ANTEC CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share data)
Three months ended Twelve months ended
December 31, December 31,
1997 1996 1997 1996
Net sales $115,417 $140,657 $480,078 $690,877
Cost of sales 90,236 102,619 365,860 511,646
Gross profit 25,181 38,038 114,218 179,231
Operating expenses:
Selling, general
and administrative
expenses 28,074 29,733 110,803 125,997
Amortization of
goodwill 1,228 1,247 4,927 4,981
Non-recurring items 0 2,109 21,550 2,109
Total 29,302 33,089 137,280 133,087
Operating income
(loss) (4,121) 4,949 (23,062) 46,144
Other expense (income):
Interest expense
and other, net 1,370 1,458 5,916 7,536
Gain on sale
of Canadian
business 0 0 0 (3,835)
Income (loss) before
income taxes (5,491) 3,491 (28,978) 42,443
Income tax expense
(benefit) (1,187) 1,735 (7,534) 16,083
Net income (loss) ($4,304) $1,756 ($21,444) $26,360
Net income (loss)
per common share:
Basic ($0.11) $0.05 ($0.55) $0.69
Diluted ($0.11) $0.04 ($0.55) $0.67
Weighted average
common shares:
Basic 39,267 38,418 38,751 38,286
Diluted 39,267 39,399 38,751 39,523 |
