Consolidated Statements of Operations
(in thousands, except per share amounts)
Three months ended June 30 Six months ended June 30
|
|
2002 |
|
2001 |
|
2002 |
|
2001 |
|
Net sales |
$ 1,004,915 |
|
$ 1,500,875 |
|
$ 1,997,156 |
|
$ 3,534,385 |
|
Cost of goods sold |
861,335 |
|
1,220,769 |
|
1,728,941 |
(1) |
3,056,974 |
|
Gross profit |
143,580 |
|
280,106 |
|
268,215 |
|
477,411 |
|
Selling, general, and administrative expenses |
241,860 |
|
333,546 |
|
579,800 |
(2) |
1,106,806 |
|
Operating loss |
(98,280) |
|
(53,440) |
|
(311,585) |
|
(629,395) |
|
Other income (loss), net |
5,472 |
|
22,872 |
|
23,232 |
|
(15,343) |
|
Loss before income taxes and cumulative effect of change in accounting principle |
(92,808) |
|
(30,568) |
|
(288,353) |
|
(644,738) |
|
Benefit for income taxes |
(34,340) |
|
(9,782) |
|
(106,692) |
|
(144,899) |
|
Loss before cumulative effect of change in accounting principle |
(58,468) |
|
(20,786) |
|
(181,661) |
|
(499,839) |
|
Cumulative effect of change in accounting principle, net |
-- |
|
-- |
|
-- |
|
(23,851) |
|
Net loss |
$ (58,468) |
|
$ (20,786) |
|
$ (181,661) |
|
$ (523,690) |
|
Preferred stock dividends and accretion |
(2,777) |
|
-- |
|
(5,764) |
|
-- |
|
Net loss attributable to common stockholders |
$ (61,245) |
|
$ (20,786) |
|
$ (187,425) |
|
$ (523,690) |
|
|
|
|
|
|
|
|
|
|
Basic and diluted net loss per share before cumulative effect of change in accounting principle |
$ (0.19) |
|
$ (0.06) |
|
$ (0.58) |
|
$ (1.55) |
|
Basic and diluted net loss per share |
$ (0.19) |
|
$ (0.06) |
|
$ (0.58) |
|
$ (1.62) |
|
Basic and diluted weighted average shares outstanding |
324,026 |
|
323,014 |
|
324,002 |
|
322,941 |
(2) Includes $83.0 million recorded in the first quarter of 2002 associated with the closure of certain sites,
severance obligations and the write down of capital assets.
(in thousands)
|
|
|
June 30, 2002 |
|
December 31, 2001 |
|
ASSETS: |
|
(unaudited) |
|
|
|
Current assets: |
|
|
|
|
|
Cash and cash equivalents |
|
$ 425,422 |
|
$ 730,999 |
|
Marketable securities |
|
601,003 |
|
435,055 |
|
Accounts receivable, net |
|
258,312 |
|
219,974 |
|
Inventory |
|
101,116 |
|
120,270 |
|
Other |
|
529,693 |
|
616,626 |
|
Total current assets |
|
1,915,546 |
|
2,122,924 |
|
Property, plant, and equipment, net |
|
509,166 |
|
608,429 |
|
Intangibles, net |
|
29,181 |
|
36,304 |
|
Other assets |
|
152,190 |
|
219,200 |
|
|
|
$ 2,606,083 |
|
$ 2,986,857 |
|
LIABILITIES AND EQUITY: |
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
Accounts payable |
|
$ 333,025 |
|
$ 341,122 |
|
Accrued liabilities |
|
372,988 |
|
468,609 |
|
Accrued royalties |
|
88,209 |
|
135,698 |
|
Other current liabilities |
|
191,308 |
|
200,599 |
|
Total current liabilities |
|
985,530 |
|
1,146,028 |
|
Other long-term liabilities |
|
58,178 |
|
82,636 |
|
Total liabilities |
|
1,043,708 |
|
1,228,664 |
|
Series C preferred stock |
|
194,284 |
|
193,109 |
|
Stockholders’ equity |
|
1,368,091 |
|
1,565,084 |
|
|
|
$ 2,606,083 |
|
$ 2,986,857 |