SDL Announces Record Results for 2000 Third
$3,433,889 $460,953
(a) Derived from audited financial statements included in the Company's
Annual Report Form on 10-K filed with the Securities and Exchange
Commission.
SDL, Inc.
PRO FORMA CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share data - unaudited)
Three Months Ended September 30, 2000
Pro Forma
As Reported Adjustments Pro Forma
Total revenues $146,516 $- $146,516
Cost of revenues (a) 70,058 (6,463) 63,595
Gross profit 76,458 6,463 82,921
Operating expenses
Research and development (a) 12,214 (2,239) 9,975
Selling, general and
administrative (a) 18,127 (2,919) 15,208
Merger costs (b) 3,168 (3,168) -
Amortization of purchased
intangibles (c) 151,327 (151,327) -
Total operating expenses 184,836 (159,653) 25,183
Operating income (loss) (108,378) 166,116 57,738
Interest income, net 5,949 - 5,949
Income (loss) before income taxes (102,429) 166,116 63,687
Provision for income taxes (d) 13,404 9,842 23,246
Net income (loss) ($115,833) $156,274 $40,441
Net income (loss) per share - basic ($1.34) $0.47
Net income (loss) per share -
diluted ($1.34) $0.45
Number of weighted average
shares - basic 86,608 86,608
Number of weighted average
shares - diluted 86,608 90,825
(a) Adjusted to exclude $11,621,000 of stock compensation expense and
payroll taxes on stock options
(b) Adjusted to exclude $3,168,000 of costs incurred to date associated
with the proposed merger with JDS Uniphase
(c) Adjusted to exclude amortization of purchased intangible assets
(d) Adjusted to exclude income tax effects of (a), (b) and (c) to derive
a pro forma effect tax rate of 36.5 percent
SDL, Inc.
PRO FORMA CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share data - unaudited)
Nine Months Ended September 30, 2000
Pro Forma
As Reported Adjustments Pro Forma
Total revenues $329,234 $- $329,234
Cost of revenues (a) 162,888 (9,303) $153,585
Gross profit 166,346 9,303 175,649
Operating expenses
Research and development (a) 26,686 (3,228) 23,458
Selling, general and
administrative (a) 38,929 (4,507) 34,422
Merger costs (b) 3,168 (3,168) -
In-process research and
development (c) 27,400 (27,400) -
Amortization of purchased
intangibles (d) 224,698 (224,698) -
Total operating expenses 320,881 (263,001) 57,880
Operating income (loss) (154,535) 272,304 117,769
Interest income, net 15,463 - 15,463
Income (loss) before income taxes (139,072) 272,304 133,232
Provision for income taxes (e) 33,248 15,382 48,630
Net income (loss) ($172,320) $256,922 $84,602
Net income (loss) per share - basic ($2.17) $1.07
Net income (loss) per share -
diluted ($2.17) $1.01
Number of weighted average
shares - basic 79,292 79,292
Number of weighted average
shares - diluted 79,292 83,603
(b) Adjusted to exclude $17,038,000 of stock compensation expense and
payroll taxes on stock options
(c) Adjusted to exclude $3,168,000 of costs incurred to date associated
with the proposed merger with JDS Uniphase
(d) Adjusted to exclude in process R&D charges
(e) Adjusted to exclude amortization of purchased intangible assets
(f) Adjusted to exclude income tax effects of (a), (b) and (d) to derive
a pro forma effective tax rate of 36.5 percent
SDL, Inc.
PRO FORMA CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share data - unaudited)
Three Months Ended September 30, 1999
Pro Forma
As Reported Adjustments Pro Forma
Total revenues $47,507 $- $47,507
Cost of revenues 26,656 - 26,656
Gross profit 20,851 - 20,851
Operating expenses
Research and development 5,237 - 5,237
Selling, general and
administrative (a) 6,527 (299) 6,228
Amortization of purchased
intangibles (b) 210 (210) -
Total operating expenses 11,974 (509) 11,465
Operating income 8,877 509 9,386
Interest income, net 589 - 589
Income before income taxes 9,466 509 9,975
Provision for income taxes (c) 2,082 113 2,195
Net income $7,384 $396 $7,780
Net income per share - basic $0.12 $0.12
Net income per share - diluted $0.11 $0.11
Number of weighted average
shares - basic 64,186 64,186
Number of weighted average
shares - diluted 68,292 68,292
(a) Adjusted to exclude $299,000 of non-cash stock compensation expense
(b) Adjusted to exclude amortization of purchased intangible assets
(c) Adjusted to exclude (a) and (b) to derive a pro forma effective tax
rate of 22 percent
SDL, Inc.
PRO FORMA CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share data - unaudited)
Nine Months Ended September 30, 1999
Pro Forma
As Reported Adjustments Pro Forma
Total revenues $128,344 $- 128,344
Cost of revenues (a) 74,662 (700) 73,962
Gross profit 53,682 700 54,382
Operating expenses
Research and development 13,310 - 13,310
Selling, general and
administrative (b) 18,650 (474) 18,176
Merger costs (c) 2,677 (2,677) -
In-process research and
development (d) 1,495 (1,495) -
Amortization of purchased
intangibles (e) 599 (599) -
Total operating expenses 36,731 (5,245) 31,486
Operating income 16,951 5,945 22,896
Interest income, net 1,172 - 1,172
Income before income taxes 18,123 5,945 24,068
Provision for income taxes (f) 4,905 278 5,183
Net income 13,218 $5,667 $18,885
Net income per share - basic $0.21 $0.30
Net income per share - diluted $0.20 $0.29
Number of weighted average
shares - basic 62,086 62,086
Number of weighted average
shares - diluted 66,170 66,170
(a) Adjusted to exclude $700,000 one-time charge related to the
acquisition of Polaroid's fiber laser business in February 1999
(b) Adjusted to exclude $474,000 of non-cash stock compensation expense
(c) Adjusted to exclude merger costs related to the pooling of interests
transaction with IOC
(d) Adjusted to exclude in-process R&D charges
(e) Adjusted to exclude amortization of purchased intangible assets
(f) Adjusted to exclude (a), (b), (c), and (e) to derive a pro forma
effective tax rate of 22 percent
/CONTACT: Donald R. Scifres, Chairman and CEO or Michael L. Foster, VP Finance and
CFO, both of SDL, Inc., 408-943-9411; General info., Lisa Horn Chainey, investors, Susan
Katz, or media, Dawn Swidorski, all of The Financial Relations Board, 415-986-1591/
16:01 EDT |
