SOURCE: Tekelec

Tekelec

February 10, 2011 06:00 ET

Tekelec Announces 2010 Operating Results

-- 2010 Revenues of $424.0 Million;

-- 2010 Orders of $388.3 Million;

-- 2010 GAAP Gross Margin of 60%, and Non-GAAP Gross Margin of 65% (as reconciled below);

-- 2010 GAAP Operating Margin of 5%, and Non-GAAP Operating Margin of 15% (as reconciled below);

-- 2010 GAAP Diluted EPS of $0.22 per Share, and Non-GAAP Diluted EPS of $0.64 per Share (as reconciled below);

MORRISVILLE, NC--(Marketwire - February 10, 2011) - Tekelec (NASDAQ: TKLC), the broadband data management company, today announced earnings for the fourth quarter and full year 2010.

2010 Fourth Quarter Results from Operations

Revenue for the fourth quarter of 2010 was $90.2 million, down 27% compared to $123.5 million for the fourth quarter of 2009. The Company's orders were $178.4 million for the quarter, up 10% from the fourth quarter of 2009. Fourth quarter orders were the second highest in the Company's history. Order input was up primarily due to a 16% year over year increase in SS7 and Sigtran orders for Eagle 5 with most of the growth occurring within North America. Included in the fourth quarter of 2010 is a $26 million dollar order from a North American customer for its 2011 Eagle 5 needs that we do not expect to repeat. As of December 31, 2010, backlog was $338.8 million compared to $253.6 million as of September 30, 2010 and $373.6 million as of December 31, 2009.

GAAP gross margins for the fourth quarter of 2010 were 54%, compared to 67% in the fourth quarter of 2009. Non-GAAP gross margins for the fourth quarter of 2010 were 61%, compared to 69% for the fourth quarter of 2009. Please refer to the attached reconciliations of the non-GAAP financial measures referred to in this release to the most directly comparable GAAP measures.

On a GAAP basis, the Company reported a net loss for the fourth quarter of 2010 of $8.0 million, or ($0.12) per share, compared to earnings in the fourth quarter of 2009 of $15.9 million, or $0.23 per diluted share. GAAP operating margins were a negative 15% for the fourth quarter of 2010 down from 18% for the fourth quarter of 2009.

On a non-GAAP basis, the Company reported a net loss for the fourth quarter of 2010 of $1.2 million, or ($0.02) per share, compared to net income of $19.4 million, or $0.28 per diluted share, for the fourth quarter of 2009. Non-GAAP operating margins for the fourth quarter of 2010 were a negative 2%, compared to 25% for the fourth quarter of 2009.

2010 Results

Revenue for 2010 was $424.0 million, down 10% compared to $469.3 million in 2009. The Company's orders were $388.3 million, down 10% compared to $429.8 million in 2009. Growth in 2010 revenues and orders for next gen solutions were not able to offset the double digit declines in Eagle 5 revenues and orders.

On a GAAP basis, the Company reported 2010 net income of $15.0 million, or $0.22 per diluted share, compared to $47.4 million, or $0.70 per diluted share in 2009. GAAP operating margins were 5% and 17% for 2010 and 2009, respectively.

On a non-GAAP basis, net income for 2010 was $44.3 million, or $0.64 per diluted share, compared to $70.4 million, or $1.04 per diluted share, for 2009. Non-GAAP operating margins for 2010 were 15% compared to 23% in 2009.

2010 Business Highlights

--  Orders for next gen solutions increased 20% from 2009 levels to $106
    million for 2010 on the strength of orders for policy and subscriber
    data management solutions.
--  Next gen solution revenues increased 28% for the year compared to 2009
    on the strength of revenues from our policy and subscriber data
    management solutions, consistent with the orders increase.
--  Continued to expand our customer base by adding 28 new customers in
    2010, including 16 that purchased next gen solutions.
--  Increased the number of policy customers to 44 customers in 27
    countries; 32 of these customers are tier one.
--  Added 7 new subscriber data management customers since the acquisition
    of Blueslice -- including 3 tier one customers who serve 190 million
    subscribers.
--  Orders for policy and subscriber data management solutions were
    approximately $40 million for 2010, doubling our initial expectations
    at the time of the acquisitions of Camiant and Blueslice.
--  Ended the year with a strong balance sheet with over $220 million
    dollars in cash and no debt.

