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Newbridge Networks Corporation
Condensed Consolidated Statements of Earnings (unaudited)
(Canadian dollars in thousands, except per share data)
Fiscal quarters ended
-----------------------------
August 1, August 2,
1999 1998
--------- ----------
Sales $495,070 $426,056
Cost of Sales 215,521 176,562
--------- ----------
Gross Margin 279,549 249,494
Expenses
Selling, general
and administrative 141,037 129,039
Research and development 67,621 67,156
Amortization of acquired
intangibles 2,745 927
----------- -----------
Income from operations 68,146 52,372
Net gain on investments 3,512 -
Other expense (1,332) (1,598)
--------- ----------
Earnings before income taxes
and non-controlling interest 70,326 50,774
Provision for income taxes 21,705 14,978
Non-controlling interest 1,335 276
--------- ----------
Net earnings $ 47,286 $ 35,520
--------- ----------
--------- ----------
Earnings per share
Cdn. GAAP - basic $ 0.26 $ 0.20
Cdn. GAAP - fully diluted $ 0.26 $ 0.20
U.S. GAAP - basic - US$ $ 0.18 $ 0.14
U.S. GAAP - diluted - US$ $ 0.18 $ 0.14
Weighted average number of shares
Basic - Cdn. GAAP and U.S. GAAP 180,399 176,105
Fully diluted - Cdn. GAAP 180,399 176,105
Diluted - U.S. GAAP 182,500 178,419
Newbridge Networks Corporation
Condensed Consolidated Balance Sheets (unaudited)
(Canadian dollars in thousands)
August 1, May 2,
1999 1999
Cash and marketable securities $ 630,742 $ 879,694
Accounts receivable 560,204 472,811
Inventory 271,373 210,286
Property, plant and equipment 463,242 455,483
Goodwill 38,939 40,022
Other assets 557,834 412,328
----------- -----------
$2,522,334 $2,470,624
----------- -----------
----------- -----------
Accounts payable and accruals $ 365,955 $ 391,991
Income taxes 85,488 16,853
Long term obligations 392,620 386,890
Future tax obligations 54,277 123,088
Non-controlling interest 24,348 22,583
----------- -----------
922,688 941,405
Shareholders' equity 1,599,646 1,529,219
----------- -----------
$2,522,334 $2,470,624
Supplementary Condensed and Consolidated
Statements of Earnings (unaudited)(x)
(Canadian dollars in thousands, except per share data)
Fiscal quarters ended
-------------------------
August 1, August 2,
1999 1998
---------- ------------
Sales $495,070 $426,056
Cost of Sales 215,521 176,562
----------- -----------
Gross Margin 279,549 249,494
Expenses
Selling, general
and administrative 141,037 129,039
Research and development 67,621 67,156
Income from operations 70,891 53,299
Other expense (1,332) (1,598)
----------- -----------
Earnings before income taxes
and non-controlling interest 69,559 51,701
Provision for income taxes 20,520 14,978
Non-controlling interest 1,335 276
Net earnings $ 47,704 $ 36,447
----------- -----------
----------- -----------
Earnings per share
Cdn. GAAP - basic $ 0.26 $ 0.20
Cdn. GAAP - fully diluted $ 0.26 $ 0.20
U.S. GAAP - basic - US$ $ 0.18 $ 0.14
U.S. GAAP - diluted - US$ $ 0.18 $ 0.14
(x)Supplementary earnings exclude the impact of net gain on
investments, amortization of acquired intangibles, and non-recurring
gains and charges. |
