Skyworks Solutions, Inc. (NASDAQ:SWKS), an innovator of high
reliability analog and mixed signal semiconductors enabling a broad
range of end markets, today reported fourth fiscal quarter and year
end 2010 results. Revenue for the quarter was $313.3 million, up 14
percent sequentially and 37 percent year-over-year, and greater
than the company’s updated guidance of $310 million provided on
September 21 at its Analyst Day. For fiscal year 2010, revenue was
$1.072 billion versus $802.6 million in fiscal 2009, a 34 percent
increase.
On a non-GAAP basis, operating income for the fourth fiscal
quarter was $81.8 million, up from $42.5 million in the prior-year
period, reflecting a 92 percent increase. Non-GAAP diluted earnings
per share for the fourth fiscal quarter was $0.43, including a
$0.02 benefit for lower than forecasted taxes, and compared to
$0.24 for the same period a year ago. On a GAAP basis, operating
income for the fourth fiscal quarter of 2010 was $65.4 million and
diluted earnings per share was $0.25.
For fiscal 2010, non-GAAP operating income was $246.3 million,
up 104 percent from $120.9 million in fiscal 2009, while non-GAAP
earnings per share for the year was $1.26 compared to $0.69 in
fiscal 2009. On a GAAP basis, operating income for fiscal 2010 was
$199.7 million and diluted earnings per share was $0.75.
“Skyworks is capitalizing on consumers’ insatiable demand for
always on connectivity, broadband mobility and access, as well as
home automation applications,” said David J. Aldrich, president and
chief executive officer of Skyworks. “We believe our strategy of
diversifying across new vertical markets and customers while
continuously improving operational execution will translate into
sustainable above market growth, greater operating leverage and
increasing shareholder value.”
Q4 Business Highlights
- Expanded gross margin by 290 basis
points year-over-year to 43.8 percent on a non-GAAP basis (43.5
percent GAAP)
- Extended smart energy presence by
capturing design wins enabling LED-based streetlight monitors and
controllers
- Ramped shipments of ZigBee™-enabled
solutions targeting hospitality and security applications
- Gained traction at Huawei and ZTE with
portfolio of high performance broadband synthesizers spanning ultra
wide frequency ranges
- Secured reference design wins with
Broadcom addressing HDTV, Blu-ray player, notebook, gaming console
and smartphone platforms
- Shipped more than 4 million wireless
connectivity solutions in support of the rapidly emerging tablet
market
- Designed into next-generation cable
head-end distribution systems at Motorola
- Commenced volume production of analog
components at Cisco for fiber to the curb (FTTC), fiber to the home
(FTTH), cable set-top box and wireless video systems
First Fiscal Quarter 2011 Outlook
“Given our strong order visibility and increasing customer
demand, we are forecasting revenue in the $330 to $335 million
range for the current quarter, representing a 35 to 37 percent
year-over-year increase,” said Donald W. Palette, vice president
and chief financial officer of Skyworks. “Operationally, we expect
to deliver continued gross margin expansion and operating leverage
yielding a 27-28 percent non-GAAP operating margin. As a result, we
intend to increase our non-GAAP diluted earnings per share to $0.44
in the December quarter.”
For further information regarding use of non-GAAP measures in
this press release, please refer to the Discussion Regarding the
Use of Non-GAAP Financial Measures set forth below.
Skyworks' Fourth Fiscal Quarter 2010 Conference Call
Skyworks will host a conference call with analysts to discuss
its fourth fiscal quarter 2010 results and business outlook today
at 5:00 p.m. Eastern time. To listen to the conference call via the
Internet, please visit the investor relations section of Skyworks'
Web site. To listen to the conference call via telephone, please
call 888-256-0991 (domestic) or 913-312-1446 (international),
confirmation code: 4785423.
Playback of the conference call will begin at 9:00 p.m. Eastern
time on November 4, and end at 9:00 p.m. Eastern time on November
11. The replay will be available on Skyworks' Web site or by
calling 888-203-1112 (domestic) or 719-457-0820 (international),
pass code: 4785423.
