Mentor Graphics Reports Fiscal Fourth Quarter Results

MENTOR GRAPHICS CORPORATION

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(In thousands, except earnings per share data)
     
 
Three Months Ended January 31, Twelve Months Ended January 31,
2016 2015 2016 2015
Revenues:
System and software $ 213,790 $ 323,327 $ 700,621 $ 799,151
Service and support   123,477     115,739     480,367     444,982  
Total revenues   337,267     439,066     1,180,988     1,244,133  
Cost of revenues: (1)
System and software 11,898 14,834 48,330 69,811
Service and support 33,750 33,719 134,025 127,403
Amortization of purchased technology   1,807     1,847     7,303     7,099  
Total cost of revenues   47,455     50,400     189,658     204,313  
Gross profit   289,812     388,666     991,330     1,039,820  
Operating expenses:
Research and development (2) 103,203 112,863 381,440 381,125
Marketing and selling (3) 88,487 108,874 351,344 365,688
General and administration (4) 17,555 22,187 73,853 79,193
Equity in earnings of Frontline (5) (1,873 ) (1,028 ) (5,849 ) (5,653 )
Amortization of intangible assets (6) 1,899 2,157 8,716 8,166
Special charges (7)   1,087     4,081     45,081     23,490  
Total operating expenses   210,358     249,134     854,585     852,009  
Operating income: 79,454 139,532 136,745 187,811
Other income (expense), net (8) 763 (34 ) 1,612 (777 )
Interest expense (9)   (5,047 )   (4,950 )   (19,428 )   (19,276 )
Income before income tax 75,170 134,548 118,929 167,758
Income tax expense (10)   14,990     20,674     24,753     22,581  
Net income 60,180 113,874 94,176 145,177
Less: Loss attributable to noncontrolling interest (11)   (91 )   (614 )   (2,101 )   (1,962 )

Net income attributable to Mentor Graphics shareholders

$ 60,271   $ 114,488   $ 96,277   $ 147,139  
Net income per share attributable to Mentor Graphics
shareholders:
Basic a $ 0.52   $ 0.98   $ 0.83   $ 1.28  
Diluted a $ 0.51   $ 0.96   $ 0.81   $ 1.26  
Weighted average number of shares outstanding:
Basic   116,442     115,338     116,701     114,635  
Diluted   118,066     117,466     119,263     117,078  
 
a We have increased (decreased) 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:
 
$ -   $ (1,174 ) $ 258   $ 121  
 
Refer to following page for a description of footnotes.

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