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07.08.2013 22:00:00
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ARRIS Announces Preliminary And Unaudited Second Quarter 2013 Results
SUWANEE, Ga., Aug. 7, 2013 /PRNewswire/ -- ARRIS Group, Inc. (NASDAQ:ARRS),today announced preliminary and unaudited financial results for the second quarter 2013.
On April 17, 2013 the Company closed the acquisition of Motorola Home. As a result, comparisons to prior periods will be significantly impacted.
Revenues in the second quarter 2013 were $1,000.4 million as compared to second quarter 2012 revenues of $349.3 million and as compared to first quarter 2013 revenues of $353.7 million. The Company estimates that prior to the close of the acquisition, Motorola Home recorded approximately $66 million of revenue in the second quarter. Through the first two quarters of 2013 and 2012, revenues were $1,354.0 million and $652.2 million, respectively. As previously disclosed, the first quarter 2013 revenue reflects a $13.2 million reduction related to Comcast's investment in ARRIS associated with the Company's acquisition of Motorola Home.
Adjusted net income (a non-GAAP measure) in the second quarter 2013 was $0.46 per diluted share, compared to $0.25 per diluted share for the first quarter 2013 and $0.25 per diluted share for the second quarter 2012. The Company estimates that prior to the close of the acquisition, Motorola Home generated an operating loss of approximately $(30) million or an equivalent impact of $(0.15) per share had that result been included in the Company's second quarter results. Year to date, adjusted net income was $0.72 per diluted share for 2013 as compared to $0.44 per diluted share in 2012.
GAAP net loss in the second quarter 2013 was $(0.37) per diluted share, as compared to second quarter 2012 GAAP net income of $0.13 per diluted share and first quarter 2013 GAAP net loss of $(0.13) per diluted share. Year to date, GAAP net loss was $(0.52) per diluted share in 2013 as compared to GAAP net income of $0.18 per diluted share in 2012. A reconciliation of adjusted net income to GAAP net income per diluted share is attached to this release and also can be found on the Company's website (www.arrisi.com).
The Company ended the second quarter 2013 with $764.1 million of cash resources, which includes $741.2 million of cash, cash equivalents and short-term investments, and $22.9 million of long-term marketable security investments, as compared to $631.3 million, in the aggregate, at the end of the first quarter 2013. The Company generated $294.0 million of cash from operating activities during the second quarter 2013 and $344.0 million through the first six months of 2013, which compares to $30.6 million and $65.9 million generated during the same periods in 2012. Much of the cash from operating activities relates to working capital changes, in particular accounts payable and inventory. Accounts payable was affected by transitional services provided by Google, following the Motorola Home acquisition. In the third quarter 2013 the Company anticipates decreasing accounts payable and accrued liabilities by approximately $200 million. The Company and Google have settled certain litigation matters for which the Company's maximum liability is $50 million under the terms of the acquisition agreement. The Company anticipates paying the litigation settlement in the third quarter 2013.
Order backlog at the end of the second quarter 2013 was $534.9 million as compared to $251.9 million and $282.1 million at the end of the second quarter 2012 and the first quarter 2013, respectively. The Company's book-to-bill ratio in the second quarter 2013 was 0.95 as compared to the second quarter 2012 of 0.93 and the first quarter 2013 of 1.17.
"I am very pleased with our second quarter and first half results. The industry continues to react positively to our Motorola Home acquisition. Our integration plans are well on their way and ahead of schedule," said Bob Stanzione, ARRIS Chairman and CEO. "I am encouraged by the progress we are making in delivering new products to our customers and by an improving business climate."
"Our second quarter results were in line with our previously announced revenue guidance and above our Non GAAP EPS guidance, reflecting a strong start to our integration actions," said David Potts, ARRIS EVP & CFO. "With respect to the third quarter 2013, we now project that revenues for the Company will be in the range of $1,050 to $1,080 million, with adjusted net income per diluted share in the range of $0.32 to $0.37 and GAAP net loss per diluted share in the range of $(0.07) to $(0.12)."
