PRO FORMA CONSOLIDATED STATEMENTS OF OPERATIONS
Excluding Amortization of Goodwill and Other Acquisition-Related
Charges and Stock Based Compensation
(In thousands, except per share amounts)
(Unaudited)
Quarter Ended
March 31, March 31,
2001 2000
Revenue:
Product $19,966 $12,047
License and Subscription 4,608 1,360
-------- --------
Total Revenue 24,574 13,407
Cost of Revenue:
Product 5,739 3,623
License and Subscription 164 37
-------- --------
Total Cost of Revenue 5,903 3,660
-------- --------
Gross Margin 18,671 9,747
-------- --------
Operating Expenses:
Research and development 5,394 1,985
Sales and marketing 6,722 2,602
General and administrative 1,985 861
-------- --------
Total Operating Expenses 14,101 5,448
-------- --------
Income from Operations 4,570 4,299
Other Income, net 3,010 1,209
-------- --------
Income Before Taxes 7,580 5,508
Provision for Income Taxes (2,426) (1,928)
-------- --------
Net Income $ 5,154 $ 3,580
Net Income
Per Share:
Basic $ 0.08 $ 0.07
Diluted $ 0.08 $ 0.07
Shares Used in
Per Share Calculations:
Basic 62,616 47,898
Diluted 67,257 53,914
The above pro forma amount have been adjusted to exclude the
following items:
Amortization of goodwill
and intangibles 10,227 --
Stock based compensation 926 1,801
Income tax effect (455) --
-------- --------
Net effect of pro
forma adjustments $10,698 $1,801
SonicWALL, Inc.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)
Quarter Ended
March 31, March 31
2001 2000
Revenue:
Product $19,966 $12,047
License and Subscription 4,608 1,360
-------- --------
Total Revenue 24,574 13,407
Cost of Revenue:
Product 5,739 3,623
License and Subscription 164 37
-------- --------
Total Cost of Revenue 5,903 3,660
-------- --------
Gross Margin 18,671 9,747
-------- --------
Operating Expenses:
Research and development 5,394 1,985
Sales and marketing 6,722 2,602
General and administrative 1,985 861
Amortization of goodwill
and intangibles 10,227 --
Stock based
compensation 926 1,801
-------- --------
Total Operating Expenses 25,254 7,249
-------- --------
Income (Loss) from Operations (6,583) 2,498
Other Income, net 3,010 1,209
-------- --------
Income (Loss) Before Taxes (3,573) 3,707
Provision for Income Taxes (1,971) (1,928)
-------- --------
Net Income (Loss) $(5,544) $ 1,779
Net Income (Loss)
Per Share:
Basic $ (0.09) $ 0.04
Diluted $ (0.09) $ 0.03
Shares Used in
Per Share Calculations:
Basic 62,616 47,898
Diluted 62,616 53,914
SonicWALL, Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
March 31, December 31,
2001 2000
(Unaudited)
ASSETS
Current Assets:
Cash and cash equivalents $107,394 $ 140,287
Short term investments 110,787 79,257
Accounts receivable, net 12,560 11,541
Inventories 2,906 2,509
Prepaid expenses and other 3,146 2,192
Deferred tax asset 18,188 19,171
-------- --------
Total Current Assets 254,981 254,957
Property and Equipment, net 5,220 3,831
Goodwill and other intangibles 230,478 228,711
Other Assets 158 618
-------- --------
$490,837 $488,117
======== ========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Accounts payable $ 6,736 $7,867
Accrued compensation
and related benefits 3,082 4,561
Other accrued liabilities 5,896 8,501
Income taxes payable 2,826 2,192
Deferred revenue 10,280 8,812
-------- --------
Total Current Liabilities 28,820 31,933
Deferred tax liability 20,419 20,426
Long-term liabilities 356 --
-------- --------
Total liabilities 49,595 52,359
Shareholders' Equity 441,242 435,758
-------- --------
$490,837 $488,117
======== ======== |
