California
|
94-2802192
|
(State
or other jurisdiction of incorporation or organization)
|
(I.R.S.
Employer Identification
Number)
|
Large
Accelerated Filer
|
x
|
Accelerated
Filer
|
o
|
|
Non-accelerated
Filer
|
o
|
(Do
not check if a smaller reporting company)
|
Smaller
Reporting Company
|
o
|
PART
I.
|
Financial
Information
|
Page
|
|
ITEM
1.
|
|||
3
|
|||
4
|
|||
5
|
|||
6
|
|||
ITEM
2.
|
18
|
||
ITEM
3.
|
27
|
||
ITEM
4.
|
27
|
||
PART
II.
|
Other
Information
|
||
ITEM
1.
|
27
|
||
ITEM
1A.
|
27
|
||
ITEM
6.
|
28
|
||
28
|
April 3,
|
January 2,
|
|||||||
2009
|
2009
|
|||||||
(Dollars in
thousands)
|
||||||||
ASSETS
|
||||||||
Current assets:
|
||||||||
Cash and cash
equivalents
|
$
|
146,827
|
$
|
147,531
|
||||
Accounts receivable,
net
|
220,404
|
204,269
|
||||||
Other
receivables
|
7,382
|
17,540
|
||||||
Inventories,
net
|
165,413
|
160,893
|
||||||
Deferred income
taxes
|
40,015
|
41,810
|
||||||
Other current
assets
|
17,664
|
16,404
|
||||||
Total current
assets
|
597,705
|
588,447
|
||||||
Property and equipment,
net
|
48,458
|
50,175
|
||||||
Goodwill
|
723,252
|
715,571
|
||||||
Other purchased intangible assets,
net
|
222,752
|
228,901
|
||||||
Other non-current
assets
|
49,944
|
51,922
|
||||||
Total
assets
|
$
|
1,642,111
|
$
|
1,635,016
|
||||
LIABILITIES
|
||||||||
Current
liabilities:
|
||||||||
Current portion of long-term
debt
|
$
|
196
|
$
|
124
|
||||
Accounts
payable
|
62,131
|
49,611
|
||||||
Accrued compensation and
benefits
|
43,353
|
41,291
|
||||||
Deferred
revenue
|
61,876
|
55,241
|
||||||
Accrued warranty
expense
|
14,207
|
13,332
|
||||||
Other current
liabilities
|
45,534
|
63,719
|
||||||
Total current
liabilities
|
227,297
|
223,318
|
||||||
Noncurrent portion of long-term
debt
|
151,436
|
151,464
|
||||||
Non-current deferred
revenue
|
10,257
|
12,418
|
||||||
Deferred income
taxes
|
38,112
|
42,207
|
||||||
Other non-current
liabilities
|
58,763
|
61,553
|
||||||
Total
liabilities
|
485,865
|
490,960
|
||||||
Commitments and
contingencies
|
||||||||
EQUITY
|
||||||||
Shareholders'
equity:
|
||||||||
Preferred stock no par value;
3,000 shares authorized; none outstanding
|
-
|
-
|
||||||
Common stock, no par value;
180,000 shares authorized; 119,474 and 119,051 shares issued and
outstanding at April 3, 2009 and January 2, 2009,
respectively
|
693,653
|
684,831
|
||||||
Retained
earnings
|
445,386
|
427,921
|
||||||
Accumulated other comprehensive
income
|
13,243
|
27,649
|
||||||
Total Trimble Navigation Ltd.