ARRIS management will conduct a conference call at 5:00 pm EDT, today, Wednesday, August 7, 2013, to discuss these results in detail. You may participate in this conference call by dialing 888-713-4213 or 617-213-4865 for international calls prior to the start of the call and providing the ARRIS Group, Inc. name, conference pass code 18982813 and Bob Puccini as the moderator. Please note that ARRIS will not accept any calls related to this earnings release until after the conclusion of the conference call. A replay of the conference call can be accessed approximately two hours after the call through August 12, 2013 by dialing 888-286-8010 or 617-801-6888 for international calls and using the pass code 24874293. A replay also will be made available for a period of 12 months following the conference call on ARRIS' website at www.arrisi.com.
About ARRIS
ARRIS is a premier video and broadband technology company that transforms how service providers worldwide deliver entertainment and communications without boundaries. Its powerful end-to-end platforms enable service and content providers to improve the way people connect – with each other and with their favorite content. The Company's vision and expertise continue to drive the industry's innovations, as they have for more than 60 years. Headquartered north of Atlanta, in Suwanee, Georgia, ARRIS has R&D, sales and support centers throughout the world. For more information: www.arrisi.com
Forward-looking statements:
Statements made in this press release, including those related to:
- growth expectations and business prospects;
- revenues and net income for the third quarter 2013, and beyond;
- the integration of the Motorola Home business
- expected sales levels and acceptance of new ARRIS products; and
- the general market outlook and industry trends
are forward-looking statements. These statements involve risks and uncertainties that may cause actual results to differ materially from those set forth in these statements. Among other things,
- projected results for the third quarter 2013 as well as the general outlook for 2013 and beyond are based on preliminary estimates, assumptions and projections that management believes to be reasonable at this time, but are beyond management's control;
- we may encounter difficulties in combining the Motorola Home operations with ours, including difficulties combining personnel, facilities, and other operations or preserving customer relationships;
- ARRIS' customers operate in a capital intensive consumer based industry, and the current volatility in the capital markets or changes in customer spending may adversely impact their ability or willingness to purchase the products that the Company offers; and
- because the market in which ARRIS operates is volatile, actions taken and contemplated may not achieve the desired impact relative to changing market conditions and the success of these strategies will be dependent on the effective implementation of those plans while minimizing organizational disruption.
In addition to the factors set forth elsewhere in this release, other factors that could cause results to differ from current expectations include: the uncertain current economic climate and its impact on our customers' plans and access to capital; the impact of rapidly changing technologies; the impact of competition on product development and pricing; the ability of ARRIS to react to changes in general industry and market conditions including regulatory developments; rights to intellectual property, market trends and the adoption of industry standards; and consolidations within the telecommunications industry of both the customer and supplier base. These factors are not intended to be an all-encompassing list of risks and uncertainties that may affect the Company's business. Additional information regarding these and other factors can be found in ARRIS' reports filed with the Securities and Exchange Commission, including its Form 10-Q for the quarter ended March 31, 2013. In providing forward-looking statements, the Company expressly disclaims any obligation to update publicly or otherwise these statements, whether as a result of new information, future events or otherwise.
