Mentor Graphics Reports Fiscal First Quarter Results

MENTOR GRAPHICS CORPORATION

UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP

EARNINGS PER SHARE

         
The following table reconciles management's estimates of the specific items excluded from GAAP in the calculation of estimated non-GAAP net income per share for Q2 FY13 and fiscal 2013.
 
 
 
Estimated Estimated
Q2 FY13 FY13
Diluted GAAP net income per share $ 0.10 $ 1.20
Non-GAAP Adjustments:
Amortization of purchased intangible assets (1) 0.02 0.07
Amortization of other identified intangible assets (2) 0.03 0.09
Equity plan-related compensation (3) 0.06 0.18
Special charges (4) - 0.01
Other income (expense), net and interest expense (5) 0.01 0.05
Non-GAAP income tax effects (6) (0.05 ) (0.22 )
Noncontrolling Interest (7)   -     (0.01 )
Non-GAAP net income per share $ 0.17   $ 1.37  
               
 
(1) Excludes amortization of purchased intangible assets resulting from acquisition transactions. Purchased intangible assets are amortized over three to five years.
(2) Excludes amortization of other identified intangible assets including trade names, customer relationships, and backlog resulting from acquisition transactions. Other identified intangible assets are amortized over one to five years. This line item also excludes amortization of purchased intangible assets identified as part of the fair value of the Frontline P.C.B. Solutions Limited Partnership investment. The purchased technology will be amortized over three years and other identified intangible assets will be amortized over three to four years.
(3) Excludes equity plan-related compensation expense.
(4) Excludes special charges consisting primarily of costs incurred for employee rebalances (which includes severance benefits, notice pay and outplacement services), facility closures, and acquisition costs.
(5) Adjustment for fiscal 2013 reflects the amortization of original issuance debt discount for our 4.00% Convertible Subordinated Debentures due 2031.
(6) Non-GAAP income tax expense adjustment reflects the application of our assumed normalized effective 17% tax rate, instead of our GAAP tax rate, to our non-GAAP pre-tax income.
(7) Adjustment for the impact of amortization of intangible assets, equity plan-related compensation expense and income tax expense on noncontrolling interest.

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