Here are the financials:
Quantum Corporation
DLT & Storage Systems Group
Combined Statements of Operations
( In thousands, except per share amounts )
Three Months Ended Six Months Ended
Sept. 26, Sept. 27, Sept. 26, Sept. 27,
1999 1998 1999 1998
Product revenue $ 312,074 $ 260,645 $ 603,381 $ 497,304
Royalty revenue 45,024 29,813 84,461 48,856
Total revenue 357,098 290,458 687,842 546,160
Cost of revenue 186,892 158,783 365,986 300,811
Gross profit 170,206 131,675 321,856 245,349
Expenses:
Research and
development 30,480 21,979 58,205 43,930
Sales and
marketing 26,599 14,866 51,989 27,633
General and
administrative 15,238 7,264 29,637 13,711
Purchased
in-process
research and
development 37,000 -- 37,000 --
Total operating
expenses 109,317 44,109 176,831 85,274
Income from
operations 60,889 87,566 145,025 160,075
Interest and
other income
(expense), net (1,125) (663) 514 (563)
Income before
income taxes 59,764 86,903 145,539 159,512
Income tax
provision 38,704 34,760 73,014 63,804
Net income $ 21,060 $ 52,143 $ 72,525 $ 95,708
Net income
per share:
Basic $ 0.13 $ 0.34 $ 0.44 $ 0.62
Diluted $ 0.12 $ 0.33 $ 0.42 $ 0.59
Weighted average
common and common
equivalent shares:
Basic 165,378 151,527 166,019 155,122
Diluted 173,080 162,695 173,029 161,223
Quantum Corporation
DLT & Storage Systems Group
Combined Balance Sheets
( In thousands )
Sept. 26, March 31,
1999 1999
Assets
Current Assets:
Cash and investments $ 302,773 $ 272,643
Accounts receivable, net of allowance for
doubtful accounts of $3,420 and $2,507 224,969 254,228
Inventories 122,541 124,462
Deferred income taxes 35,701 35,594
Other current assets 32,154 8,434
Total current assets 718,138 695,361
Property and equipment, net 82,060 73,122
Intangibles, net 288,791 220,368
Other assets 13,872 24,792
--------- ---------
$1,102,861 $1,013,643
Liabilities and Group Equity
Current Liabilities:
Accounts payable $ 84,044 $ 64,025
Accrued warranty 48,678 37,988
Other accrued liabilities 57,114 55,407
Current portion of long-term debt 715 683
Total current liabilities 190,551 158,103
Deferred income taxes 37,955 27,355
Convertible subordinated debt 191,667 191,667
Long-term debt 32,275 37,974
Group equity 650,413 598,544
--------- ---------
$1,102,861 $1,013,643
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