ARRIS GROUP, INC. | |||||||||||
PRELIMINARY CONSOLIDATED BALANCE SHEETS | |||||||||||
(in thousands) | |||||||||||
(unaudited) | |||||||||||
June 30, | March 31, | December 31, | September 30, | June 30, | |||||||
2013 | 2013 | 2012 | 2012 | 2012 | |||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ 610,502 | $ 423,551 | $ 131,703 | $ 188,653 | $ 199,395 | ||||||
Short-term investments, at fair value | 130,723 | 184,838 | 398,414 | 359,753 | 340,166 | ||||||
Total cash, cash equivalents and short term investments | 741,225 | 608,389 | 530,117 | 548,406 | 539,561 | ||||||
Restricted cash | 3,801 | 4,689 | 4,722 | 4,665 | 3,942 | ||||||
Accounts receivable, net | 662,156 | 206,236 | 188,581 | 171,143 | 179,371 | ||||||
Other receivables | 11,007 | 3,743 | 350 | 578 | 1,414 | ||||||
Inventories, net | 320,778 | 126,530 | 133,848 | 137,496 | 102,361 | ||||||
Prepaid income taxes | 38,186 | 10,703 | 9,235 | 8,300 | 4,090 | ||||||
Prepaids | 17,296 | 13,227 | 11,682 | 12,408 | 12,124 | ||||||
Current deferred income tax assets | 127,225 | 25,927 | 24,944 | 20,787 | 21,972 | ||||||
Other current assets | 283,491 | 13,674 | 16,413 | 10,607 | 12,676 | ||||||
Total current assets | 2,205,165 | 1,013,118 | 919,892 | 914,390 | 877,511 | ||||||
Property, plant and equipment, net | 404,157 | 54,109 | 54,378 | 54,593 | 56,175 | ||||||
Goodwill | 807,142 | 193,976 | 194,115 | 194,469 | 194,626 | ||||||
Intangible assets, net | 1,372,196 | 86,926 | 94,529 | 102,258 | 110,000 | ||||||
Investments | 78,733 | 55,938 | 86,164 | 57,483 | 70,967 | ||||||
Noncurrent deferred income tax assets | 12,340 | 52,410 | 47,431 | 49,589 | 47,228 | ||||||
Other assets | 55,476 | 11,089 | 9,385 | 9,913 | 10,575 | ||||||
$ 4,935,209 | $ 1,467,566 | $ 1,405,894 | $ 1,382,695 | $ 1,367,082 | |||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ 485,291 | $ 47,783 | $ 45,719 | $ 49,061 | $ 44,800 | ||||||
Accrued compensation, benefits and related taxes | 88,382 | 36,791 | 29,773 | 35,066 | 28,165 | ||||||
Accrued warranty | 40,206 | 2,768 | 2,882 | 3,036 | 2,995 | ||||||
Deferred revenue | 80,254 | 61,431 | 44,428 | 50,859 | 63,023 | ||||||
Current portion of LT debt | 289,990 | 225,368 | 222,124 | - | - | ||||||
Current income taxes liability | 8,887 | 350 | 853 | - | 56 | ||||||
Other accrued liabilities | 498,788 | 59,055 | 24,942 | 21,768 | 23,924 | ||||||
Total current liabilities | 1,491,798 | 433,546 | 370,721 | 159,790 | 162,963 | ||||||
Long-term debt, net of current portion | 1,837,952 | - | - | 218,943 | 215,823 | ||||||
Accrued pension | 60,216 | 27,200 | 26,883 | 26,172 | 25,696 | ||||||
Accrued severance liability, net of current portion | 3,782 | 4,262 | 4,119 | 3,895 | 3,758 | ||||||
Noncurrent income taxes payable | 35,320 | 30,168 | 24,389 | 24,434 | 26,676 | ||||||
Noncurrent deferred income tax liabilities | 190,176 | 351 | 351 | 334 | 340 | ||||||
Other noncurrent liabilities | 48,196 | 18,836 | 19,043 | 20,362 | 21,039 | ||||||
Total liabilities | 3,667,440 | 514,363 | 445,506 | 453,930 | 456,295 | ||||||
Stockholders' equity: | |||||||||||
Preferred stock | - | - | - | - | - | ||||||
Common stock | 1,726 | 1,509 | 1,488 | 1,479 | 1,473 | ||||||
