KVH Financials in SI fixed font.
KVH INDUSTRIES, INC. AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
SEPTEMBER 30, 2002 and DECEMBER 31, 2001
September 30, December 31,
2002 2001
(Unaudited) (Audited)
Assets:
Current assets:
Cash and cash equivalents $7,554,275 11,240,893
Accounts receivable, net 8,626,087 6,026,689
Costs and estimated earnings
in excess of billings on uncompleted contracts 414,059 482,486
Inventories 4,326,041 4,124,203
Prepaid expenses and other deposits 579,535 406,866
Deferred income taxes 551,699 637,799
Total current assets 22,051,696 22,918,936
Property and equipment, net 7,540,962 7,431,287
Other assets, less accumulated amortization 474,381 573,849
Deferred income taxes 2,238,430 2,238,430
Total assets $32,305,469 33,162,502
Liabilities and stockholders' equity:
Current liabilities:
Current portion long-term debt $86,974 86,974
Accounts payable 2,969,588 2,084,507
Accrued expenses 1,624,153 1,143,790
Customer deposits 130,320 903,853
Total current liabilities 4,811,035 4,219,124
Long-term debt 2,635,435 2,697,147
Total liabilities 7,446,470 6,916,271
Stockholders' equity:
Common stock 110,790 109,612
Additional paid-in capital 34,917,840 34,478,002
Accumulated deficit (10,149,947) (8,341,383)
Accumulated other comprehensive loss (19,684) -
Total stockholders' equity 24,858,999 26,246,231
Total liabilities and stockholders' equity $32,305,469 33,162,502
KVH INDUSTRIES, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three months ended Nine months ended
September 30, September 30,
2002 2001 2002 2001
Net sales $12,435,313 7,939,402 34,718,070 23,901,290
Cost of sales 6,837,186 5,126,719 19,515,902 15,143,165
Gross profit 5,598,127 2,812,683 15,202,168 8,758,125
Operating expenses:
Research &
development 2,230,457 1,722,112 6,996,668 5,727,613
Sales & marketing 2,316,560 2,017,777 7,410,575 6,245,013
Administration 850,191 711,309 2,383,123 1,989,354
Income (loss)
from operations 200,919 (1,638,515) (1,588,198) (5,203,855)
Other (expense) income:
Other (expense)
income (16,398) 7,950 (47,054) (28,806)
Interest (expense)
income, net (34,578) 63,321 (87,212) 134,155
Income (loss) before
income taxes 149,943 (1,567,244) (1,722,464) (5,098,506)
Income tax expense - - 86,100 -
Net income (loss) $149,943 (1,567,244) (1,808,564) (5,098,506)
Per share information:
Earnings (loss) per share
Basic $0.01 (0.14) (0.16) (0.51)
Diluted $0.01 (0.14) (0.16) (0.51)
Number of shares used in per share calculation:
Basic 11,056,374 10,924,145 11,017,596 9,964,896
Diluted 11,356,194 10,924,145 11,017,596 9,964,896 |
