Mentor Graphics Reports Fiscal Second Quarter Results

 

MENTOR GRAPHICS CORPORATION

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(In thousands, except earnings per share data)
     
 
Three Months Ended July 31, Six Months Ended July 31,
  2014     2013     2014     2013  
Revenues:
System and software $ 149,480 $ 150,203 $ 297,709 $ 273,487
Service and support   110,753     103,013     214,675     206,244  
Total revenues   260,233     253,216     512,384     479,731  
Cost of revenues: (1)
System and software 16,185 15,236 43,156 24,135
Service and support 30,903 28,909 60,014 58,984
Amortization of purchased technology   1,841     712     3,202     1,919  
Total cost of revenues   48,929     44,857     106,372     85,038  
Gross profit   211,304     208,359     406,012     394,693  
Operating expenses:
Research and development (2) 87,542 80,307 171,993 160,024
Marketing and selling (3) 82,305 79,811 166,939 158,918
General and administration (4) 19,473 17,198 37,155 33,535
Equity in earnings of Frontline (5) (2,062 ) (950 ) (3,441 ) (1,347 )
Amortization of intangible assets (6) 2,026 1,556 3,776 3,210
Special charges (7)   5,108     3,859     11,034     7,882  
Total operating expenses   194,392     181,781     387,456     362,222  
Operating income 16,912 26,578 18,556 32,471
Other income (expense), net (8) (104 ) (272 ) (362 ) (1,231 )
Interest expense (9)   (4,807 )   (4,897 )   (9,392 )   (9,682 )
Income before income tax 12,001 21,409 8,802 21,558
Income tax benefit (10)   (1,768 )   (2,338 )   (1,942 )   (1,770 )
Net income 13,769 23,747 10,744 23,328
Less: Loss attributable to noncontrolling interest (11)   (403 )   (235 )   (877 )   (859 )
Net income attributable to Mentor Graphics
shareholders $ 14,172   $ 23,982   $ 11,621   $ 24,187  
Net income per share attributable to Mentor Graphics
shareholders:
Basic a $ 0.13   $ 0.19   $ 0.12   $ 0.20  
Diluted a $ 0.13   $ 0.19   $ 0.11   $ 0.19  
Weighted average number of shares outstanding:
Basic   113,868     112,988     114,396     112,851  
Diluted   116,551     116,295     116,960     116,014  
 
a We have increased (decreased) 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:
 
 
$ 895   $ (2,349 ) $ 1,562   $ (1,881 )
 

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