shareholders' equity
|
1,152,282
|
1,140,401
|
||||||
Noncontrolling
interests
|
3,964
|
3,655
|
||||||
Total
equity
|
1,156,246
|
1,144,056
|
||||||
Total liabilities and
equity
|
$
|
1,642,111
|
$
|
1,635,016
|
Three Months
Ended
|
||||||||
April 3,
|
March 28,
|
|||||||
2009
|
2008
|
|||||||
(Dollars in thousands, except per
share data)
|
||||||||
Revenue (1)
|
$ | 288,954 | $ | 355,296 | ||||
Cost of sales
(1)
|
144,996 | 180,920 | ||||||
Gross
margin
|
143,958 | 174,376 | ||||||
Operating
expenses
|
||||||||
Research and
development
|
34,137 | 37,345 | ||||||
Sales and
marketing
|
48,935 | 51,158 | ||||||
General and
administrative
|
26,042 | 22,690 | ||||||
Restructuring
charges
|
3,623 | - | ||||||
Amortization of purchased
intangible assets
|
6,969 | 5,143 | ||||||
Total operating
expenses
|
119,706 | 116,336 | ||||||
Operating
income
|
24,252 | 58,040 | ||||||
Non-operating income (expense),
net
|
||||||||
Interest
income
|
199 | 457 | ||||||
Interest
expense
|
(493 | ) | (762 | ) | ||||
Foreign currency transaction gain,
net
|
184 | 968 | ||||||
Income from joint
ventures
|
168 | 2,015 | ||||||
Other expense,
net
|
(714 | ) | (907 | ) | ||||
Total non-operating income
(expense), net
|
(656 | ) | 1,771 | |||||
Income before
taxes
|
23,596 | 59,811 | ||||||
Income tax
provision
|
5,899 | 19,744 | ||||||
Net income
|
17,697 | 40,067 | ||||||
Less: Net income attributable to
noncontrolling interests
|
232 | - | ||||||
Net income attributable to Trimble
Navigation Ltd.
|
$ | 17,465 | $ | 40,067 | ||||
Basic earnings per
share
|
$ | 0.15 | $ | 0.33 | ||||
Shares used in calculating basic
earnings per share
|
119,260 | 121,467 | ||||||
Diluted earnings per
share
|
$ | 0.14 | $ | 0.32 | ||||
Shares used in calculating diluted
earnings per share
|
120,926 | 125,159 |
Three Months
Ended
|
||||||||
April 3,
|
March 28,
|
|||||||
2009
|
2008
|
|||||||
(Dollars in
thousands)
|
||||||||
Cash flow from operating
activities:
|
||||||||
Net income
|
$ | 17,697 | $ | 40,067 | ||||
Adjustments to reconcile net
income to net cash provided by operating
activities:
|
||||||||
Depreciation
expense
|
4,463 | 4,571 | ||||||
Amortization
expense
|
12,298 | 10,848 | ||||||
Provision for doubtful
accounts
|
2,212 | 38 | ||||||
Amortization of debt issuance
costs
|
56 | 56 | ||||||
Deferred income
taxes
|
(1,606 | ) | (885 | ) | ||||
Stock-based
compensation
|
4,226 | 3,982 | ||||||
Income from joint
ventures
|
(168 | ) | (2,015 | ) | ||||
Excess tax benefit for stock-based
compensation
|
(21 | ) | (1,992 | ) | ||||
Provision for excess and obsolete
inventories
|
904 | 2,103 | ||||||
Other non-cash
items
|
(2,058 | ) | 202 | |||||
Add decrease (increase) in
assets:
|
||||||||
Accounts
receivable
|
(18,712 | ) | (39,280 | ) | ||||
Other
receivables
|
5,486 | 516 | ||||||
Inventories
|
(7,327 | ) | (3,437 | ) | ||||
Other current and non-current
assets
|
730 | (191 | ) | |||||
Add increase (decrease) in
liabilities:
|
||||||||
Accounts
payable
|
12,682 | 3,760 | ||||||
Accrued compensation and
benefits
|
2,391 | (10,557 | ) | |||||
Accrued
liabilities
|
5,801 | (1,648 | ) | |||||
Deferred
revenue
|
4,107 | 2,034 | ||||||
Income taxes
payable
|
- | 12,547 | ||||||
Net cash provided by operating
activities
|
43,161 | 20,719 | ||||||
Cash flow from investing
activities:
|
||||||||
Acquisitions of businesses, net of
cash acquired
|
(17,294 | ) | (39,593 | ) | ||||
Acquisitions of property and
equipment
|
(3,261 | ) | (3,711 | ) | ||||
Acquisitions of intangible
assets
|
(26,001 | ) | (179 | ) | ||||
Other
|
14 | 136 | ||||||
Net cash used in investing
activities
|
(46,542 | ) | (43,347 | ) | ||||
Cash flow from financing
activities:
|
||||||||
Issuances of common
stock
|
4,602 | 8,483 | ||||||
Excess tax benefit for stock-based
compensation
|
21 | 1,992 | ||||||
Repurchase and retirement of
common stock
|
- | (25,870 | ) | |||||
Payments on long-term debt and
revolving credit lines
|
- | (312 | ) | |||||
Net cash provided by (used in)
