|
|
|
|
|
|
|
|
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
(In thousands) | 2011 | 2010 | 2011 | 2010 | ||||||||||||
Stock-based compensation expense included in
cost of sales
|
$ | 89 | $ | 73 | $ | 180 | $ | 141 | ||||||||
|
||||||||||||||||
|
||||||||||||||||
Selling, general and administrative expense
|
999 | 835 | 2,006 | 1,585 | ||||||||||||
Research and development expense
|
988 | 900 | 1,979 | 1,771 | ||||||||||||
|
||||||||||||||||
Stock-based compensation expense included in
operating expenses
|
1,987 | 1,735 | 3,985 | 3,356 | ||||||||||||
|
||||||||||||||||
|
||||||||||||||||
Total stock-based compensation expense
|
2,076 | 1,808 | 4,165 | 3,497 | ||||||||||||
Tax benefit for expense associated with
non-qualified options
|
(276 | ) | (195 | ) | (716 | ) | (372 | ) | ||||||||
|
||||||||||||||||
Total stock-based compensation expense, net
of tax
|
$ | 1,800 | $ | 1,613 | $ | 3,449 | $ | 3,125 | ||||||||
|
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
Expected volatility
|
37.68 | % | 39.94 | % | 37.68 | % | 41.00 | % | ||||||||
Risk-free interest rate
|
2.18 | % | 2.45 | % | 2.18 | % | 2.50 | % | ||||||||
Expected dividend yield
|
0.86 | % | 1.31 | % | 0.86 | % | 1.53 | % | ||||||||
Expected life (in years)
|
4.94 | 5.04 | 4.94 | 5.18 | ||||||||||||
Weighted-average estimated value
|
$ | 13.93 | $ | 9.39 | $ | 13.93 | $ | 8.19 |
Weighted Avg. | ||||||||||||||||
Remaining | Aggregate | |||||||||||||||
Number of | Weighted Avg. | Contractual | Intrinsic | |||||||||||||
(In thousands, except per share amounts) | Options | Exercise Price | Life In Years | Value | ||||||||||||
Options outstanding, December 31, 2010
|
6,234 | $ | 23.09 | 6.21 | $ | 81,561 | ||||||||||
Options granted
|
5 | $ | 41.92 | |||||||||||||
Options cancelled/forfeited
|
(40 | ) | $ | 25.15 | ||||||||||||
Options exercised
|
(1,719 | ) | $ | 19.39 | ||||||||||||
|
||||||||||||||||
Options outstanding, June 30, 2011
|
4,480 | $ | 24.51 | 6.59 | $ | 63,635 | ||||||||||
|
||||||||||||||||
Options exercisable, June 30, 2011
|
2,256 | $ | 23.22 | 4.85 | $ | 34,947 | ||||||||||
|
Weighted | ||||||||
Average | ||||||||
Number of | Grant Date | |||||||
(In thousands, except per share amounts) | Shares | Fair Value | ||||||
RSUs and restricted stock outstanding, December 31, 2010
|
87 | $ | 28.46 | |||||
RSUs and restricted stock granted
|
— | $ | — | |||||
RSUs and restricted stock vested
|
— | $ | — | |||||
RSUs and restricted stock cancelled/forfeited
|
— | $ | — | |||||
|
||||||||
Unvested RSUs and restricted stock, June 30, 2011
|
87 | $ | 28.46 | |||||
|
|
Amortized | Gross Unrealized | Carrying | ||||||||||||||
(In thousands) | Cost | Gains | Losses | Value | ||||||||||||
|
||||||||||||||||
Deferred compensation plan assets
|
$ | 6,438 | $ | 351 | $ | — | $ | 6,789 | ||||||||
Corporate bonds
|
200,280 | 971 | (362 | ) | 200,889 | |||||||||||
Municipal fixed-rate bonds
|
117,262 | 597 | (5 | ) | 117,854 | |||||||||||
Municipal variable rate demand notes
|
94,870 | — | — | 94,870 | ||||||||||||
Fixed income bond fund
|
526 | 225 | — | 751 | ||||||||||||
