Financials:
SONICblue INCORPORATED
STATEMENTS OF OPERATIONS
(In thousands, except per share data )
Three Months Ended Six Months Ended
June 30, June 30, June 30, June 30,
2001 2000 2001 2000
---------------------- ----------------------
(Unaudited)(Unaudited) (Unaudited)(Unaudited)
Net sales $ 29,508 $135,820 $ 79,394 $297,539
Cost of sales 97,019 130,816 163,674 279,131
---------- ---------- ---------- ----------
Gross margin (loss) (67,511) 5,004 (84,280) 18,408
Operating expenses:
Research
and development 6,446 21,274 17,121 42,031
Selling, marketing
and administrative 34,099 27,462 58,985 57,074
In-process R&D 878 - 878 -
Restructuring expense
and impairment charge 122,233 - 122,233 -
Amortization of
goodwill and
intangibles 11,164 11,083 22,288 21,559
---------- ---------- ---------- ----------
Total operating
expenses 174,820 59,819 221,505 120,664
---------- ---------- ---------- ----------
Loss from operations (242,331) (54,815) (305,785) (102,256)
Gain on sale of
manufacturing
joint venture - 7,266 - 14,738
Gain (loss) on
UMC investment (69,919) - (527,957) 880,166
Gain (loss) on
other investments (20,858) 2,678 (21,476) 5,917
Equity (loss)
of investees - (6,024) (114) (6,381)
Other income
(expense), net (4,099) 849 (7,212) 672
---------- ---------- ---------- ----------
Income (loss) before
income taxes (337,207) (50,046) (862,544) 792,856
Income tax
expense (benefit) (24,666) (13,788) (214,233) 336,871
---------- ---------- ---------- ----------
Net income ($312,541) ($36,258) ($648,311) $455,985
---------- ---------- ---------- ----------
Per share amounts
Basic ($3.83) ($0.40) ($7.42) $5.19
Diluted ($3.83) ($0.40) ($7.42) $4.55
Shares used in
computing per
share amounts:
Basic 81,503 91,402 87,402 87,837
Diluted 81,503 91,402 87,402 100,574
SONICblue INCORPORATED
PROFORMA NET INCOME
(In thousands)
Reported net income ($312,541)
Proforma adjustments (net of taxes)
-----------------------------------
Loss on UMC shares 61,971
Inventory reserves 53,002
Goodwill amortization and write-off 120,191
Investment write-off 18,487
Restructuring expenses 11,670
Miscellaneous accruals 9,680
--------------
Proforma net income (37,540)
==============
SONICblue INCORPORATED
CONSOLIDATED BALANCE SHEETS
(dollars in thousands)
June 30, December 31,
2001 2000
------------- ---------------
(unaudited)
ASSETS
Current assets:
Cash and other investments $8,394 $36,582
Investment - UMC 151,082 228,673
Other short-term investments 6,383 9,017
Accounts receivable, net 52,990 85,950
Inventories, net 29,328 86,727
Prepaid expenses and other 6,939 9,734
----------- -----------
Total current assets 255,116 456,683
Property and equipment, net 13,852 24,761
Investment - UMC 133,711 406,363
Deferred taxes 41,088 0
Goodwill and intangible assets 52,342 162,381
Other assets 52,807 49,117
----------- -----------
Total $548,916 $1,099,305
=========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $80,921 $99,296
Notes payable 65,587 72,672
Accrued liabilities 100,906 45,354
Deferred taxes 41,088 69,563
Deferred revenue 6,864 8,287
----------- -----------
Total current liabilities 295,366 295,172
Long-term deferred taxes - 25,140
Other liabilities 3,708 4,040
Convertible subordinated debentures 103,300 103,300
----------- -----------
Total liabilities 402,374 427,652
Stockholders' equity:
Common Stock, $.0001 par value 534,586 602,566
Accumulated other comprehensive loss (8,419) (199,599)
Retained Earnings (Accumulated deficit) (379,625) 268,686
----------- -----------
Total stockholders' equity 146,542 671,653
----------- -----------
Total $548,916 $1,099,305
=========== ===========
CONTACT: SONICblue
Heather Stanger, 408/588-8060 (Press Contact)
hstanger@SONICblue.com
Tracy Perry, 408/588-8086 (Investor Relations Contact)
ir@SONICblue.com
