SIGNAL TECHNOLOGY CORPORATION
Condensed Consolidated Statements of Operations
(In thousands except per share amounts)
Quarter ended Six Months ended
June 30, June 30,
2001 2000 2001 2000
Net sales $ 22,160 $ 23,062 $ 44,990 $ 43,351
Cost of sales 16,213 15,218 31,767 28,602
Gross profit 5,947 7,844 13,223 14,749
Selling, general and
administrative expense 5,915 5,283 11,709 11,003
Research and
development expense 1,507 870 2,965 1,290
Operating income (loss) (1,475) 1,691 (1,451) 2,456
Other expense, net -- 117 -- 276
Interest expense (income) (65) 327 (325) 517
Income (loss)
before income taxes (1,410) 1,247 (1,126) 1,663
Income tax expense
(benefit) (564) 529 (450) 704
Net income (loss) $ (846) $ 718 $ (676) $ 959
Basic earnings
(loss)
per share $ (0.08) $ 0.09 $ (0.07) $ 0.12
Diluted earnings
(loss) per share $ (0.08) $ 0.08 $ (0.06) $ 0.11
Basic weighted average
shares outstanding 9,966 7,830 9,952 7,789
Diluted weighted average
shares outstanding 10,641 8,863 10,642 8,806
Condensed Consolidated Balance Sheets
(In thousands)
June 30, December 31,
2001 2000
Assets:
Cash and cash equivalents $ 12,324 $ 31,024
Accounts receivable, net 17,740 19,417
Inventory 26,452 17,375
Deferred taxes 8,516 8,516
Other current assets 231 333
Total current assets 65,263 76,665
Property, plant and
equipment, net 18,638 17,214
Intangible assets, net 6,978 7,562
Other assets 910 952
Total assets $ 91,789 $102,393
Liabilities and
shareholders' equity:
Accounts payable $ 7,360 $ 7,402
Accrued liabilities 10,551 20,113
Customer advances 1,430 1,733
Current maturities of long-term debt 967 967
Total current liabilities 20,308 30,215
Deferred income taxes 1,134 1,134
Long-term debt, net 5,048 5,500
Shareholders' equity 65,299 65,544
Total liabilities and
shareholders' equity $ 91,789 $102,393 |
