Financials ...
FSI INTERNATIONAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
Third Quarter Ended Nine Months Ended
--------------------- ---------------------
May 29, May 30, May 29, May 30,
1999 1998 1999 1998
-------- -------- -------- --------
(unaudited) (unaudited)
Sales $50,570 $55,836 $117,797 $180,182
Cost of goods sold 35,434 34,426 85,895 111,916
---------------------- -------- -------- -------- --------
Gross profit 15,136 21,410 31,902 68,266
Selling, general and
administrative expenses 11,648 14,947 34,250 46,711
Research and develop-
ment expenses 9,213 10,497 26,620 32,376
---------------------- -------- -------- -------- --------
Operating loss (5,725) (4,034) (28,968) (10,821)
Interest and other
income (expense) net 364 505 1,743 1,280
---------------------- -------- -------- -------- --------
Loss before
income taxes (5,361) (3,529) (27,225) (9,541)
Income tax
expense (benefit) 14,149 (1,196) 5,816 (3,721)
---------------------- -------- -------- -------- --------
Loss before equity
in earnings (loss)
of affiliates and
minority interest (19,510) (2,333) (33,041) (5,820)
Minority interest --- 202 (41) 555
Equity in earnings
(loss) of affiliates (877) 144 (1,957) 567
---------------------- -------- -------- -------- --------
Net loss $(20,387) $(1,987) $(35,039) $ (4,698)
---------------------- ======== ======== ======== ========
Net loss per
common share
Basic ( $0.88) ($0.09) ($1.51) ($0.21)
Diluted ( $0.88) ($0.09) ($1.51) ($0.21)
---------------------- -------- -------- -------- --------
Weighted average
common shares
Basic 23,251 22,849 23,156 22,738
Diluted 23,251 22,849 23,156 22,738
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Other Information
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Capital expenditures $ 3,567 $ 1,801 $ 9,070 $ 4,275
Depreciation and
amortization 3,185 4,128 10,633 11,969
FSI INTERNATIONAL, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands)
May 29, August 29,
1999 1998
----------- -----------
(unaudited) (audited)
Assets
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Current assets:
Cash, cash equivalents
and marketable securities $ 81,597 $ 88,879
Receivables, net 40,791 46,463
Inventories 44,098 50,152
Other current assets 16,886 32,551
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Total current assets 183,372 218,045
Property, plant and equipment, net 67,032 68,788
Investment in affiliates 13,615 15,409
Other assets 6,245 8,216
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Total assets $270,264 $310,458
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Liabilities and Stockholders' Equity
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Current liabilities:
Current maturities of long-term debt $ 60 $ 65
Trade accounts payable 20,672 19,000
Accrued expenses 22,025 25,227
Other current liabilities 14,288 17,709
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Total current liabilities 57,045 62,001
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Long-term debt, less current maturities 42,015 42,065
Long-term deferred income taxes 24 24
Minority interest --- 1,992
Total stockholders' equity 171,180 204,376
--------------------------------------- ----------- -----------
Total liabilities and stockholders'
equity $270,264 $310,458
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Other Information
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Book value per share $ 7.36 $ 8.87
Shares outstanding 23,269 23,035
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Contact:
FSI International, Minneapolis
Benno Sand--Investor and Financial Media
(612) 448-8936
or
Laurie Walker--Trade Media
(612) 448-8066
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