Capital in excess of par value | 1,657,383 | 1,292,971 | 1,285,575 | 1,270,561 | 1,259,946 | ||||||
Treasury stock at cost | (306,330) | (306,330) | (306,330) | (306,330) | (295,960) | ||||||
Unrealized gain (loss) on marketable securities | (19) | 288 | 206 | 74 | 211 | ||||||
Unfunded pension liability | (8,558) | (8,592) | (8,558) | (10,231) | (10,231) | ||||||
Accumulated deficit | (76,736) | (26,459) | (11,809) | (26,604) | (44,468) | ||||||
Cumulative translation adjustments | 303 | (184) | (184) | (184) | (184) | ||||||
Total stockholders' equity | 1,267,769 | 953,203 | 960,388 | 928,765 | 910,787 | ||||||
$ 4,935,209 | $ 1,467,566 | $ 1,405,894 | $ 1,382,695 | $ 1,367,082 | |||||||
ARRIS GROUP, INC. | |||||||
PRELIMINARY CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||
(in thousands, except per share data) | |||||||
(unaudited) | |||||||
For the Three Months | For the Six Months | ||||||
Ended June 30, | Ended June 30, | ||||||
2013 | 2012 | 2013 | 2012 | ||||
Net sales | $1,000,362 | $ 349,327 | $1,354,012 | $ 652,227 | |||
Cost of sales | 769,285 | 230,801 | 1,014,409 | 424,793 | |||
Gross margin | 231,077 | 118,526 | 339,603 | 227,434 | |||
Operating expenses: | |||||||
Selling, general, and administrative expenses | 87,774 | 40,135 | 127,900 | 79,678 | |||
Research and development expenses | 123,400 | 42,881 | 167,482 | 87,028 | |||
Acquisition and other costs | 19,392 | 102 | 26,582 | 709 | |||
Loss on sale of product line | - | - | - | 337 | |||
Restructuring charges | 32,257 | 1,039 | 32,266 | 6,242 | |||
Amortization of intangible assets | 58,130 | 7,444 | 65,733 | 14,823 | |||
320,953 | 91,601 | 419,963 | 188,817 | ||||
Operating income | (89,876) | 26,925 | (80,360) | 38,617 | |||
Other expense (income): | |||||||
Interest expense | 18,612 | 4,422 | 23,243 | 8,772 | |||
Loss (gain) on investments | (728) | 356 | (1,293) | (605) | |||
Loss on foreign currency | 206 | 540 | 1,027 | 1,348 | |||
Interest income | (640) | (729) | (1,478) | (1,484) | |||
Other (income) expense, net | (7,735) | (226) | 11,681 | (662) | |||
Income (loss) from continuing operations before income taxes | (99,591) | 22,562 | (113,540) | 31,248 | |||
Income tax expense (benefit) | (49,314) | 7,561 | (48,613) | 10,448 | |||
Net income (loss) | $ (50,277) | $ 15,001 | $ (64,927) | $ 20,800 | |||
Net income (loss) per common share: | |||||||
Basic | $ (0.37) | $ 0.13 | $ (0.52) | $ 0.18 | |||
Diluted | $ (0.37) | $ 0.13 | $ (0.52) | $ 0.18 | |||
Weighted average common shares: | |||||||
Basic | 134,626 | 113,842 | 124,940 | 114,457 | |||
Diluted | 134,626 | 115,111 | 124,940 | 116,352 | |||
ARRIS GROUP, INC. | |||||||||||
PRELIMINARY CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||
(in thousands) | |||||||||||
(unaudited) | |||||||||||
For the Three Months | For the Six Months | ||||||||||
Ended June 30, | Ended June 30, | ||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||
Operating Activities: | |||||||||||
Net income | $ (50,277) | $ 15,001 | $ (64,927) | $ 20,800 | |||||||
Depreciation | 15,609 | 6,982 | 22,118 | 14,177 | |||||||
Amortization of intangible assets | 58,130 | 7,444 | 65,733 | 14,823 | |||||||
Amortization of deferred finance fees | 2,077 | 160 | 2,237 | 320 | |||||||
Non-cash interest expense | 3,308 | 3,058 | 6,552 | 6,057 | |||||||
Deferred income tax provision (benefit) | (35,202) | (5,085) | (41,197) | (9,720) | |||||||
Stock compensation expense | 7,180 | 7,867 | 13,924 | 14,516 | |||||||
Reduction in revenue related to Comcast investment in ARRIS | - | - | 13,182 | - | |||||||
Mark-to-market fair value adjustment related to Comcast investment in ARRIS | (6,159) | - | 13,189 | - | |||||||
Provision for doubtful accounts | - | - | - | 54 | |||||||
