-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, VJXMAy7DtEfE1qt8S0sHZgHDNDlhqwvhIxvka5Jcd0XxwyyR/FpoVD375quGPtT0 cPgUIaFW/9PsE3ywKkVC6w== 0000950123-10-112027.txt : 20101208 0000950123-10-112027.hdr.sgml : 20101208 20101208164104 ACCESSION NUMBER: 0000950123-10-112027 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20101205 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20101208 DATE AS OF CHANGE: 20101208 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SEMTECH CORP CENTRAL INDEX KEY: 0000088941 STANDARD INDUSTRIAL CLASSIFICATION: SEMICONDUCTORS & RELATED DEVICES [3674] IRS NUMBER: 952119684 STATE OF INCORPORATION: DE FISCAL YEAR END: 0130 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-06395 FILM NUMBER: 101240224 BUSINESS ADDRESS: STREET 1: 200 FLYNN ROAD CITY: CAMARILLO STATE: CA ZIP: 93012-8790 BUSINESS PHONE: 8054982111 MAIL ADDRESS: STREET 1: 200 FLYNN ROAD CITY: CAMARILLO STATE: CA ZIP: 93012-8790 8-K 1 c09444e8vk.htm FORM 8-K Form 8-K
 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): December 5, 2010
Semtech Corporation
(Exact name of registrant as specified in its charter)
         
Delaware   1-6395   95-2119684
         
(State or other jurisdiction
of incorporation) 		  (Commission File Number)   (IRS Employer Identification No.)
     
200 Flynn Road
Camarillo, California 		   
93012-8790
     
(Address of principal executive offices)   (Zip Code)
Registrant’s telephone number, including area code: 805-498-2111
Not applicable
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o   Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
o   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
o   Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
o   Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
 

 

 

 

Item 2.02. Results of Operations and Financial Condition.
On December 1, 2010, the Registrant issued a press release announcing its financial results for the fiscal quarter ended October 31, 2010.  A copy of the press release is attached as Exhibit 99.1 to the Registrant’s Current Report on Form 8-K furnished to the U.S. Securities and Exchange Commission (the “SEC”) on December 1, 2010 (the “December 1st 8-K”).
The Registrant issued a press release on December 8, 2010, which is furnished herewith as Exhibit 99.1 and is incorporated by reference herein. On December 5, 2010, the Registrant and lead plaintiffs entered into an agreement in principle to settle all claims asserted against all defendants in the putative class action concerning the Registrant’s stock option accounting practices captioned In re Semtech Corporation Securities Litigation, Case No. 207:-cv-07114-CAS (C.D. Cal), which provides for the payment of $20 million in cash by the Registrant. The agreement in principle contemplates the negotiation and execution of a final settlement agreement, and the settlement is subject to preliminary approval by the Court, notice to the putative class and final approval by the Court overseeing the matter.
The agreement in principle was entered into after the Registrant announced its preliminary results of operations for the three and nine month period ended October 31, 2010 but prior to the filing of the Registrant’s Quarterly Report on Form 10-Q with the SEC for the three and nine month period ended October 31, 2010. In that the Registrant’s financial statements have not been issued, U.S. Generally Accepted Accounting Principles require recognition of this subsequent event, in its financial statements for the three and nine months ended October 31, 2010. 
As such, the Registrant recorded a charge of $10 million for the three months ended October 31, 2010, to add to its previous estimate of $10 million which had been recorded in the fourth quarter of the Registrant’s fiscal year 2010. The additional $10 million has been recorded and is reflected in the accompanying exhibit hereto. This action resulted in additional expense of $10 million reported in “Selling, general, and administrative expenses” on the Registrant’s consolidated statements of income. This liability is also reflected in “Accrued liabilities” on the Registrant’s consolidated balance sheets. The Registrant is filing this Current Report on Form 8-K to reflect the impact of the agreement in principle on the Registrant’s results of operations for the three and nine month periods ended October 31, 2010. The Registrant’s updated earnings per share for the three and nine month periods ended October 31, 2010 were $0.25 and $0.73 respectively, compared to $0.37 and $0.85 as reported in the Registrant’s December 1st 8-K. Payment of the $20 million in cash by the Registrant will be deductible for U.S Federal tax purposes.
The information contained in this Item 2.02 of this Current Report (including the accompanying exhibit hereto) is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section.  The information in this Item 2.02 of this Current Report (including the accompanying exhibit hereto) shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language contained in such filing, but except as shall be expressly set forth by specific reference to this Item 2.02 in such filing.
Item 8.01.  Other Events.
The Registrant issued a press release on December 8, 2010, which is furnished herewith as Exhibit 99.1 and is incorporated by reference herein. On December 5, 2010, the Registrant and lead plaintiffs entered into an agreement in principle to settle all claims asserted against all defendants in the putative class action concerning the Registrant’s stock option accounting practices captioned In re Semtech Corporation Securities Litigation, Case No. 207:-cv-07114-CAS (C.D. Cal), which provides for the payment of $20 million in cash by the Registrant. The agreement in principle contemplates the negotiation and execution of a final settlement agreement, and the settlement is subject to preliminary approval by the Court, notice to the putative class and final approval by the court overseeing the matter. Final approval of a final settlement agreement would fully resolve all claims against the Registrant and all current (and certain former) officers and directors of the Registrant named in the lawsuit.

