Earning sheet
ACTIVE VOICE CORPORATION
CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
(In thousands, except shares and per share amounts)
Three Months Ended Year Ended
March 31, March 31,
2000 1999 2000 1999
Net sales $13,095 $18,029 $74,427 $62,640
Cost of goods sold 5,405 8,165 31,135 28,884
Gross profit 7,690 9,864 43,292 33,756
Operating expenses:
Research and
development 4,111 4,281 15,848 14,450
Sales and
marketing 5,719 4,798 23,116 17,613
General and
administrative 2,622 2,001 9,383 8,161
Non-recurring cost
of licensed
technology -- -- 2,521 --
Total operating
expenses 12,452 11,080 50,868 40,224
Operating loss (4,762) (1,216) (7,576) (6,468)
Interest expense (4) (52) (338) (103)
Interest income 256 130 849 419
Impairment of
strategic
investment -- -- (1,169) --
Gain on sale of
technology assets -- -- 16,504 --
Income (loss)
before income
taxes and
minority
interest (4,510) (1,138) 8,270 (6,152)
Income tax benefit
(provision) 1,680 59 (2,015) 1,307
Minority interest
in earnings of
consolidated
subsidiary 8 (32) (128) (71)
Net income (loss) $(2,822) $(1,111) $6,127 $(4,916)
Earnings (loss)
per share:
Basic $(0.26) $(0.12) $0.62 $(0.52)
Diluted $(0.26) $(0.12) $0.57 $(0.52)
Shares used in
earnings (loss)
per share
calculation:
Basic 10,650,479 9,310,022 9,834,532 9,438,198
Diluted 10,650,479 9,310,022 10,761,955 9,438,198
ACTIVE VOICE CORPORATION
CONSOLIDATED BALANCE SHEETS (Unaudited)
(In thousands, except shares)
March 31,2000 March 31,1999
ASSETS
Current assets:
Cash and cash equivalents $15,557 $1,692
Marketable securities 3,403 1,113
Accounts receivable, less allowances 8,064 13,676
Inventories 8,546 5,924
Income taxes receivable 3,356 741
Deferred tax asset -- 1,650
Prepaid expenses and other assets 1,682 3,217
Total current assets 40,608 28,013
Marketable securities 4,249 1,701
Furniture and equipment, net 5,793 4,602
Other assets 2,399 4,377
Total assets $53,049 $38,693
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 1,681 $ 5,001
Accrued compensation and benefits 2,553 2,500
Other accrued expenses 1,831 2,206
Total current liabilities 6,065 9,707
Commitments
Minority interest 72 (55)
Stockholders' equity:
Preferred stock, no par value:
Authorized shares - 2,000,000
- none outstanding
Common stock, no par value:
Authorized shares - 60,000,000
Issued shares, including
repurchased shares
- 11,163,792
(10,124,034 at March 31, 1999) 26,798 17,314
Retained earnings 20,013 13,980
Accumulated other
comprehensive income 101 20
Less 790,306 repurchased
shares at March 31, 1999,
at cost -- (2,273)
Total stockholders' equity 46,912 29,041
Total liabilities and
stockholders' equity $53,049 $38,693
SOURCE Active Voice Corporation
Very poor.
Revenues down.
EPS loss.
Glad I'm out.
Jack |
