. "Customers recognize the significant value McDATA provides, and increasingly view us as a critical partner to help solve their unique business challenges. Our success this quarter reflects increased intimacy This article or section may contain original research or unverified claims. Please help Wikipedia by adding references. See the for details. This article has been tagged since September 2007. with our customers and channel partners," said John Kelley
For fiscal 2003, which began February February: see month. 1, 2003, and ended January 31, 2004, revenue totaled $418.9 million, a 28 percent year-over-year increase. For fiscal 2003, non-GAAP net income totaled $24.3 million, or $0.21 per share, on a diluted basis, compared with non-GAAP 2002 net income of $5.9 million, or $0.05 per share. The company incurred a GAAP net loss of $43.1 million, or $(0.38) per diluted share for fiscal 2003. These results compare with a reported net loss of $10.0 million, or $(0.09) per diluted share, for full year 2002 ended December December: see month. 31, 2002. Fourth Quarter 2003 Details McDATA's revenue from products totaled $94.7 million in the fiscal fourth quarter, an 18 percent increase versus the previous quarter, and a 3 percent increase from the same period in 2002. Revenue from software and professional services (job) professional services - A department of a supplier providing consultancy and programming manpower for the supplier's products. was $14.0 million, a 41 percent sequential increase, and a 50 percent increase from the same period in 2002. Other revenue was $5.2 million, a 13 percent sequential increase, and a 24 percent increase from the same period in 2002. On a channel basis, McDATA's largest customer, EMC (1) (EMC Corporation, Hopkinton, MA, www.emc.com) The leading supplier of storage products for midrange computers and mainframes. Founded in 1979 by Richard J. Egan and Roger Marino, EMC has developed advanced storage and retrieval technologies for the world's largest companies. , represented 47 percent of total revenue in the fiscal fourth quarter of 2003, compared with 54 percent last quarter; IBM (International Business Machines Corporation, Armonk, NY, www.ibm.com) The world's largest computer company. IBM's product lines include the S/390 mainframes (zSeries), AS/400 midrange business systems (iSeries), RS/6000 workstations and servers (pSeries), Intel-based servers (xSeries) accounted for 29 percent, up from 21 percent in the prior quarter; and other OEMs, resellers and systems integrators An individual or organization that builds systems from a variety of diverse components. With increasing complexity of technology, more customers want complete solutions to information problems, requiring hardware, software and networking expertise in a multivendor environment. represented 24 percent, compared with 25 percent in the prior quarter. Non-GAAP gross margin was 57.3 percent for the fiscal fourth quarter of 2003, down from 58.2 percent in the third quarter of 2003, and up from 54.8 percent in fourth quarter 2002, a 250 basis point improvement year-over-year. GAAP gross margin was 57.0 percent, compared with 57.7 percent in the third quarter of 2003 and 55.5 percent in the fourth quarter of 2002. Non-GAAP operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. were up approximately 14 percent sequentially at $59.9 million, driven primarily by the full quarter impact of the Nishan Nishan can refer to multiple things
McDATA generated approximately $15.9 million in operating cash flow Operating cash flow Earnings before depreciation minus taxes. Measures the cash generated from operations, not counting capital spending or working capital requirements. in the fourth quarter. Cash and marketable securities Marketable Securities Very liquid securities that can be converted into cash quickly at a reasonable price. Notes: Marketable securities are very liquid as they tend to have maturities less than one year, and the rate at which these securities can be bought or sold has totaled $317 million as of January 31, 2004. "Our business fundamentals business fundamentals The general background within which an economy operates including earnings, sales, wage rates, taxes, and inflation. Improving business fundamentals are generally viewed as bullish for stocks, although stock prices at any given point continue to show good momentum," said Ernest Sampias, McDATA's chief financial officer. "This is the sixth consecutive quarter of positive operating cash flow. Our gross margins remain solid, driven by channel mix improvement and strong growth in software, which contributed to