AMPEX CORPORATION CONSOLIDATED BALANCE SHEETS (in thousands, except share and per-share data) June 30, December 31, 2001 2000 --------- --------- ASSETS (unaudited) Current assets: Cash and cash equivalents $ 6,364 $ 10,384 Short-term investments 10 5,011 Accounts receivable (net of allowances of nil in 2001 and in 2000) 66 127 Other current assets 1,892 3,930 --------- --------- Total current assets 8,332 19,452 Property, plant and equipment, net 1,732 5,217 Intangible assets, net - 211 Investments in affiliate - 1,678 Deferred pension asset 61 377 Other assets 929 1,173 Net assets of business held for sale 9,134 11,660 --------- --------- Total assets $ 20,188 $ 39,768 ========= ========= LIABILITIES, REDEEMABLE PREFERRED
STOCK AND STOCKHOLDERS' DEFICIT Current liabilities: Notes payable $ 157 $ 157 Accounts payable 57 554 Net liabilities of discontinued operations 3,872 2,482 Other accrued liabilities 9,058 7,973 --------- --------- Total current liabilities 13,144 11,166 Long-term debt 44,448 46,086 Other liabilities 26,072 26,637 Net liabilities of
discontinued operations 4,604 - Deferred income taxes 1,213 1,213 --------- --------- Total liabilities 89,481 85,102 --------- --------- Commitments and contingencies 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 - 16,099 shares in 2001; 17,173 in 2000 32,198 34,346 Convertible preferred stock, $2,000 liquidation value: Authorized: 10,000 shares in 2001 and in 2000 Issued and outstanding - 767 shares in 2001; 1,125 in 2000 1,534 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 - 59,220,996 shares in 2001; 58,075,396 in 2000 592 581 Class C: Authorized: 50,000,000 shares in 2001 and in 2000 Issued and outstanding - none in 2001 and in 2000 - - Other additional capital 424,441 421,578 Notes receivable from stockholders (4,642) (4,642) Accumulated deficit (505,863) (481,894) Accumulated other comprehensive loss (17,553) (17,553) --------- --------- Total stockholders' deficit (103,025) (81,930) --------- --------- Total liabilities, redeemable preferred stock and stockholders' deficit $ 20,188 $ 39,768 ========= ========= AMPEX CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (in thousands, except share and per-share data) For the three months For the six months ended ended June 30, June 30, ------------------- ------------------- 2001 2000 2001 2000 -------- -------- -------- -------- (unaudited) Royalty income $ 2,181 $ 3,587 $ 4,517 $ 6,706 -------- -------- -------- -------- Intellectual property costs 213 238 386 608 Selling and administrative 1,412 1,661 3,333 2,661 -------- -------- -------- -------- Total costs and operating expenses 1,625 1,899 3,719 3,269 -------- -------- -------- -------- Operating income 556 1,688 798 3,437 Interest expense 1,359 1,359 2,690 2,714 Amortization of debt
financing costs 87 87 175 175 Interest income (74) (204) (200) (729) Other (income) expense, net (49) 223 (136) 222 -------- -------- -------- -------- Income (loss) from continuing operations before income taxes (767) 223 (1,731) 1,055 Provision for income taxes 219 365 466 688 -------- -------- -------- -------- Income (loss) from continuing operations (986) (142) (2,197) 367 Loss on disposal of
discontinued operations (net of taxes of none in 2001 and 2000) (10,338) - (10,338) - Loss from discontinued
operations (net of taxes of
none in 2001 and 2000) (3,759) (8,469) (7,294) (16,465) Income (loss) of business
held for sale (net of taxes
of none in 2001 and 2000) (2,230) 693 (4,140) 1,241 -------- -------- -------- -------- Net loss (17,313) (7,918) (23,969) (14,857) Benefit from extinguishment
of mandatorily redeemable
preferred stock 1,505 - 2,337 - -------- -------- -------- -------- Net loss applicable to common stockholders (15,808) (7,918) (21,632) (14,857) Other comprehensive loss,
net of tax: Unrealized gain (loss) on marketable securities - (11) - (141) Foreign currency translation adjustments - 1 - 11 -------- -------- -------- -------- Comprehensive loss $(15,808) $ (7,928) $(21,632) $(14,987) ======== ======== ======== ======== Basic and diluted loss
per share: Income (loss) per share from continuing operations $ (0.02) $ 0.00 $ (0.04) $ 0.01 Loss per share from discontinued operations $ (0.28) $ (0.14) $ (0.37) $ (0.21) Loss per share applicable to common stockholders $ (0.27) $ (0.14) $ (0.37) $ (0.20) -------- -------- -------- -------- Weighted average number
of common shares
outstanding 58,512,864 55,916,857 58,296,491 72,762,923 ========== ========== ========== ========== |
