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MENTOR GRAPHICS CORPORATION |
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UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME |
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| (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 | ) | |||||||
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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. | |||||||||||||||
Mentor Graphics Reports Fiscal Fourth Quarter Results
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