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CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 12 Months Ended
Dec. 31, 2012
Sep. 30, 2012
Jun. 30, 2012
Mar. 31, 2012
Dec. 31, 2011
Sep. 30, 2011
Jun. 30, 2011
Mar. 31, 2011
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
Net revenues:                      
Products $ 179,063 [1],[2],[3] $ 393,037 [4] $ 480,578 [5] $ 330,891 [6] $ 228,212 [7],[8] $ 274,944 [9] $ 341,316 [10] $ 315,719 [11] $ 1,383,569 $ 1,160,191 $ 1,330,942
Services 69,341 [1],[2],[3] 70,357 [4] 67,706 [5] 65,777 [6] 68,780 [7],[8] 69,445 [9] 69,203 [10] 61,442 [11] 273,181 268,870 235,220
Total net revenues 248,404 [1],[2],[3] 463,394 [4] 548,284 [5] 396,668 [6] 296,992 [7],[8] 344,389 [9] 410,519 [10] 377,161 [11] 1,656,750 1,429,061 1,566,162
Cost of revenues:                      
Cost of products 92,599 [1],[2],[3] 169,782 [4] 206,498 [5] 174,001 [6] 127,477 [7],[8] 138,088 [9] 160,491 [10] 152,880 [11] 642,881 578,936 589,891
Cost of services 30,400 [1],[2],[3] 33,412 [4] 32,280 [5] 31,741 [6] 35,548 [7],[8] 35,927 [9] 35,438 [10] 31,389 [11] 127,832 138,302 118,688
Total cost of revenues 122,999 [1],[2],[3] 203,194 [4] 238,778 [5] 205,742 [6] 163,025 [7],[8] 174,015 [9] 195,929 [10] 184,269 [11] 770,713 717,238 708,579
Gross profit 125,405 [1],[2],[3] 260,200 [4] 309,506 [5] 190,926 [6] 133,967 [7],[8] 170,374 [9] 214,590 [10] 192,892 [11] 886,037 711,823 857,583
Operating expenses:                      
Engineering and development 61,660 [1],[2],[3] 63,055 [4] 66,532 [5] 60,135 [6] 56,364 [7],[8] 45,896 [9] 48,394 [10] 47,144 [11] 251,382 197,798 191,863
Selling and administrative 70,436 [1],[2],[3] 69,921 [4] 73,366 [5] 67,777 [6] 64,943 [7],[8] 54,775 [9] 58,028 [10] 57,573 [11] 281,500 235,319 225,333
Acquired intangible assets amortization 18,221 [1],[2],[3] 18,429 [4] 18,429 [5] 18,429 [6] 19,129 [7],[8] 6,754 [9] 7,291 [10] 7,291 [11] 73,508 40,465 29,250
Restructuring and other (317) [1],[2],[3] 683 [4] (6,262) [5] (1,825) [6] 3,824 [7],[8] 1,465 [9] 1,041 [10] 413 [11] (7,721) 6,743 (3,800)
Total operating expenses 150,000 [1],[2],[3] 152,088 [4] 152,065 [5] 144,516 [6] 144,260 [7],[8] 108,890 [9] 114,754 [10] 112,421 [11] 598,669 480,325 442,646
Income from operations (24,595) [1],[2],[3] 108,112 [4] 157,441 [5] 46,410 [6] (10,293) [7],[8] 61,484 [9] 99,836 [10] 80,471 [11] 287,368 231,498 414,937
Interest income 1,256 [1],[2],[3] 1,067 [4] 874 [5] 893 [6] 878 [7],[8] 3,049 [9] 1,403 [10] 1,287 [11] 4,090 6,617 5,861
Interest expense and other (6,946) [1],[2],[3] (6,154) [4] (6,323) [5] (6,059) [6] (6,134) [7],[8] (6,068) [9] (5,316) [10] (6,176) [11] (25,482) (23,694) (24,451)
Income from continuing operations before income taxes (30,285) [1],[2],[3] 103,025 [4] 151,992 [5] 41,244 [6] (15,549) [7],[8] 58,465 [9] 95,923 [10] 75,582 [11] 265,976 [12],[13] 214,421 [12],[13] 396,347 [12],[13]
Provision (benefit) for income taxes (13,742) [1],[2],[3] 14,384 [4] 40,605 [5] 7,680 [6] (144,620) [7],[8] 1,759 [9] 7,839 [10] 5,486 [11] 48,927 (129,536) 16,655
Income from continuing operations (16,543) [1],[2],[3] 88,641 [4] 111,387 [5] 33,564 [6] 129,071 [7],[8] 56,706 [9] 88,084 [10] 70,096 [11] 217,049 343,957 379,692
Income from discontinued operations before income taxes               1,278 [11]   1,278 5,406
(Benefit) provision for income taxes               267 [11]   (267) 278
Income (loss) from discontinued operations               1,545 [11]   1,545 5,128
Gain on disposal of discontinued operations (net of tax $4,578)             (832) [10] 25,203 [11]   24,371  
Net income $ (16,543) [1],[2],[3] $ 88,641 [4] $ 111,387 [5] $ 33,564 [6] $ 129,071 [7],[8] $ 56,706 [9] $ 87,252 [10] $ 96,844 [11] $ 217,049 $ 369,873 $ 384,820
