Mentor Graphics Reports Fiscal First Quarter Results

MENTOR GRAPHICS CORPORATION

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except earnings per share data)
         
 
Three Months Ended April 30,
2012 2011
Revenues:
System and software $ 149,356 $ 139,645
Service and support   98,562     90,390  

Total revenues

  247,918     230,035  
Cost of revenues: (1)
System and software 14,790 16,077
Service and support 28,414 25,211
Amortization of purchased technology   2,179     3,357  
Total cost of revenues   45,383     44,645  
Gross margin   202,535     185,390  
Operating expenses:
Research and development (2) 71,046 69,368
Marketing and selling (3) 79,752 77,924
General and administration (4) 16,649 16,785
Equity in earnings of Frontline (5) (587 ) (1,017 )
Amortization of intangible assets (6) 1,706 1,610
Special charges (7)   1,147     4,547  
Total operating expenses   169,713     169,217  
Operating income 32,822 16,173
Other income (expense), net (8) 83 (475 )
Interest expense (9)   (4,594 )   (17,440 )
Income (loss) before income tax 28,311 (1,742 )
Income tax expense (10)   781     611  
Net income (loss) 27,530 (2,353 )
Less: Loss attributable to noncontrolling interest (11)   (652 )   -  

Net income (loss) attributable to Mentor Graphics shareholders

$ 28,182   $ (2,353 )

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

Basic $ 0.26   $ (0.02 )
Diluted $ 0.25   $ (0.02 )
Weighted average number of shares outstanding:
Basic   109,907     111,769  
Diluted   113,243     111,769  
 
Refer to following page for a description of footnotes.
 

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