Balance Sheet and Liquidity

As of December 31, 2010, the Company's consolidated cash and cash equivalents totaled $220.9 million compared to cash and cash equivalents of $222.7 million at September 30, 2010. Cash flows from operations in 2010 were $22.6 million, compared to $55.1 million in 2009. Working capital at December 31, 2010 decreased to $286.9 million from $297.1 million at September 30, 2010.

2011 Full Year Guidance

We believe that full year 2011 revenues will range between $360 million and $400 million and non-GAAP gross margins will be in the low sixty percent range. Finally, we believe that our non-GAAP EPS range will be between $0.20 and $0.30 per diluted share and we expect the range for GAAP EPS will be between a loss of $0.15 and a loss of $0.25 per diluted share.

                                                               2011
                                                             Guidance
                                                        ------------------

Revenues                                                $    360M - $ 400M

Non-GAAP Gross Margin*                                         low 60's

Non-GAAP Diluted EPS **                                 $    0.20 - $ 0.30

GAAP Diluted EPS                                        ($ 0.25) - ($ 0.15)


* Of the adjustments listed below, approximately $2M of stock-based
compensation and $23M of amortization of intangibles will impact GAAP
gross margins.

** Non-GAAP guidance excludes an estimated $13M of stock-based
compensation, $30M of amortization of intangible assets, and $3M of
restructuring charges associated with the resignation of the former Chief
Executive Officer.  Each of these, net of the associated tax impact, are
included in GAAP EPS. The estimated net tax impact of the GAAP adjustments
is $14M.

"Live" Webcast and Replay

Tekelec will host a live webcast of its conference call on Thursday, February 10, 2011, at 8:00 a.m. EST to discuss 2010 results and certain forward-looking information concerning management's outlook for the business. To access the webcast, visit Tekelec's web site located at www.tekelec.com, enter the Investor Relations section and click on the webcast icon. A webcast replay will be available at approximately 11:00 a.m. EST on Thursday, February 10, 2011, and for 90 days thereafter. The Company also plans to provide on its web site immediately prior to the commencement of the call certain GAAP and non-GAAP information (including GAAP to non-GAAP reconciliations) and other financial information for the quarterly and full year periods.

Telephone Replay

A telephone replay of the call will also be available for one week after the live webcast by calling either (800) 642-1687 or (706) 645-9291, and entering the conference ID #39097158.

Non-GAAP Information

Certain non-GAAP financial measures are included in this press release. In the calculation of these measures, Tekelec generally excludes certain items such as amortization of acquired intangibles, restructuring and other charges, non-cash stock-based compensation charges, and unusual, non-recurring gains and charges. Tekelec believes that excluding such items provides investors and management with a representation of the Company's core operating performance and with information useful in assessing its prospects for the future and underlying trends in Tekelec's operating expenditures and continuing operations. Management uses such non-GAAP measures to (i) evaluate financial results, (ii) manage the Company's operations, and (iii) establish operational goals. Further, non-GAAP measures are utilized by the Company's management and board of directors to assist in determining incentive compensation and evaluating key trends within the business. In addition, since the Company has historically reported non-GAAP measures to the investment community, the Company believes the inclusion of this information provides consistency in our financial reporting. The release and the attachments to this release provide a reconciliation of each of the non-GAAP measures referred to in this release to the most directly comparable GAAP measure. The non-GAAP financial measures are not meant to be considered a substitute for the corresponding GAAP financial measures.

