Financial Data
Summary Consolidated Financial Data
(in thousands, except per share data)
The summary consolidated financial information set forth below is derived
from our consolidated financial statements. You should read the following data
in conjunction with "Management's Discussion and Analysis of Financial
Condition and Results of Operations" and our consolidated financial statements
and the related notes included elsewhere in this prospectus. The as adjusted
balance sheet data summarized below reflects the application of the net
proceeds from the sale of the shares of common stock offered by us in this
offering at an assumed initial public offering price of $ per share after
deducting the underwriting discounts and commissions and our estimated offering
expenses. See "Capitalization."
Nine months
Year Ended June 30, ended March 31,
----------------------- ---------------
1997 1998 1999 1999 2000
------- ------- ------- ------- -------
Statements of Operations Data:
Net revenues................ $30,680 $28,300 $32,980 $23,157 $32,631
Cost of revenues............ 20,430 16,812 16,824 12,846 15,644
Gross profit................ 10,250 11,488 16,156 10,311 16,987
Total operating expenses.... 9,926 9,627 12,383 8,391 14,821
Income from operations...... 324 1,861 3,773 1,920 2,166
Net income.................. 202 1,303 2,786 1,322 1,135
Earnings per share:
Basic..................... $ 0.01 $ 0.05 $ 0.10 $ 0.05 $ 0.04
Diluted................... $ 0.01 $ 0.05 $ 0.10 $ 0.05 $ 0.03
Weighted average shares:....
Basic..................... 25,128 25,207 26,977 26,964 28,870
Diluted................... 25,626 27,128 29,251 29,329 33,567
March 31, 2000
-------------------
Actual As Adjusted
------- -----------
Balance Sheet Data:
Cash and cash equivalents........................... $ 4,118 $
Working capital..................................... 10,185
Total assets........................................ 17,527
Capital lease obligations, net of current portion... 110
Retained earnings................................... 8,507
Total stockholders' equity.......................... 12,075
Nine months
Year ended June ended March
30, 31,
------------------- ------------
1997 1998 1999 1999 2000
----- ----- ----- ----- -----
Net revenues................................. 100.0% 100.0% 100.0% 100.0% 100.0%
Cost of revenues............................. 66.6 59.4 51.0 55.5 47.9
----- ----- ----- ----- -----
Gross profit................................. 33.4 40.6 49.0 44.5 52.1
Operating expenses:
Selling, general and administrative........ 24.3 27.8 29.6 28.0 36.5
Research and development................... 8.1 6.3 7.9 8.2 7.1
Amortization of deferred compensation...... -- -- -- -- 1.8
----- ----- ----- ----- -----
Total operating expenses..................... 32.4 34.0 37.5 36.2 45.4
----- ----- ----- ----- -----
Income from operations....................... 1.1 6.6 11.4 8.3 6.6
Minority interest............................ -- -- (0.1) (0.2) (0.2)
Interest income (expense), net............... (0.5) -- 0.5 0.5 0.5
Other income (expense), net.................. -- -- -- (0.5) (0.2)
----- ----- ----- ----- -----
Net income before income taxes............... 0.5 6.6 11.8 8.1 6.8
Provision (benefit) for income taxes......... (0.1) 2.0 3.3 2.4 3.3
----- ----- ----- ----- -----
Net income................................... 0.7% 4.6% 8.4% 5.7% 3.5%
===== ===== ===== ===== =====
Three Months Ended
-----------------------------------------------------------
Sep. Dec. Sep. Dec. Mar.
30, 31, Mar. 31, Jun. 30, 30, 31, 31,
1998 1998 1999 1999 1999 1999 2000
------ ------ -------- -------- ------- ------- -------
(in thousands)
(unaudited)
Statement of operations:
Net revenues............ $7,128 $8,010 $8,019 $9,823 $10,875 $11,417 $10,339
Cost of revenues........ 4,024 4,421 4,401 3,978 4,701 5,517 5,426
------ ------ ------ ------ ------- ------- -------
Gross profit............ 3,104 3,589 3,618 5,845 6,174 5,900 4,913
Operating expenses:
Selling, general and
administrative....... 1,780 2,347 2,367 3,274 3,594 4,221 4,089
Research and
development.......... 697 477 723 718 722 711 897
Amortization of
deferred
compensation......... -- -- -- -- -- -- 587
------ ------ ------ ------ ------- ------- -------
Total operating
expenses........... 2,477 2,824 3,090 3,992 4,316 4,932 5,573
------ ------ ------ ------ ------- ------- -------
Income (loss) from
operations............. 627 765 528 1,853 1,858 968 (660)
Minority interest
(expense), net......... -- -- (57) 27 (68) 19 --
Interest and other
income (expense), net.. 38 29 (52) 126 62 108 (71)
------ ------ ------ ------ ------- ------- -------
Net income (loss) before
income taxes........... 665 794 419 2,006 1,852 1,095 (731)
Provision (benefit) for
income taxes........... 196 235 125 542 903 534 (356)
------ ------ ------ ------ ------- ------- -------
Net income (loss)....... $ 469 $ 559 $ 294 $1,464 $ 949 $ 561 $ (375)
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As a percentage of net
revenues:
Net revenues............ 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
Cost of revenues........ 56.5 55.2 54.9 40.5 43.2 48.3 52.5
------ ------ ------ ------ ------- ------- -------
Gross profit............ 43.5 44.8 45.1 59.5 56.8 51.7 47.5
Operating expenses:
Selling, general and
administrative....... 25.0 29.3 29.5 33.3 33.0 37.0 39.5
Research and
development.......... 9.8 6.0 9.0 7.3 6.6 6.2 8.7
Amortization of
deferred
compensation......... -- -- -- -- -- -- 5.7
------ ------ ------ ------ ------- ------- -------
Total operating
expenses........... 34.8 35.3 38.5 40.6 39.7 43.2 53.9
------ ------ ------ ------ ------- ------- -------
Income (loss) from
operations............. 8.8 9.6 6.6 18.9 17.1 8.5 (6.4)
Minority interest....... -- -- (0.7) 0.3 (0.6) 0.2 --
Interest and other
income (expense), net.. 0.5 0.4 (0.6) 1.3 0.6 0.9 (0.7)
------ ------ ------ ------ ------- ------- -------
Net income (loss) before
income taxes........... 9.3 9.9 5.2 20.4 17.0 9.6 (7.1)
Provision (benefit) for
income taxes........... 2.7 2.9 1.6 5.5 8.3 4.7 (3.4)
------ ------ ------ ------ ------- ------- -------
Net income (loss)....... 6.6% 7.0% 3.7% 14.9% 8.7% 4.9% (3.6)%
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