Income from continuing operations per common share:                      
Basic $ (0.09) [1],[2],[3] $ 0.47 [4] $ 0.60 [5] $ 0.18 [6] $ 0.70 [7],[8] $ 0.31 [9] $ 0.48 [10] $ 0.38 [11] $ 1.16 $ 1.86 $ 2.11
Diluted $ (0.09) [1],[2],[3] $ 0.39 [4] $ 0.49 [5] $ 0.15 [6] $ 0.58 [7],[8] $ 0.26 [9] $ 0.38 [10] $ 0.30 [11] $ 0.94 $ 1.52 $ 1.73
Net income per common share:                      
Basic $ (0.09) [1],[2],[3] $ 0.47 [4] $ 0.60 [5] $ 0.18 [6] $ 0.70 [7],[8] $ 0.31 [9] $ 0.47 [10] $ 0.52 [11] $ 1.16 $ 2.00 $ 2.14
Diluted $ (0.09) [1],[2],[3] $ 0.39 [4] $ 0.49 [5] $ 0.15 [6] $ 0.58 [7],[8] $ 0.26 [9] $ 0.38 [10] $ 0.42 [11] $ 0.94 $ 1.63 $ 1.75
Weighted average common shares-basic                 186,878 184,683 179,924
Weighted average common shares-diluted                 230,246 226,820 226,807
[1] Restructuring and other, net includes a ($0.4) million fair value adjustment to decrease LitePoint acquisition contingent consideration.
[2] In the fourth quarter ended December 31, 2012, we corrected prior period income tax provision (benefit) errors that resulted in a $0.2 million income tax provision. These errors were not individually or in aggregate material to the fourth quarter of 2012 or any prior period.
[3] In the fourth quarter ended December 31, 2012, the change in recognizing pension and postretirement benefit plans expense, as a result of the mark-to-market adjustments, decreased gross profit and net income by $8.1 million and $18.3 million, respectively. See Note B: "Accounting Policies" for a discussion of our accounting policy.
[4] Restructuring and other, net includes $0.7 million of severance charges related to the headcount reductions of 9 people, of which $0.5 million and 7 people were in Systems Test Group, $0.2 million and 2 people were in Wireless Test.
[5] Restructuring and other, net includes $0.3 million of severance charges related to headcount reductions of 10 people in Semiconductor Test and ($6.5) million fair value adjustment to decrease the LitePoint acquisition contingent consideration.
[6] Restructuring and other, net includes a ($1.8) million fair value adjustment to decrease the LitePoint acquisition contingent consideration.
[7] Restructuring and other, net includes $0.5 million of charges related to pension settlement and $3.3 million to the acquisition of LitePoint.
[8] In the fourth quarter ended December 31, 2011, the change in recognizing pension and postretirement benefit plans expense, as a result of the mark-to-market adjustments, decreased gross profit and net income by $2.4 million and $6.1 million, respectively. See Note B: "Accounting Policies" for a discussion of our accounting policy.
[9] Restructuring and other, net includes $1.4 million of charges related to the acquisition of LitePoint.
[10] Restructuring and other, net includes $0.3 million of severance charges related to headcount reductions of approximately 2 people in Semiconductor Test and $0.7 million related to pension settlement charges.
[11] Restructuring and other, net includes $0.8 million of severance charges related to headcount reductions of approximately 5 people in Semiconductor Test and $(0.4) million credit related to early exit of previously impaired leased facilities in Westford and North Reading, Massachusetts.
[12] Interest income, interest expense and other, and pension and postretirement plans actuarial gains and losses are included in Corporate and Eliminations.
[13] Included in income (loss) from continuing operations before taxes are charges and credits related to restructuring and other, net and inventory charges.