Forward-Looking Statements

Certain statements made in this press release, including 2011 Guidance, are forward-looking, reflect the Company's current intent, belief or expectations and involve certain risks and uncertainties. The Company's actual future performance may differ materially from such expectations as a result of important risk factors, which include, in addition to those identified in the Company's 2009 Form 10-K, 2010 First, Second, and Third Quarter Forms 10-Q and its other filings with the Securities and Exchange Commission, the effects on our revenue performance of our year-over-year decline in orders in 2010 and the increasing portion of our orders that are for newer products with longer order-to-revenue conversion cycles; our increasing dependence on selling next generation products with which we have less experience forecasting and for which the markets are less mature and more subject to demand and technology changes; the difficulty we may have in transitioning from a hardware-centric to a software-centric business; the uncertainty associated with the resignation of our former CEO and the interim status of our current CEO; any adverse outcome from or effects of the securities litigations we currently have filed against us; the current or further detrimental changes in general economic, social, or political conditions in the countries in which we operate including the impact of credit availability and other economic factors on overall capital spending by our customers and resulting pressure on us to lower our prices; the rate and size of decline in demand for our older SS7-based products from which we still derive a substantial portion of our revenues; our ability to compete with other manufacturers that have lower cost bases than ours, are partially supported by foreign governments, and/or employ unfair trade practices; risks related to our international sales, markets and operations, including among others, import regulations, limited intellectual property protection, including protection of our software source code, increased costs and potential liabilities related to compliance with current and future security provisions in customer contracts and regulations, and security, access, and other regulatory requirements imposed by governments, including in particular the government of India; exposure to increased bad debt expense and product and service disputes as a result of general economic conditions; the timeliness and functional competitiveness of our product releases, the timing and size of any increase in demand for our performance management, SIP, Diameter, policy and subscriber database products; the risk of infringing on, and litigating with others regarding their, intellectual property rights; the timing of our recognition of revenues; the extent to which any customer outsourcing to our competitors or supplier consolidation increases the influence of competitors on our customers' purchases; our ability to protect intellectual property rights; our ability to maintain OEM, partner, reseller, and vendor support and supply relationships; and changes in the market price of the Company's common stock. The Company undertakes no obligation to publicly update any forward-looking statements whether as a result of new information, future events or otherwise.

About Tekelec

Tekelec enables billions of people and devices to talk, text, and access the Web. Our portfolio delivers a unique layer of intelligence allowing service providers to both manage and monetize the exponential growth in data traffic and applications. Tekelec has more than 25 offices around the world serving customers in more than 100 countries. For more information, please visit www.tekelec.com.

                                  TEKELEC
        UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

                                    Three Months Ended      Years Ended
                                       December 31,        December 31,
                                    --------------------------------------
                                      2010      2009      2010      2009
                                    --------  --------  --------  --------
                                      (Thousands, except per share data)
                                    --------------------------------------

Revenues                            $ 90,160  $123,506  $423,963  $469,261
Cost of sales:
   Cost of goods sold                 35,609    38,640   151,572   152,417
   Amortization of intangible assets   6,126     1,605    19,220     6,204
                                    --------  --------  --------  --------
      Total cost of sales             41,735    40,245   170,792   158,621
                                    --------  --------  --------  --------
      Gross profit                    48,425    83,261   253,171   310,640
                                    --------  --------  --------  --------
Operating expenses:
   Research and development           23,681    24,734    92,347   100,337
   Sales and marketing                22,588    17,070    78,446    68,644
   General and administrative         13,486    15,718    52,662    56,006
   Amortization of intangible assets   1,768       261     4,632     1,221
   Acquisition-related expenses          103         -     2,994         -
    Restructuring and other                -     2,984         -     2,984
                                    --------  --------  --------  --------
      Total operating expenses        61,626    60,767   231,081   229,192
                                    --------  --------  --------  --------
Income (loss) from operations        (13,201)   22,494    22,090    81,448
Other income (expense), net             (384)   (1,468)   (3,316)  (14,755)
Income (loss) from operations
 before provision for (benefit      --------  --------  --------  --------
 from) income taxes                  (13,585)   21,026    18,774    66,693
Provision for (benefit from) income
 taxes                                (5,588)    5,143     3,765    19,291
                                    --------  --------  --------  --------
Net income (loss)                   $ (7,997) $ 15,883  $ 15,009  $ 47,402
                                    ========  ========  ========  ========

Earnings (loss) per share:
   Basic                            $  (0.12) $   0.24  $   0.22  $   0.71
   Diluted                             (0.12)     0.23      0.22      0.70

Weighted average number of shares
 outstanding:
   Basic                              68,599    67,355    68,284    66,900
   Diluted                            68,599    68,208    68,905    67,651