Marketable equity securities
|
12,119 | 27,516 | (212 | ) | 39,423 | |||||||||||
|
||||||||||||||||
Available-for-sale securities held at fair value
|
$ | 431,495 | $ | 29,660 | $ | (579 | ) | $ | 460,576 | |||||||
|
||||||||||||||||
Restricted investment held at cost
|
48,250 | |||||||||||||||
Other investments held at cost
|
2,296 | |||||||||||||||
|
||||||||||||||||
Total carrying value of available-for-sale investments
|
$ | 511,122 | ||||||||||||||
|
Amortized | Gross Unrealized | Carrying | ||||||||||||||
(In thousands) | Cost | Gains | Losses | Value | ||||||||||||
|
||||||||||||||||
Deferred compensation plan assets
|
$ | 3,483 | $ | 770 | $ | (7 | ) | $ | 4,246 | |||||||
Corporate bonds
|
126,671 | 630 | (229 | ) | 127,072 | |||||||||||
Municipal fixed-rate bonds
|
71,212 | 268 | (13 | ) | 71,467 | |||||||||||
Municipal variable rate demand notes
|
116,745 | — | — | 116,745 | ||||||||||||
Fixed income bond fund
|
526 | 220 | — | 746 | ||||||||||||
Marketable equity securities
|
11,486 | 36,657 | (133 | ) | 48,010 | |||||||||||
|
||||||||||||||||
Available-for-sale securities held at fair value
|
$ | 330,123 | $ | 38,545 | $ | (382 | ) | $ | 368,286 | |||||||
|
||||||||||||||||
Restricted investment held at cost
|
48,250 | |||||||||||||||
Other investments held at cost
|
2,103 | |||||||||||||||
|
||||||||||||||||
Total carrying value of available-for-sale investments
|
$ | 418,639 | ||||||||||||||
|
Fair Value Measurements at June 30, 2011 Using | ||||||||||||||||
Quoted Prices | ||||||||||||||||
in Active | Significant | |||||||||||||||
Market for | Other | Significant | ||||||||||||||
Identical | Observable | Unobservable | ||||||||||||||
Assets | Inputs | Inputs | ||||||||||||||
(In thousands) | Fair Value | (Level 1) | (Level 2) | (Level 3) | ||||||||||||
Cash equivalents
|
||||||||||||||||
Money market funds
|
$ | 10,737 | $ | 10,737 | $ | — | $ | — | ||||||||
|
||||||||||||||||
|
||||||||||||||||
Available-for-sale securities
|
||||||||||||||||
Deferred compensation plan assets
|
6,789 | 6,789 | — | — | ||||||||||||
Available-for-sale debt securities
|
||||||||||||||||
Corporate bonds
|
200,889 | — | 200,889 | — | ||||||||||||
Municipal fixed-rate bonds
|
117,854 | — | 117,854 | — | ||||||||||||
Municipal variable rate demand notes
|
94,870 | — | 94,870 | — | ||||||||||||
Fixed income bond fund
|
751 | 751 | — | — | ||||||||||||
Available-for-sale marketable equity
securities
|
||||||||||||||||
Equity securities — technology industry
|
25,591 | 25,591 | — | — | ||||||||||||
Equity securities — other
|
13,832 | 13,832 | — | — | ||||||||||||
|
||||||||||||||||
Available-for-sale securities
|
460,576 | 46,963 | 413,613 | — | ||||||||||||
|
||||||||||||||||
Total
|
$ | 471,313 | $ | 57,700 | $ | 413,613 | $ | — | ||||||||
|
Fair Value Measurements at December 31, 2010 Using | ||||||||||||||||
Quoted Prices | ||||||||||||||||
in Active | Significant | |||||||||||||||
Market for | Other | Significant | ||||||||||||||
Identical | Observable | Unobservable | ||||||||||||||
Assets | Inputs | Inputs | ||||||||||||||
