Novellus Systems Q3 shr down
SAN JOSE, Calif., Oct 12 (Reuters) -
NOVELLUS SYSTEMS INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share amounts)
(Unaudited)
Three Months Ended Nine Months Ended
Sept. 26, Sept. 27, Sept. 26, Sept. 27,
1998 1997 1998 1997
Net Sales $106,704 $155,080 $412,761 $371,174
Cost of Sales 50,622 72,888 188,182 170,130
Gross Profit 56,082 82,192 224,579 201,044
Operating Expenses
Research & Development 23,392 25,199 83,047 61,696
Selling, General and
Administrative 21,478 25,991 74,577 62,117
In-Process Research &
Development -- -- -- 119,246
Restructuring & Other
Costs -- -- -- 14,243
Litigation Settlement &
Related Legal Costs -- -- -- 84,021
Bad Debt Write-off -- -- -- 17,700
Total Operating Expenses 44,870 51,190 157,624 359,023
Income (Loss) from
Operations 11,212 31,002 66,955 (157,979)
Interest Income,
(Expense) Net 342 (580) 759 2,923
Income (Loss) before
Income Taxes 11,554 30,422 67,714 (155,056)
Provision (Benefit) for
Income Taxes 3,931 10,343 23,025 (37,008)
Net Income (Loss) $ 7,623 $20,079 $ 44,689 $(118,048)
Basic Net Income (Loss)
Per Share $0.22 $0.60 $1.32 $(3.57)
Diluted Net Income (Loss)
Per Share $0.22 $0.57 $1.28 $(3.57)
Shares Used in Basic
Calculation 34,095 33,546 33,948 33,108
Shares Used in Diluted
Calculation 34,659 35,276 34,854 33,108
NOTE: The earnings per share amounts have been adjusted for
the 2-for-1 split effective October 1997.
NOVELLUS SYSTEMS INC.
SUPPLEMENTAL FINANCIAL INFORMATION (a)
(in thousands except per share amounts)
(Unaudited)
Three Months Ended Nine Months Ended
Sept. 26, Sept. 27, Sept. 26, Sept. 27,
1998 1997 1998 1997
Pro forma operating income
$11,212 $31,002 $66,955 $ 77,231
Pro forma income before income
taxes $11,554 $30,422 $67,714 $ 80,152
Pro forma provision for
income taxes 3,931 10,343 23,025 27,252
Pro forma net income $ 7,623 $20,079 $44,689 $52,900
Pro forma Basic Net Income
per Share $0.22 $0.60 $1.32 $1.60
Pro forma Diluted Net Income
per Share $0.22 $0.57 $1.28 $1.53
Shares used in Basic
Calculation 34,095 33,546 33,948 33,109
Shares used in Diluted
Calculation 34,659 35,276 34,854 34,610
NOTE: (a) The company's reported loss of $153.7 million or
$4.66 per share for the quarter ended June 28, 1997 includes
pre-tax one-time charges totaling $235.2 million.
This supplemental financial information does not purport to
be financial statements prepared in accordance with generally
accepted accounting principles.
The information in the tables shows operating income, net
income and net income per share excluding the one-time
charges.
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