Mentor Graphics Reports Fiscal First Quarter Results

 
 

MENTOR GRAPHICS CORPORATION

UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except earnings per share data)
     
 
Three Months Ended April 30,
2009 2008
(As Adjusted)
Revenues:
System and software $ 115,418 $ 96,843
Service and support   78,357     82,364  
Total revenues   193,775     179,207  
Cost of revenues: (1)
System and software 4,889 5,282
Service and support 21,203 25,342
Amortization of purchased technology   2,948     3,238  
Total cost of revenues   29,040     33,862  
Gross margin   164,735     145,345  
Operating expenses:
Research and development (2)(b) 62,291 64,382
Marketing and selling (3) 76,601 76,648
General and administration (4) 23,036 23,061
Other general expense (income), net 388 (164 )
Amortization of intangible assets (5) 2,870 2,433
Special charges (6)   5,695     9,650  
Total operating expenses   170,881     176,010  
Operating loss (6,146 ) (30,665 )
Other income, net (7) 98 2,375
Interest expense (8)(a)   (4,151 )   (4,755 )
Loss before income tax (10,199 ) (33,045 )
Income tax expense (benefit) (9)(b)   2,757     (7,549 )
Net loss $ (12,956 ) $ (25,496 )
Net loss per share:
Basic $ (0.14 ) $ (0.28 )
Diluted $ (0.14 ) $ (0.28 )
Weighted average number of shares outstanding:
Basic   94,168     90,750  
Diluted   94,168     90,750  
 
Refer to following page for a description of footnotes.
 
(a) For the April 30, 2008 presentation, Interest expense has been adjusted for the retrospective adoption of FSP APB 14-1.
(b) For the April 30, 2008 presentation, the French research and development credit was reclassified from Income tax expense (benefit) to Research and development. The reclassification was made for consistency in presentation with the current year.
 
 

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