                                  TEKELEC
              UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

                                                           December 31,
                                                        -------------------
                                                          2010      2009
                                                        --------  ---------
                                                        (Thousands, except
                                                            share data)
                         ASSETS
Current assets:
    Cash and cash equivalents                           $220,938  $ 277,259
    Trading securities, at fair value                          -     81,788
    Put right, at fair value                                   -     11,069
    Accounts receivable, net                             165,019    157,369
    Inventories                                           28,221     23,353
    Income taxes receivable                                3,098      1,617
    Deferred income taxes, current                        19,906     66,758
    Deferred costs and prepaid commissions                43,652     56,645
    Prepaid expenses                                       8,527      7,007
    Other current assets                                   3,687      1,943
                                                        --------  ---------
        Total current assets                             493,048    684,808
Property and equipment, net                               37,169     35,267
Deferred income taxes, net, noncurrent                    72,854     39,153
Other assets                                               1,507      1,661
Goodwill                                                 135,564     42,102
Intangible assets, net                                    92,245     31,017
                                                        --------  ---------
        Total assets                                    $832,387  $ 834,008
                                                        ========  =========

          LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities:
    Accounts payable                                    $ 17,823  $  28,114
    Accrued expenses                                      20,344     25,372
    Accrued compensation and related expenses             22,680     40,980
    Current portion of deferred revenues                 145,291    149,065
                                                        --------  ---------
        Total current liabilities                        206,138    243,531
Deferred income taxes, noncurrent                          7,430      5,477
Long-term portion of deferred revenues                     6,812      5,590
Other long-term liabilities                                5,422      4,863
                                                        --------  ---------
        Total liabilities                                225,802    259,461
                                                        --------  ---------
Commitments and Contingencies
Shareholders' equity:
    Common stock, without par value, 200,000,000 shares
     authorized; 68,617,232 and 67,382,600 shares issued
     and outstanding, respectively                       351,309    330,909
    Retained earnings                                    256,829    241,820
    Accumulated other comprehensive income                (1,553)     1,818
                                                        --------  ---------
        Total shareholders' equity                       606,585    574,547
                                                        --------  ---------
        Total liabilities and shareholders' equity      $832,387  $ 834,008
                                                        ========  =========




                                  TEKELEC
        UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

                                                           Years Ended
                                                           December 31,
                                                        ------------------
                                                          2010      2009
                                                        --------  --------
                                                            (Thousands)
Cash flows from operating activities:
Net income                                              $ 15,009  $ 47,402
Adjustments to reconcile net income to net cash
 provided by operating activities:
    Impairment of investment in privately-held company         -    13,587
    Gain (loss) on investments carried at fair value, net   (118)   (1,846)
    Provision for doubtful accounts and returns            2,710     2,228
    Provision for (reduction of) warranty                 (1,639)    3,875
    Inventory write downs                                  4,528     6,165
    Loss on disposals of fixed assets                        121       147
    Depreciation                                          16,453    18,105
    Amortization of intangibles                           23,852     7,425
    Amortization of deferred financing costs and other       698       748
    Deferred income taxes                                  1,252     8,035
    Stock-based compensation                              12,525    13,537
    Excess tax benefits from stock-based compensation       (873)     (840)
    Changes in operating assets and liabilities (net of
     acquisitions and dispositions):
        Accounts receivable                               (6,277)   13,723
        Inventories                                       (8,979)   (5,752)
        Deferred costs                                    14,175       819
        Prepaid expenses                                  (1,728)    1,424
        Other current assets                                 912      (246)
        Accounts payable                                 (16,486)    2,545
        Accrued expenses                                  (3,926)   (9,498)
        Accrued compensation and related expenses        (19,291)     (249)
        Deferred revenues                                 (8,801)  (56,561)
        Income taxes receivable                           (2,049)   (1,796)
        Income taxes payable                                 541    (7,883)
                                                        --------  --------
            Total adjustments                              7,600     7,692
                                                        --------  --------
            Net cash provided by operating activities -
             continuing operations                        22,609    55,094
            Net cash used in operating activities -
             discontinued operations                           -      (184)
                                                        --------  --------
            Net cash provided by operating activities     22,609    54,910
                                                        --------  --------

Cash flows from investing activities:
    Proceeds from sales and maturities of investments     92,975    23,635
    Purchase of acquired business, net of cash acquired (161,953)        -
    Purchases of property and equipment                  (17,659)  (18,720)
                                                        --------  --------
            Net cash provided by (used in) investing
             activities                                  (86,637)    4,915
                                                        --------  --------

