Mentor Graphics Reports Fiscal First Quarter Results and Announces Quarterly Dividend

 

MENTOR GRAPHICS CORPORATION

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except earnings per share data)
       
 
Three Months Ended April 30,
2015 2014
Revenues:
System and software $ 155,931 $ 148,229
Service and support   116,212     103,922  
Total revenues   272,143     252,151  
Cost of revenues: (1)
System and software 13,624 26,971
Service and support 33,569 29,111
Amortization of purchased technology   1,858     1,361  
Total cost of revenues   49,051     57,443  
Gross profit   223,092     194,708  
Operating expenses:
Research and development (2) 89,515 84,451
Marketing and selling (3) 84,951 84,634
General and administration (4) 17,963 17,682
Equity in earnings of Frontline (5) (870 ) (1,379 )
Amortization of intangible assets (6) 2,219 1,750
Special charges (7)   36,977     5,926  
Total operating expenses   230,755     193,064  
Operating income (loss) (7,663 ) 1,644
Other income (expense), net (8) 342 (258 )
Interest expense (9)   (4,694 )   (4,585 )
Loss before income tax (12,015 ) (3,199 )
Income tax benefit (10)   (1,512 )   (174 )
Net loss (10,503 ) (3,025 )
Less: Loss attributable to noncontrolling interest (11)   (618 )   (474 )

Net loss attributable to Mentor Graphics shareholders

$ (9,885 ) $ (2,551 )

Net loss per share attributable to Mentor Graphics shareholders:

Basic a $ (0.08 ) $ (0.02 )
Diluted a $ (0.08 ) $ (0.02 )
Weighted average number of shares outstanding:
Basic   116,003     114,935  
Diluted   116,003     114,935  
 
a We have increased 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:
 
 
$ 269   $ 667  
 
 
 
 

Refer to description of footnotes below.

 

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