About Skyworks
Skyworks Solutions, Inc. is an innovator of high reliability
analog and mixed signal semiconductors. Leveraging core
technologies, Skyworks offers diverse standard and custom linear
products supporting automotive, broadband, cellular infrastructure,
energy management, industrial, medical, military and mobile handset
applications. The Company’s portfolio includes amplifiers,
attenuators, detectors, diodes, directional couplers, front-end
modules, hybrids, infrastructure RF subsystems,
mixers/demodulators, phase shifters, PLLs/synthesizers/VCOs, power
dividers/combiners, receivers, switches and technical ceramics.
Headquartered in Woburn, Mass., Skyworks is worldwide with
engineering, manufacturing, sales and service facilities throughout
Asia, Europe and North America. For more information, please visit
Skyworks’ Web site at: www.skyworksinc.com.
Safe Harbor Statement
This news release includes "forward-looking statements" intended
to qualify for the safe harbor from liability established by the
Private Securities Litigation Reform Act of 1995. These
forward-looking statements include without limitation information
relating to future results and expectations of Skyworks (including
without limitation certain projections and business trends).
Forward-looking statements can often be identified by words such as
"anticipates," "expects," "forecasts," "intends," "believes,"
"plans," "may," "will," or "continue," and similar expressions and
variations or negatives of these words. All such statements are
subject to certain risks, uncertainties and other important factors
that could cause actual results to differ materially and adversely
from those projected, and may affect our future operating results,
financial position and cash flows.
These risks, uncertainties and other important factors include,
but are not limited to: uncertainty regarding global economic and
financial market conditions; the susceptibility of the wireless
semiconductor industry and the markets addressed by our, and our
customers', products to economic downturns; the timing,
rescheduling or cancellation of significant customer orders and our
ability, as well as the ability of our customers, to manage
inventory; losses or curtailments of purchases or payments from key
customers, or the timing of customer inventory adjustments; changes
in laws, regulations and/or policies in the United States that
could adversely affect financial markets and our ability to raise
capital; our ability to develop, manufacture and market innovative
products in a highly price competitive and rapidly changing
technological environment; economic, social and political
conditions in the countries in which we, our customers or our
suppliers operate, including security and health risks, possible
disruptions in transportation networks and fluctuations in foreign
currency exchange rates; fluctuations in our manufacturing yields
due to our complex and specialized manufacturing processes; delays
or disruptions in production due to equipment maintenance, repairs
and/or upgrades; our reliance on several key customers for a large
percentage of our sales; fluctuations in the manufacturing yields
of our third party semiconductor foundries and other problems or
delays in the fabrication, assembly, testing or delivery of our
products; the availability and pricing of third party semiconductor
foundry, assembly and test capacity and raw materials; our ability
to timely and accurately predict market requirements and evolving
industry standards, and to identify opportunities in new markets;
uncertainties of litigation, including potential disputes over
intellectual property infringement and rights, as well as payments
related to the licensing and/or sale of such rights; our ability to
rapidly develop new products and avoid product obsolescence; our
ability to retain, recruit and hire key executives, technical
personnel and other employees in the positions and numbers, with
the experience and capabilities, and at the compensation levels
needed to implement our business and product plans; lengthy product
development cycles that impact the timing of new product
introductions; unfavorable changes in product mix; the quality of
our products and any remediation costs; shorter than expected
product life cycles; problems or delays that we may face in
shifting our products to smaller geometry process technologies and
in achieving higher levels of design integration; and our ability
to continue to grow and maintain an intellectual property portfolio
and obtain needed licenses from third parties, as well as other
risks and uncertainties, including but not limited to those
detailed from time to time in our filings with the Securities and
Exchange Commission.
These forward-looking statements are made only as of the date
hereof, and we undertake no obligation to update or revise the
forward-looking statements, whether as a result of new information,
future events or otherwise.
Note to Editors: Skyworks and Skyworks Solutions are trademarks
or registered trademarks of Skyworks Solutions, Inc. or its
subsidiaries in the United States and in other countries. All other
brands and names listed are trademarks of their respective
companies.
