Mentor Graphics Reports Fiscal Third Quarter Results

 

MENTOR GRAPHICS CORPORATION

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(In thousands, except earnings per share data)
           
Three Months Ended October 31, Nine Months Ended October 31,
  2014     2013     2014     2013  
Revenues:
System and software $ 178,115 $ 170,835 $ 475,824 $ 444,322
Service and support   114,568     104,807     329,243     311,051  
Total revenues   292,683     275,642     805,067     755,373  
Cost of revenues: (1)
System and software 11,821 15,947 54,977 40,082
Service and support 33,670 29,396 93,684 88,380
Amortization of purchased technology   2,050     729     5,252     2,648  
Total cost of revenues   47,541     46,072     153,913     131,110  
Gross profit   245,142     229,570     651,154     624,263  
Operating expenses:
Research and development (2) 96,269 86,799 268,262 246,823
Marketing and selling (3) 89,875 85,746 256,814 244,664
General and administration (4) 19,851 18,917 57,006 52,452
Equity in earnings of Frontline (5) (1,184 ) (1,392 ) (4,625 ) (2,739 )
Amortization of intangible assets (6) 2,233 1,440 6,009 4,650
Special charges (7)   8,375     4,688     19,409     12,570  
Total operating expenses   215,419     196,198     602,875     558,420  
Operating income 29,723 33,372

48,279

65,843
Other income (expense), net (8) (381 ) 352 (743 ) (879 )
Interest expense (9)   (4,934 )   (4,967 )   (14,326 )   (14,649 )
Income before income tax 24,408 28,757 33,210 50,315
Income tax expense (10)   3,849     3,634     1,907     1,864  
Net income 20,559 25,123 31,303 48,451
Less: Loss attributable to noncontrolling interest (11)   (471 )   (412 )   (1,348 )   (1,271 )
Net income attributable to Mentor Graphics
shareholders $ 21,030   $ 25,535   $ 32,651   $ 49,722  
Net income per share attributable to Mentor Graphics
shareholders:
Basic a $ 0.18   $ 0.21   $ 0.30   $ 0.40  
Diluted a $ 0.18   $ 0.20   $ 0.29   $ 0.39  
Weighted average number of shares outstanding:
Basic   114,405     113,986     114,399     113,232  
Diluted   116,715     117,078     116,928     116,395  
 

a We have increased (decreased) the numerator of our basic and diluted earnings per share calculation for the adjustment of the noncontrolling interest with redemption feature to its calculated redemption value, recorded directly to retained earnings, as follows:

 
 
$ (267 ) $ (2,032 ) $ 1,295   $ (3,913 )

 


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