Cash flows from financing activities:
    Proceeds from issuance of common stock                10,950     9,886
    Cash used to net share settle equity awards           (3,075)   (2,289)
    Excess tax benefits from stock-based compensation        873       840
                                                        --------  --------
            Net cash provided by financing activities      8,748     8,437
                                                        --------  --------

Effect of exchange rate changes on cash                   (1,041)     (444)
                                                        --------  --------
            Net increase (decrease) in cash and cash
             equivalents                                 (56,321)   67,818
Cash and cash equivalents at beginning of the year       277,259   209,441
                                                        --------  --------
Cash and cash equivalents at end of the year            $220,938  $277,259
                                                        ========  ========




                                  TEKELEC
      RECONCILIATIONS OF SELECTED GAAP MEASURES TO NON-GAAP MEASURES
          for the Three Months Ended December 31, 2010 and 2009


                                            2010               2009
                                      -----------------  -----------------
                                                 % of                % of
                                       Amount  revenues   Amount   revenues
                                      --------  -------  --------  -------
                                         (Thousands, except percentages)
Gross margins                         $ 48,425       54% $ 83,261       67%
   Adjustments:
   Amortization of intangible
    assets(1)                            6,126        7%    1,605        1%
   Stock-Based Compensation (2)            278        0%      265        0%
   Acquisition related cash bonus(3)        53        0%        -        0%
                                      --------  -------  --------  -------
Non-GAAP gross margins                $ 54,882       61% $ 85,131       69%
                                      ========  =======  ========  =======

                                            2010               2009
                                      -----------------  -----------------
                                                 % of                % of
                                       Amount  revenues   Amount   revenues
                                      --------  -------  --------  -------
                                         (Thousands, except percentages)
Operating margins                     $(13,201)     -15% $ 22,494       18%
   Adjustments:
   Amortization of intangible
    assets(1)                            7,894        9%    1,866        2%
   Stock-Based Compensation (2)          2,611        3%    3,262        3%
   Acquisition related cash bonus(3)       615        1%      220        0%
   Acquisiton related
    expenses-other(4)                      103        0%        -        -
   Restructuring and other(5)                -        -     2,984        2%
                                      --------  -------  --------  -------
Non-GAAP operating margin (loss)      $ (1,978)      -2% $ 30,826       25%
                                      ========  =======  ========  =======

                                            2010               2009
                                      -----------------  -----------------
                                                 per                 per
                                               diluted             diluted
                                       Amount   share     Amount    share
                                      --------  -------  --------  -------
                                       (Thousands, except per share data)
Net income (loss)                     $ (7,997) $ (0.12) $ 15,883  $  0.23
   Adjustments:
   Amortization of intangible
    assets(1)                            7,894     0.12     1,866     0.03
   Stock-Based Compensation (2)          2,611     0.04     3,262     0.05
   Acquisition related cash bonus(3)       615     0.01       220     0.00
   Acquisiton related
    expenses-other(4)                      103     0.00         -        -
   Restructuring and other(5)                -        -     2,984     0.04
   Provision for (benefit from)
    income taxes (6)                    (4,407)   (0.06)   (4,839)   (0.07)
                                      --------  -------  --------  -------
Non-GAAP net income (loss)            $ (1,181) $ (0.02) $ 19,376  $  0.28
                                      ========  =======  ========  =======

Weighted average number of shares
 outstanding:
   Basic                                         68,599             67,355
   Diluted                                       68,599             68,208

(1) The adjustments represent the amortization of purchased technology
and other intangibles related to acquired companies.

(2) The adjustments represent stock-based compensation expense recognized
related to awards of stock options, restricted stock or restricted stock
units or stock appreciation rights granted under our equity incentive
plans and stock purchase rights granted under our employee stock
purchase plan.

(3) The adjustment represents: (i) consideration payable to former Camiant
employees for options not assumed in the merger; (ii) bonuses for certain
Blueslice employees contingent upon their continued employment and the
achievement of individual integration related milestones and (iii)
consideration payable to Estacado that is contingent upon the continued
employment of certain former Estacado employees by Tekelec.

(4) The adjustment represents non-recurring employee related costs
associated with our acquisitions of Camiant and Blueslice.

(5) The adjustment represents the elimination of the costs associated
with our restructuring activities.

(6) The adjustment represents the income tax effect of footnotes (1),(2),
(3), (4) and (5) in order to reflect our non-GAAP effective tax rate
of 50% and 34% for 2010 and 2009, respectively.