SKYWORKS SOLUTIONS, INC. UNAUDITED CONSOLIDATED STATEMENT
OF OPERATIONS
Three Months Ended Year Ended Oct. 1, Oct. 2, Oct. 1,
Oct. 2, (in thousands, except per share amounts) 2010
2009(1)
2010
2009(1)
Net revenues $ 313,283 $ 228,146 $ 1,071,849 $ 802,577 Cost
of goods sold 177,124 135,618 615,016 484,357
Gross profit 136,159 92,528 456,833 318,220 Operating
expenses: Research and development 35,409 31,090 134,140 123,996
Selling, general and administrative 33,689 26,311 117,853 100,421
Restructuring and other charges - - (1,040 ) 15,982 Amortization of
intangibles 1,634 2,175 6,136 6,118
Total operating expenses 70,732 59,576 257,089 246,517
Operating income 65,427 32,952 199,744 71,703 Interest
expense (627 ) (1,937 ) (4,246 ) (8,290 ) (Loss) gain on early
retirement of convertible debt - (323 ) (79 ) 4,590 Other (loss)
income, net (45 ) 396 (345 ) 1,753 Income before
income taxes 64,755 31,088 195,074 69,756 Provision (credit) for
income taxes 17,951 (27,249 ) 57,780 (25,227 ) Net
income $ 46,804 $ 58,337 $ 137,294 $ 94,983
Earnings per share: Basic $ 0.26 $ 0.34 $ 0.78 $ 0.57
Diluted $ 0.25 $ 0.33 $ 0.75 $ 0.56 Weighted average shares: Basic
177,418 170,283 175,020 167,047 Diluted 184,734 177,120 182,738
169,663
(1) Effective October 3, 2009, we
adopted ASC 470-20 - Debt, Debt with Conversions and Other Options
("ASC 470-20") in accordance with GAAP. Our financial
statements for the three months and fiscal year ended October 2,
2009 have been adjusted to reflect the retrospective adoption of
this new accounting principle.
SKYWORKS SOLUTIONS, INC. UNAUDITED RECONCILIATION
OF NON-GAAP FINANCIAL MEASURES
Three Months Ended Year Ended
Oct. 1, Oct. 2, Oct. 1, Oct. 2, (in thousands) 2010 2009 2010 2009
GAAP gross profit $ 136,159 $ 92,528 $ 456,833 $ 318,220
Share-based compensation expense [a] 1,105 870 3,857 3,129 Cost of
goods sold adjustments [b] - - - 3,458
Non-GAAP gross profit $ 137,264 $ 93,398 $ 460,690
$ 324,807 Non-GAAP gross margin % 43.8 % 40.9
% 43.0 % 40.5 % Three
Months Ended Year Ended Oct. 1, Oct. 2, Oct. 1, Oct. 2, (in
thousands) 2010 2009 2010 2009 GAAP operating income $
65,427 $ 32,952 $ 199,744 $ 71,703 Share-based compensation expense
[a] 14,503 7,145 40,742 23,466 Cost of goods sold adjustments [b] -
- - 3,458 Selling, general and administrative adjustments [b] - - -
(523 ) Amortization of intangible assets 1,634 2,175 6,136 6,118
Deferred executive compensation 233 242 752 732 Restructuring and
other (credits) charges [b] - - (1,040 ) 15,982
Non-GAAP operating income $ 81,797 $ 42,514
$ 246,334 $ 120,936 Non-GAAP operating
margin % 26.1 % 18.6 % 23.0 % 15.1 %
Three Months Ended Year Ended Oct. 1, Oct. 2,
Oct. 1, Oct. 2, (in thousands) 2010
2009(1)
2010
2009(1)
GAAP net income $ 46,804 $ 58,337 $ 137,294 $ 94,983
Share-based compensation expense [a] 14,503 7,145 40,742 23,466
Cost of goods sold adjustments [b] - - - 3,458 Selling, general and
administrative adjustments [b] - - - (523 ) Amortization of
intangible assets 1,634 2,175 6,136 6,118 Deferred executive
compensation 233 242 752 732 Restructuring and other (credits)
charges [b] - - (1,040 ) 15,982 Loss (gain) on early retirement of
convertible debt [c] - 323 79 (4,590 ) Amortization of discount on
convertible debt [d] 322 1,130 2,502 4,646 Tax adjustments [e]
15,287 (27,504 ) 42,982 (27,757 ) Non-GAAP net income
$ 78,783 $ 41,848 $ 229,447 $ 116,515
Three Months Ended Year
Ended Oct. 1, Oct. 2, Oct. 1, Oct. 2, 2010
2009(1)
2010
2009(1)
GAAP net income per share, diluted $ 0.25 $ 0.33 $ 0.75 $
0.56 Share-based compensation expense [a] 0.08 0.04 0.22 0.14 Cost
of goods sold adjustments [b] - - - 0.02 Amortization of intangible
assets 0.01 0.01 0.04 0.04 Restructuring and other (credits)
charges [b] - - - 0.09 Loss (gain) on early retirement of
convertible debt [c] - - - (0.03 ) Amortization of discount on
convertible debt [d] - 0.01 0.01 0.03 Tax adjustments [e] 0.09
(0.15 ) 0.24 (0.16 ) Non-GAAP net income per share,
diluted $ 0.43 $ 0.24 $ 1.26 $ 0.69
(1) Effective October 3, 2009, we
adopted ASC 470-20 - Debt, Debt with Conversions and Other Options
("ASC 470-20") in accordance with GAAP. Our financial
statements for the three months and fiscal year ended October 2,
2009 have been adjusted to reflect the retrospective adoption of
this new accounting principle.