(In thousands) | Fair Value | (Level 1) | (Level 2) | (Level 3) | ||||||||||||
Cash equivalents
|
||||||||||||||||
Money market funds
|
$ | 14,532 | $ | 14,532 | $ | — | $ | — | ||||||||
|
||||||||||||||||
|
||||||||||||||||
Available-for-sale securities
|
||||||||||||||||
Deferred compensation plan assets
|
4,246 | 4,246 | — | — | ||||||||||||
Available-for-sale debt securities
|
||||||||||||||||
Corporate bonds
|
127,072 | — | 127,072 | — | ||||||||||||
Municipal fixed-rate bonds
|
71,467 | — | 71,467 | — | ||||||||||||
Municipal variable rate demand notes
|
116,745 | — | 116,745 | — | ||||||||||||
Fixed income bond fund
|
746 | 746 | — | — | ||||||||||||
Available-for-sale marketable equity
securities
|
||||||||||||||||
Equity securities — technology industry
|
35,596 | 35,596 | — | — | ||||||||||||
Equity securities — other
|
12,414 | 12,414 | — | — | ||||||||||||
|
||||||||||||||||
Available-for-sale securities
|
368,286 | 53,002 | 315,284 | — | ||||||||||||
|
||||||||||||||||
Total
|
$ | 382,818 | $ | 67,534 | $ | 315,284 | $ | — | ||||||||
|
|
June 30, | December 31, | |||||||
(In thousands) | 2011 | 2010 | ||||||
Raw materials
|
$ | 44,177 | $ | 43,897 | ||||
Work in process
|
6,327 | 2,871 | ||||||
Finished goods
|
36,172 | 27,506 | ||||||
|
||||||||
Total
|
$ | 86,676 | $ | 74,274 | ||||
|
|
Stockholders’ | ||||
(In thousands) | Equity | |||
Balance, December 31, 2010
|
$ | 572,322 | ||
Net income
|
71,201 | |||
Dividend payments
|
(11,596 | ) | ||
Dividends accrued for unvested restricted stock units
|
(19 | ) | ||
Net change in unrealized gains and losses on marketable securities (net of deferred taxes)
|
(5,791 | ) | ||
Reclassification adjustment for amounts included in net income (net of deferred taxes)
|
(395 | ) | ||
Foreign currency translation adjustment
|
456 | |||
Proceeds from stock option exercises
|
33,022 | |||
Tax benefits from stock option exercises
|
10,318 | |||
Stock-based compensation expense
|
4,165 | |||
|
||||
Balance, June 30, 2011
|
$ | 673,683 | ||
|
Record Date | Payment Date | Per Share Amount | Total Dividend Paid | |||||||
|
||||||||||
February 3, 2011
|
February 17, 2011 | $ | 0.09 | $ | 5,775 | |||||
April 28, 2011
|
May 12, 2011 | $ | 0.09 | $ | 5,821 |
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
(In thousands) | 2011 | 2010 | 2011 | 2010 | ||||||||||||
|
||||||||||||||||
Net income
|
$ | 36,943 | $ | 27,751 | $ | 71,201 | $ | 45,945 | ||||||||
Net change in unrealized gains and
losses related to marketable
securities, net of deferred tax
benefit of $2,029 and $3,404 for the
three months ended June 30, 2011 and
2010, respectively, and $2,702 and
$631 for the six months ended June 30,
2011 and 2010, respectively
|
(3,140 | ) | (5,678 | ) | (5,791 | ) | (1,056 | ) | ||||||||
Reclassification adjustment for
amounts included in net income, net of
deferred tax benefit of $146 and $96
for the three months ended June 30,
2011 and 2010, respectively, and $186
and $127 for the six months ended June
30, 2011 and 2010, respectively
|
(236 | ) | (160 | ) | (395 | ) | (212 | ) | ||||||||
Foreign currency translation adjustment
|
