Exhibit 99.1
SELECTED FINANCIAL DATA
The following tables set forth selected consolidated financial data for each of the years in the five-year period ended June 30. The results for the fiscal year ended June 30, 2004 are not necessarily indicative of the results for any future period. The selected consolidated financial data set forth below should be read in conjunction with our consolidated financial statements as of June 30, 2004 and 2003 and for each of the years in the three-year period ended June 30, 2004 and notes thereto set forth in Exhibit 99.3 and “Management’s Discussion and Analysis of Financial Condition and Results of Operations.”
Fiscal Year Ended June 30, | |||||||||||||||||||
2004 | 2003 | 2002 | 2001 | 2000 | |||||||||||||||
(In thousands, except per share data) | |||||||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS DATA: | |||||||||||||||||||
Net sales | $ | 311,295 | $ | 316,325 | $ | 231,791 | $ | 250,237 | $ | 236,830 | |||||||||
Costs and expenses: | |||||||||||||||||||
Cost of sales | 165,141 | 147,964 | 114,204 | 144,549 | 113,573 | ||||||||||||||
Engineering and product development | 38,827 | 36,443 | 31,445 | 34,305 | 27,767 | ||||||||||||||
Sales, marketing and service | 96,986 | 88,620 | 71,457 | 65,882 | 54,989 | ||||||||||||||
General and administrative | 22,025 | 19,019 | 15,607 | 14,686 | 10,554 | ||||||||||||||
Amortization of goodwill | — | — | 18,018 | 14,352 | 7,173 | ||||||||||||||
Amortization of other intangible assets | 4,861 | 12,257 | 17,873 | 16,391 | 11,209 | ||||||||||||||
Impairment of goodwill | 12,311 | — | — | — | — | ||||||||||||||
Restructuring costs | 3,640 | — | — | — | — | ||||||||||||||
Legal judgment | — | 15,161 | — | — | — | ||||||||||||||
In-process research and development | 2,193 | — | — | — | 3,500 | ||||||||||||||
Legal settlement | — | — | — | — | 2,102 | ||||||||||||||
Acquisition settlement | — | — | — | 12,880 | — | ||||||||||||||
Total costs and expenses | 345,984 | 319,464 | 268,604 | 303,045 | 230,867 | ||||||||||||||
Operating income (loss) | (34,689 | ) | (3,139 | ) | (36,813 | ) | (52,808 | ) | 5,963 | ||||||||||
Interest and other income (expense), net | (371 | ) | 2,601 | 2,208 | 1,890 | 3,403 | |||||||||||||
Impairment of equity investments | — | — | — | (1,658 | ) | — | |||||||||||||
Income (loss) from continuing operations before income taxes and cumulative effect of change in accounting principle | (35,060 | ) | (538 | ) | (34,605 | ) | (52,576 | ) | 9,366 | ||||||||||
Income tax expense | 4,721 | 3,220 | 5,478 | 7,616 | 1,779 | ||||||||||||||
Income (loss) from continuing operations before cumulative effect of change in accounting principle | (39,781 | ) | (3,758 | ) | (40,083 | ) | (60,192 | ) | 7,587 | ||||||||||
Discontinued operations: | |||||||||||||||||||
Income (loss) from discontinued operations, net of taxes | (7,592 | ) | 1,188 | — | — | — | |||||||||||||
Loss on sale of discontinued operations, net of taxes | (6,820 | ) | — | — | — | — | |||||||||||||
Income (loss) from discontinued operations | (14,412 | ) | 1,188 | — | — | — | |||||||||||||
Income (loss) before cumulative effect of change in accounting principle | (54,193 | ) | (2,570 | ) | (40,083 | ) | (60,192 | ) | 7,587 | ||||||||||
Cumulative effect of change in accounting principle | — | (19,291 | ) | — | (356 | ) | — | ||||||||||||
Net income (loss) | $ | (54,193 | ) | $ | (21,861 | ) | $ | (40,083 | ) | $ | (60,548 | ) | $ | 7,587 | |||||
Income (loss) per share from continuing operations before cumulative effect of change in accounting principle: | |||||||||||||||||||
Basic | $ | (0.59 | ) | $ | (0.06 | ) | $ | (0.70 | ) | $ | (1.16 | ) | $ | 0.16 | |||||
Diluted | $ | (0.59 | ) | $ | (0.06 | ) | $ | (0.70 | ) | $ | (1.16 | ) | $ | 0.14 | |||||
Loss per share from discontinued operations: | |||||||||||||||||||
Basic and diluted | $ | (0.22 | ) | $ | 0.02 | $ | — | $ | — | $ | — | ||||||||
Cumulative effect per share of change in accounting principle: | |||||||||||||||||||
Basic and diluted | $ | — | $ | (0.32 | ) | $ | — | $ | (0.01 | ) | $ | — | |||||||
Net income (loss) per share: | |||||||||||||||||||
Basic | $ | (0.81 | ) | $ | (0.36 | ) | $ | (0.70 | ) | $ | (1.17 | ) | $ | 0.16 | |||||
Diluted | $ | (0.81 | ) | $ | (0.36 | ) | $ | (0.70 | ) | $ | (1.17 | ) | $ | 0.14 | |||||
Shares used to compute net income (loss) per share: | |||||||||||||||||||
Basic | 67,069 | 61,247 | 56,859 | 51,729 | 48,311 | ||||||||||||||
Diluted | 67,069 | 61,247 | 56,859 | 51,729 | 55,442 | ||||||||||||||
As of June 30, | |||||||||||||||||||
2004 | 2003 | 2002 | 2001 | 2000 | |||||||||||||||
(In thousands) | |||||||||||||||||||
CONSOLIDATED BALANCE SHEET DATA: | |||||||||||||||||||
Working capital | $ | 81,327 | $ | 106,616 | $ | 115,698 | $ | 114,422 | $ | 138,330 | |||||||||
Total assets | 301,744 | 310,876 | 255,703 | 266,957 | 322,799 | ||||||||||||||
Retained earnings (accumulated deficit) | (169,487 | ) | (115,294 | ) | (93,433 | ) | (53,350 | ) | 7,198 | ||||||||||
Shareholders’ equity | $ | 210,682 | $ | 226,157 | $ | 205,908 | $ | 220,362 | $ | 259,620 |
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