our better than expected earnings." Restructuring-related Charges In January, the company announced that it was taking certain cost improvement actions, which included a workforce reduction and facility consolidation. As a result, in the fiscal fourth quarter, the company incurred an approximate $2.3 million restructuring charge restructuring charge The expense of reorganizing a company's operations. A restructuring charge is an infrequent expense that generally results from asset writedowns or facility closings. related to the reduction in workforce. In addition, the company expects to incur To become subject to and liable for; to have liabilities imposed by act or operation of law. Expenses are incurred, for example, when the legal obligation to pay them arises. An individual incurs a liability when a money judgment is rendered against him or her by a court. an approximate $2 million restructuring charge in its fiscal first quarter 2004, primarily related to a facilities closure, as well as remaining severance The act of dividing, or the state of being divided. The term severance has unique meanings in different branches of the law. Courts use the term in both civil and criminal litigation in two ways: first, when dividing a lawsuit into two or more parts, and second, when costs. Third Quarter Balance Sheet Reclassification Reclassification The process of changing the class of mutual funds once certain requirements have been met. These requirements are generally placed on load mutual funds. Reclassification is not considered to be a taxable event. McDATA will file an amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. third quarter 2003 10-Q to reflect a balance sheet reclassification for that quarter. There is no impact on the income statement or statement of cash flow. The reclassification results from a securities lending Securities Lending When a brokerage lends securities owned by its clients to short sellers. Notes: This allows brokers to create additional revenue (commissions) on the short sale transaction. program with Wells Fargo Wells Fargo armored carriers of bullion. [Am. Hist.: Brewer Dictionary, 1147] See : Protectiveness Wells Fargo company that handled express service to western states; often robbed. [Am. Hist. Bank, N.A., which the company began in third quarter 2003, and involves cash collateral obtained by McDATA against the loaned investment securities. In accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with generally accepted accounting principles, the company will recognize both an asset and a corresponding liability. As a result of this program, the company earned interest income of approximately $30,000 in the third quarter, which was included in net income as previously reported. The company's fourth quarter balance sheet conforms to this accounting treatment. Key Fourth Quarter Accomplishments In the fourth quarter, McDATA continued to expand upon its solid foundation, bringing leading products and solutions to the market, and executing on its strong financial model. Following are a few of the highlights from the fourth quarter: -- McDATA had its best quarter ever in sales through IBM, its second largest channel partner. IBM accounted for 29 percent of total revenues for the quarter and grew 62 percent in dollars, sequentially. -- McDATA expanded its sales channels for its Sphereon(TM) 4300 fabric switch, which is scalable from 4 to 12 ports using McDATA's FlexPort technology. Sun Microsystems Sun Microsystems, Inc. (NASDAQ: JAVA[3]) is an American vendor of computers, computer components, computer software, and information-technology services, founded on 24 February 1982. announced worldwide availability, and IBM expanded its sales channel for McDATA's Sphereon 4300 switches by authorizing business partners in IBM's High Volume channel to resell re·sell tr.v. re·sold , re·sell·ing, re·sells 1. To sell again. 2. To sell (a product or service) to the public or to an end user, especially as an authorized dealer. the product. Both Sun and IBM also sell McDATA's 6000 series Intrepid(TM) Directors and award-winning Sphereon 4500 fabric switch. -- Hitachi Data Systems See HDS. was the first OEM (Original Equipment Manufacturer) The rebranding of equipment and selling it. The term initially referred to the company that made the products (the "original" manufacturer), but eventually became widely used to refer to the organization that buys the products and to announce resale resale n. selling again, particularly at retail. In many states a "resale license" or "resale number" is required so that the state can monitor the collection of sales