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
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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
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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
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