 

 

 

Item 9.01.  Financial Statements and Exhibits.
     
(d)
Exhibits *
99.1  
Press Release of the Registrant dated December 8, 2010 announcing the Registrant and lead plaintiffs entered into an agreement in principle to settle all claims asserted against all defendants in the putative class action concerning the Registrant’s stock option accounting practices captioned In re Semtech Corporation Securities Litigation, Case No. 207:-cv-07114-CAS (C.D. Cal)
99.2  
The Registrant’s selected unaudited financial information as of October 31, 2010.
     
*   The information contained in Exhibits 99.1 and 99.2 hereto are being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section. The information contained in Exhibits 99.1 and 99.2 hereto shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended, or the Exchange Act regardless of any general incorporation language contained in such filing, but except as shall be expressly set forth by specific reference to Exhibit 99.1 or 99.2, as applicable, in such filing.
 

 

 

 

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
         
December 8, 2010  SEMTECH CORPORATION
 		  
  By:   /s/ Emeka Chukwu    
    Name:   Emeka Chukwu   
    Title:   Chief Financial Officer   
 

 

 

 

Exhibit Index
     
Exhibit
No. *
99.1  
Press Release of the Registrant dated December 8, 2010 announcing the Registrant and lead plaintiffs entered into an agreement in principle to settle all claims asserted against all defendants in the putative class action concerning the Registrant’s stock option accounting practices captioned In re Semtech Corporation Securities Litigation, Case No. 207:-cv-07114-CAS (C.D. Cal)
99.2  
The Registrant’s selected unaudited financial information as of October 31, 2010.
     
*   The information contained in Exhibits 99.1 and 99.2 hereto are being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section. The information contained in Exhibits 99.1 and 99.2 hereto shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended, or the Exchange Act regardless of any general incorporation language contained in such filing, but except as shall be expressly set forth by specific reference to Exhibit 99.1 or 99.2, as applicable, in such filing.

 

 

EX-99.1 2 c09444exv99w1.htm EXHIBIT 99.1 Exhibit 99.1
Exhibit 99.1
(SEMTECH LOGO)
FOR IMMEDIATE RELEASE
Contact:
Linda Brewton
Semtech Corporation
(805) 480-2004
webir@semtech.com
Semtech Enters Agreement in Principle to Settle Class Action Securities Litigation
CAMARILLO, Calif., December 8, 2010 — Semtech Corp. (Nasdaq: SMTC), a leading supplier of analog and mixed-signal semiconductors, today announced it has entered into an agreement in principle to settle all claims asserted against all defendants in the putative class action concerning the Company’s stock option accounting practices captioned In re Semtech Corporation Securities Litigation, Case No. 2:07-cv-07114-CAS (C.D. Cal). The agreement in principle provides for the payment of $20 million by the Company. The agreement in principle contemplates the negotiation and execution of a final settlement agreement. The proposed settlement would fully resolve all claims against the Company, all current officers and directors of the Company named in the lawsuit, and certain former officers and directors of the Company named in the lawsuit. No parties admit any wrongdoing as part of the proposed settlement. The settlement also is subject to preliminary approval by the Court, notice to the putative class and subsequent final approval by the Court.
The agreement in principle was entered into after the Company announced its preliminary results of operations for the three and nine month periods ended October 31, 2010 but prior to the filing of the Company’s Quarterly Report on Form 10-Q with the U.S. Securities and Exchange Commission. Under U.S. Generally Accepted Accounting Principles the agreement represents a recognized subsequent event in its financial statements for the three and nine month periods ended October 31, 2010. For details, please refer to the Company’s Current Report on Form 8-K, filed with the U.S. Securities and Exchange Commission on December 8, 2010.
- more -