financing activities
|
4,623 | (15,707 | ) | |||||
Effect of exchange rate changes on
cash and cash equivalents
|
(1,946 | ) | 6,512 | |||||
Net decrease in cash and cash
equivalents
|
(704 | ) | (31,823 | ) | ||||
Cash and cash equivalents,
beginning of period
|
147,531 | 103,202 | ||||||
Cash and cash equivalents, end of
period
|
$ | 146,827 | $ | 71,379 |
Three Months
Ended
|
||||||||
April 3,
|
March 28,
|
|||||||
2009
|
2008
|
|||||||
(Dollars in
thousands)
|
||||||||
Cost of
sales
|
$ | 438 | $ | 493 | ||||
Research and
development
|
784 | 917 | ||||||
Sales and
marketing
|
1,004 | 1,030 | ||||||
General and
administrative
|
2,000 | 1,542 | ||||||
Total operating
expenses
|
3,788 | 3,489 | ||||||
Total stock-based compensation
expense
|
4,226 | 3,982 | ||||||
Tax benefit
(1)
|
(408 | ) | (94 | ) | ||||
Total stock-based compensation
expense, net of tax
|
$ | 3,818 | $ | 3,888 |
Three Months
Ended
|
||||||||
April 3,
|
March 28,
|
|||||||
2009
|
2008
|
|||||||
Expected dividend
yield
|
-- | -- | ||||||
Expected stock price
volatility
|
48.8 | % | 35.9 | % | ||||
Risk free interest
rate
|
2.4 | % | 4.7 | % | ||||
Expected life of
option
|
3.92 years
|
4.1 years
|
April 3,
2009
|
||||||||||||
Gross
|
||||||||||||
Carrying
|
Accumulated
|
Net
Carrying
|
||||||||||
(Dollars in
thousands)
|
Amount
|
Amortization
|
Amount
|
|||||||||
Developed product
technology
|
$ | 195,962 | $ | (87,568 | ) | $ | 108,394 | |||||
Trade names and
trademarks
|
20,325 | (13,840 | ) | 6,485 | ||||||||
Customer
relationships
|
121,856 | (42,103 | ) | 79,753 | ||||||||
Distribution rights and other
intellectual properties *
|
37,745 | (9,625 | ) | 28,120 | ||||||||
$ | 375,888 | $ | (153,136 | ) | $ | 222,752 |
January 2,
2009
|
||||||||||||
Gross
|
||||||||||||
Carrying
|
Accumulated
|
Net
Carrying
|
||||||||||
(Dollars in
thousands)
|
Amount
|
Amortization
|
Amount
|
|||||||||
Developed
product technology
|
$ | 188,391 | $ | (78,867 | ) | $ | 109,524 | |||||
Trade
names and trademarks
|
20,254 | (13,100 | ) | 7,154 | ||||||||
Customer
relationships
|
124,596 | (40,263 | ) | 84,333 | ||||||||
Distribution
rights and other intellectual properties *
|
37,913 | (10,023 | ) | 27,890 | ||||||||
$ | 371,154 | $ | (142,253 | ) | $ | 228,901 |
2009
(Remaining)
|
$ | 37,790 | ||
2010
|
48,530 | |||
2011
|
43,438 | |||
2012
|
35,960 | |||
2013
|
32,231 | |||
Thereafter
|
24,803 | |||
Total
|
$ | 222,752 |
Engineering and
Construction
|
Field
Solutions
|
Mobile
Solutions
|
Advanced
Devices
|
Total
|
||||||||||||||||
(Dollars in
thousands)
|
||||||||||||||||||||
Balance as of January 2,
2009
|
$ | 363,908 | $ | 10,651 | $ | 328,721 | $ | 12,291 | $ | 715,571 | ||||||||||
Additions due to
acquisitions
|
9,745 | - | - | - | 9,745 | |||||||||||||||
Purchase price
adjustments
|
5,775 | (188 | ) | 1,145 | - | 6,732 | ||||||||||||||
Foreign currency translation
adjustments
|
(7,803 | ) | - | (488 | ) | (505 | ) | (8,796 | ) | |||||||||||
Balance as of April 3,
2009
|
$ | 371,625 | $ | 10,463 | $ | 329,378 | $ | 11,786 | $ | 723,252 |
April 3,
|
January 2,
|
|||||||
As of
|
2009
|
2009
|
||||||
(Dollars in
thousands)
|
||||||||
Raw
materials
|
$ | 68,020 | $ | 71,319 | ||||
Work-in-process
|
5,168 | 5,551 | ||||||
Finished
goods
|
92,225 | 84,023 | ||||||
Total inventories,
net
|
$ | 165,413 | $ | 160,893 |
April 3,
|
January 2,
|
|||||||
As of
|
2009
|
2009
|
||||||
(Dollars in
thousands)
|
||||||||
Deferred
compensation
|
$ | 6,579 | $ | 6,631 | ||||
Unrecognized tax
benefits
|
35,165 | 34,275 | ||||||
Other non-current
liabilities
|
17,019 | 20,647 | ||||||
Total other non-current
liabilities
|
$ | 58,763 | $ | 61,553 |
|
·
|
Engineering
and Construction — Consists of products currently used by survey and
construction professionals in the field for positioning, data collection,
field computing, data management, and machine guidance and control. The
applications served include surveying, road, runway, construction, site
preparation, and building
construction.