                                  TEKELEC
      RECONCILIATIONS OF SELECTED GAAP MEASURES TO NON-GAAP MEASURES
              for the Years Ended December 31, 2010 and 2009


                                            2010               2009
                                      -----------------  -----------------
                                                  % of              % of
                                       Amount   revenues   Amount  revenues
                                      --------  -------  --------  -------
                                         (Thousands, except percentages)
Gross margins                         $253,171       60% $310,640       66%
   Adjustments:
   Amortization of intangible
    assets(1)                           19,220        5%    6,204        1%
   Stock-Based Compensation (2)          1,326        0%    1,050        0%
   Acquisition related cash bonus(3)       230        0%        -        0%
                                      --------  -------  --------  -------
Non-GAAP gross margins                $273,947       65% $317,894       68%
                                      ========  =======  ========  =======

                                            2010               2009
                                      -----------------  -----------------
                                                 % of                % of
                                       Amount  revenues   Amount   revenues
                                      --------  -------  --------  -------
                                         (Thousands, except percentages)
Operating margins                     $ 22,090        5% $ 81,448       17%
   Adjustments:
   Amortization of intangible
    assets(1)                           23,852        6%    7,425        2%
   Stock-Based Compensation (2)         12,525        3%   13,537        3%
   Acquisition related cash bonus(3)     3,783        1%      880        0%
   Acquisiton related
    expenses-other(4)                    2,994        1%        -        0%
   Restructuring and other(5)                -        0%    2,984        1%
                                      --------  -------  --------  -------
Non-GAAP operating margins            $ 65,244       15% $106,274       23%
                                      ========  =======  ========  =======

                                            2010               2009
                                      -----------------  -----------------
                                                  per               per
                                                diluted            diluted
                                       Amount    share    Amount    share
                                      --------  -------  --------  -------
                                       (Thousands, except per share data)
Net income                            $ 15,009  $  0.22  $ 47,402  $  0.70
   Adjustments:
   Amortization of intangible assets
    (1)                                 23,852     0.35     7,425     0.11
   Stock-Based Compensation (2)         12,525     0.18    13,537     0.20
   Acquisition related cash bonus(3)     3,783     0.05       880     0.01
   Acquisiton related
    expenses-other(4)                    2,994     0.04         -        -
   Restructuring and other(5)                -        -     2,984     0.04
   Impairment of investment in
    privately-held company(6)                -        -    12,917     0.19
   Provision for (benefit from)
    income taxes (7)                   (13,829)   (0.20)  (14,746)   (0.22)
                                      --------  -------  --------  -------
Non-GAAP net income                   $ 44,334  $  0.64  $ 70,399  $  1.04
                                      ========  =======  ========  =======

Weighted average number of shares
 outstanding:
   Basic                                         68,284             66,900
   Diluted                                       68,905             67,651

(1) The adjustments represent the amortization of purchased technology and
other intangibles related to acquired companies.

(2) The adjustments represent stock-based compensation expense recognized
related to awards of stock options, restricted stock or restricted stock
units or stock appreciation rights granted under our equity incentive
plans and stock purchase rights granted under our employee stock purchase
plan.

(3) The adjustment represents: (i) consideration payable to former Camiant
employees for options not assumed in the merger; (ii) bonuses for certain
Blueslice employees contingent upon their continued employment and the
achievement of individual integration related milestones and (iii)
consideration payable to Estacado that is contingent upon the continued
employment of certain former Estacado employees by Tekelec.

(4) The adjustment represents professional fees, travel and other costs
associated with our acquisition of Camiant and Blueslice.

(5) The adjustment represents the elimination of the costs associated
with our restructuring activities.

(6) The adjustment represents an impairment charge as a result of a decline
in the estimated fair value as compared to historical cost for one of our
investments in privately held companies. Partially offsetting this
impairment is a one time property tax refund of $0.7 million associated
with the former assets of a divested business unit.

(7) The adjustment represents the income tax effect of footnotes (1), (2),
(3), (4), (5) and (6) in order to reflect our Non-GAAP effective tax rate
of 28.5% and 33% for 2010 and 2009, respectively.

Contact Information

  • Contact:

    Kyle Macemore
    Vice President Finance and Investor Relations
    (o) +1.919.380.6148
    Email Contact