MTI TECHNOLOGY CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS*
(Unaudited)
FY'97 FY'96 FY'97
Q4 Q4 Q3
Net product revenue $33,907 $20,825 $30,695
Service revenue 8,224 8,114 8,213
Total revenue 42,131 28,939 38,908
Product cost of revenue 22,449 19,206 21,095
Service cost of revenue 5,139 6,885 5,155
Total cost of revenue 27,588 26,091 26,250
Gross profit 14,543 2,848(a) 12,658
34.5% 9.8% 32.5%
Operating expenses:
Selling, general and
administrative 9,615 34,292(b)(c) 8,572
Research and development 3,010 5,272 2,426
Total operating expenses 12,625 39,564(d)(e) 10,998
Operating income (loss) 1,918 (36,716) 1,660
Interest and other income
(expense), net 695 (1,965)(e) 257
Income (loss) before income taxes2,613 (38,681) 1,917
Income tax expense 364 (337) 150
Net income (loss) $2,249 $(38,344) $1,767
Income (loss) per common and common
equivalent share $0.08 $(1.97) $0.07
Weighted average common and common
equivalent shares 27,981 19,447 26,770
In thousands, except per share data. (a) Includes $2,560 charge for write-down of inventory. (b) Includes $16,591 charge to write-down goodwill. (c) Includes $2,088 charge for settlement of shareholder lawsuit and
related legal costs.
(d) Includes $1,777 charge for restructuring and severance costs. (e) Includes $1,855 operating expenses for sales tax liability and $1,450 other expense for related interest and penalties.
MTI TECHNOLOGY CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS*
(Unaudited)
FY'97 FY'96
Net product revenue $120,359 $97,682
Service revenue 33,368 34,232
Total revenue 153,727 131,914
Product cost of revenue 83,607 74,057
Service cost of revenue 20,196 22,162
Total cost of revenue 103,803 96,219
Gross profit 49,924 35,695(a)
32.5% 27.1%
Operating expenses:
Selling, general and administrative 34,936 65,715(b)(c)
Research and development 10,103 14,384
Total operating expenses 45,039 80,099(d)(e)
Operating income (loss) 4,885 (44,404)
Interest and other income (expense), net 1,483 (4,636)(e)
Income (loss) before income taxes 6,368 (49,040)
Income tax expense 664 179
Net income (loss) $5,704 $(49,219)
Income (loss) per common and common
equivalent share $0.21 $(2.54)
Weighted average common and common
equivalent shares 26,723 19,400
In thousands, except per share data. (a) Includes $2,560 fourth quarter charge for write-down of inventory. (b) Includes $16,591 fourth quarter charge to write-down goodwill. (c) Includes $2,088 fourth quarter charge for settlement of shareholder
lawsuit and related legal costs.
(d) Includes $1,777 fourth quarter charge for restructuring and severance costs. (e) Includes fourth quarter charges of $1,855 operating expenses for sales tax liability and $1,450 other expense for related interest and penalties.
MTI TECHNOLOGY CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS*
(Unaudited)
April 5, April 6,
1997 1996
ASSETS:
Cash $3,487 $4,055
Short-term investments 850 ---
Trade accounts receivable, net 31,899 21,101
Inventories 14,637 21,499
Other current assets 3,822 4,534
Total current assets 54,695 51,189
Goodwill and intangibles, net 15,027 15,852
Fixed assets and other non-current assets, net 13,870 16,982
Total assets $83,592 $84,023
LIABILITIES & STOCKHOLDERS' EQUITY:
Bank line and current portion of debt $23,953 $28,910
Trade payables and accrued liabilities 29,969 33,304
Deferred income 13,040 14,941
Total current liabilities 66,962 77,155
Long-term debt, less current maturities 6 5,966
Other non-current liabilities 247 1,089
Total liabilities 67,215 84,210
Total stockholders' equity (deficiency) 16,377 (187)
Total liabilities & stockholders' equity $83,592 $84,023
* In thousands |