tax on retail sales. RESALE. of McDATA's Eclipse multi-protocol 1620 inter-networking switch, which is based upon the technology McDATA acquired through its acquisition of Nishan Systems. The launch of the Hitachi TrueNorth iSCSI SAN solution provides a cost effective alternative for storage area networking. The solution is tested with Microsoft's native iSCSI drivers, making it perfect for Windows environments (1) (upper case "W") Refers to computers running under a Microsoft Windows operating system. (2) (lower case "w") Also called a "windowing environment," it refers to any software that provides multiple windows on screen such as Windows, Mac, Motif and X Window. . The McDATA Eclipse 1620 SAN routing switch See layer 3 switch. , which provides open, multi-vendor routing, is also available through McDATA authorized au·thor·ize tr.v. au·thor·ized, au·thor·iz·ing, au·thor·iz·es 1. To grant authority or power to. 2. To give permission for; sanction: resellers and distributors. -- McDATA extended the reach of its products internationally. NEC (NEC Corporation, Tokyo, www.nec.com, www.necus.com) An electronics conglomerate known in the U.S. for its monitors. In Japan, it had the lion's share of the PC market until the late 1990s (see PC 98). NEC was founded in Tokyo in 1899 as Nippon Electric Company, Ltd. Corporation now resells McDATA Intrepid Directors through its High Performance Computing computing - computer Division. -- McDATA announced the repurchase re·pur·chase tr.v. re·pur·chased, re·pur·chas·ing, re·pur·chas·es To buy (something) again. n. The act of buying something that one previously sold or owned. Noun 1. of approximately 1 million total McDATA class A and B shares (MCDTA and MCDT) on the open market, utilizing approximately $9 million under its $50 million stock repurchase Stock repurchase A firm's repurchase of outstanding shares of its common stock. program previously approved by the Board of Directors. -- McDATA continued to strengthen its management organization with the appointment of Gary Gysin as senior vice president of worldwide sales and services. Additionally, McDATA named Alex Mendez, former chairman of Sanera Systems and a founding member of Stratacom, Inc., to the technology committee of the Board of Directors. -- McDATA announced the promotion of John Kelley to chairman of the board effective January 31, 2004, in addition to his responsibilities as chief executive officer and president. At the same time, McDATA announced the retirement of McDATA co-founder and former chairman of the board Jack McDonnell from the company. Laurence Walker was named as McDATA's lead director on its Board of Directors. -- McDATA was named to the 2003 Deloitte Technology Fast 500, growing revenues by 943 percent over a five year period, and maintaining growth, while the average Technology Fast 500 company's growth declined 19 percent over the previous year. Outlook "We accomplished some very critical business goals this past year, which significantly strengthened McDATA's competitive position," said John Kelley. "Our robust solution set and improving overall market conditions give us confidence in our outlook for the coming quarter and overall positive sentiment on the year." McDATA is comfortable with the current range of First Call Wall Street estimates of approximately $108 to $115 million in revenue and breakeven breakeven 1. The level of output or sales necessary to cover fixed expenses. Companies in industries that have high fixed costs and, consequently, high breakevens, such as automobile and steel manufacturing, are likely to exhibit large fluctuations to $0.02 non-GAAP fully diluted EPS for the first quarter of fiscal 2004, ending April 30, 2004. These non-GAAP estimates do not include the company's anticipated deferred compensation charges and amortization charges related to purchased intangible assets, estimated losses on the investment in Aarohi, restructuring charges or any additional charges related to unanticipated events. GAAP EPS, which includes these anticipated charges, is expected to be approximately $0.10 lower than the company's non-GAAP EPS for the first quarter, based on an approximate zero percent GAAP tax rate. This outlook assumes no additional acquisitions, asset impairments, restructurings or other unanticipated events, which may or may not be insignificant. McDATA will hold a conference call to discuss fiscal fourth quarter 2003 results today, Thursday, February 26, 2004, at 5:00 p.m. EST P.M. also p.m. or p.m. abbr. post meridiem Usage Note: By definition, 12 a.m. (3:00 p.m. MT). The conference call will be simultaneously webcast on