Vari-L Company Announces Second Quarter [Part 2]
Statements of Operations
(In thousands of dollars, except share and per share data)
Three months ended Six months ended
December 31, December 31,
2001 2000 2001 2000
(unaudited) (unaudited)
Net Sales $5,607 $10,894 $11,283 $22,389
Cost of goods sold 3,285 5,705 6,815 11,843
Gross profit 2,322 5,189 4,468 10,546
Operating Expenses:
Selling 628 1,246 1,282 2,313
General and
administrative 1,521 2,224 3,400 3,802
Research and development 717 879 1,324 2,393
Expenses relating to
accounting restatements
and the related
shareholder litigation,
net of recoveries (51) 620 34 1,868
Total operating
expenses 2,815 4,969 6,040 10,376
Operating profit
loss) (493) 220 (1,572) 170
Other income (expense):
Interest income 11 104 29 262
Interest expense (48) (316) (98) (645)
Other, net 2 (18) (7) 2
Total other income
(expense) (35) (230) (76) (381)
Net loss $(528) $(10) $(1,648) $(211)
Loss per share, basic
and diluted $(0.07) $* $(0.23) $(0.03)
Weighted average shares
outstanding, basic
and diluted 7,128,503 7,079,692 7,125,980 7,070,861
* Loss per share is less than $0.01
Balance Sheets
(In thousands of dollars) December 31, June 30,
2001 2001
(unaudited)
Assets
Current assets:
Cash and cash equivalents $1,580 $2,013
Trade accounts receivable, net of allowance
for doubtful accounts of $171 and $279,
respectively 4,588 5,942
Inventories 2,812 3,640
Prepaid expenses and other current assets 541 645
Total current assets 9,521 12,240
Property and equipment:
Machinery and equipment 11,897 11,616
Furniture and fixtures 839 822
Leasehold improvements 1,499 1,500
14,235 13,938
Less accumulated depreciation and
amortization 7,279 6,362
Net property and equipment 6,956 7,576
Intangible and other assets, net of accumulated
amortization of $133 and $109, respectively 649 638
Total assets $17,126 $20,454
Liabilities and Stockholders' Equity
Current liabilities:
Trade accounts payable $924 $1,669
Accrued compensation 722 1,286
Other accrued expenses 261 428
Notes payable and current installments of
long-term obligations 1,307 1,764
Total current liabilities 3,214 5,147
Long-term obligations 1,470 1,321
Other liabilities 156 157
Total Liabilities 4,840 6,625
Stockholders' equity:
Common stock, $.01 par value, 50,000,000
shares authorized; 7,128,723 and 7,107,161
shares issued and outstanding, respectively 71 71
Additional paid-in capital 36,878 36,829
Unamortized stock compensation cost (52) (79)
Accumulated other comprehensive income 29 --
Accumulated deficit (24,640) (22,992)
Total stockholders' equity 12,286 13,829
Commitments and contingencies
Total liabilities and stockholders' equity $17,126 $20,454
SOURCE: Vari-L Company, Inc.
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