369 | (770 | ) | 456 | (602 | ) | ||||||||||
|
||||||||||||||||
Total comprehensive income
|
$ | 33,936 | $ | 21,143 | $ | 65,471 | $ | 44,075 | ||||||||
|
|
Three Months Ended | ||||||||||||||||
June 30, 2011 | June 30, 2010 | |||||||||||||||
(In thousands) | Sales | Gross Profit | Sales | Gross Profit | ||||||||||||
Carrier Networks
|
$ | 150,492 | $ | 87,465 | $ | 117,579 | $ | 70,273 | ||||||||
Enterprise Networks
|
33,735 | 19,362 | 32,782 | 19,056 | ||||||||||||
|
||||||||||||||||
Total
|
$ | 184,227 | $ | 106,827 | $ | 150,361 | $ | 89,329 | ||||||||
|
Six Months Ended | ||||||||||||||||
June 30, 2011 | June 30, 2010 | |||||||||||||||
(In thousands) | Sales | Gross Profit | Sales | Gross Profit | ||||||||||||
Carrier Networks
|
$ | 282,852 | $ | 166,963 | $ | 217,103 | $ | 129,539 | ||||||||
Enterprise Networks
|
66,897 | 38,659 | 60,285 | 35,118 | ||||||||||||
|
||||||||||||||||
Total
|
$ | 349,749 | $ | 205,622 | $ | 277,388 | $ | 164,657 | ||||||||
|
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
(In thousands) | 2011 | 2010 | 2011 | 2010 | ||||||||||||
Carrier Systems
|
$ | 112,289 | $ | 73,148 | $ | 199,039 | $ | 131,241 | ||||||||
Business Networking
|
35,699 | 32,165 | 72,062 | 58,622 | ||||||||||||
Loop Access
|
36,239 | 45,048 | 78,648 | 87,525 | ||||||||||||
|
||||||||||||||||
Total
|
$ | 184,227 | $ | 150,361 | $ | 349,749 | $ | 277,388 | ||||||||
|
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
(In thousands) | 2011 | 2010 | 2011 | 2010 | ||||||||||||
|
||||||||||||||||
Growth Products
|
||||||||||||||||
Broadband Access (included in Carrier Systems)
|
$ | 77,062 | $ | 44,971 | $ | 128,844 | $ | 81,333 | ||||||||
Optical Access (included in Carrier Systems)
|
22,008 | 16,128 | 42,924 | 27,387 | ||||||||||||
Internetworking (NetVanta & Multi-service Access
Gateways) (included in Business Networking)
|
33,029 | 27,902 | 65,912 | 50,085 | ||||||||||||
|
||||||||||||||||
Total
|
132,099 | 89,001 | 237,680 | 158,805 | ||||||||||||
|
||||||||||||||||
Traditional Products
|
||||||||||||||||
HDSL (does not include T1) (included in Loop Access)
|
34,049 | 42,174 | 74,994 | 82,104 | ||||||||||||
Other products (excluding HDSL)
|
18,079 | 19,186 | 37,075 | 36,479 | ||||||||||||
|
||||||||||||||||
Total
|
52,128 | 61,360 | 112,069 | 118,583 | ||||||||||||
|
||||||||||||||||
|
||||||||||||||||
Total
|
$ | 184,227 | $ | 150,361 | $ | 349,749 | $ | 277,388 | ||||||||
|
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
(In thousands) | 2011 | 2010 | 2011 | 2010 | ||||||||||||
United States
|
$ | 160,804 | $ | 142,046 | $ | 313,917 | $ | 262,346 | ||||||||
International
|
23,423 | 8,315 | 35,832 | 15,042 | ||||||||||||
|
||||||||||||||||
Total
|
$ | 184,227 | $ | 150,361 | $ | 349,749 | $ | 277,388 | ||||||||
|
|
Six Months Ended June 30, | ||||||||
(In thousands) | 2011 | 2010 | ||||||
Balance at beginning of period
|
$ | 3,304 | $ | 2,833 | ||||
Plus: Amounts charged to cost and expenses
|
1,525 | 1,377 | ||||||
Less: Deductions
|
(1,183 | ) | (1,050 | ) | ||||
|
||||||||
Balance at end of period
|
$ | 3,646 | $ | 3,160 | ||||
|
|
|
|
|
|