the company's website, and archived for future review. The Web cast presentation will include slides containing additional detailed information of interest to investors. About McDATA (www.mcdata.com) McDATA (Nasdaq: MCDTA/MCDT) is the expert provider of Multi-Capable Storage Networking Solutions(TM) - hardware, software and services - that enable partners and customers around the world to reduce the total cost of storage management today, and be ready to adapt to the real-time 1. real-time - Describes an application which requires a program to respond to stimuli within some small upper limit of response time (typically milli- or microseconds). Process control at a chemical plant is the classic example. information demands of tomorrow. Entrenched en·trench also in·trench v. en·trenched, en·trench·ing, en·trench·es v.tr. 1. To provide with a trench, especially for the purpose of fortifying or defending. 2. in over 8,000 data centers worldwide, McDATA solutions are at the heart of more than 80 percent of Fortune 100 storage network data centers, powering the latest e-business applications, customer databases, financial traffic and other mission-critical data. Customers leverage McDATA's multi-capable solutions to realize immediate cost savings, reduce their investment risk, ensure the continuity of their operations and adapt to changing business requirements. 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. This press release contains statements about expected future events that are forward-looking and subject to risks and uncertainties. Readers are urged to consider statements that include the terms "believes", "belief", "expects", "plans", "objectives", "estimates", "anticipates", "intends", "targets", or the like to be uncertain and forward-looking. Factors that could cause actual results to differ materially from expectations include: changes in our relationship with EMC Corporation EMC Corporation (NYSE: EMC) is an American Fortune 500 and S&P 500 manufacturer of software and systems for information management and storage. It is headquartered in Hopkinton, Massachusetts, USA. , or EMC, International Business Machines Corporation, or IBM, and Hitachi Data Systems, or HDS (Hitachi Data Systems, Santa Clara, CA, www.hds.com) A leading provider of high-end storage hardware, software and services. Part of the Information Systems & Telecommunications Division of Hitachi Ltd. , and the level, timing and terms of their orders; our ability to successfully increase sales of McDATA's multi-protocol network switches and management software, and to diversify diversify To acquire a variety of assets that do not tend to change in value at the same time. To diversify a securities portfolio is to purchase different types of securities in different companies in unrelated industries. our revenue base; the impact of a highly competitive market that is expected to lead to longer sales cycles and continued pricing pressures; additional manufacturing and component costs and production delays that we may experience as we continue the transition to new products; a loss of any of our key customers (and our OEMs' key customers), distributors, resellers or our manufacturers; our ability to expand our product offerings and any transition to new products (including higher port density products and Multi-protocol and intelligent products); any change in business conditions, our business and sales strategy or product development plans, and our ability to attract and retain highly skilled individuals; competition in the Multi-protocol (Fibre Channel and IP) network market (including competitive pricing pressures and product give-aways) by our competitors, including but not limited to, Brocade brocade (brōkād`), fabric, originally silk, generally reputed to have been developed to a high state of perfection in the 16th and 17th cent. in France, Italy, and Spain. Communication Systems, Inc., or Brocade, QLogic Corp, or QLogic., Computer Network Technology Corporation, or CNT (Carbon NanoTube) See nanotube. , Cisco Systems “Cisco” redirects here. For other uses, see Cisco (disambiguation). Cisco System,Inc. (NASDAQ: CSCO, HKSE: 4333 ) is an American multinational corporation with 54,000 employees and annual revenue of US $28.48 billion as of 2006. , Inc., or Cisco, and other IP and Multi-protocol switch suppliers; delays and changes in the development of new products and new technology and component quality and availability; any industry or technology changes that cause obsolescence ob·so·les·cent adj. 1. Being in the process of passing out of use or usefulness; becoming obsolete. 