SONICblue INCORPORATED
STATEMENTS OF OPERATIONS
(In thousands, except per share data )
Three Months Ended Six Months Ended
June 30, June 30, June 30, June 30,
2001 2000 2001 2000
---------------------- ----------------------
(Unaudited)(Unaudited) (Unaudited)(Unaudited)
Net sales $ 29,508 $135,820 $ 79,394 $297,539
Cost of sales 97,019 130,816 163,674 279,131
---------- ---------- ---------- ----------
Gross margin (loss) (67,511) 5,004 (84,280) 18,408
Operating expenses:
Research
and development 6,446 21,274 17,121 42,031
Selling, marketing
and administrative 34,099 27,462 58,985 57,074
In-process R&D 878 - 878 -
Restructuring expense
and impairment charge 122,233 - 122,233 -
Amortization of
goodwill and
intangibles 11,164 11,083 22,288 21,559
---------- ---------- ---------- ----------
Total operating
expenses 174,820 59,819 221,505 120,664
---------- ---------- ---------- ----------
Loss from operations (242,331) (54,815) (305,785) (102,256)
Gain on sale of
manufacturing
joint venture - 7,266 - 14,738
Gain (loss) on
UMC investment (69,919) - (527,957) 880,166
Gain (loss) on
other investments (20,858) 2,678 (21,476) 5,917
Equity (loss)
of investees - (6,024) (114) (6,381)
Other income
(expense), net (4,099) 849 (7,212) 672
---------- ---------- ---------- ----------
Income (loss) before
income taxes (337,207) (50,046) (862,544) 792,856
Income tax
expense (benefit) (24,666) (13,788) (214,233) 336,871
---------- ---------- ---------- ----------
Net income ($312,541) ($36,258) ($648,311) $455,985
---------- ---------- ---------- ----------
Per share amounts
Basic ($3.83) ($0.40) ($7.42) $5.19
Diluted ($3.83) ($0.40) ($7.42) $4.55
Shares used in
computing per
share amounts:
Basic 81,503 91,402 87,402 87,837
Diluted 81,503 91,402 87,402 100,574
SONICblue INCORPORATED
PROFORMA NET INCOME
(In thousands)
Reported net income ($312,541)
Proforma adjustments (net of taxes)
-----------------------------------
Loss on UMC shares 61,971
Inventory reserves 53,002
Goodwill amortization and write-off 120,191
Investment write-off 18,487
Restructuring expenses 11,670
Miscellaneous accruals 9,680
--------------
Proforma net income (37,540)
==============
SONICblue INCORPORATED
CONSOLIDATED BALANCE SHEETS
(dollars in thousands)
June 30, December 31,
2001 2000
------------- ---------------
(unaudited)
ASSETS
Current assets:
Cash and other investments $8,394 $36,582
Investment - UMC 151,082 228,673
Other short-term investments 6,383 9,017
Accounts receivable, net 52,990 85,950
Inventories, net 29,328 86,727
Prepaid expenses and other 6,939 9,734
----------- -----------
Total current assets 255,116 456,683
Property and equipment, net 13,852 24,761
Investment - UMC 133,711 406,363
Deferred taxes 41,088 0
Goodwill and intangible assets 52,342 162,381
Other assets 52,807 49,117
----------- -----------
Total $548,916 $1,099,305
=========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $80,921 $99,296
Notes payable 65,587 72,672
Accrued liabilities 100,906 45,354
Deferred taxes 41,088 69,563
Deferred revenue 6,864 8,287
----------- -----------
Total current liabilities 295,366 295,172
Long-term deferred taxes - 25,140
Other liabilities 3,708 4,040
Convertible subordinated debentures 103,300 103,300
----------- -----------
Total liabilities 402,374 427,652
Stockholders' equity:
Common Stock, $.0001 par value 534,586 602,566
Accumulated other comprehensive loss (8,419) (199,599)
Retained Earnings (Accumulated deficit) (379,625) 268,686
----------- -----------
Total stockholders' equity 146,542 671,653
----------- -----------
Total $548,916 $1,099,305
=========== ===========
CONTACT: SONICblue
Heather Stanger, 408/588-8060 (Press Contact)
hstanger@SONICblue.com
Tracy Perry, 408/588-8086 (Investor Relations Contact)
ir@SONICblue.com |
