Adjusted research and development expenses for the quarter was $41 million or 14.7% of revenue compared to 14.9% of revenue in the first quarter and 14.1% of revenue in the second quarter of 2011. Adjusted SG&A expenses were $55 million or 19.4% of revenue compared to 18.9% of revenue in the first quarter and 19.1% of revenue in the second quarter of 2011.
Adjusted operating margins were a record 36.7% of revenue in the quarter compared to 35.8% of revenue in the second quarter of 2011 as we gain leverage from the improved gross margin performance.
Our non-GAAP tax rate for the quarter was 33.8% compared to 34.7% in the second quarter of last year. This quarter's tax rate was higher than the expected annualized rate as a result of the delay in the passage of the U.S. R&D tax credit. We anticipate the non-GAAP tax rate will continue to be approximately 34% until the R&D tax credit is passed and retroactively applied at some point this year.
Non-GAAP net income was $53 million for the quarter, and non-GAAP earnings per share was $0.40. This compares to non-GAAP net income and EPS of $52 million and $0.38, respectively, in the second quarter of 2011. We reported GAAP net income of $23 million or $0.18 per diluted share in the second quarter compared to $31 million or $0.22 per diluted share in the prior-year period. This includes an impairment charge this quarter of $21.4 million related to a technology asset acquired in 2010 and $6.7 million of ongoing unsolicited tender offer expenses.Read the rest of this transcript for free on seekingalpha.com
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