SKYWORKS SOLUTIONS, INC.
DISCUSSION REGARDING THE USE OF NON-GAAP FINANCIAL MEASURES
Our earnings release contains the following financial measures
which have not been calculated in accordance with United States
Generally Accepted Accounting Principles (GAAP): (i) non-GAAP gross
profit and gross margin, (ii) non-GAAP operating income and
operating margin, (iii) non-GAAP net income, and (iv) non-GAAP net
income per share (diluted). As set forth in the "Unaudited
Reconciliation of Non-GAAP Financial Measures" table found above,
we derive such non-GAAP financial measures by excluding
certain expenses and other items from the respective GAAP
financial measure that is most directly comparable to each non-GAAP
financial measure. Management uses these non-GAAP financial
measures to evaluate our operating performance and compare it
against past periods, make operating decisions, forecast for future
periods, compare operating performance against peer companies and
determine payments under certain compensation programs. These
non-GAAP financial measures provide management with additional
means to understand and evaluate the operating results and trends
in our ongoing business by eliminating certain non-recurring
expenses (which may not occur in each period presented) and other
items that management believes might otherwise make comparisons of
our ongoing business with prior periods and competitors more
difficult, obscure trends in ongoing operations or reduce
management's ability to make useful forecasts.
We provide investors with non-GAAP gross profit and gross
margin, non-GAAP operating income and operating margin and non-GAAP
net income because we believe it is important for investors to be
able to closely monitor and understand changes in our ability to
generate income from ongoing business operations. We believe these
non-GAAP financial measures give investors a more effective method
to evaluate historical operating performance and identify trends,
additional means of evaluating period-over-period operating
performance and a method to facilitate certain comparisons of
operating results to peer companies. We also believe that providing
non-GAAP operating income and operating margin allows investors to
better assess the extent to which ongoing operations impact our
overall financial performance. We further believe that providing
non-GAAP net income and non-GAAP net income per share (diluted)
allows investors to better assess the overall financial performance
of ongoing operations by eliminating the impact of certain
financing decisions related to our convertible debt and certain tax
items which may not occur in each period for which financial
information is presented and which represent gains or losses
unrelated to our ongoing operations. We believe that disclosing
these non-GAAP financial measures contributes to enhanced financial
reporting transparency and provides investors with added
clarity about complex financial performance measures.
We calculate non-GAAP gross profit by excluding from GAAP gross
profit, stock compensation expense, restructuring-related charges
and acquisition-related expenses. We calculate non-GAAP operating
income by excluding from GAAP operating income, stock compensation
expense, restructuring-related charges, acquisition-related
expenses and certain deferred executive compensation. We calculate
non-GAAP operating margin by dividing non-GAAP operating income by
GAAP revenue. We calculate non-GAAP net income by excluding from
GAAP net income, stock compensation expense, restructuring-related
charges, acquisition-related expenses, amortization of discount on
convertible debt, and certain deferred executive compensation, as
well as certain items related to the retirement of convertible
debt, and certain tax items, which may not occur in all periods for
which financial information is presented. We also present non-GAAP
net income per share on a fully diluted basis. We exclude the items
identified above from the respective non-GAAP financial measure
referenced above for the reasons set forth with respect to each
such excluded item below:
Stock Compensation - because (1) the total amount of expense is
partially outside of our control because it is based on factors
such as stock price volatility and interest rates, which may be
unrelated to our performance during the period in which the expense
is incurred, (2) it is an expense based upon a valuation
methodology premised on assumptions that vary over time, and (3)
the amount of the expense can vary significantly between companies
due to factors that can be outside of the control of such
companies.