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
(In thousands) | 2011 | 2010 | 2011 | 2010 | ||||||||||||
Stock-based compensation expense included in
cost of sales
|
$ | 89 | $ | 73 | $ | 180 | $ | 141 | ||||||||
|
||||||||||||||||
|
||||||||||||||||
Selling, general and administrative expense
|
999 | 835 | 2,006 | 1,585 | ||||||||||||
Research and development expense
|
988 | 900 | 1,979 | 1,771 | ||||||||||||
|
||||||||||||||||
Stock-based compensation expense included in
operating expenses
|
1,987 | 1,735 | 3,985 | 3,356 | ||||||||||||
|
||||||||||||||||
|
||||||||||||||||
Total stock-based compensation expense
|
2,076 | 1,808 | 4,165 | 3,497 | ||||||||||||
Tax benefit for expense associated with
non-qualified options
|
(276 | ) | (195 | ) | (716 | ) | (372 | ) | ||||||||
|
||||||||||||||||
Total stock-based compensation expense, net
of tax
|
$ | 1,800 | $ | 1,613 | $ | 3,449 | $ | 3,125 | ||||||||
|
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
Expected volatility
|
37.68 | % | 39.94 | % | 37.68 | % | 41.00 | % | ||||||||
Risk-free interest rate
|
2.18 | % | 2.45 | % | 2.18 | % | 2.50 | % | ||||||||
Expected dividend yield
|
0.86 | % | 1.31 | % | 0.86 | % | 1.53 | % | ||||||||
Expected life (in years)
|
4.94 | 5.04 | 4.94 | 5.18 | ||||||||||||
Weighted-average estimated value
|
$ | 13.93 | $ | 9.39 | $ | 13.93 | $ | 8.19 |
Weighted Avg. | ||||||||||||||||
Remaining | Aggregate | |||||||||||||||
Number of | Weighted Avg. | Contractual | Intrinsic | |||||||||||||
(In thousands, except per share amounts) | Options | Exercise Price | Life In Years | Value | ||||||||||||
Options outstanding, December 31, 2010
|
6,234 | $ | 23.09 | 6.21 | $ | 81,561 | ||||||||||
Options granted
|
5 | $ | 41.92 | |||||||||||||
Options cancelled/forfeited
|
(40 | ) | $ | 25.15 | ||||||||||||
Options exercised
|
(1,719 | ) | $ | 19.39 | ||||||||||||
|
||||||||||||||||
Options outstanding, June 30, 2011
|
4,480 | $ | 24.51 | 6.59 | $ | 63,635 | ||||||||||
|
||||||||||||||||
Options exercisable, June 30, 2011
|
2,256 | $ | 23.22 | 4.85 | $ | 34,947 | ||||||||||
|
Weighted | ||||||||
Average | ||||||||
Number of | Grant Date | |||||||
(In thousands, except per share amounts) | Shares | Fair Value | ||||||
RSUs and restricted stock outstanding, December 31, 2010
|
87 | $ | 28.46 | |||||
RSUs and restricted stock granted
|
— | $ | — | |||||
RSUs and restricted stock vested
|
— | $ | — | |||||
RSUs and restricted stock cancelled/forfeited
|
— | $ | — | |||||
|
||||||||
Unvested RSUs and restricted stock, June 30, 2011
|
87 | $ | 28.46 | |||||
|
|
Amortized | Gross Unrealized | Carrying | ||||||||||||||
(In thousands) | Cost | Gains | Losses | Value | ||||||||||||
|
||||||||||||||||
Deferred compensation plan assets
|
$ | 6,438 | $ | 351 | $ | — | $ | 6,789 | ||||||||
Corporate bonds
|
200,280 | 971 | (362 | ) | 200,889 | |||||||||||
Municipal fixed-rate bonds
|
117,262 | 597 | (5 | ) | 117,854 | |||||||||||
Municipal variable rate demand notes
|
94,870 | — | — | 94,870 | ||||||||||||
Fixed income bond fund
|
526 | 225 | — | 751 | ||||||||||||
Marketable equity securities
|
