AMPEX CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(in thousands, except share and per share data)
For the three months ended
March 31,
2001 2000
-------------------------------
(unaudited)
Royalty income $ 2,336 $ 3,119
Internet revenue 130 575
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Total revenue 2,466 3,694
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Intellectual property
costs 173 370
Internet video programming
and site development 1,565 3,249
Research, development
and engineering 68 119
Selling and administrative 3,333 4,642
Amortization of goodwill 127 574
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Total costs and
operating expenses 5,266 8,954
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Operating loss (2,800) (5,260)
Equity in net loss
of affiliate 497 226
Interest expense 1,331 1,364
Amortization of debt
financing costs 88 88
Interest income (130) (547)
Other (income) expense, net (87) (1)
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Loss from continuing
operations before
income taxes (4,499) (6,390)
Provision for income taxes 247 323
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Loss from continuing operations (4,746) (6,713)
Loss from discontinued
operations (net of taxes of
nil in 2000) -- (774)
Income (loss) of business
held for sale (net of taxes of
none in 2001 and 2000) (1,910) 548
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Net loss (6,656) (6,939)
Benefit from extinguishment of
mandatorily redeemable
preferred stock 832 --
------------ ------------
Net loss applicable to
common stockholders (5,824) (6,939)
Other comprehensive
loss, net of tax:
Unrealized gain (loss)
on marketable securities -- (130)
Foreign currency translation
adjustments -- 10
------------ ------------
Comprehensive loss $ (5,824) $ (7,059)
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Basic and diluted
loss per share :
Loss per share from
continuing operations $ (0.08) $ (0.12)
Loss per share from
discontinued operations $ (0.03) $ 0.00
Loss per share applicable
to common stockholders $ (0.10) $ (0.12)
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Weighted average number
of common shares
outstanding 58,080,117 55,518,445
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AMPEX CORPORATION
CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share data)
March 31, December 31,
2001 2000
--------- ---------
ASSETS (unaudited)
Current assets:
Cash and cash equivalents $ 11,889 $ 10,384
Short-term investments 14 5,011
Accounts receivable
(net of allowances of nil
in 2001 and in 2000) 129 127
Other current assets 1,262 3,930
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Total current assets 13,294 19,452
Property, plant and
equipment, net 4,700 5,217
Intangible assets, net 84 211
Investments in affiliate 2,361 1,678
Deferred pension asset 283 377
Other assets 1,085 1,173
Net assets of business
held for sale 11,331 11,660
--------- ---------
Total assets $ 33,138 $ 39,768
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LIABILITIES, REDEEMABLE PREFERRED
STOCK AND STOCKHOLDERS' DEFICIT
Current liabilities:
Notes payable $ 157 $ 157
Accounts payable 302 554
Accrued restructuring costs 1,362 2,482
Other accrued liabilities 9,158 7,973
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Total current liabilities 10,979 11,166
Long-term debt 45,922 46,086
Other liabilities 27,004 26,637
Deferred income taxes 1,213 1,213
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Total liabilities 85,118 85,102
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Mandatorily redeemable nonconvertible
preferred stock, $1,000 liquidation value:
Authorized: 69,970 shares in 2001 and
in 2000
Issued and outstanding -
none in 2001 and in 2000 -- --
Mandatorily redeemable preferred stock,
$2,000 liquidation value:
Authorized: 21,859 shares in 2001 and
in 2000
Issued and outstanding - 16,636 shares
in 2001; 17,173 in 2000 33,272 34,346
Convertible preferred stock, $2,000
liquidation value:
Authorized: 10,000 shares in 2001 and
in 2000
Issued and outstanding - 1,125 shares
in 2001 and in 2000 2,250 2,250
Stockholders' deficit:
Preferred stock, $1.00 par value:
Authorized: 898,171 shares
in 2001 and in 2000
Issued and outstanding
- none in 2001 and in 2000 -- --
Common stock, $.01 par value:
Class A:
Authorized: 175,000,000 shares
in 2001 and in 2000
Issued and outstanding - 58,504,996
shares in 2001; 58,075,396 in 2000 585 581
Class C:
Authorized: 50,000,000 shares
in 2001 and in 2000
Issued and outstanding - none in
2001 and in 2000 -- --
Other additional capital 422,658 421,578
Notes receivable from stockholders (4,642) (4,642)
Accumulated deficit (488,550) (481,894)
Accumulated other comprehensive loss (17,553) (17,553)
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Total stockholders' deficit (87,502) (81,930)
--------- ---------
Total liabilities, redeemable
preferred stock and stockholders' deficit $ 33,138 $ 39,768
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CONTACT:
Ampex Corporation
Karen L. Dexter, 650/367-4111
Director, Investor Relations
KEYWORD: CALIFORNIA |