Restructuring-Related Charges - because, to the extent such
charges impact a period presented, we believe that they have no
direct correlation to future business operations and including such
charges does not accurately reflect the performance of our ongoing
operations for the period in which such charges are incurred.
Acquisition-Related Expenses - including, when applicable,
amortization of acquired intangible assets, because they are not
considered by management in making operating decisions and we
believe that such expenses do not have a direct correlation to
future business operations and thereby including such charges does
not accurately reflect the performance of our ongoing operations
for the period in which such charges are incurred.
Amortization of Discount on Convertible Debt - comprised of the
amortization of the debt discount recorded at inception of the
convertible debt borrowing related to the adoption of ASC 470-20,
because the expense is dependent on fair value assessments and is
not considered by management when making operating decisions.
Deferred Executive Compensation - including charges related to
any contingent obligation pursuant to an executive severance
agreement because we believe the period over which the obligation
is amortized may not reflect the period of benefit and that such
expense has no direct correlation with our recurring business
operations and including such expenses does not accurately reflect
the compensation expense for the period in which incurred.
Gains and Losses on Retirement of Convertible Debt - because, to
the extent that gains or losses from such repurchases impact a
period presented, we do not believe that they reflect the
underlying performance of ongoing business operations for such
period.
Certain Income Tax Items - including certain deferred tax
charges and benefits which do not result in a current tax payment
or tax refund and other adjustments which are not indicative of
ongoing business operations.
The non-GAAP financial measures presented in the table above
should not be considered in isolation and are not an alternative
for, the respective GAAP financial measure that is most directly
comparable to each such non-GAAP financial measure. Investors are
cautioned against placing undue reliance on these non-GAAP
financial measures and are urged to review and consider carefully
the adjustments made by management to the most directly comparable
GAAP financial measures to arrive at these non-GAAP financial
measures. Non-GAAP financial measures may have limited value as
analytical tools because they may exclude certain expenses that
some investors consider important in evaluating operating
performance or ongoing business. Further, non-GAAP financial
measures are likely to have limited value for purposes of drawing
comparisons between companies because different companies may
calculate similarly titled non-GAAP financial measures in different
ways because non-GAAP measures are not based on any comprehensive
set of accounting rules or principles.
Our earnings release contains forward looking estimates of
non-GAAP operating margin and non-GAAP diluted earnings per share
for the first quarter of our 2011 fiscal year ("Q1 2011"). We
provide these non-GAAP measures to investors on a prospective basis
for the same reasons (set forth above) that we provide them to
investors on a historical basis. The following table provides a
reconciliation of GAAP operating margin estimate to non-GAAP
operating margin estimate for Q1 2011:
Forward Looking Non-GAAP Operating Margin Estimate 27.5 %
Less:
Share-based compensation expense
(3.5
%)
Amortization of intangible assets
(0.5
%)
Forward Looking GAAP Operating Margin Estimate 23.5 %
We are unable to provide a reconciliation of our forward looking
estimate of Q1 2011 non-GAAP diluted earnings per share to a
forward looking estimate of Q1 2011 GAAP diluted earnings per share
because certain information needed to make a reasonable forward
looking estimate of GAAP diluted earnings per share for Q1 2011
(other than estimated stock compensation expense of $0.06 per
diluted share, certain tax items of $0.06 per diluted share,
estimated acquisition related expense of $0.01 per diluted share
and estimated deferred executive compensation expense with a de
minimis impact per diluted share) is difficult to predict and
estimate and is often dependent on future events which may be
uncertain or outside of our control (e.g., gains and losses on
retirement of convertible debt). Our forward looking estimates of
both GAAP and non-GAAP measures of our financial performance may
differ materially from our actual results and should not be relied
upon as statements of fact.
[a] These charges represent expense recognized in accordance
with ASC 718 - Compensation, Stock Compensation.
Approximately $1.1 million, $1.9 million
and $11.5 million were included in cost of goods sold, research and
development expense and selling, general and administrative
expense, respectively, for the three months ended October 1,
2010.
Approximately $3.9 million, $7.4 million
and $29.4 million were included in cost of goods sold, research and
development expense and selling, general and administrative
expense, respectively, for the fiscal year ended October 1,
2010.