|
|
·
|
Field
Solutions — Consists of products that provide solutions in a variety of
agriculture and geographic information systems (GIS) applications. In
agriculture, these include precise land leveling and machine guidance
systems. In GIS these include handheld devices and software that enable
the collection of data on assets for a variety of governmental and private
entities.
|
|
·
|
Mobile
Solutions — Consists of products that enable end users to monitor and
manage their mobile assets by communicating location and activity-relevant
information from the field to the office. The Company offers a range of
products that address a number of sectors of this market including truck
fleets, security, and public safety
vehicles.
|
|
·
|
Advanced
Devices — The various operations that comprise this segment are aggregated
on the basis that no single operation accounts for more than 10% of the
Company’s total revenue, operating income, and assets. This segment is
comprised of the Component Technologies, Military and Advanced Systems,
Applanix, and Trimble Outdoors
businesses.
|
Reporting
Segments
|
||||||||||||||||||||
Engineering
|
||||||||||||||||||||
and
|
Field
|
Mobile
|
Advanced
|
|||||||||||||||||
Construction
|
Solutions
|
Solutions
|
Devices
|
Total
|
||||||||||||||||
(Dollars in
thousands)
|
||||||||||||||||||||
Three Months Ended April 3,
2009
|
||||||||||||||||||||
Segment
revenue
|
$ | 127,651 | $ | 99,157 | $ | 38,288 | $ | 23,858 | $ | 288,954 | ||||||||||
Operating
income
|
2,509 | 42,203 | 3,148 | 4,312 | 52,172 | |||||||||||||||
Three Months Ended March 28,
2008
|
||||||||||||||||||||
Segment
revenue
|
$ | 194,180 | $ | 88,037 | $ | 44,011 | $ | 29,068 | $ | 355,296 | ||||||||||
Operating
income
|
36,954 | 35,095 | 2,453 | 4,692 | 79,194 | |||||||||||||||
As of April 3,
2009
|
||||||||||||||||||||
Accounts
receivable
|
$ | 115,751 | $ | 64,708 | $ | 23,502 | $ | 16,443 | $ | 220,404 | ||||||||||
Inventories
|
109,954 | 21,872 | 16,821 | 16,766 | 165,413 | |||||||||||||||
As of January 2,
2009
|
||||||||||||||||||||
Accounts
receivable
|
$ | 125,734 | $ | 37,791 | $ | 23,736 | $ | 17,008 | $ | 204,269 | ||||||||||
Inventories
|
104,934 | 21,778 | 16,391 | 17,790 | 160,893 |
Three Months
Ended
|
||||||||
April 3,
|
March
28,
|
|||||||
2009
|
2008
|
|||||||
(Dollars in
thousands)
|
||||||||
Consolidated segment operating
income
|
$ | 52,172 | $ | 79,194 | ||||
Unallocated corporate
expense
|
(11,134 | ) | (10,306 | ) | ||||
Amortization of purchased
intangible assets
|
(12,298 | ) | (10,848 | ) | ||||
Restructuring
charges
|
(4,488 | ) | - | |||||
Consolidated operating
income
|
24,252 | 58,040 | ||||||
Non-operating income (expense),
net
|
(656 | ) | 1,771 | |||||
Consolidated income before
taxes
|
$ | 23,596 | $ | 59,811 |
April 3,
|
January 2,
|
|||||||
As of
|
2009
|
2009
|
||||||
(Dollars in
thousands)
|
||||||||
Credit
Facilities:
|
||||||||
Revolving credit
facility
|
$ | 151,000 | $ | 151,000 | ||||
