Financials laid out.
ACTIVE VOICE CORPORATION
CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
(In thousands, except shares and per share amounts)
Three Months Ended Nine Months Ended
December 31, December 31,
1999 1998 1999 1998
Net sales $22,170 $16,629 $60,877 $44,334
Cost of goods sold 9,088 8,127 25,673 20,676
Gross profit 13,082 8,502 35,204 23,658
Operating expenses:
Research and development 3,760 3,568 11,737 10,169
Sales and marketing 6,333 4,440 17,082 12,636
General and administrative 2,388 2,014 6,755 6,106
Non-recurring cost
of licensed technology 2,521 -- 2,521 --
Total operating expenses 15,002 10,022 38,095 28,911
Operating loss (1,920) (1,520) (2,891) (5,253)
Interest expense (75) (17) (334) (50)
Interest income 257 49 594 289
Impairment of
strategic investment -- -- (1,169) --
Gain on sale
of technology assets -- -- 16,504 --
Income (loss) before income
taxes and minority interest (1,738) (1,488) 12,704 (5,014)
Income tax benefit (provision) 569 39 (3,695) 1,249
Minority interest in earnings
of consolidated subsidiary (5) (41) (136) (40)
Net income (loss) $(1,174) $(1,490) $8,873 $(3,805)
Earnings (loss) per share:
Basic $(0.24) $(0.32) $1.89 $(0.82)
Diluted $(0.24) $(0.32) $1.76 $(0.82)
Shares used in earnings (loss)
per share calculation:
Basic 4,874,296 4,629,223 4,696,204 4,655,378
Diluted 4,874,296 4,629,223 5,034,962 4,655,378
ACTIVE VOICE CORPORATION
CONSOLIDATED BALANCE SHEETS (Unaudited)
(In thousands, except shares)
December 31, March 31,
1999 1999
ASSETS
Current assets:
Cash and cash equivalents $ 5,557 $ 1,650
Marketable securities 6,479 1,113
Accounts receivable, less allowances 13,470 13,622
Inventories 8,978 5,924
Income taxes receivable 874 741
Deferred tax asset 2,223 1,650
Prepaid expenses and other assets 1,736 3,215
Total current assets 39,317 27,915
Marketable securities 3,708 1,701
Furniture and equipment, net 5,870 4,589
Other assets 3,029 4,377
Total assets $51,924 $38,582
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 2,559 $ 4,983
Accrued compensation and benefits 3,033 2,500
Other accrued expenses 1,858 2,186
Total current liabilities 7,450 9,669
Commitments
Minority interest 81 (55)
Stockholders' equity:
Preferred stock, no par value:
Authorized shares
- 2,000,000 - none outstanding
Common stock, no par value:
Authorized shares - 10,000,000
Issued shares, including repurchased
shares - 5,059,780
(4,976,933 at March 31, 1999) 21,595 17,314
Retained earnings 22,765 13,907
Accumulated other comprehensive income 33 20
Less 395,153 repurchased shares
at March 31, 1999, at cost -- (2,273)
Total stockholders' equity 44,393 28,968
Total liabilities and stockholders' equity $51,924 $38,582
SOURCE Active Voice Corporation |