Loss on sale of product line | - | - | - | 337 | |||||||
Loss (gain) on disposal of fixed assets | (34) | 3 | (38) | 6 | |||||||
Gain on investments | (428) | 356 | (992) | (605) | |||||||
Gain on equity investments | (301) | - | (301) | - | |||||||
Excess tax benefits from stock-based compensation plans | (1,111) | (806) | (5,770) | (2,460) | |||||||
Changes in operating assets & liabilities, net of effects of acquisitions and disposals: | |||||||||||
Accounts receivable | 1,141 | 4,056 | (16,514) | (27,743) | |||||||
Other receivables | (3,238) | 3,700 | (7,127) | 7,393 | |||||||
Inventory | 85,314 | 2,753 | 92,632 | 9,996 | |||||||
Income taxes payable/recoverable | (20,441) | 2,087 | (16,633) | 8,452 | |||||||
Accounts payable and accrued liabilities | 223,282 | (17,262) | 251,296 | 5,136 | |||||||
Other, net | 15,102 | 279 | 16,645 | 4,327 | |||||||
Net cash provided by operating activities | 293,952 | 30,593 | 344,009 | 65,866 | |||||||
Investing Activities: | |||||||||||
Purchases of investments | (58,021) | (62,587) | (58,021) | (140,353) | |||||||
Disposals of investments | 113,310 | 31,253 | 358,021 | 83,161 | |||||||
Purchases of property & equipment, net | (15,113) | (5,494) | (21,402) | (9,256) | |||||||
Sale of property & equipment | 37 | - | 90 | - | |||||||
Cash paid for acquisition, net of cash acquired | (2,159,762) | - | (2,159,762) | - | |||||||
Sale of product line | - | - | - | 3,249 | |||||||
Net cash used in investing activities | (2,119,549) | (36,828) | (1,881,074) | (63,199) | |||||||
Financing Activities: | |||||||||||
Proceeds from issuance of debt | 1,925,000 | - | 1,925,000 | - | |||||||
Cash paid for debt discount | (9,853) | - | (9,853) | - | |||||||
Payment of debt obligations | (15,813) | - | (15,813) | - | |||||||
Early redemption of long-term debt | (79) | - | (79) | - | |||||||
Deferred financing costs paid | (42,207) | - | (42,207) | - | |||||||
Repurchase of common stock | - | (15,236) | - | (41,551) | |||||||
Excess income tax benefits from stock-based compensation plans | 1,111 | 806 | 5,770 | 2,460 | |||||||
Repurchase of shares to satisfy employee tax withholdings | (415) | (19) | (12,407) | (8,052) | |||||||
Fees and proceeds from issuance of common stock, net | 154,804 | 4,271 | 165,453 | 7,996 | |||||||
Net cash used in financing activities | 2,012,548 | (10,178) | 2,015,864 | (39,147) | |||||||
Net increase (decrease) in cash and cash equivalents | 186,951 | (16,413) | 478,799 | (36,480) | |||||||
Cash and cash equivalents at beginning of period | 423,551 | 215,808 | 131,703 | 235,875 | |||||||
Cash and cash equivalents at end of period | $ 610,502 | $ 199,395 | $ 610,502 | $ 199,395 | |||||||
ARRIS GROUP, INC. | ||||||||||||
PRELIMINARY SUPPLEMENTAL SALES & NET INCOME RECONCILIATION | ||||||||||||
(in thousands, except per share data) | Q1 2013 | Q2 2013 | YTD 2013 | |||||||||
Per Diluted | Per Diluted | |||||||||||
Amount | Share | Amount | Share | Amount | ||||||||
Sales | $ 353,650 | $ 1,000,362 | $ 1,354,012 | |||||||||
Highlighted items: | ||||||||||||
Reduction in revenue related to Comcast investment in ARRIS | 13,182 | - | 13,182 | |||||||||
Purchase accounting impacts of deferred revenue | - | 2,417 | 2,417 | |||||||||
Sales excluding highlighted items | $ 366,832 | $ 1,002,779 | $ 1,369,611 | |||||||||
Q1 2013 | Q2 2013 | YTD 2013 | ||||||||||
Per Diluted | Per Diluted | Per Diluted | ||||||||||
Amount | Share | Amount | Share | Amount | Share | |||||||
Net income (loss) | $ (14,650) | $ (0.13) | $ (50,277) | $ (0.37) | $ (64,927) | $ (0.52) | ||||||
Highlighted items: | ||||||||||||
Impacting gross margin: | ||||||||||||
