We continue to focus on delivering innovative light based systems and products to our customers in order to drive revenue and earnings growth. Results of operations
The following table contains selected income statement information, which serves as the basis of the discussion of our results of operations for the three and six months ended June 30, 2006 and 2005, respectively (in thousands, except for percentages):
Three Months Ended June 30,
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2006 2005
------------------------- ----------------------- Change
As a % of As a % of
Total Total
Amount Revenue Amount Revenue $ %
------------ ------------ ---------- ------------ ----------- ----------
Revenues
Product revenues $ 21,617 59 % $ 15,781 87 % $ 5,836 37 %
Royalty revenues 14,152 39 % 1,130 6 % 13,022 1,152 %
Funded product development
revenues 888 2 % 1,312 7 % (424 ) (32 %)
------------ ------------ ---------- ------------ -----------
Total revenues 36,657 100 % 18,223 100 % 18,434 101 %
------------ ------------ ---------- ------------ -----------
Cost and expenses (income)
Cost of product revenues 6,338 17 % 5,236 29 % 1,102 21 %
Cost of royalty revenues 5,661 15 % 452 2 % 5,209 1,152 %
Research & development 3,805 10 % 2,870 16 % 935 33 %
Selling & marketing 5,751 16 % 4,353 24 % 1,398 32 %
General & administrative (1,171 ) -3 % 1,470 8 % (2,641 ) (180 %)
------------ ------------ ---------- ------------ -----------
Total cost & expenses 20,384 56 % 14,381 79 % 6,003 42 %
------------ ------------ ---------- ------------ -----------
Income from operations 16,273 44 % 3,842 21 % 12,431 324 %
Interest income 1,868 5 % 248 1 % 1,620 653 %
------------ ------------ ---------- ------------ -----------
Income before income taxes 18,141 49 % 4,090 22 % 14,051 344 %
Provision for income taxes 774 2 % 82 0 % 692 844 %
------------ ------------ ---------- ------------ -----------
Net income $ 17,367 47 % $ 4,008 22 % $ 13,359 333 %
------------ ------------ ---------- ------------ -----------
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The following table contains selected income statement information, which serves as the basis of the discussion of our results of operations for the three and six months ended June 30, 2006 and 2005, respectively (in thousands, except for percentages):
Three Months Ended June 30,
-------------------------------------------------
2006 2005
------------------------- ----------------------- Change
As a % of As a % of
Total Total
Amount Revenue Amount Revenue $ %
------------ ------------ ---------- ------------ ----------- ----------
Revenues
Product revenues $ 21,617 59 % $ 15,781 87 % $ 5,836 37 %
Royalty revenues 14,152 39 % 1,130 6 % 13,022 1,152 %
Funded product development
revenues 888 2 % 1,312 7 % (424 ) (32 %)
------------ ------------ ---------- ------------ -----------
Total revenues 36,657 100 % 18,223 100 % 18,434 101 %
------------ ------------ ---------- ------------ -----------
Cost and expenses (income)
Cost of product revenues 6,338 17 % 5,236 29 % 1,102 21 %
Cost of royalty revenues 5,661 15 % 452 2 % 5,209 1,152 %
Research & development 3,805 10 % 2,870 16 % 935 33 %
Selling & marketing 5,751 16 % 4,353 24 % 1,398 32 %
General & administrative (1,171 ) -3 % 1,470 8 % (2,641 ) (180 %)
------------ ------------ ---------- ------------ -----------
Total cost & expenses 20,384 56 % 14,381 79 % 6,003 42 %
------------ ------------ ---------- ------------ -----------
Income from operations 16,273 44 % 3,842 21 % 12,431 324 %
Interest income 1,868 5 % 248 1 % 1,620 653 %
------------ ------------ ---------- ------------ -----------
Income before income taxes 18,141 49 % 4,090 22 % 14,051 344 %
Provision for income taxes 774 2 % 82 0 % 692 844 %
------------ ------------ ---------- ------------ -----------
Net income $ 17,367 47 % $ 4,008 22 % $ 13,359 333 %
------------ ------------ ---------- ------------ -----------
15
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