Promissory notes and
other
|
632 | 588 | ||||||
Total debt
|
151,632 | 151,588 | ||||||
Less current portion of long-term
debt
|
196 | 124 | ||||||
Non-current
portion
|
$ | 151,436 | $ | 151,464 |
2009
(Remaining)
|
$ | 14,229 | ||
2010
|
14,600 | |||
2011
|
9,843 | |||
2012
|
7,389 | |||
2013
|
2,591 | |||
Thereafter
|
849 | |||
Total
|
$ | 49,501 |
Fair Values as of April 3,
2009
|
||||||||||||||||
(Dollars in
thousands)
|
Level I
|
Level II
|
Level III
|
Total
|
||||||||||||
Assets
|
||||||||||||||||
U.S. Treasury bills
(1)
|
$ | 29,995 | $ | - | $ | - | $ | 29,995 | ||||||||
Deferred compensation plan assets
(2)
|
- | 6,625 | - | 6,625 | ||||||||||||
Derivative assets
(3)
|
- | 878 | - | 878 | ||||||||||||
Total
|
$ | 29,995 | $ | 7,503 | $ | - | $ | 37,498 | ||||||||
Liabilities
|
||||||||||||||||
Deferred compensation plan
liabilities (2)
|
$ | - | $ | 6,579 | $ | - | $ | 6,579 | ||||||||
Derivative liabilities
(3)
|
- | 1,919 | - | 1,919 | ||||||||||||
Total
|
$ | - | $ | 8,498 | $ | - | $ | 8,498 |
(1)
|
The Company may invest some of its
cash and cash equivalents in highly liquid investments such as
U.S. Treasury
bills. The fair
values are determined using observable quoted prices in active markets. U.S. Treasury bills are included in Cash and cash
equivalents on the Company’s Condensed Consolidated
Balance Sheets.
|
(2)
|
The Company maintains a
self-directed, non-qualified deferred compensation plan for certain
executives and other highly compensated employees. The investment assets
and liabilities included in Level II are valued using quoted prices for
similar assets or liabilities in active markets and quoted prices for
identical or similar assets or liabilities in markets that are not
active. Deferred compensation plan assets and
liabilities
are included in
Other non-current assets and
Other non-current liabilities on
the Company’s Condensed Consolidated
Balance Sheets.
|
(3)
|
Derivative assets and
liabilities included in Level II primarily
represent forward
currency exchange contracts. We enter into these contracts to
minimize the short-term impact of foreign currency fluctuations on certain
trade and inter-company receivables and payables. The derivatives are not designated as hedging instruments
under SFAS 133.
The fair
values
are determined using
inputs based on observable quoted prices. Derivative assets and
liabilities
are included in
Other current assets and Other current
liabilities,
respectively, on the
Company’s Condensed Consolidated
Balance
Sheets.
|
Balance as of January 2,
2009
|
$ | 13,332 | ||
Accruals for warranties
issued
|
5,092 | |||
Changes in
estimates
|
1,685 | |||
Warranty settlements (in cash or
in kind)
|
(5,902 | ) | ||
Balance as of April 3,
2009
|
$ | 14,207 |
Three Months
Ended
|
||||||||
April 3,
|
March 28,
|
|||||||
2009
|
2008
|
|||||||
(Dollars in thousands, except per
share amounts)
|
||||||||
Numerator:
|
||||||||
Net income attributable to Trimble
Navigation Ltd.
