Mentor Graphics Reports Fiscal Fourth Quarter Results, Announces Quarterly Dividend Increase

 

MENTOR GRAPHICS CORPORATION

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(In thousands, except earnings per share data)
             
 

Three Months Ended January 31,

 

Twelve Months Ended January 31,

  2015     2014     2015     2014  
Revenues:
System and software $ 323,327 $ 293,468 $ 799,151 $ 737,790
Service and support   115,739     107,532     444,982     418,583  
Total revenues   439,066     401,000     1,244,133     1,156,373  
Cost of revenues: (1)
System and software 14,834 25,206 69,811 65,288
Service and support 33,719 29,841 127,403 118,221
Amortization of purchased technology   1,847     950     7,099     3,598  
Total cost of revenues   50,400     55,997     204,313     187,107  
Gross profit   388,666     345,003     1,039,820     969,266  
Operating expenses:
Research and development (2) 112,863 101,994 381,125 348,817
Marketing and selling (3) 108,874 98,135 365,688 342,799
General and administration (4) 22,187 23,091 79,193 75,543
Equity in earnings of Frontline (5) (1,028 ) (1,353 ) (5,653 ) (4,092 )
Amortization of intangible assets (6) 2,157 1,580 8,166 6,230
Special charges (7)   4,081     4,359     23,490     16,929  
Total operating expenses   249,134     227,806     852,009     786,226  
Operating income 139,532 117,197 187,811 183,040
Other income (expense), net (8) (34 ) 359 (777 ) (520 )
Interest expense (9)   (4,950 )   (4,803 )   (19,276 )   (19,452 )
Income before income tax 134,548 112,753 167,758 163,068
Income tax expense (10)   20,674     7,646     22,581     9,510  
Net income 113,874 105,107 145,177 153,558
Less: Loss attributable to noncontrolling interest (11)   (614 )   (429 )   (1,962 )   (1,700 )
Net income attributable to Mentor Graphics
shareholders $ 114,488   $ 105,536   $ 147,139   $ 155,258  
Net income per share attributable to Mentor Graphics
shareholders:
Basic a $ 0.98   $ 0.91   $ 1.28   $ 1.33  
Diluted a $ 0.96   $ 0.89   $ 1.26   $ 1.29  
Weighted average number of shares outstanding:
Basic   115,338     114,978     114,635     113,671  
Diluted   117,466     117,484     117,078     116,702  
 
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:
 
 
$ (1,174 ) $ (573 ) $ 121   $ (4,486 )
 
 
 
 

Refer to description of footnotes below.

 
 

MENTOR GRAPHICS CORPORATION

FOOTNOTES TO UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(In thousands)
 
 
Listed below are the items included in net income that management excludes in computing the non-GAAP financial measures referred to in the text of this press release. Items are further described under "Discussion of Non-GAAP Financial Measures."
 
 
 
Three Months Ended January 31,   Twelve Months Ended January 31,
  2015     2014     2015     2014  
(1) Cost of revenues:
Equity plan-related compensation $ 617 $ 554 $ 2,304 $ 1,992
Amortization of purchased technology   1,847     950     7,099     3,598  
$ 2,464   $ 1,504   $ 9,403   $ 5,590  
 
(2) Research and development:
Equity plan-related compensation $ 3,824   $ 3,164   $ 14,027   $ 11,182  
 
(3) Marketing and selling:
Equity plan-related compensation $ 2,411   $ 2,126   $ 9,103   $ 7,777  
 
(4) General and administration:
Equity plan-related compensation $ 2,564   $ 2,237   $ 10,373   $ 8,399  
 
(5) Equity in earnings of Frontline:
Amortization of purchased technology and other identified intangible assets
$ -   $ 231   $ 116   $ 1,430  
 
(6) Amortization of intangible assets:
Amortization of other identified intangible assets $ 2,157   $ 1,580   $ 8,166   $ 6,230  
 
(7) Special charges:
Rebalance, restructuring, certain litigation, and other costs $ 4,081   $ 4,359   $ 23,490   $ 16,929  
 
(8) Other income (expense), net:
Net income (loss) of unconsolidated entities $ 38   $ 7   $ 184   $ (119 )
 
(9) Interest expense:
Amortization of original issuance debt discount $ 1,576   $ 1,467   $ 6,139   $ 5,715  
 
(10) Income tax expense:
Non-GAAP income tax effects $ (5,449 ) $ (14,357 ) $ (19,708 ) $ (28,944 )
 
(11) Loss attributable to noncontrolling interest:
Amortization of intangible assets, equity-plan related compensation, and income tax effects $ (198 ) $ (203 ) $ (820 ) $ (971 )
 

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