CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
December 31, December 31,
1999 1998
------ -------
ASSETS Current assets:
Cash and equivalents $ 144,296 $ 108,224
Short-term investments 175,357 99,603
Receivables - net 74,850 36,980
Inventories 19,335 16,073
Deferred taxes and other current assets 31,789 31,147
---------- ----------
Total current assets 445,627 292,027 Property and equipment - net 35,349 29,622 Production capacity rights 4,985 12,600 Distribution rights - net 1,318 1,483 Purchased technology - net 4,194 5,921 Other assets 3,892 1,518
---------- ----------
Total $ 495,365 $ 343,171
LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities:
Accounts payable $ 38,882 $ 19,942
Accrued liabilities 38,553 51,264
Current portion of long-term obligations 376 355
---------- ----------
Total current liabilities 77,811 71,561 Long-term obligations 18,291 28,207
---------- ----------
Total liabilities 96,102 99,768
Minority interest in subsidiary 471 28 Stockholders' equity:
Common stock 323,756 225,265
Accumulated other comprehensive loss (2,204) (1,852)
Retained earnings 77,240 19,962
Total stockholders' equity 398,792 243,375
---------- ----------
Total $ 495,365 $ 343,171
C-CUBE MICROSYSTEMS INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)
Quarter Ended Year Ended
December 31, December 31,
1999 1998 1999 1998 Net revenues $115,726 $95,800 $407,648 $351,797
Costs and expenses:
Cost of revenues 50,944 44,071 181,891 160,839
Research and development 22,707 18,897 84,366 74,031
Selling, general and
administrative 18,760 16,756 69,437 60,512
------- ------- ------- -------
Total 92,411 79,724 335,694 295,382
------- ------ ------- ------- Income from operations 23,315 16,076 71,954 56,415 Other income, net 3,372 1,692 10,456 4,239
------- ------ ------- ------ Income before income taxes,
minority interest and
extraordinary item 26,687 17,768 82,410 60,654 Income tax expense 8,006 5,327 24,723 18,196
------- ------- ------ ------ Income before minority interest
and extraordinary item 18,681 12,441 57,687 42,458 Minority interest in net income
(loss) of subsidiary 61 17 442 (337)
------- ------- ------ ------ Income before extraordinary item 18,620 12,424 57,245 42,795 Extraordinary gain on buyback
of convertible notes -- -- 33 3,494
------- ------- ------ ------ Net income $18,620 $12,424 $57,278 $46,289
======= ======= ======= =======
Income per diluted share before
extraordinary item $0.40 $ 0.31 $ 1.30 $ 1.11 Extraordinary gain per
diluted share -- -- -- 0.09
-------- ------- ------- ------- Net income per diluted share $ 0.40 $ 0.31 $ 1.30 $ 1.19
Shares used in computation 47,424 40,708 44,571 40,754
======= ======= ======= ======= *T
CONTACT: C-Cube Microsystems
Alan Markow, 408/490-8707
Corporate Communications
alan.markow@c-cube.com
Steven Horwitz, 408/490-8561
Investor Relations
steven.horwitz@c-cube.com
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