Here is the consolidated statements:
QUANTUM CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
THREE MONTHS ENDED
June 27, June 28,
1999 1998
Sales $1,083,235 $1,103,023
Cost of sales 903,316 936,650
Gross profit 179,919 166,373
Expenses:
Research and development 90,433 84,298
Sales and marketing 53,221 38,337
General and administrative 29,144 17,402
Total operating expenses 172,798 140,037
Income from operations 7,121 26,336
Interest and other income, net 5,239 2,202
Loss from investee -- (24,237)
Income before income taxes 12,360 4,301
Income tax provision 4,079 1,291
Net income $ 8,281 $ 3,010
Net income per share:
Basic $ 0.05 $ 0.02
Diluted $ 0.05 $ 0.02
Weighted average common and
common equivalent shares:
Basic 166,661 158,716
Diluted 172,977 165,956
QUANTUM CORPORATION
CONSOLIDATED BALANCE SHEETS
(In thousands)
June 27, March 31,
1999 1999
Assets
Current Assets:
Cash and investments $ 682,851 $ 796,794
Accounts receivable, net of
allowance for doubtful accounts
of $12,126 and $12,130 638,978 646,557
Inventories 261,919 271,986
Deferred income taxes 107,701 107,701
Other current assets 113,935 104,835
Total current assets 1,805,384 1,927,873
Property and equipment, net 269,919 271,928
Intangibles, net 219,384 225,567
Other assets 45,994 58,228
---------- ----------
$2,340,681 $2,483,596
Liabilities and Stockholders' Equity
Current Liabilities:
Accounts payable $ 351,394 $ 406,369
Accrued warranty 79,845 76,905
Other accrued liabilities 182,442 197,707
Current portion of long-term debt 1,048 1,024
Total current liabilities 614,729 682,005
Deferred income taxes 66,746 67,340
Convertible subordinated debt 287,500 287,500
Long-term debt 50,190 56,961
Stockholders' equity 1,321,516 1,389,790
---------- ----------
$2,340,681 $2,483,596
DLT & STORAGE SYSTEMS GROUP
COMBINED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
THREE MONTHS ENDED
June 27, June 28,
1999 1998
Product revenue $291,307 $236,659
Royalty revenue 39,437 19,043
Total revenue 330,744 255,702
Cost of sales 179,094 142,028
Gross profit 151,650 113,674
Expenses:
Research and development 27,725 21,951
Sales and marketing 25,390 12,767
General and administrative 14,399 6,447
Total operating expenses 67,514 41,165
Income from operations 84,136 72,509
Interest and other income, net 1,639 100
Income before income taxes 85,775 72,609
Income tax provision 34,310 29,044
Net income $ 51,465 $ 43,565
Pro forma net income per share:
Basic $ 0.31 $ 0.27
Diluted $ 0.30 $ 0.26
Pro forma weighted average common
and common equivalent shares:
Basic 166,661 158,716
Diluted 172,977 165,956
DLT & STORAGE SYSTEMS GROUP
COMBINED BALANCE SHEETS
(In thousands)
June 27, March 31,
1999 1999
Assets
Current Assets:
Cash and investments $ 267,030 $ 272,643
Accounts receivable, net
of allowance for doubtful
accounts of $3,274 and $2,507 245,187 254,228
Inventories 138,082 124,462
Deferred income taxes 35,594 35,594
Other current assets 17,713 8,434
Total current assets 703,606 695,361
Property and equipment, net 77,918 73,122
Intangibles, net 215,006 220,368
Other assets 12,625 24,792
---------- ----------
$1,009,155 $1,013,643
Liabilities and Group Equity
Current Liabilities:
Accounts payable $ 91,186 $ 64,025
Accrued warranty 43,445 37,988
Other accrued liabilities 49,837 55,407
Current portion of long-term debt 699 683
Total current liabilities 185,167 158,103
Deferred income taxes 27,355 27,355
Convertible subordinated debt 191,667 191,667
Long-term debt 33,460 37,974
Group equity 571,506 598,544
---------- ----------
$1,009,155 $1,013,643
HARD DISK DRIVE GROUP
COMBINED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
THREE MONTHS ENDED
June 27, June 28,
1999 1998
Sales $752,491 $847,321
Cost of sales 724,222 794,622
Gross profit 28,269 52,699
Expenses:
Research and development 62,708 62,347
Sales and marketing 27,831 25,570
General and administrative 14,745 10,954
Total operating expenses 105,284 98,871
Loss from operations (77,015) (46,172)
Interest and other income, net 3,600 2,101
Loss from investee -- (24,237)
Loss before income taxes (73,415) (68,308)
Income tax benefit (30,231) (27,754)
Net loss $(43,184) $(40,554)
Pro forma net loss per share:
Basic $ (0.52) $ (0.51)
Diluted $ (0.52) $ (0.51)
Pro forma weighted average common
and common equivalent shares:
Basic 83,330 79,358
Diluted 83,330 79,358
HARD DISK DRIVE GROUP
COMBINED BALANCE SHEETS
(In thousands)
June 27, March 31,
1999 1999
Assets
Current Assets:
Cash and investments $ 415,821 $ 524,151
Accounts receivable, net
of allowance for doubtful
accounts of $8,852 and $9,623 393,791 392,329
Inventories 123,837 147,524
Deferred income taxes 72,107 72,107
Other current assets 96,222 96,401
Total current assets 1,101,778 1,232,512
Property and equipment, net 192,001 198,806
Intangibles, net 4,378 5,199
Other assets 33,369 33,436
---------- ----------
$1,331,526 $1,469,953
Liabilities and Group Equity
Current Liabilities:
Accounts payable $ 260,208 $ 342,344
Accrued warranty 36,400 38,917
Other accrued liabilities 132,605 142,300
Current portion of long-term
debt 349 341
Total current liabilities 429,562 523,902
Deferred income taxes 39,391 39,985
Convertible subordinated debt 95,833 95,833
Long-term debt 16,730 18,987
Group equity 750,010 791,246
---------- ----------
$1,331,526 $1,469,953
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