Financials
ELECTROGLAS, INC.
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)
Three months ended
March 31,
1999 1998
Net sales $ 17,332 $ 36,865
Cost of sales 11,042 21,178
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Gross profit 6,290 15,687
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Operating expenses:
Engineering, research and development 6,219 8,515
Selling, general and administrative 7,245 9,072
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Total operating expenses 13,464 17,587
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Operating loss (7,174) (1,900)
Interest income 1,593 1,361
Other expense, net (127) (154)
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Loss before income taxes (5,708) (693)
Provision (benefit) for income taxes 148 (277)
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Net loss $ (5,856) $ (416)
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Basic and diluted net loss per share $ (0.30) $ (0.02)
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Shares used in basic and diluted calculations 19,470 19,283
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ELECTROGLAS, INC.
CONSOLIDATED CONDENSED BALANCE SHEETS
(In thousands)
March 31, December 31,
1999 1998
(Unaudited) (1)
Assets
Current assets:
Cash and short-term investments $102,639 $113,824
Accounts receivable, net 12,914 11,945
Inventories 14,117 14,428
Prepaid expenses and other current assets 12,417 12,910
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Total current assets 142,087 153,107
Restricted cash 24,616 17,712
Equipment and leasehold improvements, net 11,216 11,768
Intangible assets, net 781 923
Other assets 751 731
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Total assets $179,451 $184,241
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Liabilities and stockholders' equity Current liabilities:
Short-term borrowings $ 1,213 $ 566
Accounts payable 4,175 2,738
Accrued liabilities 13,323 13,160
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Total current liabilities 18,711 16,464
Non-current liabilities 101 110
Stockholders' equity 160,639 167,667
Total liabilities and stockholders' equity $179,451 $184,241
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(1) The information in this column was derived from the Company's
audited consolidated financial statements for the year ended
December 31, 1998.
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