 

 

 

     
Page 2 of 2   Semtech Enters Agreement To Settle Class Action Securities Litigation
“Safe Harbor” Statement
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include the finalization and approval of the class action settlement. These statements are based on current information and expectations and involve a number of risks and uncertainties, including the possibility that a final settlement is not reached or approved by the Court.
About Semtech
Semtech Corporation is a leading supplier of analog and mixed-signal semiconductors for high-end consumer, computing, communications and industrial equipment. Products are designed to benefit the engineering community as well as the global community. The company is dedicated to reducing the impact it, and its products, have on the environment. Internal green programs seek to reduce waste through material and manufacturing control, use of green technology and designing for resource reduction. Publicly traded since 1967, Semtech is listed on the NASDAQ Global Select Market under the symbol SMTC. For more information, visit http://www.semtech.com.
Semtech and the Semtech logo are marks of Semtech Corporation.

 

 

EX-99.2 3 c09444exv99w2.htm EXHIBIT 99.2 Exhibit 99.2
Exhibit 99.2
SEMTECH CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(Table in thousands — except per share amount)
                                         
    Three Months Ended October 31, 2010     Three Months Ended  
    Originally                     Aug 1,     Oct 25,  
    Reported     Adjustments(1)     Revised     2010     2009  
    Q3 2011     Q3 2011     Q3 2011     Q2 2011     Q3 2010  
    (Unaudited)     (Unaudited)     (Unaudited)     (Unaudited)     (Unaudited)  
 
                                        
Net sales
   $ 123,125     $ —     $ 123,125     $ 113,227     $ 75,147  
Cost of sales
     49,304       —       49,304       45,795       33,776  
 
                              
Gross profit
     73,821       —       73,821       67,432       41,371  
Operating costs and expenses:
                                        
Selling, general and administrative
     25,501       10,000       35,501       24,915       18,521  
Product development and engineering
     18,400       —       18,400       17,404       10,467  
Amortization of acquired intangible assets
     2,406       —       2,406       2,405       303  
 
                              
Total operating costs and expenses
     46,307       10,000       56,307       44,724       29,291  
 
                              
Operating income
     27,514       (10,000 )     17,514       22,708       12,080  
Interest and other income, net
     3       —       3       308       1,136  
 
                              
Income before taxes
     27,517       (10,000 )     17,517       23,016       13,216  
Provision for taxes
     3,916       (2,504 )     1,412       3,354       34,103  
 
                              
Net income
   $ 23,601     $ (7,496 )   $ 16,105     $ 19,662     $ (20,887 )
 
                              
 
                                        
Earnings per share:
                                        
Basic
   $ 0.38     $ (0.12 )   $ 0.26     $ 0.32     $ (0.34 )
Diluted
   $ 0.37     $ (0.12 )   $ 0.25     $ 0.31     $ (0.34 )
 
                                        
Weighted average number of shares:
                                        
Basic
     62,493               62,493       61,933       61,030  
Diluted
     64,555               64,555       63,552       61,030  
                                 
    Nine Months Ended October 31, 2010     Nine Months Ended  
    Originally                     Oct 25,  
    Reported     Adjustments(1)     Revised     2009  
    Q3 2011     Q3 2011     Q3 2011     Q3 2010  
    (Unaudited)     (Unaudited)     (Unaudited)     (Unaudited)  
 
                                
Net sales
   $ 338,232     $ —     $ 338,232     $ 201,541  
Cost of sales
     139,932       —       139,932       91,286  
 
                        
Gross profit
     198,300       —       198,300       110,255  
Operating costs and expenses:
                                
