CORVIS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands, except per share data)
Quarter Ended Year Ended
December 29, December 30, December 29, December 30,
2001 2000 2001 2000
Revenues $15,247 $45,987 $188,450 $68,898
Cost of sales 125,321 28,436 333,487 42,943
Gross profit (110,074) 17,551 (145,037) 25,955
Operating expenses:
Research and
development 32,132 30,272 149,882 88,874
Sales and marketing 12,817 12,386 56,002 30,871
General and
administrative 7,181 13,056 34,344 31,127
Goodwill and other
intangible assets
amortization expense 12,050 37,481 125,940 46,746
Equity-based expense 19,534 26,335 98,807 98,358
Purchased research
and development - 1,930 - 42,230
Restructuring and
other charges 182,376 - 789,242 -
Operating loss (376,164) (103,909) (1,399,254) (312,251)
Interest and other
income net 1,358 14,223 21,161 28,640
Net loss $(374,806) $(89,686) $(1,378,093) $(283,611)
Weighted average
number of common
shares outstanding
(in thousands) 355,928 327,787 349,652 157,349
Basic and diluted
net loss per
common share $(1.05) $ (0.27) $(3.94) $(1.80)
CORVIS CORPORATION
PRO FORMA
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (a)
(Dollars in thousands, except per share data)
For Discussion Purposes Only
Quarter Ended Year Ended
December 29, December 30, December 29, December 30,
2001 2000 2001 2000
Revenues $15,247 $45,987 $188,450 $68,898
Cost of sales 7,952 28,436 116,951 42,943
Gross profit 7,295 17,551 71,499 25,955
Operating expenses:
Research and
development 32,132 30,272 149,882 88,874
Sales and marketing 12,817 12,386 56,002 30,871
General and
administrative 7,181 13,056 34,344 31,127
Pro forma operating
loss (44,835) (38,163) (168,729) (124,917)
Interest and other
income, net 4,977 14,223 33,461 28,640
Pro forma net loss $(39,858) $(23,940) $(135,268) $(96,277)
Weighted average
number of common
shares outstanding
(in thousands) (b) 355,928 327,787 349,652 332,653
Pro forma net loss
per common share (b) $(0.11) $(0.07) $(0.39) $(0.29)
(a) Pro forma results exclude restructuring and other charges, goodwill and other intangible assets amortization expense, purchased research and development expense and equity-based expense.
For the quarter ended December 29, 2001, restructuring and other charges of $303.4 million were recorded as $117.4 million to Cost of Sales, $182.4 million to Operating Expenses, including $122.4 million for the write-down of goodwill related to the Algety Telecom acquisition, and $ 3.6 million to Interest and Other Income for the write-down of certain investments.
For the year ended December 29, 2001, restructuring and other charges of $1,018.1 million were recorded as $216.5 million to Cost of Sales, $789.3 million to Operating Expenses, including $710.7 million for the write-down of goodwill related to the Algety Telecom acquisition, and $ 12.3 million to Interest and Other Income for the write-down of certain investments.
(b) For the year ended December 30, 2000, the assumed number of common shares outstanding is equal to 332,652,750, the amount of common stock outstanding on July 28, 2000, after the Company's initial public offering and the concurrent private placement.
CORVIS CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)
December 29, December 30,
2001 2000
Assets
Current assets:
Cash and cash equivalents $638,872 $1,024,758
Short term investments 21,907 -
Trade accounts receivable 33,676 16,085
Inventory, net 96,426 219,414
Other current assets 17,486 26,802
Total current assets 808,367 1,287,059
Restricted cash, non-current 2,417 46,292
Property and equipment, net 134,393 106,681
Goodwill and intangible assets, net 21,429 929,204
Other non-current assets 12,219 12,600
Total assets $978,825 $2,381,836
Liabilities, redeemable stock and
stockholders' equity
Total current liabilities $81,862 $115,019
Total liabilities 89,972 165,243
Total redeemable stock - 30,000
Total stockholders' equity * 888,853 2,186,593
Total liabilities, redeemable stock
and stockholders' equity $978,825 $2,381,836
* $0.01 per share par value; 1,900,000,000 authorized shares; 362,687,909 shares issued and outstanding shares as of 12/29/01. 348,039,489 shares issued and outstanding as of 12/30/00. |
