Financial Data
SUMMARY FINANCIAL DATA
The following table summarizes our financial data and has been derived from
our audited financial statements for each of the years in the three-year period
ended December 31, 1998 and our unaudited financial statements for the six-month
periods ended June 30, 1998 and 1999, included elsewhere in this prospectus. The
pro forma statement of operations data are unaudited and are presented to
reflect the provision for federal and state income taxes as if we had been
subject to federal and state income taxation as a C corporation. We have
adjusted our balance sheet data to reflect: (1) the sale of the shares of
common stock offered by this prospectus and the initial use of the estimated net
proceeds therefrom, assuming a public offering price of $ per share and after
deducting the underwriting discount and commissions and estimated offering
expenses; (2) the recording of deferred income taxes resulting from the change
from an S corporation to a C corporation; and (3) the payment of a distribution
representing the estimated earned and previously undistributed taxable S
corporation income, estimated to be $ as of June 30, 1999. The
information shown below should be read together with "Selected Financial Data,"
"Management's Discussion and Analysis of Financial Condition and Results of
Operations" and our financial statements and the related notes included
elsewhere in this prospectus.
YEAR ENDED DECEMBER 31, SIX MONTHS ENDED JUNE 30,
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1996 1997 1998 1998 1999
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(IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA)
STATEMENT OF OPERATIONS DATA
Revenues.......................... $5,557 $7,711 $9,142 $3,193 $9,424
Gross profit...................... 3,501 4,913 5,400 1,384 5,951
Operating income (loss)........... 1,260 1,399 782 (297) 858
Net income (loss)................. 1,277 1,422 796 (282) 883
Pro forma net income.............. 464 534
Weighted average shares
outstanding..................... 3,012,000 3,012,000 3,012,000 3,012,000 3,612,000
Weighted average shares and common
stock equivalents............... 3,320,797 3,449,129 3,508,167 3,012,000 4,304,937
Pro forma earnings per share:
Basic........................... $0.15 $0.15
Diluted......................... $0.13 $0.12
JUNE 30, 1999
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PRO FORMA
ACTUAL AS ADJUSTED
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(IN THOUSANDS)
BALANCE SHEET DATA
Cash and cash equivalents......... $ 869 $
Working capital................... 3,364
Total assets...................... 5,792
Stockholders' equity.............. 3,986
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