financials:
GSI Lumonics Inc. and Subsidiaries
Consolidated Balance Sheets
(in US$ thousands, except share data)
October 1, Dec. 31,
1999 1998
Assets (unaudited)
Current assets:
Cash and cash equivalents $ 26,674 $24,229
Short term investments 5,316 8,098
Accounts receivable,
less allowance of
$3,231 (1998 - $311) 67,137 31,673
Due from related party 2,130 3,844
Inventories 65,077 44,096
Deferred tax and
other current assets 37,283 8,305
Current portion of
swap contracts 1,247 1,076
Total current assets 204,864 121,321
Property, plant and equipment,
net of accumulated
depreciation of $63,619
(December 31, 1998
- $24,299) 50,566 32,209
Long term portion
of swap contracts 623 1,076
Other assets 5,766 964
Intangible assets,
net of amortization
of $6,497
(1998 - $2,953)... 17,290 4,072
$279,109 $159,642
Liabilities and Stockholders' Equity
Current liabilities:
Bank indebtedness $ 14,584 $7,261
Accounts payable 25,746 5,605
Accrued expenses
and income taxes 60,153 18,937
Current portion of
deferred compensation 122 -
Current portion of
long term debt 5,268 3,541
Total current
liabilities 105,873 35,344
Long-term debt due
after one year 1,916 3,541
Deferred compensation,
less current portion 2,030 -
Stockholders' equity:
Capital stock, no par value;
issued shares of 34,175,663
(Dec 31, 1998
- 17,056,001) 222,548 138,871
Deficit (46,730) (9,451)
Cumulative
translation
adjustment (6,908) (8,663)
Unrealized gain
on marketable
equity securities, net 380 -
Total stockholders'
equity 169,290 120,757
$279,109 $159,642
GSI Lumonics Inc. and Subsidiaries
Consolidated Statements of Operations (unaudited)
(in US$ thousands, except share data)
Three months ended Nine months ended
Oct. 1, Sept. 30, Oct. 1, Sept. 30,
1999 1998 1999 1998
Sales:
Laser systems
and components $69,624 $34,779 $169,469 $110,210
Printers 8,417 - 16,414
Total sales 78,041 34,779 185,883 110,210
Cost of sales:
Laser systems
and components 42,726 24,893 114,754 78,314
Printers 4,827 - 9,746 -
Total cost of sales 47,553 24,893 124,500 78,314
Gross profit:
Laser systems
and components 26,898 9,886 54,715 31,896
Printers 3,590 - 6,668 -
Total gross profit 30,488 9,886 61,383 31,896
Operating expenses:
Research and
product
development 8,104 2,805 20,024 10,038
Selling, general
and administrative 18,999 9,712 49,636 28,979
Acquired
in-process R&D - - 13,000 -
Restructuring
and other charges - - 19,631 2,086
Total operating
expenses 27,103 12,517 102,291 41,103
Income (loss)
from operations 3,385 (2,631) (40,908) (9,207)
Interest
income, net 2 350 103 1,007
Foreign exchange
transaction
gains (losses) (514) 1,417 (1,144) 662
Income (loss)
before
income taxes 2,873 (864) (41,949) (7,538)
Income taxes
provision
(benefit) 874 (255) (4,671) (2,202)
Net income
(loss) $1,999 $(609) $(37,278) $(5,336)
Foreign
currency
translation
adjustment 2,499 (1,200) 1,755 (3,028)
Change in
unrealized gain
on marketable
equity
securities, net 58 - 380 -
Comprehensive
income (loss) $4,556 $(1,809) $(35,143) $(8,364)
Net income (loss) per common share:
Basic $0.06 $(0.04) $(1.28) $(0.31)
Diluted $0.06 $(0.04) $(1.28) $(0.31)
Weighted average
common shares
outstanding 34,173 17,059 29,182 17,091
Weighted average
common shares
outstanding and
dilutive potential
common shares 35,085 17,059 29,182 17,091