Selling, general and administrative
     76,767       10,000       86,767       52,717  
Product development and engineering
     51,107       —       51,107       31,142  
Amortization of acquired intangible assets
     7,216       —       7,216       908  
 
                        
Total operating costs and expenses
     135,090       10,000       145,090       84,767  
 
                        
Operating income
     63,210       (10,000 )     53,210       25,488  
Interest and other income, net
     508       —       508       2,708  
 
                        
Income before taxes
     63,718       (10,000 )     53,718       28,196  
Provision for taxes
     9,653       (2,504 )     7,149       36,719  
 
                        
Net income
   $ 54,065     $ (7,496 )   $ 46,569     $ (8,523 )
 
                        
 
                                
Earnings per share:
                                
Basic
   $ 0.87     $ (0.12 )   $ 0.75     $ (0.14 )
Diluted
   $ 0.85     $ (0.12 )   $ 0.73     $ (0.14 )
 
                                
Weighted average number of shares:
                                
Basic
     61,950               61,950       60,622  
Diluted
     63,723               63,723       60,622  
(1)  
Adjustments made to recognize subsequent event under US GAAP. Financial statements will be issued on or about December 10, 2010.

 

 

 

SEMTECH CORPORATION
CONSOLIDATED BALANCE SHEETS
(Table in thousands)
                                 
    October 31, 2010        
    Originally                     Jan 31,  
    Reported     Adjustments (1)     Revised     2010  
    (Unaudited)     (Unaudited)     (Unaudited)          
ASSETS
                                
Current assets:
                                
Cash and cash equivalents
   $ 142,209     $ —     $ 142,209     $ 80,598  
Temporary investments
     42,686       —       42,686       55,462  
Receivables, less allowances
     58,911       —       58,911       31,163  
Inventories
     43,203       —       43,203       33,819  
Deferred income taxes
     11,808       —       11,808       11,808  
Other current assets
     11,925       —       11,925       6,616  
 
                        
Total current assets
     310,742       —       310,742       219,466  
 
                                
Property, plant and equipment, net
     50,568       —       50,568       38,063  
Long-term investments
     43,810       —       43,810       26,163  
Deferred income taxes
     2,392       2,504       4,896       7,153  
Goodwill
     129,651       —       129,651       129,651  
Other intangible assets, net
     77,127       —       77,127       84,343  
Other assets
     14,865       —       14,865       9,455  
 
                        
Total assets
   $ 629,155     $ 2,504     $ 631,659     $ 514,294  
 
                        
 
                                
LIABILITIES AND SHAREHOLDERS’ EQUITY
                                
Current liabilities:
                                
Accounts payable
   $ 36,273     $ —     $ 36,273     $ 23,643  
Accrued liabilities
     38,946       10,000       48,946       34,008  
Income taxes payable
     6,536       —       6,536       8,512  
Deferred revenue
     5,210       —       5,210       3,276  
Accrued taxes
     2,609       —       2,609       2,609  
Deferred income taxes
     1,332       —       1,332       1,332  
 
                        
Total current liabilities
     90,906       10,000     $ 100,906       73,380  
 
                                
Deferred income taxes — non-current
     16,505       —       16,505       16,505  
Accrued taxes
     9,597       —       9,597       9,497  
Other long-term liabilities
     14,030       —       14,030       9,171  
 
                                
Shareholders’ equity
     498,117       (7,496 )     490,621       405,741  
 
                        
Total liabilities & shareholders’ equity
   $ 629,155     $ 2,504     $ 631,659     $ 514,294  
 
                        
(1)  
Adjustments made to recognize subsequent event under US GAAP. Financial statements will be issued on or about December 10, 2010.

