Mentor Graphics Reports Fiscal Second Quarter Results

 

MENTOR GRAPHICS CORPORATION

UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except earnings per share data)
           
Three Months Ended July 31, Six Months Ended July 31,
2009 2008 2009 2008
Revenues:

System and software

$ 103,884 $ 95,830 $ 219,302 $ 192,673
Service and support   78,737     86,574     157,094     168,938  
Total revenues   182,621     182,404     376,396     361,611  
Cost of revenues: (1)
System and software 9,511 4,356 14,400 9,638
Service and support 20,518 24,030 41,721 49,372
Amortization of purchased technology   2,928     1,992     5,876     5,230  
Total cost of revenues   32,957     30,378     61,997     64,240  
Gross margin   149,664     152,026     314,399     297,371  
Operating expenses:
Research and development (2) 60,843 64,251 123,134 128,633
Marketing and selling (3) 71,430 72,799 148,031 149,447
General and administration (4) 21,730 24,099 44,766 47,160
Other general expense (income), net 68 (273 ) 456 (437 )
Amortization of intangible assets (5) 2,888 2,537 5,758 4,970
Special charges (6) 4,202 3,235 9,897 12,885
In-process research and development (7)   -     15,285     -     15,285  
Total operating expenses   161,161     181,933     332,042     357,943  
Operating loss (11,497 ) (29,907 ) (17,643 ) (60,572 )
Other income (expense), net (8) (356 ) 717 (258 ) 3,092
Interest expense (9) (a)   (4,723 )   (4,404 )   (8,874 )   (9,159 )
Loss before income tax (16,576 ) (33,594 ) (26,775 ) (66,639 )
Income tax expense (benefit) (10)   4,690     (15,796 )   7,447     (23,345 )
Net loss $ (21,266 ) $ (17,798 ) $ (34,222 ) $ (43,294 )
Net loss per share:
Basic $ (0.22 ) $ (0.19 ) $ (0.36 ) $ (0.48 )
Diluted $ (0.22 ) $ (0.19 ) $ (0.36 ) $ (0.48 )
Weighted average number of shares outstanding:
Basic   94,853     91,352     94,514     91,054  
Diluted   94,853     91,352     94,514     91,054  
 
Refer to following page for a description of footnotes.
 
(a) For the July 31, 2008 presentation, Interest expense has been adjusted for the retrospective adoption of FSP APB 14-1.
 

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