SUNNYVALE, Calif., Nov 3 (Reuters) -
Consolidated Statements of Income
(In thousands, except per share data)
Three Months Ending
9/26/98 9/27/97
(unaudited) (unaudited)
Net revenues $155,281 $125,000
Cost of goods sold 50,453 41,500
Gross Margin 104,828 83,500
67.5% 66.8%
Operating expenses:
Research and development 21,051 15,480
Selling, general and administrative 13,487 10,934
Operating Income 70,290 57,086
45.3% 45.7%
Interest Income, net 4,551 3,466
Income before provision for income taxes
74,841 60,552
Provision for income taxes 25,446 20,588
Net Income 49,395 39,964
Basic earnings per share 0.38 0.31
Shares used in the calculation
of basic earnings per share 130,581 128,564
Diluted earnings per share 0.33 0.26
Shares used in the calculation of
diluted earnings per share 148,660 150,810
Consolidated Balance Sheets
(In thousands) 9/26/98 6/27/98
(unaudited) (audited)
Assets
Current Assets:
Cash and cash equivalents $ 52,275 $ 16,739
Short-term investments 289,784 306,209
Total cash, cash equivalents
and short-term investments 342,059 322,948
Accounts receivable, net 99,479 101,921
Inventories 44,707 44,707
Deferred income taxes and other
current assets 37,518 38,439
Total current assets 523,763 508,015
Property, plant and equipment,
at cost 349,157 339,202
Less accumulated depreciation (86,543) (83,749)
Net property, plant and equipment 262,614 255,453
Other assets 5,991 6,024
Total assets 792,368 769,492
Liabilities and Stockholders'
Equity
Current liabilities:
Accounts payable 26,075 35,169
Accrued expenses 51,962 44,025
Deferred income on shipments
to distributors 24,256 23,686
Income taxes payable 25,280 27,412
Total current liabilities 127,573 130,292
Deferred income taxes 4,200 4,200
Other liabilities 4,000 4,000
Total liabilities 135,773 138,492
Stockholders' equity:
Common stock 56,745 81,249
Retained earnings 601,309 551,914
Translation adjustment (1,459) (2,163)
Total stockholders' equity 656,595 631,000
Total liabilities and
stockholders' equity 792,368 769,492
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Copyright 1998, Reuters News Service
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