XICOR, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months
Ended Year Ended
December 31, December 31, December 31, December 31,
2000 1999 2000 1999
---- ---- ---- ----
Net sales $ 29,523,000 $ 30,938,000 $ 122,849,000 $ 114,887,000
Cost of
sales 17,107,000 19,328,000 71,672,000 80,474,000
Gross
profit 12,416,000 11,610,000 51,177,000 34,413,000
Operating
expenses:
Research
and
development 3,887,000 3,737,000 15,880,000 14,560,000
Selling,
general and
administrative 6,397,000 5,681,000 26,122,000 22,360,000
Restructuring
charge
(credit) (3,396,000) 23,719,000 (3,841,000) 23,719,000
6,888,000 33,137,000 38,161,000 60,639,000
Income (loss)
from
operations 5,528,000 (21,527,000) 13,016,000 (26,226,000)
Interest
expense (95,000) (302,000) (817,000) (1,407,000)
Interest
income 384,000 216,000 1,458,000 704,000
Income
(loss)
before
income
taxes 5,817,000 (21,613,000) 13,657,000 (26,929,000)
Provision
for
income
taxes 121,000 - 491,000 -
Net income
(loss) $ 5,696,000 $ (21,613,000) $ 13,166,000 $ (26,929,000)
Net income
(loss) per
common
share:
Basic $ 0.27 $ (1.05) $ 0.62 $ (1.32)
Diluted $ 0.25 $ (1.05) $ 0.57 $ (1.32)
Shares used
in per
share
calculations:
Basic 21,411,000 20,500,000 21,189,000 20,324,000
Diluted 22,635,000 20,500,000 23,286,000 20,324,000
Notes:
Cost of sales for the quarter and year ended December 31, 2000
include a $436,000 credit related to the amortization of the deferred
gain on the sale of the fab.
The restructuring credit for the quarter and year ended December
31, 2000 resulted principally from completion of the restructuring
plan at amounts lower than previously anticipated due primarily to the
Company's ability to sell its fab.
XICOR, INC.
PRO FORMA INFORMATION EXCLUDING RESTRUCTURING CHARGES
(Unaudited)
The following pro forma supplemental information excludes the
effect of restructuring charges (credits). This pro forma information
is not prepared in accordance with generally accepted accounting
principles.
Three Months Ended Year Ended
December 31, December 31, December 31, December 31,
2000 1999 2000 1999
---- ---- ---- ----
Net sales $ 29,523,000 $ 30,938,000 $122,849,000 $ 114,887,000
Cost of sales 17,107,000 19,328,000 71,672,000 80,474,000
Gross profit 12,416,000 11,610,000 51,177,000 34,413,000
Operating expenses:
Research and
development 3,887,000 3,737,000 15,880,000 14,560,000
Selling, general
and administrative 6,397,000 5,681,000 26,122,000 22,360,000
10,284,000 9,418,000 42,002,000 36,920,000
Pro Forma Income
(loss) from
operations 2,132,000 2,192,000 9,175,000 (2,507,000)
Interest expense (95,000) (302,000) (817,000) (1,407,000)
Interest income 384,000 216,000 1,458,000 704,000
Pro Forma Income
(loss) before
income taxes 2,421,000 2,106,000 9,816,000 (3,210,000)
Provision for
income taxes 121,000 - 491,000 -
Net income (loss)
excluding
restructuring $ 2,300,000 $ 2,106,000 $ 9,325,000 $(3,210,000)
Net income (loss)
per common share:
Basic $ 0.11 $ 0.10 $ 0.44 $ (0.16)
Diluted $ 0.10 $ 0.09 $ 0.40 $ (0.16)
Shares used in per
share calculations:
Basic 21,411,000 20,500,000 21,189,000 20,324,000
Diluted 22,635,000 22,720,000 23,286,000 20,324,000
Note:
Cost of sales for the quarter and year ended December 31, 2000
include a $436,000 credit related to the amortization of the deferred
gain on the sale of the fab.
XICOR, INC.
CONSOLIDATED BALANCE SHEETS
December 31, December 31,
2000 1999
---- ----
ASSETS
Current assets:
Cash and cash equivalents $ 29,121,000 $ 22,233,000
Accounts receivable 10,812,000 8,508,000
Inventories 14,380,000 13,003,000
Prepaid expenses and
other current assets 639,000 380,000
Total current assets 54,952,000 44,124,000
Property, plant and equipment,
at cost less
accumulated
depreciation 9,166,000 8,835,000
Other assets 205,000 1,835,000
$ 64,323,000 $ 54,794,000
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 11,132,000 $ 8,018,000
Accrued expenses 12,637,000 14,343,000
Deferred income on
shipments to distributors 14,258,000 12,828,000
Deferred gain on sale
of fab assets 4,600,000 -
Current portion of
long-term obligations 766,000 5,362,000
Total current liabilities 43,393,000 40,551,000
Long-term obligations 715,000 9,794,000
Shareholders' equity:
Preferred stock; 5,000,000
shares authorized - -
Common stock; 75,000,000
shares authorized;
21,466,270 and 20,595,261
shares outstanding 131,605,000 129,005,000
Accumulated deficit (111,390,000) (124,556,000)
20,215,000 4,449,000
$ 64,323,000 $ 54,794,000
--------------------------------------------------------------------------------
Contact:
Investor Contacts:
Xicor, Inc.
Geraldine Hench, CFO
Laura Guerrant, Investor Relations
408/546-3348
or
Morgen-Walke Associates
Michele Katz/Elric Martinez
212/850-5600 |
