WILLIAMS INDUSTRIES, INCORPORATED
CONSOLIDATED BALANCE SHEETS
AS OF JULY 31, 2001 AND 2000
($000 Omitted)
ASSETS
2001 2000
CURRENT ASSETS
Cash and cash equivalents $3,748 $2,568
Restricted cash 49 68
Certificates of deposit 693 681
Accounts receivable, (net of allowances
for doubtful accounts of $1,075
in 2001 and $2,862 in 2000):
Contracts
Open accounts 9,734 10,927
Retainage 912 383
Trade 2,473 1,862
Other 1,133 117
Total accounts receivable - net 14,252 13,289
Inventory 3,619 1,500
Costs and estimated earnings in excess
of billings on uncompleted contracts 2,493 1,545
Prepaid expenses 1,151 1,120
Total current assets 26,005 20,771
PROPERTY AND EQUIPMENT, AT COST 19,228 18,482
Accumulated depreciation (11,089) (9,475)
Property and equipment, net 8,139 9,007
OTHER ASSETS
Investments in unconsolidated affiliates -- 1,043
Deferred income taxes 3,067 3,423
Other 531 762
Total other assets 3,598 5,228
TOTAL ASSETS $37,742 $35,006
WILLIAMS INDUSTRIES, INCORPORATED
CONSOLIDATED BALANCE SHEETS
AS OF JULY 31, 2001 AND 2000
($000 Omitted)
LIABILITIES AND STOCKHOLDERS' EQUITY
2001 2000
CURRENT LIABILITIES
Current portion of notes payable $1,638 $1,515
Accounts payable 4,684 4,899
Accrued compensation and related liabilities 1,635 1,190
Billings in excess of costs and estimated
earnings on uncompleted contracts 2,902 2,409
Deferred income 124 221
Other accrued expenses 3,103 2,977
Income taxes payable 15 119
Total current liabilities 14,101 13,330
LONG-TERM DEBT
Notes payable, less current portion 7,049 7,724
Total liabilities 21,150 21,054
MINORITY INTERESTS 378 279
COMMITMENTS AND CONTINGENCIES -- --
STOCKHOLDERS' EQUITY
Common stock - $0.10 par value, 10,000,000 shares
authorized; 3,601,196 and 3,591,496 shares
issued and outstanding 360 359
Additional paid-in capital 16,458 16,436
Accumulated deficit (604) (3,122)
Total stockholders' equity 16,214 13,673
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $37,742 $35,006
WILLIAMS INDUSTRIES, INCORPORATED
CONSOLIDATED STATEMENTS OF CASH FLOWS
YEARS ENDED JULY 31, 2001, 2000 AND 1999
($000 Omitted)
2001 2000 1999
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings $2,518 $1,487 $3,406
Adjustments to reconcile net earnings
to net cash provided by operating
activities:
Depreciation and amortization 1,589 1,185 1,326
Increase (decrease) in allowance
for doubtful accounts (1,787) 1,573 78
Loss (gain) on extinguishment of debt -- -- 77
Gain on disposal of property,
plant and equipment (84) (15) (156)
Decrease (increase) in deferred
income tax assets 346 846 (2,029)
Minority interest in earnings 77 67 48
Equity in (earnings) losses of
affiliates -- (120) (135)
Dividend from unconsolidated
affiliate -- 125 67
Changes in assets and liabilities:
Decrease (increase) in open
contracts receivable 4,002 (3,983) (1,621)
(Increase) decrease in contract
retainage (529) (213) 415
(Increase) decrease in trade
receivables (546) 352 (472)
Increase in contract claims (492) -- --
(Increase) decrease in other
receivables (524) 503 (192)
(Increase) Decrease in inventory (608) 708 (903)
(Increase) decrease in costs and
