CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(Unaudited)
Three Months Ended Six Months Ended
September 30, September 30,
2000 1999 2000 1999
Net Sales $105,433 $68,527 $192,167 $134,480
Cost of Sales 72,110 47,911 128,333 95,747
Gross profit 33,323 20,616 63,834 38,733
Operating Expenses:
Research and
development 5,722 6,336 12,004 12,104
Selling, general
and administrative 16,035 12,233 30,633 23,746
Total operating
expenses 21,757 18,569 42,637 35,850
Operating income 11,566 2,047 21,197 2,883
Other income
(expense) 1,572 (468) 2,586 (1,104)
Income before
income taxes 13,138 1,579 23,783 1,779
Provision for
income taxes 1,971 316 3,568 356
Net Income $11,167 $1,263 $20,215 $1,423
Basic earnings
per share $0.15 $0.02 $0.28 $0.02
Diluted earnings
per share $0.15 $0.02 $0.26 $0.02
Basic weighted
average shares
outstanding 73,441 63,924 73,128 63,424
Diluted weighted
average shares
outstanding 76,752 68,574 76,851 68,315
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
September 30, March 31,
2000 2000
(Unaudited)
Assets
Cash and short-terms investments $82,722 $123,942
Accounts receivable, net 126,505 98,520
Inventories 87,202 48,547
Other current assets 12,426 11,201
Total current assets 308,855 282,210
Property & equipment, net 47,396 43,801
Other assets 15,133 11,430
Total assets $371,384 $337,441
Liabilities and Stockholders' Equity
Accounts payable $55,867 $39,582
Income taxes payable and
other current liabilities 31,293 33,467
Total current liabilities 87,160 73,049
Long-term liabilities 0 0
Total liabilities 87,160 73,049
Stockholders' equity 284,224 264,392
Total liabilities and
stockholders' equity $371,384 $337,441
SOURCE: DMC Stratex Networks, Inc. |
