Mentor Graphics Reports Fiscal Second Quarter Results

MENTOR GRAPHICS CORPORATION

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except earnings per share data)
       
Three Months Ended July 31, Six Months Ended July 31,
2016 2015 2016 2015
Revenues:
System and software $ 133,755 $ 162,201 $ 240,459 $ 318,132
Service and support   120,589     118,861     241,524     235,073  
Total revenues   254,344     281,062     481,983     553,205  
Cost of revenues: (1)
System and software 15,330 13,049 23,662 26,673
Service and support 32,513 31,420 65,261 64,989
Amortization of purchased technology   1,787     1,794     3,572     3,652  
Total cost of revenues   49,630     46,263     92,495     95,314  
Gross profit   204,714     234,799     389,488     457,891  
Operating expenses:
Research and development (2) 93,402 89,053 184,538 178,568
Marketing and selling (3) 83,911 84,741 168,170 169,692
General and administration (4) 19,227 18,670 36,762 36,633
Equity in earnings of Frontline (1,041 ) (1,351 ) (1,677 ) (2,221 )
Amortization of intangible assets (5) 1,520 2,234 3,074 4,453
Special charges (6)   1,445     2,186     4,436     39,163  
Total operating expenses   198,464     195,533     395,303     426,288  
Operating income (loss): 6,250 39,266 (5,815 ) 31,603
Other income, net (7) 638 187 1,527 529
Interest expense (8)   (5,690 )   (4,772 )   (9,828 )   (9,466 )
Income (loss) before income tax 1,198 34,681 (14,116 ) 22,666
Income tax expense (benefit) (9)   (2,239 )   4,071     (4,117 )   2,559  
Net income (loss) 3,437 30,610 (9,999 ) 20,107
Less: Loss attributable to noncontrolling interest (10)   -     (602 )   -     (1,220 )

Net income (loss) attributable to Mentor Graphics shareholders

$ 3,437   $ 31,212   $ (9,999 ) $ 21,327  

 

Net income (loss) per share attributable to Mentor Graphics shareholders:

Basic a $ 0.03   $ 0.27   $ (0.09 ) $ 0.18  
Diluted a $ 0.03   $ 0.26   $ (0.09 ) $ 0.18  
Weighted average number of shares outstanding:
Basic   107,374     116,584     108,215     116,296  
Diluted   109,874     119,368     108,215     118,986  
 

a We (decreased) increased the numerator of our basic and diluted earnings per share calculation for the adjustment of the noncontrolling interest with redemption feature to its calculated redemption value, recorded directly to retained earnings, as follows:

 
$ (144 ) $ 125  
 
Refer to following page for a description of footnotes.

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