12,119 | 27,516 | (212 | ) | 39,423 | |||||||||||
|
||||||||||||||||
Available-for-sale securities held at fair value
|
$ | 431,495 | $ | 29,660 | $ | (579 | ) | $ | 460,576 | |||||||
|
||||||||||||||||
Restricted investment held at cost
|
48,250 | |||||||||||||||
Other investments held at cost
|
2,296 | |||||||||||||||
|
||||||||||||||||
Total carrying value of available-for-sale investments
|
$ | 511,122 | ||||||||||||||
|
Amortized | Gross Unrealized | Carrying | ||||||||||||||
(In thousands) | Cost | Gains | Losses | Value | ||||||||||||
|
||||||||||||||||
Deferred compensation plan assets
|
$ | 3,483 | $ | 770 | $ | (7 | ) | $ | 4,246 | |||||||
Corporate bonds
|
126,671 | 630 | (229 | ) | 127,072 | |||||||||||
Municipal fixed-rate bonds
|
71,212 | 268 | (13 | ) | 71,467 | |||||||||||
Municipal variable rate demand notes
|
116,745 | — | — | 116,745 | ||||||||||||
Fixed income bond fund
|
526 | 220 | — | 746 | ||||||||||||
Marketable equity securities
|
11,486 | 36,657 | (133 | ) | 48,010 | |||||||||||
|
||||||||||||||||
Available-for-sale securities held at fair value
|
$ | 330,123 | $ | 38,545 | $ | (382 | ) | $ | 368,286 | |||||||
|
||||||||||||||||
Restricted investment held at cost
|
48,250 | |||||||||||||||
Other investments held at cost
|
2,103 | |||||||||||||||
|
||||||||||||||||
Total carrying value of available-for-sale investments
|
$ | 418,639 | ||||||||||||||
|
Fair Value Measurements at June 30, 2011 Using | ||||||||||||||||
Quoted Prices | ||||||||||||||||
in Active | Significant | |||||||||||||||
Market for | Other | Significant | ||||||||||||||
Identical | Observable | Unobservable | ||||||||||||||
Assets | Inputs | Inputs | ||||||||||||||
(In thousands) | Fair Value | (Level 1) | (Level 2) | (Level 3) | ||||||||||||
Cash equivalents
|
||||||||||||||||
Money market funds
|
$ | 10,737 | $ | 10,737 | $ | — | $ | — | ||||||||
|
||||||||||||||||
|
||||||||||||||||
Available-for-sale securities
|
||||||||||||||||
Deferred compensation plan assets
|
6,789 | 6,789 | — | — | ||||||||||||
Available-for-sale debt securities
|
||||||||||||||||
Corporate bonds
|
200,889 | — | 200,889 | — | ||||||||||||
Municipal fixed-rate bonds
|
117,854 | — | 117,854 | — | ||||||||||||
Municipal variable rate demand notes
|
94,870 | — | 94,870 | — | ||||||||||||
Fixed income bond fund
|
751 | 751 | — | — | ||||||||||||
Available-for-sale marketable equity
securities
|
||||||||||||||||
Equity securities — technology industry
|
25,591 | 25,591 | — | — | ||||||||||||
Equity securities — other
|
13,832 | 13,832 | — | — | ||||||||||||
|
||||||||||||||||
Available-for-sale securities
|
460,576 | 46,963 | 413,613 | — | ||||||||||||
|
||||||||||||||||
Total
|
$ | 471,313 | $ | 57,700 | $ | 413,613 | $ | — | ||||||||
|
Fair Value Measurements at December 31, 2010 Using | ||||||||||||||||
Quoted Prices | ||||||||||||||||
in Active | Significant | |||||||||||||||
Market for | Other | Significant | ||||||||||||||
Identical | Observable | Unobservable | ||||||||||||||
Assets | Inputs | Inputs | ||||||||||||||
(In thousands) | Fair Value | (Level 1) | (Level 2) | (Level 3) | ||||||||||||
