UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended April 30, 2003
or
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to
Commission file number 0-21342
WIND RIVER SYSTEMS, INC.
(Exact name of registrant as specified in its charter)
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Delaware |
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94-2873391 |
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(State or other jurisdiction of |
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(I.R.S. Employer |
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500 Wind River Way, Alameda, California 94501 |
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(Address of principal executive offices, including zip code) |
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(510) 748-4100 |
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(Registrant’s telephone number, including area code) |
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Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý No o
Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act). Yes ý No o
As of June 10, 2003, there were 79,821,158 shares of the registrant’s common stock outstanding.
WIND RIVER
SYSTEMS, INC.
FORM 10-Q
FOR THE QUARTER ENDED APRIL 30, 2003
INDEX
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PART I—FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
WIND RIVER
SYSTEMS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)
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Three Months Ended |
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2003 |
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2002 |
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Revenues, net: |
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Products |
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$ |
29,261 |
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$ |
43,725 |
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Services |
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19,282 |
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22,634 |
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Total revenues, net |
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48,543 |
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66,359 |
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Cost of revenues: |
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Products |
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3,159 |
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5,473 |
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Services |
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10,070 |
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13,988 |
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Total cost of revenues |
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13,229 |
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19,461 |
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Gross profit |
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35,314 |
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46,898 |
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Operating expenses: |
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Selling and marketing |
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23,444 |
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33,815 |
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Product development and engineering |
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14,349 |
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20,622 |
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General and administrative |
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7,489 |
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9,284 |
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Amortization of purchased intangibles |
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1,842 |
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2,123 |
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Total operating expenses |
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47,124 |
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65,844 |
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Loss from operations |
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(11,810 |
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(18,946 |
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Other income (expense): |
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Interest income |
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2,830 |
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3,392 |
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Interest expense |
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(1,711 |
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(1,788 |
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Other income (expense), net |
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553 |
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(206 |
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Total other income |
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1,672 |
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1,398 |
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Loss before provision for income taxes |
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(10,138 |
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(17,548 |
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Provision for income taxes |
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635 |
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500 |
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Net loss |
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$ |
(10,773 |
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$ |
(18,048 |
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Basic and diluted net loss per share |
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$ |
(0.14 |
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$ |
(0.23 |
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Shares used in basic and diluted per share calculation |
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79,619 |
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78,767 |
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The accompanying notes are an integral part of these condensed consolidated financial statements.
1
WIND RIVER
SYSTEMS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except par value)
(Unaudited)
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April 30, |
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January 31, |
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
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$ |
25,903 |
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$ |
31,938 |
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Short-term investments |
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24,347 |
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31,110 |
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Accounts receivable, net |
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34,112 |
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42,129 |
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Prepaid and other current assets |
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10,211 |
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11,763 |
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Total current assets |
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94,573 |
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116,940 |
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Investments |
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160,712 |
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161,575 |
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Property and equipment, net |
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99,636 |
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45,618 |
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Goodwill |
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83,728 |
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83,728 |
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Other intangibles, net |
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8,792 |
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10,648 |
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Other assets |
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11,267 |
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11,645 |
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Restricted cash |
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46,136 |
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60,300 |
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Total assets |
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$ |
504,844 |
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$ |
490,454 |
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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Current liabilities: |
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Accounts payable |
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$ |
2,516 |
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$ |
2,063 |
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Accrued liabilities |
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18,688 |
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19,230 |
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Accrued restructuring costs |
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6,211 |
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18,717 |
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Accrued compensation |
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14,065 |
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15,264 |
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Income taxes payable |
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2,680 |
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4,392 |
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Deferred revenues |
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29,243 |
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28,863 |
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Total current liabilities |
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73,403 |
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88,529 |
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Convertible subordinated debt |
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150,000 |
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150,000 |
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Other long-term debt |
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40,000 |
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— |
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Total liabilities |
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263,403 |
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238,529 |
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