GSI Lumonics Inc. and Subsidiaries
Consolidated Statements of Cash Flows (unaudited)
(in US$ thousands)
Nine months ended
October 1, September 30,
1999 1998
Cash flows from operating activities:
Net income (loss) $(37,278) $(5,336)
Adjustments to
reconcile net income
(loss) to net cash
used in operating
activities:
Acquired in-process
research and
development 13,000 -
Depreciation
and amortization 11,114 3,858
Deferred compensation 30 -
Deferred income taxes (5,837) (882)
Unrealized currency
exchange loss 518 826
Changes in current
assets and liabilities:
Accounts receivable (2,785) 12,958
Inventories 11,447 (8,068)
Other current assets (2,093) (1,636)
Accounts payable,
accrued expenses,
and taxes payable 8,754 (3,279)
Net cash used in
operating activities (3,130) (1,559)
Cash flows from investing activities:
Merger with
General Scanning Inc 1,451 -
Acquisition of
Meteor Optics Inc - (1,097)
Additions to property,
plant, and equipment, net (4,467) (11,694)
Maturity of short
term investments 8,208 41,136
Purchase of short
term investments (5,316) (42,055)
Increase in other assets (573) -
Net cash used in
investing activities (697) (13,710)
Cash flows from financing activities:
Proceeds (payments) of bank
indebtedness and
others, net 2,420 (9,660)
Payments on long-term debt (1,646) (1,174)
Proceeds from exercise
of stock options 149 70
Repurchase of common shares - (627)
Net cash provided by
(used in) financing activities 923 (11,391)
Effect of exchange rate
changes on cash
and cash equivalents 5,349 (4,244)
Increase (decrease)
in cash and
cash equivalents 2,445 (30,904)
Cash and cash equivalents,
beginning of period 24,229 56,828
Cash and cash equivalents,
end of period $26,674 $25,924
Supplemental disclosure of cash flow information:
Cash paid during the period for :
Interest $798 $691
Income taxes $497 $3,005
GSI Lumonics Inc.
Consolidated Sales Analysis By Market Sector and Geographic Region
[millions of U.S. dollars]
Nine months ended Nine months ended
(unaudited) October 1, 1999 September 30, 1998
% of % of Market Sector: Total Sales Total Sales
Semiconductor $22.0 12% $12.0 11%
Electronics 41.8 23% 23.2 21%
Automotive 7.1 4% 9.1 8%
Aerospace 13.7 7% 11.0 10%
Packaging 9.6 5% 9.4 9%
Emerging 8.7 5% 12.6 11%
Medical/Biotechnology 32.4 17% 3.6 3%
Components 23.1 12% 5.4 5%
Parts & Service 27.5 15% 23.9 22%
Total $185.9 100% 110.2 100%
Geographic Region:
USA $91.1 49% $47.2 43%
Canada 6.7 4% 6.4 6%
Latin & South America 1.1 1% 0.4 0%
Europe 47.5 25% 30.0 27%
Japan 23.1 12% 12.9 12%
Asia 16.4 9% 13.3 12%
Total $185.9 100% 110.2 100%
GSI Lumonics Inc.
Consolidated Sales Analysis By Market Sector and Geographic Region
[millions of U.S. dollars]
Three months ended Three months ended
(unaudited) October 1, 1999 September 30, 1998
% of % of
Market Sector: Total Sales Total Sales
Semiconductor $9.3 12% $3.7 11%
Electronics 16.1 21% 7.8 23%
Automotive 3.4 4% 1.1 3%
Aerospace 5.7 7% 0.8 2%
Packaging 4.0 5% 3.2 9%
Emerging 3.3 4% 7.5 22%
Medical/Biotechnology 14.6 19% 1.4 4%
Components 11.5 15% 1.9 5%
Parts & Service 10.1 13% 7.4 21%
Total $78.0 100% $34.8 100%
Geographic Region:
USA $40.5 52% $15.1 43%
Canada 4.1 5% 2.1 6%
Latin & South America 0.5 1% 0.1 0%
Europe 16.8 22% 11.5 33%
Japan 10.5 13% 3.4 10%
Asia 5.6 7% 2.6 8%
Total $78.0 100% $34.8 100% |
