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8-K - 8-K - SUPERTEX INC | supx-20130122x8k.htm |
CONSOLIDATED BALANCE SHEET INFORMATION |
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(unaudited) |
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December 29, 2012 |
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March 31, 2012 |
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(in thousands) |
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ASSETS |
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Cash and cash equivalents |
$ 16,844
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$ 19,860
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Short term investments |
120,034 |
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111,137 |
Trade accounts receivable, net |
5,743 |
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8,021 |
Inventories |
11,427 |
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14,438 |
Deferred tax assets |
7,450 |
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7,529 |
Prepaid income taxes |
3,231 |
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3,032 |
Prepaid expenses and other current assets |
5,123 |
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6,786 |
Total current assets |
169,852 |
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170,803 |
Long term investments |
13,500 |
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25,900 |
Property, plant and equipment, net |
4,416 |
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4,941 |
Other assets |
818 |
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621 |
Deferred tax assets, noncurrent |
5,291 |
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5,375 |
TOTAL ASSETS |
$ 193,877
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$ 207,640
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LIABILITIES |
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Trade accounts payable |
$ 2,916
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$ 1,994
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Accrued salaries and employee benefits |
12,688 |
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12,434 |
Other accrued liabilities |
818 |
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615 |
Deferred revenue |
2,069 |
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2,560 |
Income taxes payable |
90 |
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23 |
Total current liabilities |
18,581 |
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17,626 |
Income taxes payable, noncurrent |
3,702 |
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4,161 |
Deferred tax liabilities, noncurrent |
127 |
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- |
Other accrued liabilities, noncurrent |
571 |
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561 |
Total liabilities |
22,981 |
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22,348 |
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SHAREHOLDERS' EQUITY |
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Common stock |
67,696 |
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68,031 |
Accumulated other comprehensive loss |
(808) |
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(1,345) |
Retained earnings |
104,008 |
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118,606 |
Total shareholders' equity |
170,896 |
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185,292 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY |
$ 193,877
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$ 207,640
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SUPERTEX, INC. |
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CONSOLIDATED INCOME STATEMENT INFORMATION |
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(unaudited) |
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Three Months Ended |
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Nine Months Ended |
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(in thousands, except per share amounts) |
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December 29, 2012 |
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September 29, 2012 |
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December 31, 2011 |
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December 29, 2012 |
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December 31, 2011 |
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Net sales |
$ 14,373
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$ 15,919
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$ 14,066
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$ 46,351
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$ 49,084
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Cost of sales(1) |
7,057 |
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8,571 |
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8,708 |
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24,193 |
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26,132 | |||||||||
Gross profit |
7,316 |
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7,348 |
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5,358 |
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22,158 |
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22,952 | |||||||||
Research and development(1) |
3,440 |
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3,556 |
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3,480 |
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10,482 |
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10,514 | |||||||||
Selling, general and administrative(1) |
3,113 |
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3,449 |
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3,269 |
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9,946 |
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9,226 | |||||||||
Income (loss) from operations |
763 |
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343 |
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(1,391) |
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1,730 |
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3,212 | |||||||||
Interest and other income, net |
412 |
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616 |
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784 |
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1,230 |
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567 | |||||||||
Income (loss) before income taxes |
1,175 |
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959 |
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(607) |
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2,960 |
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3,779 | |||||||||
(Benefit from) Provision for income taxes |
(256) |
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269 |
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(703) |
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242 |
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303 | |||||||||
Net income |
$ 1,431
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$ 690
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$ 96
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$ 2,718
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$ 3,476
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Net income per share: |
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Basic |
$ 0.12
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$ 0.06
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$ 0.01
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$ 0.23
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$ 0.28
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Diluted |
$ 0.12
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$ 0.06
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$ 0.01
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$ 0.23
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$ 0.28
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Shares used in per share computation: |
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Basic |
11,567 |
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11,779 |
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12,063 |
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11,782 |
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12,439 | |||||||||
Diluted |
11,568 |
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11,782 |
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12,066 |
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11,783 |
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12,450 | |||||||||
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(1) Includes amortization of employee stock-based |
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Cost of sales |
$ 108
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$ 130
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$ 161
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$ 372
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$ 434
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Research and development |
$ 318
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$ 335
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$ 352
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$ 1,002
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$ 928
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Selling, general and administrative |
$ 222
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$ 304
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$ 308
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$ 788
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$ 881
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SUPERTEX, INC. |
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SUPPLEMENTAL RECONCILIATIONS OF GAAP TO NON-GAAP RESULTS |
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(unaudited) |
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Three Months Ended |
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Nine Months Ended |
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(in thousands, except per share amounts) |
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December 29, 2012 |
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September 29, 2012 |
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December 31, 2011 |
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December 29, 2012 |
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December 31, 2011 |
GAAP net income |
$ 1,431
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$ 690
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$ 96
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$ 2,718
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$ 3,476
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Adjustment for stock-based compensation included in: |
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Cost of sales |
108 |
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130 |
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161 |
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372 |
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434 |
Research and development |
318 |
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335 |
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352 |
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1,002 |
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928 |
Selling, general and administrative |
222 |
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304 |
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308 |
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788 |
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881 |
Subtotal |
648 |
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769 |
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821 |
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2,162 |
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2,243 |
Tax effect of stock-based compensation |
(11) |
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(18) |
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(19) |
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(47) |
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(67) |
Non-GAAP net income excluding |
$ 2,068
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$ 1,441
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$ 898
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$ 4,833
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$ 5,652
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Non-GAAP net income per share: |
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Basic |
$ 0.18
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$ 0.12
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$ 0.07
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$ 0.41
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$ 0.45
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Diluted |
$ 0.18
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$ 0.12
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$ 0.07
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$ 0.41
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$ 0.45
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Shares used in per share computation: |
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Basic |
11,567 |
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11,779 |
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12,063 |
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11,782 |
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12,439 |
Diluted |
11,568 |
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11,782 |
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12,066 |
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11,783 |
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12,450 |
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SUPERTEX, INC. |
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SUPPLEMENTAL RECONCILIATIONS OF GAAP TO NON-GAAP INCOME PER SHARE |
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(unaudited) |
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Three Months Ended |
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Nine Months Ended |
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(in thousands, except per share amounts) |
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December 29, 2012 |
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September 29, 2012 |
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December 31, 2011 |
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December 29, 2012 |
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December 31, 2011 |
Shares used in per share computation: |
11,568 |
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11,782 |
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12,066 |
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11,783 |
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12,450 |
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DILUTED: |
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GAAP net income per share |
$ 0.12 |
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$ 0.06
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$ 0.01
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$ 0.23
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$ 0.28
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Adjustments to reconcile net income to non-GAAP net income per share: |
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Employee stock-based compensation effects included in: |
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Cost of sales |
0.01 |
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0.01 |
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0.01 |
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0.03 |
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0.03 |
Research and development |
0.03 |
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0.03 |
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0.03 |
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0.08 |
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0.08 |
Selling, general and administrative |
0.02 |
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0.02 |
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0.02 |
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0.07 |
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0.07 |
Provision for income taxes |
(0.00) |
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(0.00) |
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(0.00) |
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(0.00) |
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(0.01) |
Non-GAAP net income per share excluding employee stock-based compensation |
$ 0.18 |
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$ 0.12
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$ 0.07
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$ 0.41
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$ 0.45
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