Reduction in revenue related to Comcast investment in ARRIS | 13,182 | 0.11 | - | - | 13,182 | 0.10 | ||||||
Acquisition accounting impacts related to Motorola Home fair value of inventory | - | - | 57,600 | 0.42 | 57,600 | 0.45 | ||||||
Product rationalization | - | - | 13,582 | 0.10 | 13,582 | 0.11 | ||||||
Stock compensation expense | 831 | 0.01 | 866 | 0.01 | 1,697 | 0.01 | ||||||
Acquisition accounting impacts related to Motorola Home deferred revenue | - | - | 1,472 | 0.01 | 1,472 | 0.01 | ||||||
Impacting operating expenses: | ||||||||||||
Acquisition costs and other | 7,190 | 0.06 | 19,392 | 0.14 | 26,582 | 0.21 | ||||||
Restructuring | 9 | - | 32,257 | 0.24 | 32,266 | 0.25 | ||||||
Amortization of intangible assets | 7,603 | 0.06 | 58,130 | 0.43 | 65,733 | 0.51 | ||||||
Stock compensation expense | 5,913 | 0.05 | 6,314 | 0.05 | 12,227 | 0.10 | ||||||
Impacting other (income) / expense: | ||||||||||||
Non-cash interest expense | 3,244 | 0.03 | 3,308 | 0.02 | 6,552 | 0.05 | ||||||
Credit facility - ticking Fees | 388 | - | 477 | - | 865 | 0.01 | ||||||
Mark to market FV adjustment related to Comcast investment in ARRIS | 19,348 | 0.16 | (6,159) | (0.05) | 13,189 | 0.10 | ||||||
Impacting income tax expense: | ||||||||||||
Adjustments of income tax valuation allowances and other | (7,516) | (0.06) | - | - | (7,516) | (0.06) | ||||||
Tax related to highlighted items above | (5,735) | (0.05) | (74,784) | (0.55) | (80,520) | (0.63) | ||||||
Total highlighted items | 44,457 | 0.37 | 112,455 | 0.82 | 156,911 | 1.23 | ||||||
Net income excluding highlighted items | $ 29,807 | $ 0.25 | $ 62,178 | $ 0.46 | $ 91,984 | $ 0.72 | ||||||
Weighted average common shares - basic | 115,150 | 134,626 | 124,940 | |||||||||
Weighted average common shares - diluted | 119,022 | 136,626 | 127,731 | |||||||||
(in thousands, except per share data) | Q1 2012 | Q2 2012 | YTD 2012 | |||||||||
Per Diluted | Per Diluted | |||||||||||
Amount | Share | Amount | Share | Amount | ||||||||
Sales | $ 302,901 | $ 349,327 | $ 652,228 | |||||||||
Highlighted items: | ||||||||||||
Purchase accounting impacts of deferred revenue | 1,258 | 0.01 | 663 | - | 1,921 | |||||||
Sales excluding highlighted items | $ 304,159 | $ 349,990 | $ 654,149 | |||||||||
Q1 2012 | Q2 2012 | YTD 2012 | ||||||||||
Per Diluted | Per Diluted | Per Diluted | ||||||||||
Amount | Share | Amount | Share | Amount | Share | |||||||
Net income | $ 5,799 | $ 0.05 | $ 15,001 | $ 0.13 | $ 20,800 | $ 0.18 | ||||||
Highlighted items: | ||||||||||||
Impacting gross margin: | ||||||||||||
Acquisition accounting impacts related to Motorola Home deferred revenue | 1,258 | 0.01 | 663 | - | 1,921 | 0.02 | ||||||
Stock compensation expense | 750 | 0.01 | 809 | 0.01 | 1,559 | 0.01 | ||||||
Impacting operating expenses: | ||||||||||||
Acquisition costs and other | 944 | 0.01 | 102 | - | 1,046 | 0.01 | ||||||
Restructuring | 5,203 | 0.04 | 1,039 | 0.01 | 6,242 | 0.05 | ||||||
Amortization of intangible assets | 7,379 | 0.06 | 7,444 | 0.05 | 14,823 | 0.12 | ||||||
Stock compensation expense | 5,899 | 0.05 | 7,058 | 0.05 | 12,957 | 0.10 | ||||||
Impacting other (income) / expense: | ||||||||||||
Non-cash interest expense | 2,999 | 0.03 | 3,058 | 0.02 | 6,057 | 0.05 | ||||||
Impairment of investment | - | - | 466 | - | 466 | - | ||||||
Tax related to highlighted items above | (8,121) | (0.07) | (6,749) | (0.05) | (14,870) | (0.12) | ||||||
Total highlighted items | 16,311 | 0.14 | 13,890 | 0.12 | 30,201 | 0.26 | ||||||
Net income excluding highlighted items | $ 22,110 | $ 0.19 | $ 28,891 | $ 0.25 | $ 51,001 | $ 0.44 | ||||||
Weighted average common shares - diluted | 117,597 | 115,111 | 116,514 | |||||||||
SOURCE ARRIS Group, Inc.
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