Second quarter 2011 net income was $53.7 million, up 745 percent as compared to the second quarter of 2010. Second quarter 2010 net income was impacted by a one-time charge for an IRS settlement. Diluted earnings per share in the second quarter of 2011 were $0.43 as compared to diluted earnings per share of $0.05 in the second quarter of 2010.
Second quarter 2011 non-GAAP operating income of $80.3 million was up 30 percent as compared to the second quarter of 2010. Non-GAAP operating margin was 19.7 percent compared to 18.5 percent in the second quarter of 2010.
Non-GAAP net income of $75.2 million for the second quarter of 2011 was up 46 percent as compared to the second quarter of 2010. Diluted non-GAAP earnings per share in the second quarter of 2011 were $0.60 as compared to diluted non-GAAP earnings per share of $0.42 in the second quarter of 2010.
Second quarter 2011 non-GAAP results exclude:
- Restructuring expense of $550 thousand as compared to $430 thousand in the second quarter of 2010;
- Amortization of intangibles of $16.6 million as compared to $13.9 million in the second quarter of 2010;
- Stock-based compensation expense of $7.1 million as compared to $5.0 million in the second quarter of 2010;
- Acquisition-related inventory step-up charge of $1.2 million as compared to no charge in the second quarter of 2010;
- Acquisition-related costs of $3.7 million as compared to $1.8 million in the second quarter of 2010;
- Write-off of debt issuance costs of $377 thousand on a terminated credit facility;
- Gain on foreign exchange of $5.6 million associated with the Tekla acquisition versus no gain in the second quarter of 2010 and;
- No IRS settlement costs excluded as compared to $27.5 million excluded in the second quarter of 2010.
