3Com Corp Q4 results
SANTA CLARA, Calif., June 22 (Reuters) -
3Com Corporation
Condensed Consolidated Statements of Income
(Unaudited. In thousands, except per share data.)
Quarter Ended Year Ended
May 28, May 31, May 28, May 31,
1999 1998 1999 1998
(Unaudited)
Sales $ 1,415,572 $ 1,375,471 $ 5,772,149 $ 5,420,367
Cost of sales 751,824 777,203 3,088,121 2,961,164
----------- ----------- ----------- -----------
Gross margin 663,748 598,268 2,684,028 2,459,203
----------- ----------- ----------- -----------
Operating expenses:
Sales and
marketing 320,591 291,869 1,270,573 1,247,755
Research and
development 167,081 149,600 635,787 581,613
General and
administrative 63,116 66,210 256,267 268,115
Purchased
in-process
technology 5,600 8,433 12,715 8,433
Merger-related
(credits) charges
and other (4,856) (4,910) (21,751) 253,722
----------- ----------- ----------- -----------
Total operating
expenses 551,532 511,202 2,153,591 2,359,638
----------- ----------- ----------- -----------
Operating income 112,216 87,066 530,437 99,565
Interest and other
income (expense),
net 14,036 10,733 54,055 16,908
----------- ----------- ----------- -----------
Income before
income taxes 126,252 97,799 584,492 116,473
Income tax
provision 39,664 34,231 181,719 86,259
Equity interest in
loss of
consolidated joint
venture (945) -- (1,101) --
----------- ----------- ----------- -----------
Net income $ 87,533 $ 63,568 $ 403,874 $ 30,214
Net income per
share:
Basic $ 0.24 $ 0.18 $ 1.12 $ 0.09
Diluted $ 0.24 $ 0.17 $ 1.09 $ 0.08
Shares used in
computing per
share amounts:
Basic 363,094 357,531 360,424 351,154
Diluted 368,112 368,130 369,361 360,262 -0-
NOTES: Net income for the quarter ended May 28, 1999 included a net
pre-tax charge of approximately $5.6 million for purchased in-process
technology associated with the purchase of NBX Corporation (NBX), and a net
pre-tax credit of approximately $4.9 million primarily associated with past
merger activities. Excluding these charges and credits, net income for the
quarter ended May 28, 1999 would have been $88.0 million, or $0.24 per share.
Net income for the quarter ended May 31, 1998 included a pre-tax charge of
approximately $8.4 million associated with the purchase of Lanworks, Inc. and a
net pre-tax credit of approximately $4.9 million associated with past merger
activities and disposition of real estate.
Net income for fiscal year ended May 28, 1999 included a net pre-tax
charge of approximately $12.7 million for purchased in-process technology
associated with the purchases of NBX, Smartcode Technologie and certain assets
of ICS Networking, Inc., and a net pre-tax credit of approximately $21.8
million primarily associated with past merger activities. Excluding these
charges and credits, net income for the fiscal year ended May 28, 1999 would
have been $397.7 million, or $1.08 per share.
Net income for the fiscal year ended May 31, 1998 included a pre-tax
charge of approximately $8.4 million related to purchased in-process technology
associated with the purchase of Lanworks, Inc., and a net pre-tax charge of
approximately $253.7 million for merger-related costs and disposition of real
estate.
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