Tabular info posted in fixed font.
KVH INDUSTRIES, INC. AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
September 30, December 31,
2001 2000
(Unaudited) (Audited)
Assets:
Current assets:
Cash and cash
equivalents $ 13,258,113 5,411,460
Accounts
receivable, net 5,738,014 6,553,976
Costs and
estimated earnings
In excess of
billings on uncompleted
contracts 677,704 419,145
Inventories 3,569,368 3,600,660
Prepaid expenses and
other deposits 761,956 346,518
Deferred income taxes 637,799 637,799
Total current assets 24,642,954 16,969,558
Property and equipment,
net 7,134,534 6,580,375
Other assets, less
accumulated amortization 607,005 706,473
Deferred income taxes 2,238,430 2,238,430
Total assets $ 34,622,923 26,494,836
Liabilities and stockholders'
equity:
Current liabilities:
Bank line of credit $ -- 598,865
Current portion long-term
debt 81,111 81,111
Accounts payable 1,609,256 1,478,198
Accrued expenses 2,004,394 1,164,790
Customer deposits 1,124,914 1,195,091
Total current liabilities 4,819,675 4,518,055
Long-term debt 2,729,964 2,784,121
Total liabilities 7,549,639 7,302,176
Stockholders' equity:
Common stock 109,242 86,191
Additional paid-in capital 34,142,538 21,186,459
Accumulated deficit (7,178,496) (2,079,990)
Total stockholders' equity 27,073,284 19,192,660
Total liabilities and
stockholders' equity $ 34,622,923 26,494,836
KVH INDUSTRIES, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three months ended Nine months ended
September 30, September 30,
2001 2000 2001 2000
Net sales $7,939,402 7,461,492 23,901,290 21,109,261
Cost of sales 5,126,719 4,454,136 15,143,165 13,323,446
Gross profit 2,812,683 3,007,356 8,758,125 7,785,815
Operating
expenses:
Research &
development 1,722,112 882,350 5,727,613 2,972,633
Sales & marketing 1,017,777 1,433,292 6,245,013 4,474,048
Administration 711,309 605,353 1,989,354 1,697,414
(Loss) income
from operations (1,638,515) 86,361 (5,203,855)( 1,358,280)
Other income
(expense):
Other income
(expense) 7,950 (3,493) (28,806) (120,050)
Interest income
(expense), net 63,321 (51,533) 134,155 (129,535)
Loss (income) before
income tax expense
(benefit) (1,567,244) 31,335 (5,098,506) (1,607,865)
Income tax
expense (benefit) -- 13,097 -- (590,214)
Net (loss) income $(1,567,244) 18,238 (5,098,506) (1,017,651)
Per share
information:
(Loss) income per
share
Basic $(0.14) 0.00 (0.51) (0.13)
Diluted $(0.14) 0.00 (0.51) (0.13)
Number of shares
used in per share
calculation:
Basic 10,924,145 7,677,043 9,964,896 7,578,471
Diluted 10,924,145 8,127,286 9,964,896 7,578,471 |