 

 

 

SEMTECH CORPORATION
SUPPLEMENTAL INFORMATION — NOTES TO CONSOLIDATED GAAP STATEMENTS OF INCOME
(Tables in thousands — except per share amounts)
                                         
    Three Months Ended October 31, 2010     Three Months Ended  
    Originally                     Aug 1,     Oct 25,  
    Reported     Adjustments     Revised     2010     2009  
Stock-based Compensation Expense   Q3 2011     Q3 2011     Q3 2011     Q2 2011     Q3 2010  
    (Unaudited)     (Unaudited)     (Unaudited)     (Unaudited)     (Unaudited)  
Cost of sales
   $ 305     $ —     $ 305     $ 646     $ 284  
Selling, general and administrative
     5,206       —       5,206       4,702       2,658  
Product development and engineering
     1,908       —       1,908       1,858       1,160  
 
                              
Total stock-based compensation expense
   $ 7,419     $ —     $ 7,419     $ 7,206     $ 4,102  
 
                              
                                 
    Nine Months Ended October 31, 2010     Nine Months Ended  
    Originally                     Oct 25,  
    Reported     Adjustments     Revised     2009  
Stock-based Compensation Expense   Q3 2011     Q3 2011     Q3 2011     Q3 2010  
    (Unaudited)     (Unaudited)     (Unaudited)     (Unaudited)  
Cost of sales
   $ 1,477     $ —     $ 1,477     $ 942  
Selling, general and administrative
     15,512       —       15,512       9,602  
Product development and engineering
     5,936       —       5,936       3,276  
 
                        
Total stock-based compensation expense
   $ 22,925     $ —     $ 22,925     $ 13,820  
 
                        
                                         
    Three Months Ended October 31, 2010     Three Months Ended  
    Originally                     Aug 1,     Oct 25,  
    Reported     Adjustments     Revised     2010     2009  
Gross Profit - Reconciliation GAAP to Non-GAAP   Q3 2011     Q3 2011     Q3 2011     Q2 2011     Q3 2010  
    (Unaudited)     (Unaudited)     (Unaudited)     (Unaudited)     (Unaudited)  
 
                                        
GAAP gross profit
   $ 73,821     $ —     $ 73,821     $ 67,432     $ 41,371  
Adjustments to GAAP gross profit:
                                        
Stock-based compensation expense
     305       —       305       646       284  
Fair value adjustment related to acquired inventory
     —       —       —       —       —  
 
                              
Non-GAAP gross profit
   $ 74,126     $ —     $ 74,126     $ 68,078     $ 41,655  
 
                              
                                 
    Nine Months Ended October 31, 2010     Nine Months Ended  
    Originally                     Oct 25,  
    Reported     Adjustments     Revised     2009  
Gross Profit - Reconciliation GAAP to Non-GAAP   Q3 2011     Q3 2011     Q3 2011     Q3 2010  
    (Unaudited)     (Unaudited)     (Unaudited)     (Unaudited)  
 
                                
GAAP gross profit
   $ 198,300     $ —     $ 198,300     $ 110,255  
Adjustments to GAAP gross profit:
                                
Stock-based compensation expense
     1,477       —       1,477       942  
Fair value adjustment related to acquired inventory
     2,311       —       2,311       —  
 
                        
Non-GAAP gross profit
   $ 202,088     $ —     $ 202,088     $ 111,197  
 
                        

 

 

 

                                         
    Three Months Ended October 31, 2010     Three Months Ended  
    Originally                     Aug 1,     Oct 25,  
    Reported     Adjustments     Revised     2010     2009  
Net Income - Reconciliation GAAP to Non-GAAP   Q3 2011     Q3 2011     Q3 2011     Q2 2011     Q3 2010  
    (Unaudited)     (Unaudited)     (Unaudited)     (Unaudited)     (Unaudited)  
 
                                        
GAAP net income
   $ 23,601     $ (7,496 )   $ 16,105     $ 19,662     $ (20,887 )
 
                                        
Adjustments to GAAP net income:
                                        
Stock-based compensation expense
     7,419       —       7,419       7,206       4,102  
Legal expenses related to stock option matters
     613       10,000       10,613       1,065       1,078  
Fair value adjustment related to acquired inventory
     —       —       —       —       —  
Amortization of acquired intangible assets
     2,406       —       2,406       2,405       303  
Restructuring costs
     —               —       —       50  
 
                              
Total before taxes
     10,438       10,000       20,438       10,676       5,533  
Associated tax effect
     (3,131 )     (2,985 )     (6,116 )     (3,613 )     31,597  
 
                              
Total of supplemental information net of taxes
     7,307       7,015       14,322       7,063       37,130  
 
                              
Non-GAAP net income
   $ 30,908     $ (481 )   $ 30,427     $ 26,725     $ 16,243  
 
