BTG, Inc. and Subsidiaries
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(In thousands, except Per Share Data)
Three Months Ended Nine Months Ended
December 31, December 31, December 31, December 31,
2000 1999 2000 1999
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Revenues:
Contract revenue $ 49,787 $ 48,950 $ 160,221 $ 150,078
Product sales 1,593 10,398 5,835 39,517
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$ 51,380 $ 59,348 $ 166,056 $ 189,595
Direct costs:
Contract costs 32,879 32,263 105,003 99,728
Cost of product sales 1,504 9,680 5,447 37,189
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$ 34,383 $ 41,943 $ 110,450 $ 136,917
Indirect, general and
administrative expenses 16,952 14,750 48,504 45,000
Amortization expense 296 177 848 525
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$ 51,631 $ 56,870 $ 159,802 $ 182,442
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Operating income
(loss) $ (251) $ 2,478 $ 6,254 $ 7,153
Interest expense, net (779) (471) (2,530) (1,348)
Loss on sales of
investments (905) - (955) -
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Income (loss) from
continuing operations
before income taxes (1,935) 2,007 2,769 5,805
Provision for income
taxes 822 (873) (1,177) (2,525)
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Income (loss) from
continuing operations (1,113) 1,134 1,592 3,280
Loss from discontinued
operations, income
taxes $ - $ - $ - $ (116)
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Net income (loss) $ (1,113) $ 1,134 $ 1,592 $ 3,164
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Basic earnings (loss)
per share $ (0.12) $ 0.13 $ 0.18 $ 0.36
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Diluted earnings
(loss) per share $ (0.12) $ 0.13 $ 0.18 $ 0.35
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Weighted average
shares outstanding
(used in the
calculation of basic
earnings per share) 8,945 8,839 8,979 8,839
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Weighted average
shares outstanding
(used in the
calculation of diluted
earnings per share) 8,994 9,029 9,078 8,982
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BTG, Inc. and Subsidiaries
CONSOLIDATED BALANCE SHEETS
December 31, 2000 and March 31, 2000
(In thousands)
December 31, March 31,
2000 2000
(Unaudited)
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ASSETS
Investments, at fair value $ 40 $ -
Receivables, net 61,882 69,352
Inventory, net 188 507
Prepaid expenses and other 4,268 3,528
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Total current assets 66,378 73,387
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Property and equipment, net 8,864 9,043
Goodwill, net 23,068 14,551
Restricted investments - 6,429
Notes receivable 1,000 1,000
Other 632 2,972
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$ 99,942 $ 107,382
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LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable $ 16,613 $ 21,342
Accrued expenses 11,107 12,840
Other 1,218 1,644
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Total current liabilities 28,938 35,826
Line of credit 29,344 30,466
Other 734 877
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Total liabilities 59,016 67,169
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Preferred stock - -
Common stock 53,504 54,308
Accumulated deficit (12,503) (14,095)
Unrealized holding losses on investments,
net of income taxes (75) -
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Total shareholders' equity 40,926 40,213
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$ 99,942 $ 107,382
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