Statement of Operations
(Unaudited) Three months ended Nine months ended
March 31, March 31,
2001 2000 2001 2000
Net Sales $9,999,988 $7,746,763 $32,388,724 $21,185,835
Cost of goods sold 4,438,864 4,399,225 16,281,520 11,628,832
Gross profit 5,561,124 3,347,538 16,107,204 9,557,003
Operating Expenses:
Selling 1,101,996 888,719 3,464,920 2,576,159
General and
administrative 2,823,555 1,075,797 6,505,992 3,071,624
Research and
development 954,930 1,462,607 3,417,849 4,106,110
Expenses relating
to accounting
restatements and the
related shareholder
litigation 465,489 16,483 2,333,449 16,483
Total operating
expenses 5,345,970 3,443,606 15,722,210 9,770,376
Operating profit
(loss) 215,154 (96,068) 384,994 (213,373)
Other income (expense):
Interest income 92,322 151,697 354,489 296,449
Interest expense (258,293) (252,790) (903,443) (671,619)
Other, net (6,226) 6,370 (4,167) (1,411)
Total other income
(expense) (172,197) (94,723) (553,121) (376,581)
Net income (loss) $42,957 $(190,791) $(168,127) $(589,954)
Basic and diluted
earnings (loss)
per share $0.01 $(0.03) $(0.02) $(0.09)
Basic weighted
average shares
outstanding 7,087,048 7,014,347 7,076,176 6,240,600
Diluted weighted
average shares
outstanding 7,119,614 7,014,347 7,076,176 6,240,600
Balance Sheets
(Unaudited) March 31, June 30,
2001 2000
Assets
Current assets:
Cash and cash equivalents $4,704,814 $11,030,293
Trade accounts receivable,
less allowance for doubtful
accounts of $258,030 and
$174,634, respectively 6,459,381 5,881,280
Inventories 5,566,801 7,434,660
Prepaid expenses and other
current assets 581,283 189,485
Total current assets 17,312,279 24,535,718
Property and equipment:
Machinery and equipment 11,565,574 9,845,402
Furniture and fixtures 793,761 720,971
Leasehold improvements 1,576,730 1,538,575
13,936,065 12,104,948
Less accumulated depreciation
and amortization 5,969,899 4,767,159
Net property and equipment 7,966,166 7,337,789
Intangible and other assets 733,848 697,185
Total assets $26,012,293 $32,570,692
Liabilities and Stockholders' Equity
Current liabilities:
Bank overdraft $301,312 $320,798
Trade accounts payable 2,104,958 4,182,270
Accrued compensation 1,483,803 1,499,890
Other accrued expenses 232,336 225,105
Notes payable and current
installments of long-term
obligations 6,791,178 11,566,386
Total current liabilities 10,913,587 17,794,449
Long-term obligations 53,507 91,666
Total liabilities 10,967,094 17,886,115
Stockholders' equity:
Common stock, $.01 par value,
50,000,000 shares authorized;
7,106,811 and 7,070,423 shares
issued and outstanding, respectively 71,068 70,704
Additional paid-in capital 36,827,924 40,524,974
Unamortized stock compensation cost (92,936) (4,318,371)
Accumulated deficit (21,760,857) (21,592,730)
Total stockholders' equity 15,045,199 14,684,577
Commitments and contingencies
Total liabilities and
stockholders' equity $26,012,293 $32,570,692
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SOURCE: Vari-L Company, Inc. biz.yahoo.com
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