Part 2 -- Financials
Statements of Operations
(In thousands of dollars, except share and per share data)
Three Months Three Months
Ended Ended
September 30, September 30,
2001 2000
(unaudited) (unaudited)
Net sales $5,676 11,495
Cost of goods sold 3,530 6,138
Gross profit 2,146 5,357
Operating expenses:
Selling 654 1,067
General and administrative 1,879 1,578
Research and development 607 1,514
Expenses relating to accounting restatements
and the related shareholder litigation 85 1,248
Total operating expenses 3,225 5,407
Operating loss (1,079) (50)
Other income (expense):
Interest income 18 158
Interest expense (50) (329)
Other, net (9) 20
Total other income (expense) (41) (151)
Net loss $(1,120) (201)
Loss per share, basic and diluted $(0.16) (0.03)
Weighted average shares outstanding,
basic and diluted 7,123,456 7,070,702
Balance Sheets
(In thousands of dollars)
September 30, June 30,
2001 2001
Assets (unaudited)
Current Assets:
Cash and cash equivalents $1,683 2,013
Trade accounts receivable, less allowance
for doubtful accounts of $212 and $279,
respectively 4,276 5,942
Inventories 3,119 3,640
Prepaid expenses and other current assets 697 645
Total current assets 9,775 12,240
Property and equipment:
Machinery and equipment 11,714 11,616
Furniture and fixtures 839 822
Leasehold improvements 1,499 1,500
14,052 13,938
Less accumulated depreciation and amortization 6,822 6,362
Net property and equipment 7,230 7,576
Intangible and other assets, net of accumulated
amortization of $121 and $109, respectively 637 638
Total assets $17,642 20,454
Liabilities and Stockholders' Equity
Current liabilities:
Trade accounts payable $1,261 1,669
Accrued compensation 1,004 1,286
Other accrued expenses 422 428
Notes payable and current installments of
long-term obligations 756 1,764
Total current liabilities 3,443 5,147
Long-term obligations 1,272 1,321
Other liabilities 157 157
Total liabilities 4,872 6,625
Stockholders' equity:
Common stock, $.01 par value, 50,000,000 shares
authorized; 7,128,123 and 7,107,161 shares
issued and outstanding, respectively 71 71
Additional paid-in capital 36,877 36,829
Unamortized stock compensation cost (66) (79)
Accumulated deficit (24,112) (22,992)
Total stockholders' equity 12,770 13,829
Commitments and contingencies
Total liabilities and stockholders' equity $17,642 20,454
SOURCE: Vari-L Company, Inc. |
