AMERICAN PACIFIC CORPORATION
Condensed Consolidated Statements of Operations
For the Three Months Ended
December 31,
(Unaudited)
2000 1999
Sales and Operating Revenues $11,879,000 $20,976,000
Cost of Sales 9,165,000 12,403,000
Gross Profit 2,714,000 8,573,000
Operating Expenses 2,120,000 2,425,000
Operating Income 594,000 6,148,000
Net Interest and Other Expense 666,000 1,124,000
Income (Loss) Before Income Taxes (72,000) 5,024,000
Income Taxes (27,000) --
Net Income (Loss) $(45,000) $5,024,000
Basic Net Income (Loss) Per Share $(.01) $.64
Average Shares Outstanding 7,071,000 7,802,000
Diluted Net Income (Loss) Per Share $(.01) $.64
Diluted Shares 7,074,000 7,878,000
AMERICAN PACIFIC CORPORATION
Condensed Consolidated Balance Sheets
(Unaudited)
December 31, September 30,
2000 2000
ASSETS
Current Assets:
Cash and Cash Equivalents $30,925,000 $30,128,000
Accounts and Notes Receivable 9,684,000 9,461,000
Related Party Notes and Accrued
Interest Receivable 472,000 477,000
Inventories 13,403,000 10,875,000
Prepaid Expenses and Other Assets 1,180,000 661,000
Deferred Income Taxes 677,000 650,000
Total Current Assets 56,341,000 52,252,000
Property, Plant and Equipment, Net 6,841,000 7,064,000
Intangible Assets, Net 28,698,000 29,805,000
Real Estate Equity Investments 4,948,000 6,838,000
Development Property 5,360,000 5,482,000
Deferred Income Taxes 14,756,000 14,756,000
Other Assets, Net 1,313,000 1,393,000
TOTAL ASSETS $118,257,000 $117,590,000
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Accounts Payable and Accrued
Liabilities $9,260,000 $8,494,000
Total Current Liabilities 9,260,000 8,494,000
Long-Term Debt 44,175,000 44,175,000
SERP Obligation and Other
Non-Current Liabilities 1,796,000 1,743,000
TOTAL LIABILITIES 55,231,000 54,412,000
Commitments and Contingencies
Warrants to Purchase Common Stock 3,569,000 3,569,000
Shareholders' Equity:
Common Stock 852,000 852,000
Capital in Excess of Par Value 80,094,000 80,094,000
Accumulated Deficit (9,593,000) (9,548,000)
Treasury Stock (11,829,000) (11,722,000)
Receivable from the Sale of Stock (67,000) (67,000)
Total Shareholders' Equity 59,457,000 59,609,000
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY $118,257,000 $117,590,000
AMERICAN PACIFIC CORPORATION
Condensed Consolidated Cash Flow Statements
For the Three Months Ended
December 31,
(Unaudited)
2000 1999
Cash Flows From Operating Activities $(886,000) $8,049,000
Cash Flows From Investing Activities:
Capital Expenditures (100,000) (166,000)
Return of Capital on Real Estate
Equity Investments 1,890,000 1,617,000
Net Cash From Investing Activities 1,790,000 1,451,000
Cash Flows From Financing Activities:
Debt Related Payments -- (1,195,000)
Issuance of Common Stock -- 321,000
Treasury Stock Acquired (107,000) (742,000)
Net Cash From Financing Activities (107,000) (1,616,000)
Net Change in Cash and Cash Equivalents 797,000 7,884,000
Cash and Cash Equivalents,
Beginning of Period 30,128,000 40,434,000
Cash and Cash Equivalents, End of Period $30,925,000 $48,318,000
SOURCE American Pacific Corporation |
