And #2, PROOF that WSTL did NOT "make money:" Cash Flow from Operations:
" WESTELL TECHNOLOGIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
<CAPTION>
Three Months Ended
June 30,
-----------------------------------------
1999 2000
----------------- -----------------
(unaudited)
(in thousands)
<S> <C> <C>
Cash flows from operating activities:
Net loss........................................................... $ (3,432) $ (5,232)
Reconciliation of net loss to net cash
used in operating activities:
Depreciation and amortization.................................... 1,857 10,530
Interest expenses related to conversion of debentures............ - 135
Changes in assets and liabilities:
Increase in accounts receivable.................................. (2,136) (37,911)
Increase in inventory............................................ (1,252) (12,734)
Decrease (increase) in prepaid expenses and deposits............. 286 (397)
Decrease in refundable income taxes.............................. 5 -
(Increase) decrease in other assets.............................. (1,425) 546
(Decrease) increase in accounts payable and accrued expenses..... (2,678) 22,918
Decrease in accrued compensation................................. (1,656) (663)
----------------- -----------------
Net cash used in operating activities......................... (10,431) (22,808)
----------------- -----------------
Cash flows from investing activities:
Purchases of property and equipment.............................. (940) (6,682)
Decrease in short term investments............................... - 1,951
----------------- -----------------
Net cash used in investing activities......................... (940) (4,731)
----------------- -----------------
Cash flows from financing activities:
(Repayment) borrowing of long-term debt and leases payable....... (669) 3,692
Net borrowing under revolving promissory notes................... - 8,000
Proceeds from issuance of convertible debt....................... 19,000 -
Proceeds from the issuance of common stock....................... 1,132 1,574
----------------- -----------------
Net cash provided in financing activities.................... 19,463 13,266
----------------- -----------------
Effect of exchange rate changes on cash............................ 4 (26)
Net increase (decrease) in cash............................... 8,096 (14,299)
Cash and cash equivalents, beginning of period..................... 6,715 27,258
----------------- -----------------
Cash and cash equivalents, end of period........................... $ 14,811 $ 12,959
================= =================
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements
</TABLE>
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