Financial Data
SUMMARY FINANCIAL DATA
The summary financial data below should be read together with "Management's
Discussion and Analysis of Financial Condition and Results of Operations" and
the consolidated financial statements, the unaudited pro forma combined
financial information and the related notes included elsewhere in this
prospectus.
NINE MONTHS ENDED
YEAR ENDED DECEMBER 31, SEPTEMBER 30,
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1994 1995 1996 1997 1998 1998 1999
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(UNAUDITED)
(IN THOUSANDS, EXCEPT PER SHARE DATA)
CONSOLIDATED STATEMENT OF
OPERATIONS DATA:
Net sales....................... $ 3,941 $ 10,006 $ 35,542 $ 75,597 $ 105,167 $ 79,878 $ 124,701
Gross profit.................... 1,625 5,717 13,220 26,802 39,921 31,208 52,024
Operating income (loss)......... (512) (8,979) 1,237 (2,677) 3,874 4,977 11,805
Net income (loss) applicable to
common stock.................. (487) (9,841) (310) 390 473 2,506 10,236
Earnings (loss) per share(1):
Basic......................... $ (0.18) $ (2.40) $ (0.04) $ 0.05 $ 0.06 $ 0.32 $ 1.19
Diluted....................... $ (0.18) $ (2.40) $ (0.04) $ 0.05 $ 0.01 $ 0.03 $ 0.14
Shares used in per share
calculations(1):
Basic......................... 2,651 4,108 8,344 7,320 7,582 7,792 8,640
Diluted....................... 2,651 4,108 8,344 7,320 77,050 76,220 73,532
YEAR ENDED NINE MONTHS ENDED
DECEMBER 31, 1998(2) SEPTEMBER 30, 1999(2)
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(UNAUDITED)
PRO FORMA COMBINED STATEMENT OF OPERATIONS DATA:
Net sales........................................ $105,167 $124,701
Gross profit..................................... 39,921 52,024
Operating income (loss).......................... (621) 9,905
Net income (loss) (3,277) 9,992
Pro forma earnings (loss) per share:
Basic.......................................... (0.04) 0.13
Diluted........................................ (0.04) 0.12
Shares used in per share calculations:
Basic.......................................... 76,051 79,013
Diluted........................................ 76,051 84,947
SEPTEMBER 30, 1999
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ACTUAL AS ADJUSTED(3)
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(IN THOUSANDS)
CONSOLIDATED BALANCE SHEET DATA:
Cash and cash equivalents(4)..... $ 35,275 $
Working capital.................. 65,464
Total assets..................... 176,683
Total short-term debt............ 42,324
Total stockholders' equity....... 79,924
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(1) Based on the number of shares outstanding as of September 30, 1999. Excludes
(i) 13,621,534 shares of common stock authorized for issuance under our
stock option plans, under which options to purchase 11,451,990 shares were
outstanding as of September 30, 1999 with a weighted average exercise price
of $2.21 per share and 153,140 shares were available for grant and
(ii) 532,000 shares of common stock reserved for issuance upon the exercise
of warrants outstanding as of September 30, 1999 with a weighted average
exercise price of $6.025 per share.
(2) Adjusted to reflect:
- the issuance of 6,152,106 shares of Series F preferred stock at
$8.1273 per share in November and December 1999 in connection with a
private round of financing;
- the issuance of 4,523,700 shares of Series G preferred stock in
December 1999 in connection with our acquisition of Wacos Inc.; and
- to give effect to the conversion of all outstanding shares of preferred
stock into common stock upon the completion of this offering.
(3) Adjusted to reflect the receipt of the estimated net proceeds from the sale
of shares of common stock offered by this prospectus at an
assumed initial public offering price of $ per share, after deducting the
estimated underwriting discount and estimated offering expenses.
(4) Includes restricted cash of $14,292 as of September 30, 1999.
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