2. Biology Gradually disappearing; imperfectly or only slightly developed. of our products or components of those products; and one-time events and other important risks and factors disclosed previously and from time to time in our filings with the U.S. Securities and Exchange Commission, or SEC, including the risk factors discussed in this Quarterly Report. These cautionary statements by us should not be construed as exhaustive or as any admission regarding the adequacy of disclosures made by us. We cannot always predict or determine after the fact what factors would cause actual results to differ materially from those indicated by the forward-looking statements or other statements. All cautionary statements should be read as being applicable to all forward-looking statements wherever they appear. We do not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
McDATA CORPORATION
CONDENSED REPORTED CONSOLIDATED INCOME STATEMENTS
(in thousands, except per share data)
(unaudited)
Three Months Ended Year Ended
Dec. 31, Jan. 31, Dec. 31, Jan. 31,
2002 2004 2002 2004
---- ---- ---- ----
Revenue $105,541 $114,008 $328,279 $418,860
Cost of revenue 46,937 49,022 178,113 177,329
-------- -------- -------- ---------
Gross profit 58,604 64,986 150,166 241,531
Operating expenses:
Research and
development 15,849 28,280 59,324 88,826
Selling, general and
administrative 27,982 39,095 104,708 134,877
Restructuring costs - 2,258 - 2,258
Acquired in-process
research and
development - - - 11,410
Amortization of
deferred
compensation 1,780 3,349 8,281 11,969
-------- -------- -------- ---------
Operating expenses 45,61l 72,982 172,313 249,340
Income (loss) from
operations 12,993 (7,996) (22,147) (7,809)
Interest and other
income, net 993 1,061 6,632 4,072
-------- -------- -------- ---------
Income (loss) before
income taxes 13,986 (6,935) (15,515) (3,737)
Income tax expense
(benefit) 5,387 202 (5,528) 38,412
-------- -------- -------- ---------
Income (loss) before
equity in net
earnings of affiliated
company 8,599 (7,137) (9,987) (42,149)
Equity in net loss of
affiliated company - (393) - (984)
-------- -------- -------- ---------
Net income (loss) $8,599 $(7,530) $(9,987) $(43,133)
======== ========= ========= =========
Basic net income
(loss) per share $0.08 $(0.07) $(0.09) $(0.38)
======== ========= ========= =========
Shares used in
computing basic net
income (loss)
per share 113,663 114,847 113,185 114,682
======== ========= ========= =========
Diluted net income
(loss) per share $0.07 $(0.07) $(0.09) $(0.38)
======== ========= ========= =========
Shares used in
computing diluted
net income
(loss) per share 116,452 114,847 113,185 114,682
======== ========= ========= =========
McDATA CORPORATION
CONDENSED NON-GAAP CONSOLIDATED INCOME STATEMENTS (Note 1)
(in thousands, except per share data)
(unaudited)
Three Months Ended Year Ended
Dec. 31, Jan. 31, Dec. 31, Jan. 31,
2002 2004 2002 2004
---- ---- ---- ----
Revenue $105,541 $114,008 $328,279 $418,860
Cost of revenue (Note
1) 47,734 48,702 168,324 176,787
-------- -------- -------- ---------
Gross profit 57,807 65,306 159,955 242,073
Operating expenses:
Research and
development (Note 1) 15,849 27,390 59,324 86,312
Selling, general and
administrative
(Note 1) 27,457 32,507 100,840 123,798
Restructuring costs
(Note1) - - - -
Acquired in-process
research and
development (Note 1) - - - -
Amortization of
deferred
compensation
(Note 1) - - - -
-------- -------- -------- ---------
Operating expenses 43,306 59,897 160,164 210,110
Income (loss) from
operations 14,501 5,409 (209) 31,963
Interest and other
income, net 993 1,061 6,632 4,072
-------- -------- -------- ---------
Income before income
taxes 15,494 6,470 6,423 36,035
Income tax expense
(Note 1) 4,885 3,124 530 11,761
-------- -------- -------- ---------
Income before equity
in affiliated
company 10,609 3,346 5,893 24,274
Equity in net loss of
affiliated company - - - -
-------- -------- -------- ---------
Net income $10,609 $3,346 $5,893 $24,274
======== ========= ========= =========
Basic net income per
share $0.09 $0.03 $0.05 $0.21
======== ========= ========= =========
Shares used in
computing basic net
income per share 113,663 114,847 113,185 114,682
======== ========= ========= =========
Diluted net income
per share $0.09 $0.03 $0.05 $0.21
======== ========= ========= =========
Shares used in
computing diluted
net income per
share 116,452 118,534 116,330 118,209
======== ========= ========= =========
Note (1) - The condensed non-GAAP consolidated income statements for
all periods presented are for illustrative purposes only and are not
prepared in accordance with generally accepted accounting principles.
