Mentor Graphics Reports Annual and Fiscal Fourth Quarter Results

Important Information

This release may be deemed to be solicitation material in respect of the solicitation of proxies from shareholders in connection with the company’s 2011 annual meeting of shareholders. The company, its directors and certain of its executive officers and employees may be deemed to be participants in such solicitation. The company will file a proxy statement with the Securities and Exchange Commission (the “SEC”) in connection with its 2011 annual meeting of shareholders. The proxy statement, any other relevant documents and other material filed with the SEC concerning the company will be, when filed, available free of charge at http://www.sec.gov and http://www.mentor.com/company/investor_relations. Shareholders are urged to read the proxy statement and any other relevant documents filed when they become available because they will contain important information.

Information Regarding Participants

The company, its directors and certain of its executive officers and employees may be deemed to be participants in the solicitation of proxies from shareholders in connection with the company’s 2011 annual meeting of shareholders. Information concerning these participants is available in the company’s proxy statement for the 2010 annual meeting of shareholders filed with the SEC on May 28, 2010, and in subsequent SEC filings on Forms 3 and 4. Shareholders are advised to read the company’s proxy statement for the 2011 annual meeting of shareholders and other relevant documents when they become available, because they will contain important information, including information with respect to such participants. You can obtain free copies of these referenced documents as described above.

 

MENTOR GRAPHICS CORPORATION

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except earnings per share data)
       
 

Three Months Ended January 31,

Twelve Months Ended January 31,

  2011     2010     2011     2010  
Revenues:
System and software $ 216,313 $ 153,847 $ 562,355 $ 479,493
Service and support   90,992     83,288     352,398     323,234  
Total revenues   307,305     237,135     914,753     802,727  
Cost of revenues: (1)
System and software 10,710 5,226 31,119 22,592
Service and support 26,204 22,130 95,715 85,265
Amortization of purchased technology   3,343     3,047     13,771     12,012  
Total cost of revenues   40,257     30,403     140,605     119,869  
Gross margin   267,048     206,732     774,148     682,858  
Operating expenses:
Research and development (2) 85,101 68,111 285,005 255,538
Marketing and selling (3) 89,936 82,585 320,825 303,709
General and administration (4) 32,552 24,218 101,670 92,260
Equity in earnings of Frontline (5) (290 ) - (2,051 ) -
Amortization of intangible assets (6) 1,605 2,630 7,347 11,184
Special charges (7)   2,205     5,444     10,257     21,334  
Total operating expenses   211,109     182,988     723,053     684,025  
Operating income (loss) 55,939 23,744 51,095 (1,167 )
Other income (expense), net (8) (755 ) 334 (2,116 ) (928 )
Interest expense (9)   (5,033 )   (4,287 )   (18,411 )   (17,546 )
Income (loss) before income tax 50,151 19,791 30,568 (19,641 )
Income tax expense (benefit) (10)   996     (19,576 )   3,428     2,248  
Net income (loss) $ 49,155   $ 39,367   $ 27,140   $ (21,889 )
Net income (loss) per share:
Basic $ 0.45   $ 0.40   $ 0.25   $ (0.23 )
Diluted* $ 0.43   $ 0.39   $ 0.25   $ (0.23 )
Weighted average number of shares outstanding:
Basic   110,128     98,970     107,743     96,474  
Diluted*   113,082     101,750     109,861     96,474  
 
*Diluted net income per share for the three months ended January 31, 2010 includes $125 of convertible debt interest, net of tax, added back to net income and 1,379 of corresponding dilutive shares added to the diluted weighted average number of shares outstanding.
 
Refer to following page for a description of footnotes.

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