|
$ | 17,465 | $ | 40,067 | ||||
Denominator:
|
||||||||
Weighted average number of common
shares used in basic earnings per share
|
119,260 | 121,467 | ||||||
Effect of dilutive securities
(using treasury stock method):
|
||||||||
Common stock options and
restricted stock units
|
1,666 | 3,670 | ||||||
Common stock
warrants
|
- | 22 | ||||||
Weighted average number of common
shares and dilutive potential common shares used in diluted earnings per
share
|
120,926 | 125,159 | ||||||
Basic earnings per
share
|
$ | 0.15 | $ | 0.33 | ||||
Diluted earnings per
share
|
$ | 0.14 | $ | 0.32 |
Three Months
Ended
|
||||||||
April 3,
|
March 28,
|
|||||||
(Dollars in
thousands)
|
2009
|
2008
|
||||||
Severance and
benefits
|
$ | 4,488 | $ | - |
Balance as of January 2,
2009
|
$ | 1,917 | ||
Charges
|
4,488 | |||
Payments
|
(2,423 | ) | ||
Adjustment
|
(56 | ) | ||
Balance as of April 3,
2009
|
$ | 3,926 |
Three Months
Ended
|
||||||||
April 3,
|
March 28,
|
|||||||
2009
|
2008
|
|||||||
(Dollars in
thousands)
|
||||||||
Net income
|
$ | 17,465 | $ | 40,067 | ||||
Foreign currency translation
adjustments, net of tax
|
(14,456 | ) | 20,708 | |||||
Net unrealized actuarial gain
(loss)
|
6 | (27 | ) | |||||
Net unrealized gain on
investments
|
44 | - | ||||||
Comprehensive
income
|
3,059 | 60,748 | ||||||
Comprehensive income attributable
to the noncontrolling interests
|
309 | - | ||||||
Comprehensive income attributable
to Trimble
|
$ | 3,368 | $ | 60,748 |
Three Months
Ended
|
||||||||
April 3,
|
March 28,
|
|||||||
2009
|
2008
|
|||||||
(Dollars in
thousands)
|
||||||||
Total consolidated
revenue
|
$ | 288,954 | $ | 355,296 | ||||
Gross
margin
|
$ | 143,958 | $ | 174,376 | ||||
Gross margin
%
|
49.8 | % | 49.1 | % | ||||
Total consolidated operating
income
|
$ | 24,252 | $ | 58,040 | ||||
Operating income
%
|
8.4 | % | 16.3 | % |
Three Months
Ended
|
||||||||
April 3,
|
March 28,
|
|||||||
2009
|
2008
|
|||||||
(Dollars in thousands, except
percentages)
|
||||||||
Engineering and
Construction
|
||||||||
Revenue
|
$ | 127,651 | $ | 194,180 | ||||
Segment revenue as a percent of
total revenue
|
45 | % | 55 | % | ||||
Operating
income
|
$ | 2,509 | $ | 36,954 | ||||
Operating income as a percent of
segment revenue
|
2 | % | 19 | % | ||||
Field
Solutions
|
||||||||
Revenue
|
$ | 99,157 | $ | 88,037 | ||||
Segment revenue as a percent of
total revenue
|
34 | % | 25 | % | ||||
Operating
income
|
$ | 42,203 | $ | 35,095 | ||||
Operating income as a percent of
segment revenue
|
43 | % | 40 | % | ||||
Mobile
Solutions
|
||||||||
Revenue
|
$ | 38,288 | $ | 44,011 | ||||
Revenue as a percent of total
revenue
|
13 | % | 12 | % | ||||
Operating
income
|
$ | 3,148 | $ | 2,453 | ||||
Operating income as a percent of
segment revenue
|
8 | % | 6 | % | ||||
Advanced
Devices
|
||||||||
Revenue
|
$ | 23,858 | $ | 29,068 | ||||
Segment revenue as a percent of
total revenue
|
8 | % | 8 | % | ||||
Operating
income
|
$ | 4,312 | $ | 4,692 | ||||
Operating income as a percent of
segment revenue
|
18 | % | 16 | % |
Three Months
Ended
|
||||||||
April 3,
|
March
28,
|
|||||||
2009
|
2008
|
|||||||
(Dollars in
thousands)
|
||||||||
Consolidated segment operating
income
|
$ | 52,172 | $ | 79,194 | ||||
Unallocated corporate
expense
|
(11,134 | ) | (10,306 | ) | ||||
Amortization of purchased
intangible assets
|
(12,298 | ) | (10,848 | ) | ||||
Restructuring
charges
|
(4,488 | ) | - | |||||
Consolidated operating
income
|
24,252 | 58,040 | ||||||
Non-operating income (expense),
net
|
(656 | ) | 1,771 | |||||
Consolidated income before
taxes
|
$ | 23,596 | $ | 59,811 |
Three Months
Ended
|
||||||||
April 3,
|
March 28,
|
|||||||
2009
|
2008
|
|||||||
(Dollars in
thousands)
|
||||||||
Research and
development
|
$ | 34,137 | $ | 37,345 | ||||
Percentage of
revenue
|
12 | % | 11 | % | ||||
Sales and
marketing
|
48,935 | 51,158 | ||||||
Percentage of
revenue
|
17 | % | 14 | % | ||||
General and
administrative
|
26,042 | 22,690 | ||||||
Percentage of
revenue
|
9 | % | 6 | % | ||||
Total
|
$ | 109,114 | $ | 111,193 | ||||
Percentage of
revenue
|
38 | % | 31 | % |