                              
 
                                        
Diluted GAAP earnings per share
   $ 0.37     $ (0.12 )   $ 0.25     $ 0.31     $ (0.34 )
Adjustments per above
     0.11       0.11       0.22       0.11       0.61  
 
                              
Diluted non-GAAP earnings per share
   $ 0.48     $ (0.01 )   $ 0.47     $ 0.42     $ 0.27  
 
                              
                                 
    Nine Months Ended October 31, 2010     Nine Months Ended  
    Originally                     Oct 25,  
    Reported     Adjustments     Revised     2009  
Net Income - Reconciliation GAAP to Non-GAAP   Q3 2011     Q3 2011     Q3 2011     Q3 2010  
    (Unaudited)     (Unaudited)     (Unaudited)     (Unaudited)  
 
                                
GAAP net income
   $ 54,065     $ (7,496 )   $ 46,569     $ (8,523 )
 
                                
Adjustments to GAAP net income:
                                
Stock-based compensation expense
     22,925       —       22,925       13,820  
Legal expenses related to stock option matters
     3,301       10,000       13,301       1,147  
Fair value adjustment related to acquired inventory
     2,311       —       2,311       —  
Amortization of acquired intangible assets
     7,216       —       7,216       909  
Restructuring costs
     —               —       398  
 
                        
Total before taxes
     35,753       10,000       45,753       16,274  
Associated tax effect
     (10,138 )     (2,985 )     (13,123 )     28,757  
 
                        
Total of supplemental information net of taxes
     25,615       7,015       32,630       45,031  
 
                        
Non-GAAP net income
   $ 79,680     $ (481 )   $ 79,199     $ 36,508  
 
                        
 
                                
Diluted GAAP earnings per share
   $ 0.85     $ (0.12 )   $ 0.73     $ (0.14 )
Adjustments per above
     0.40       0.11       0.51       0.74  
 
                        
Diluted non-GAAP earnings per share
   $ 1.25     $ (0.01 )   $ 1.24     $ 0.60  
 
                        

 

 

 

                                         
    Three Months Ended October 31, 2010     Three Months Ended  
    Originally                     Aug 1,     Oct 25,  
    Reported     Adjustments     Revised     2010     2009  
Tax Impact Associated With Supplemental Information   Q3 2011     Q3 2011     Q3 2011     Q2 2011     Q3 2010  
    (Unaudited)     (Unaudited)     (Unaudited)     (Unaudited)     (Unaudited)  
 
                                        
Adjustments to GAAP net income:
                                        
Stock-based compensation expense
   $ 2,881     $ —     $ 2,881     $ 2,703     $ 705  
Transaction and other expenses
     —       —       —       —     $ (32,801 )
Legal expenses related to stock option matters
     250       2,985 (2)     3,235       263       406  
Fair value adjustment related to acquired inventory
     —       —       —       —       —  
Amortization of acquired intangible assets
     —       —       —       647       85  
Restructuring costs
     —       —       —       —       8  
 
                              
Total of associated tax effect
   $ 3,131     $ 2,985     $ 6,116     $ 3,613     $ (31,597 )
 
                              
                                 
    Nine Months Ended October 31, 2010     Nine Months Ended  
    Originally                     Oct 25,  
    Reported     Adjustments     Revised     2009  
Tax Impact Associated With Supplemental Information   Q3 2011     Q3 2011     Q3 2011     Q3 2010  
    (Unaudited)     (Unaudited)     (Unaudited)     (Unaudited)  
 
                                
Adjustments to GAAP net income:
                                
Stock-based compensation expense
   $ 6,619     $ —     $ 6,619     $ 3,287  
Transaction and other expenses
     —       —       —     $ (32,801 )
Legal expenses related to stock option matters
     1,129       2,985 (2)     4,114       437  
Fair value adjustment related to acquired inventory
     878       —       878       —  
Amortization of acquired intangible assets
     1,512       —       1,512       254  
Restructuring costs
     —       —       —       66  
 
                        
Total of associated tax effect
   $ 10,138     $ 2,985     $ 13,123     $ (28,757 )
 
                        
(2)  
Includes adjustments related to valuation allowances resulting from changes in anticipated tax credit utilization

 

 

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