For the three months ended October 2,
2009, approximately $0.9 million, $1.8 million and $4.4 million
were included in costs of goods sold, research and development
expense and selling, general and administrative expense,
respectively.
For the fiscal year ended October 2, 2009,
approximately $3.1 million, $6.2 million and $14.2 million were
included in costs of goods sold, research and development expense
and selling, general and administrative expense, respectively.
[b]
During the second quarter of fiscal 2009,
the Company implemented a restructuring plan to reduce global
headcount by approximately 4%, or 150 employees.
The total charges related to the plan were
$19.4 million. Due to accounting classifications, the charges
associated with the plan are recorded in various lines and are
summarized as follows:
Cost of goods sold adjustments include approximately $3.5
million of inventory write-downs.
Restructuring and other charges totaled
$15.9 million and primarily related to severance and benefits, the
impairment of long-lived assets and lease obligations.
During the fiscal year ended October 1,
2010, the Company recorded a $1.0 million credit to restructuring
and other charges related to the sale of an impaired long-lived
asset.
On October 2, 2006, the Company announced
it was exiting its baseband product area. For the fiscal year ended
October 2, 2009, selling, general and administrative adjustments of
$0.5 million represent a recovery of bad debt expense on specific
accounts receivable associated with baseband product.
[c]
The net loss recorded during the fiscal
year ended October 1, 2010 relates to a loss on the retirement of
$32.6 million of the Company's 1.25% convertible subordinated notes
due on March 1, 2010 offset by a gain on the retirement of $20.4
million of the Company's 1.50% convertible subordinated notes due
on March 1, 2012.
The $0.3 million loss recorded during the
three months ended October 2, 2009 relates to the early retirement
of $17.4 million of the Company's 1.25% convertible subordinated
notes due on March 1, 2010.
The net gain recorded during the fiscal
year ended October 2, 2009 represents the $0.3 million loss
recorded during the three months months ended October 2, 2009
offset by a $4.9 million gain related to the early retirement of
$40.5 million of the Company's 1.50% convertible subordinated
notes. The notes were retired at a gain of $5.8 million offset by a
$0.9 million write-off of deferred financing costs. Please note
that this amount has been adjusted to reflect the retrospective
adoption of ASC 470-20.
[d]
These charges represent the amortization
expense recognized in accordance with ASC 470-20 which was adopted
October 3, 2009. Approximately $0.3 million and $2.5 million,
respectively, of amortization expense was recognized during the
three months and fiscal year ended October 1, 2010.
Our financial statements for the three
months and fiscal year ended October 2, 2009 have been adjusted to
reflect the retrospective adoption of ASC 470-20. Approximately
$1.1 million and $4.6 million, respectively, of amortization
expense was recognized during the three months and fiscal year
ended October 2, 2009.
[e]
During the three months and fiscal year
ended October 1, 2010, these amounts primarily represent the
utilization of net operating loss and research and development
credit carryforwards.
During the three month period and fiscal
year ended October 2, 2009, these adjustments primarily relate to
the reversal of a valuation allowance against our deferred tax
assets.
SKYWORKS SOLUTIONS, INC. UNAUDITED CONDENSED
CONSOLIDATED BALANCE SHEET Oct. 1, Oct. 2, (in
thousands) 2010
2009(1)
Assets Current assets: Cash and cash equivalents $ 459,385 $
370,084 Accounts receivable, net 175,232 115,034 Inventories
125,059 86,097 Prepaid expenses and other current assets 30,189
18,912 Property, plant and equipment, net 204,363 162,299 Goodwill
and intangible assets, net 498,096 501,138 Other assets 71,728
99,027 Total assets $ 1,564,052 $ 1,352,591
Liabilities and Equity Current liabilities: Credit facility
$ 50,000 $ 50,000 Convertible notes - 31,865 Accounts payable
111,967 69,098 Accrued liabilities and other current liabilities
42,357 45,280 Long-term debt 24,743 41,483 Other long-term
liabilities 18,389 6,086 Stockholders' equity 1,316,596 1,108,779
Total liabilities and equity $ 1,564,052 $ 1,352,591
(1) Effective October 3, 2009, we
adopted ASC 470-20 - Debt, Debt with Conversions and Other Options
("ASC 470-20") in accordance with GAAP. Our financial
statements at October 2, 2009 have been adjusted to reflect the
retrospective adoption of this new accounting principle.
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