Kelley, I used the pro forma net income. See below and used:
11,266/60,824.
Net income was $13.7 million or $0.24 per diluted share for the first quarter of 2000,
compared to a net loss of $1.0 million or a loss of $0.03 per diluted share for the
same quarter of the prior year. Included in net income for the first quarter of 2000
is a $7.7 million benefit from the reduction of the Company's deferred tax asset
valuation allowance.
Pro forma net income, excluding the stock based compensation charge, the
write-off of in-process research and development, the amortization of purchased
intangibles, and the effect of the benefit from reducing the Company's deferred tax
asset valuation allowance, was $11.3 million or $0.20 per pro forma diluted share for
the first quarter of 2000, compared to pro forma net income of $409,000 or $0.01 per
pro forma diluted share for the same quarter of the prior year.
Three Months Ended
March 31,
------------------------------
(in thousands except per share data) 2000 1999
Net revenue $ 60,824 $ 13,217
Net income (loss) $ 13,673 $ (1,036)
Pro forma net income $ 11,266 (1) $ 409 (2)
Diluted net income (loss) per share $ 0.24 $ (0.03) (3)
Pro forma diluted net income per share $ 0.20 (1) $ 0.01 (2)
(1) Excludes $1.0 million of stock based compensation, $6.3 million of in-process R&D
related to the purchase of OnPrem Networks, $1.9 million in amortization of purchased
intangibles, and the resulting income before tax is fully taxed utilizing a 42.0%
tax rate.
GR |