Cash equivalents
|
||||||||||||||||
Money market funds
|
$ | 14,532 | $ | 14,532 | $ | — | $ | — | ||||||||
|
||||||||||||||||
|
||||||||||||||||
Available-for-sale securities
|
||||||||||||||||
Deferred compensation plan assets
|
4,246 | 4,246 | — | — | ||||||||||||
Available-for-sale debt securities
|
||||||||||||||||
Corporate bonds
|
127,072 | — | 127,072 | — | ||||||||||||
Municipal fixed-rate bonds
|
71,467 | — | 71,467 | — | ||||||||||||
Municipal variable rate demand notes
|
116,745 | — | 116,745 | — | ||||||||||||
Fixed income bond fund
|
746 | 746 | — | — | ||||||||||||
Available-for-sale marketable equity
securities
|
||||||||||||||||
Equity securities — technology industry
|
35,596 | 35,596 | — | — | ||||||||||||
Equity securities — other
|
12,414 | 12,414 | — | — | ||||||||||||
|
||||||||||||||||
Available-for-sale securities
|
368,286 | 53,002 | 315,284 | — | ||||||||||||
|
||||||||||||||||
Total
|
$ | 382,818 | $ | 67,534 | $ | 315,284 | $ | — | ||||||||
|
|
June 30, | December 31, | |||||||
(In thousands) | 2011 | 2010 | ||||||
Raw materials
|
$ | 44,177 | $ | 43,897 | ||||
Work in process
|
6,327 | 2,871 | ||||||
Finished goods
|
36,172 | 27,506 | ||||||
|
||||||||
Total
|
$ | 86,676 | $ | 74,274 | ||||
|
|
Stockholders’ | ||||
(In thousands) | Equity | |||
Balance, December 31, 2010
|
$ | 572,322 | ||
Net income
|
71,201 | |||
Dividend payments
|
(11,596 | ) | ||
Dividends accrued for unvested restricted stock units
|
(19 | ) | ||
Net change in unrealized gains and losses on marketable securities (net of deferred taxes)
|
(5,791 | ) | ||
Reclassification adjustment for amounts included in net income (net of deferred taxes)
|
(395 | ) | ||
Foreign currency translation adjustment
|
456 | |||
Proceeds from stock option exercises
|
33,022 | |||
Tax benefits from stock option exercises
|
10,318 | |||
Stock-based compensation expense
|
4,165 | |||
|
||||
Balance, June 30, 2011
|
$ | 673,683 | ||
|
Record Date | Payment Date | Per Share Amount | Total Dividend Paid | |||||||
|
||||||||||
February 3, 2011
|
February 17, 2011 | $ | 0.09 | $ | 5,775 | |||||
April 28, 2011
|
May 12, 2011 | $ | 0.09 | $ | 5,821 |
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
(In thousands) | 2011 | 2010 | 2011 | 2010 | ||||||||||||
|
||||||||||||||||
Net income
|
$ | 36,943 | $ | 27,751 | $ | 71,201 | $ | 45,945 | ||||||||
Net change in unrealized gains and
losses related to marketable
securities, net of deferred tax
benefit of $2,029 and $3,404 for the
three months ended June 30, 2011 and
2010, respectively, and $2,702 and
$631 for the six months ended June 30,
2011 and 2010, respectively
|
(3,140 | ) | (5,678 | ) | (5,791 | ) | (1,056 | ) | ||||||||
Reclassification adjustment for
amounts included in net income, net of
deferred tax benefit of $146 and $96
for the three months ended June 30,
2011 and 2010, respectively, and $186
and $127 for the six months ended June
30, 2011 and 2010, respectively
|
(236 | ) | (160 | ) | (395 | ) | (212 | ) | ||||||||
Foreign currency translation adjustment
|
369 | (770 | ) | 456 | (602 | ) | ||||||||||
|
