financial statements related to the year end report.
FVC. COM, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data; unaudited)
Three months ended Twelve months ended
December 31 December 31
1999 1998 1999 1998
Revenues $13,046 $5,196 $45,700 $37,251
Cost of revenues 11,529 2,374 28,851 19,220
Gross profit 1,517 2,822 16,849 18,031
Operating expenses:
Research and development 2,578 2,797 10,170 9,463
Selling, general
and administrative 6,916 3,326 21,633 11,878
Acquired in-process
research and development -- -- -- 4,664
Total operating expenses 9,494 6,123 31,803 26,005
Operating loss (7,977) (3,301) (14,954) (7,974)
Other income (expense), net 182 139 646 (42)
Minority interest in
consolidated subsidiary (90) -- (20) --
Net loss $(7,885) $(3,162) $(14,328) $(8,016)
Proforma net loss
excluding non-recurring
charge $(1,555) $(7,998)
Net loss per share:
Basic and diluted $(0.47) $(0.20) $(0.87) $(0.69)
Proforma net loss per share:
Basic and diluted $(0.09) $(0.49)
Shares used to compute
net loss per share:
Basic and diluted 16,792 15,767 16,433 11,541
FVC.COM, INC. CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands; unaudited)
December 31, December 31,
1999 1998
ASSETS
Current assets:
Cash and cash equivalents $997 $10,315
Short-term investments 7,824 16,433
Accounts receivable 14,066 11,221
Inventory 8,104 6,053
Prepaids and other current assets 2,866 1,241
Total current assets 33,857 45,263
Property and equipment, net 2,880 2,400
Other assets 3,462 3,502
$40,199 $51,165
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Notes payable $-- $1,300
Current portion of long-term debt 143 137
Accounts payable 6,968 5,045
Accrued expenses 3,123 1,937
Deferred revenue 1,745 3,905
Total current liabilities 11,979 12,324
Long-term debt, net of current portion 85 228
Minority interest in
consolidated subsidiary company 323 --
Stockholders' equity:
Common stock 17 16
Additional paid-in capital 65,015 61,649
Notes receivable from stockholders (321) (502)
Accumulated other comprehensive loss (21) --
Accumulated deficit (36,878) (22,550)
Total stockholders' equity 27,812 38,613
$40,199 $51,165
SOURCE: FVC.COM |
