Mentor Graphics Reports Fiscal Third Quarter Results

MENTOR GRAPHICS CORPORATION

UNAUDITED IMPACT OF ACCOUNTING CHANGE

(In thousands)
         
Impact of Retrospective Adoption of FASB's Convertible Debt Accounting Guidance on the Unaudited Consolidated Statement of Operations:
 
Three months ended October 31, 2008
Prior to
Adoption Effect of Change As Adjusted
 
Operating loss $ (25,342 ) - $ (25,342 )
Other income (expense), net 1,737 - 1,737
Interest expense   (4,270 )   (619 )   (4,889 )
Loss before income tax (27,875 ) (619 ) (28,494 )
Income tax expense   50,369     -     50,369  
Net loss $ (78,244 ) $ (619 ) $ (78,863 )
 
Basic and diluted net loss per share $ (0.85 ) $ -   $ (0.85 )
 
 
Nine months ended October 31, 2008
Prior to
Adoption Effect of Change As Adjusted
 
Operating loss $ (85,914 ) - $ (85,914 )
Other income (expense), net 4,829 - 4,829
Interest expense   (12,230 )   (1,818 )   (14,048 )
Loss before income tax (93,315 ) (1,818 ) (95,133 )
Income tax expense   27,024     -     27,024  
Net loss $ (120,339 ) $ (1,818 ) $ (122,157 )
 
Basic and diluted net loss per share $ (1.32 ) $ (0.02 ) $ (1.34 )
 
 
Impact of Retrospective Adoption of FASB's Convertible Debt Accounting Guidance on the Unaudited Consolidated Balance Sheet:
 
Prior to
As of January 31, 2009 Adoption Effect of Change As Adjusted
Assets
Current assets:
Cash, cash equivalents and short-term investments $ 95,639 $ - $ 95,639
Trade accounts receivable, net 133,719 - 133,719
Term receivables, short-term 139,133 - 139,133
Prepaid expenses and other 39,236 (90 ) 39,146
Deferred income taxes   10,163     -     10,163  
Total current assets 417,890 (90 ) 417,800
 
Property, plant, and equipment 100,991 - 100,991
Term receivables, long-term 146,682 - 146,682
Goodwill and intangible assets, net 480,956 - 480,956
Other assets   39,918     (277 )   39,641  
Total assets $ 1,186,437   $ (367 ) $ 1,186,070  
 
 
Liabilities and Stockholders' Equity
 
Total current liabilities $ 319,354 $ - $ 319,354
 
Long-term notes payable 201,102 (12,932 ) 188,170
Deferred revenue, long-term 16,890 - 16,890
Other long-term liabilities   75,211     -     75,211  
Total liabilities   612,557     (12,932 )   599,625  
 
Stockholders' equity:
Common stock 580,298 21,766 602,064
Accumulated deficit (17,652 ) (9,201 ) (26,853 )
Accumulated other comprehensive income   11,234     -     11,234  
Total stockholders' equity   573,880     12,565     586,445  
Total liabilities and stockholders' equity $ 1,186,437   $ (367 ) $ 1,186,070  
 
 

MENTOR GRAPHICS CORPORATION

UNAUDITED IMPACT OF ACCOUNTING CHANGE

(In thousands)
 
Impact of Retrospective Adoption of FASB's Convertible Debt Accounting Guidance on the Unaudited Consolidated Statement of Cash Flows:
 
Three months ended October 31, 2008
Prior to
Adoption Effect of Change As Adjusted
Operating Cash Flows:
Net loss $ (78,244 ) $ (619 ) $ (78,863 )
Depreciation and amortization 15,532 619 16,151
Other adjustments to reconcile:
Operating cash 20,413 - 15,190
Changes in working capital   4,231     -     9,454  
Net cash provided by operating activities (38,068 ) - (38,068 )
 
Investing Cash Flows:
Net cash used in investing activities (4,471 ) - (4,471 )
 
Financing Cash Flows:
Net cash used in financing activities 33,211 - 33,211
Effect of exchange rate changes on cash and cash equivalents   (3,752 )   -     (3,752 )
Net change in cash and cash equivalents (13,080 ) - (13,080 )
Cash and cash equivalents at the beginning of the period   90,673     -     90,673  
Cash and cash equivalents at the end of the period $ 77,593   $ -   $ 77,593  
 
 
Nine months ended October 31, 2008
Prior to
Adoption Effect of Change As Adjusted
Operating Cash Flows:
Net loss $ (120,339 ) $ (1,818 ) $ (122,157 )
Depreciation and amortization 42,509 1,818 44,327
Other adjustments to reconcile:
Operating cash 48,633 - 43,429
Changes in working capital   34,266     -     39,470  
Net cash provided by operating activities 5,069 - 5,069
 
Investing Cash Flows:
Net cash used in investing activities (82,014 ) - (82,014 )
 
Financing Cash Flows:
Net cash used in financing activities 40,126 - 40,126
Effect of exchange rate changes on cash and cash equivalents   (3,514 )   -     (3,514 )
Net change in cash and cash equivalents (40,333 ) - (40,333 )
Cash and cash equivalents at the beginning of the period   117,926     -     117,926  
Cash and cash equivalents at the end of the period $ 77,593   $ -   $ 77,593  
 

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