||||||||||||||||
Total comprehensive income
|
$ | 33,936 | $ | 21,143 | $ | 65,471 | $ | 44,075 | ||||||||
|
|
Three Months Ended | ||||||||||||||||
June 30, 2011 | June 30, 2010 | |||||||||||||||
(In thousands) | Sales | Gross Profit | Sales | Gross Profit | ||||||||||||
Carrier Networks
|
$ | 150,492 | $ | 87,465 | $ | 117,579 | $ | 70,273 | ||||||||
Enterprise Networks
|
33,735 | 19,362 | 32,782 | 19,056 | ||||||||||||
|
||||||||||||||||
Total
|
$ | 184,227 | $ | 106,827 | $ | 150,361 | $ | 89,329 | ||||||||
|
Six Months Ended | ||||||||||||||||
June 30, 2011 | June 30, 2010 | |||||||||||||||
(In thousands) | Sales | Gross Profit | Sales | Gross Profit | ||||||||||||
Carrier Networks
|
$ | 282,852 | $ | 166,963 | $ | 217,103 | $ | 129,539 | ||||||||
Enterprise Networks
|
66,897 | 38,659 | 60,285 | 35,118 | ||||||||||||
|
||||||||||||||||
Total
|
$ | 349,749 | $ | 205,622 | $ | 277,388 | $ | 164,657 | ||||||||
|
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
(In thousands) | 2011 | 2010 | 2011 | 2010 | ||||||||||||
Carrier Systems
|
$ | 112,289 | $ | 73,148 | $ | 199,039 | $ | 131,241 | ||||||||
Business Networking
|
35,699 | 32,165 | 72,062 | 58,622 | ||||||||||||
Loop Access
|
36,239 | 45,048 | 78,648 | 87,525 | ||||||||||||
|
||||||||||||||||
Total
|
$ | 184,227 | $ | 150,361 | $ | 349,749 | $ | 277,388 | ||||||||
|
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
(In thousands) | 2011 | 2010 | 2011 | 2010 | ||||||||||||
|
||||||||||||||||
Growth Products
|
||||||||||||||||
Broadband Access (included in Carrier Systems)
|
$ | 77,062 | $ | 44,971 | $ | 128,844 | $ | 81,333 | ||||||||
Optical Access (included in Carrier Systems)
|
22,008 | 16,128 | 42,924 | 27,387 | ||||||||||||
Internetworking (NetVanta & Multi-service Access
Gateways) (included in Business Networking)
|
33,029 | 27,902 | 65,912 | 50,085 | ||||||||||||
|
||||||||||||||||
Total
|
132,099 | 89,001 | 237,680 | 158,805 | ||||||||||||
|
||||||||||||||||
Traditional Products
|
||||||||||||||||
HDSL (does not include T1) (included in Loop Access)
|
34,049 | 42,174 | 74,994 | 82,104 | ||||||||||||
Other products (excluding HDSL)
|
18,079 | 19,186 | 37,075 | 36,479 | ||||||||||||
|
||||||||||||||||
Total
|
52,128 | 61,360 | 112,069 | 118,583 | ||||||||||||
|
||||||||||||||||
|
||||||||||||||||
Total
|
$ | 184,227 | $ | 150,361 | $ | 349,749 | $ | 277,388 | ||||||||
|
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
(In thousands) | 2011 | 2010 | 2011 | 2010 | ||||||||||||
United States
|
$ | 160,804 | $ | 142,046 | $ | 313,917 | $ | 262,346 | ||||||||
International
|
23,423 | 8,315 | 35,832 | 15,042 | ||||||||||||
|
||||||||||||||||
Total
|
$ | 184,227 | $ | 150,361 | $ | 349,749 | $ | 277,388 | ||||||||
|
|
Six Months Ended June 30, | ||||||||
(In thousands) | 2011 | 2010 | ||||||
Balance at beginning of period
|
$ | 3,304 | $ | 2,833 | ||||
Plus: Amounts charged to cost and expenses
|
1,525 | 1,377 | ||||||
Less: Deductions
|
(1,183 | ) | (1,050 | ) | ||||
|
||||||||
Balance at end of period
|
$ | 3,646 | $ | 3,160 | ||||
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