These non-GAAP statements show the operating results of the Company,
excluding the following items:
Three Months Ended Year Ended
Dec. 31, Jan. 31, Dec. 31, Jan. 31,
Non-GAAP Adjustments 2002 2004 2002 2004
-------------------- ---- ---- ---- ----
Cost of revenue:
Inventory-related
charges, net $(942) $- $9,425 $(460)
Reconciliation of
vendor invoices - - (792) -
Deferred
compensation and
acquisition-
related
compensation 145 320 599 1,002
Other - - 557 -
-------- -------- -------- ---------
Cost of
revenue
subtotal (797) 320 9,789 542
Operating expenses:
Research and
Development:
Acquisition-
related
compensation - 890 - 2,514
Selling, general and
administrative:
Acquisition-
related
compensation - 932 - 1,857
Amortization
of
intangible
assets 525 5,656 2,100 9,222
Termination of
synthetic
lease - - 1,250 -
Other - - 518 -
Restructuring and
asset impairment
costs - 2,258 - 2,258
Acquired in-process
research &
development - - - 11,410
Deferred compensation 1,780 3,349 8,281 11,969
-------- -------- -------- ---------
Operating
expenses
subtotal 2,305 13,085 12,149 39,230
-------- -------- -------- ---------
Total Non-GAAP
Adjustments 1,508 13,405 21,938 39,772
Income tax expense
(benefit): (502) 2,922 6,058 (26,651)
Equity in net loss of
affiliated company - 393 - 984
-------- -------- -------- ---------
After-tax impact of
non-GAAP adjustments $2,010 $10,876 $15,880 $67,407
======== ======== ========= =========
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
(unaudited)
As Filed As Amended
October 31, October 31, January 31,
2003 2003 2004
----------- ----------- -----------
Assets
Cash and short term
investments $195,500 $195,500 $208,041
Securities lending
collateral 109,470 126,681
Accounts receivable, net 59,537 59,537 62,670
Inventories, net 11,000 11,000 11,364
Other current assets 7,256 7,256 6,055
-------- -------- ---------
Total current assets 273,293 382,763 414,811
Property and equipment, net 101,094 101,094 99,225
Long-term investments 116,425 116,425 103,483
Goodwill 79,143 79,143 78,787
Intangible assets, net 126,835 126,835 111,313
Other assets, net 25,783 25,783 23,349
-------- -------- ---------
Total assets $722,573 $832,043 $830,968
======== ======== =========
Liabilities and Stockholders'
Equity
Current liabilities $89,764 $199,234 $219,103
Long-term liabilities 202,202 202,202 194,223
Stockholders' equity 430,607 430,607 417,642
-------- -------- ---------
Total liabilities and
stockholders' equity $722,573 $832,043 $830,968
======== ======== =========
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(in thousands)
(unaudited)
Three Months Ended
Dec. 31, Jan. 31,
2002 2004
---- ----
Net cash provided by operating activities $10,841 $15,926
======= ========
Cash flows from investing activities:
Purchases of property and equipment $(3,297) $(5,484)
Acquisitions and equity investment - (247)
Net sales (purchases) of investments (4,351) 10,552
-------- --------
Net cash used by investing activities $(7,648) $4,821
======= ========
Cash flows from financing activities:
Payments on acquired notes payable - $(941)
Cash paid for treasury stock - (8,753)
Payment of obligations under capital leases (586) (477)
Proceeds from the issuance of stock 545 205
-------- --------
Net cash provided (used) by financing
activities $(41) $(9,966)
======= ========
Net increase (decrease) in cash and cash
equivalents $3,152 $10,781
======= ========
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