estimated earnings in excess
of billings on uncompleted contracts (948) (64) (815)
Increase in billings in excess of costs
and estimated earnings on
uncompleted contracts 493 187 337
Increase in prepaid expenses (7) (519) (109)
Decrease (increase) in other assets 241 97 (90)
(Decrease) increase in accounts payable (373) 31 851
Increase in accrued compensation
and related liabilities 354 256 173
(Decrease) increase in deferred income (97) (127) 42
Increase in other accrued expenses 121 105 68
Increase (decrease) in income
taxes payable (105) (10) (30)
NET CASH PROVIDED BY OPERATING
ACTIVITIES 3,641 2,471 336
CASH FLOWS FROM INVESTING ACTIVITIES:
Expenditures for property, plant
and equipment (867) (932) (628)
(Increase) decrease in restricted cash 19 (7) (7)
Proceeds from sale of property,
plant and equipment 864 431 2,270
Purchase of unconsolidated subsidiary (1,460) -- --
Purchase of certificates of deposit (118) (89) (458)
Maturities of certificates of deposit 106 146 453
NET CASH (USED IN) PROVIDED BY
INVESTING ACTIVITIES (1,456) (451) 1,630
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from borrowings 5,932 3,891 6,479
Repayments of notes payable (6,934) (4,477) (8,721)
Issuance of common stock 23 12 40
Minority interest dividends (26) (23) (3)
NET CASH USED IN FINANCING ACTIVITIES (1,005) (597) (2,205)
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS 1,180 1,423 (239)
CASH AND CASH EQUIVALENTS, BEGINNING
OF YEAR 2,568 1,145 1,384
CASH AND CASH EQUIVALENTS, END OF YEAR $3,748 $2,568 $1,145
WILLIAMS INDUSTRIES, INCORPORATED
CONSOLIDATED STATEMENTS OF EARNINGS
YEARS ENDED JULY 31, 2001, 2000 and 1999
($000 omitted except earnings per share)
2001 2000 1999
REVENUE:
Construction $12,386 $12,820 $9,392
Manufacturing 27,210 21,321 16,308
Sales and service 9,889 7,953 7,153
Other revenue 1,023 782 526
Total revenue 50,508 42,876 33,379
DIRECT COSTS:
Construction 8,178 8,578 6,096
Manufacturing 17,277 14,223 10,439
Sales and service 6,023 4,822 3,856
Total direct costs 31,478 27,623 20,391
GROSS PROFIT 19,030 15,253 12,988
OTHER INCOME 107 115 144
EXPENSES:
Overhead 5,228 4,449 3,691
General and administrative 8,480 6,497 5,694
Depreciation and amortization 1,589 1,185 1,326
Interest 840 911 910
Total expenses 16,137 13,042 11,621
EARNINGS BEFORE INCOME TAXES, EQUITY
EARNINGS AND MINORITY INTERESTS 3,000 2,326 1,511
INCOME TAX PROVISION (BENEFIT) 405 892 (2,000)
EARNINGS BEFORE EQUITY EARNINGS AND
MINORITY INTERESTS 2,595 1,434 3,511
Equity in earnings of
unconsolidated affiliates -- 120 135
EARNINGS BEFORE MINORITY INTERESTS 2,595 1,554 3,646
Minority Interests in
consolidated subsidiaries (77) (67) (48)
EARNINGS BEFORE EXTRAORDINARY ITEM 2,518 1,487 3,598
EXTRAORDINARY ITEM
(Loss) gain on extinguishment of debt -- -- (192)
NET EARNINGS $2,518 $1,487 $3,406
EARNINGS PER COMMON SHARE:
BASIC:
Earnings before extraordinary item $0.70 $0.41 $1.00
Extraordinary item -- (0.05)
EARNINGS PER COMMON SHARE-BASIC $0.70 $0.41 $0.95
DILUTED:
Earnings before extraordinary item $0.70 $0.41 $1.00
Extraordinary item -- (0.05)
EARNINGS PER COMMON SHARE-DILUTED $0.70 $0.41 $0.95 |
