Mentor Graphics Reports Fiscal Fourth Quarter Results

 

MENTOR GRAPHICS CORPORATION

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(In thousands, except earnings per share data)
           
Three Months Ended January 31, Twelve Months Ended January 31,
  2013     2012     2013     2012  
Revenues:
System and software $ 226,267 $ 220,046 $ 681,881 $ 631,549
Service and support   104,971     100,309     406,846     383,089  
Total revenues   331,238     320,355     1,088,727     1,014,638  
Cost of revenues: (1)
System and software 14,984 13,737 64,280 54,972
Service and support 30,775 29,014 117,609 108,690
Amortization of purchased technology   1,709     1,924     7,801     9,796  
Total cost of revenues   47,468     44,675     189,690     173,458  
Gross margin   283,770     275,680     899,037     841,180  
Operating expenses:
Research and development (2) 93,751 90,180 313,962 310,758
Marketing and selling (3) 95,160 89,890 338,653 326,608
General and administration (4) 20,016 22,756 74,324 74,811
Equity in earnings of Frontline (5) (134 ) (246 ) (1,764 ) (2,268 )
Amortization of intangible assets (6) 1,368 1,544 5,915 5,905
Special charges (7)   2,514     5,786     6,314     13,174  
Total operating expenses   212,675     209,910     737,404     728,988  
Operating income 71,095 65,770 161,633 112,192
Other income (expense), net (8) (1,193 ) (314 ) (1,432 ) 1,576
Interest expense (9)   (4,883 )   (4,755 )   (18,866 )   (31,444 )
Income before income tax 65,019 60,701 141,335 82,324
Income tax expense (benefit) (10)   3,536     3,366     2,701     (1,063 )
Net income 61,483 57,335 138,634 83,387
Less: Loss attributable to noncontrolling interest (11)   (263 )   (485 )   (102 )   (485 )

Net income attributable to Mentor Graphics shareholders

$ 61,746   $ 57,820   $ 138,736   $ 83,872  

Net income per share attributable to Mentor Graphics shareholders:

Basic $ 0.55   $ 0.53   $ 1.25   $ 0.76  
Diluted (a) $ 0.49   $ 0.52   $ 1.17   $ 0.74  
Weighted average number of shares outstanding:
Basic   112,623     109,290     110,998     110,138  
Diluted   115,167     112,122     114,017     112,915  
 
Refer to following page for a description of footnotes.
 
(a) We have reduced the numerator of our diluted earnings per share calculation by $5,272 for both the three and twelve months ended January 31, 2013 for the accumulated adjustment of the noncontrolling interest with redemption feature to its calculated redemption value at January 31, 2013, recorded directly to retained earnings.

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