CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(in thousands, except per share data)
Three Months Ended
March 31, December 31,
2007 2006 2006
Sales $107,323 $93,950 $104,533
Cost of sales 59,014 55,400 59,639
Gross profit 48,309 38,550 44,894
Operating expenses:
Research and development 12,035 10,459 12,240
Selling, general and
administrative 15,218 14,405 15,535
Amortization of intangible
assets 324 477 450
Restructuring charges 2,792 29 20
Total operating expenses 30,369 25,370 28,245
Income from operations 17,940 13,180 16,649
Other income, net 1,554 1,833 1,060
Income from continuing operations
before income taxes 19,494 15,013 17,709
(Provision) benefit for income taxes (6,823) (2,252) 21,697
Income from continuing operations 12,671 12,761 39,406
Gain on sale of discontinued assets -- -- 1,000
Income from discontinued operations -- -- 1,000
Net income $12,671 $12,761 $40,406
Net income per basic share
Income from continuing operations $0.28 $0.29 $0.88
Income from discontinued operations $-- $-- $0.02
Basic earnings per share $0.28 $0.29 $0.90
Net income per diluted share
Income from continuing operations $0.28 $0.28 $0.87
Income from discontinued operations $-- $-- $0.02
Diluted earnings per share $0.28 $0.28 $0.89
Basic weighted-average common shares
outstanding 44,941 44,571 44,826
Diluted weighted-average common
shares outstanding 45,636 45,004 45,345
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(in thousands)
March 31, December 31,
2007 2006
ASSETS
Current assets:
Cash and cash equivalents $51,073 $58,240
Marketable securities 105,259 85,978
Accounts receivable, net 76,318 74,794
Inventories, net 57,655 52,778
Deferred income taxes 19,677 24,434
Other current assets 3,688 4,503
Total current assets 313,670 300,727
Property and equipment, net 31,647 33,571
Deposits and other 7,690 2,640
Goodwill and intangibles, net 65,681 65,584
Customer service equipment, net 616 832
Deferred income tax assets, net 8,833 8,549
Total assets $428,137 $411,903
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Trade accounts payable $17,428 $16,310
Other accrued expenses 30,170 36,488
Current portion of capital
leases and senior borrowings 127 131
Total current liabilities 47,725 52,929
Long-term liabilities:
Capital leases and senior
borrowings 175 198
Other long-term liabilities 9,616 2,986
Total long-term liabilities 9,791 3,184
Total liabilities 57,516 56,113
Stockholders' equity 370,621 355,790
Total liabilities and stockholders'
equity $428,137 $411,903