KVH INDUSTRIES, INC. AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
DECEMBER 31, 2002 and 2001
2002 2001
Assets
Current assets:
Cash and cash equivalents $7,239,255 11,240,893
Accounts receivable, net 9,716,292 6,026,689
Costs and estimated earnings in excess
of billings on
uncompleted contracts 377,058 482,486
Inventories 3,947,207 4,124,203
Prepaid expenses and other deposits 587,647 406,866
Deferred income taxes 616,877 637,799
Total current assets 22,484,336 22,918,936
Property and equipment, net 7,384,888 7,431,287
Other assets, less accumulated amortization 441,225 573,849
Deferred income taxes 2,238,430 2,238,430
Total assets $32,548,879 33,162,502
Liabilities and Stockholders' Equity
Current liabilities:
Current portion of long-term debt $93,262 86,974
Accounts payable 2,321,104 2,084,507
Accrued expenses 2,007,470 1,143,790
Customer deposits 91,665 903,853
Total current liabilities 4,513,501 4,219,124
Long-term debt excluding current portion 2,603,885 2,697,147
Total liabilities 7,117,386 6,916,271
Stockholders' equity:
Preferred stock, $0.01 par value - -
Common stock, $0.01 par value 111,498 109,612
Additional paid-in capital 35,134,093 34,478,002
Accumulated deficit (9,818,025) (8,341,383)
Accumulated other comprehensive income 3,927 -
Total stockholders' equity 25,431,493 26,246,231
Total liabilities and stockholders' equity $32,548,879 33,162,502
KVH INDUSTRIES, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF OPERATIONS
Three months ended Twelve months ended
December 31, December 31,
2002 2001 2002 2001
Net sales $12,976,413 8,805,833 47,694,483 32,707,123
Cost of sales 6,988,929 5,112,073 26,504,831 20,255,238
Gross profit 5,987,484 3,693,760 21,189,652 12,451,885
Operating expenses:
Research &
development 1,858,278 2,157,761 8,854,946 7,885,374
Sales &
marketing 2,540,209 2,166,897 9,950,784 8,411,910
Administration 1,210,704 524,824 3,593,827 2,514,178
Income (loss)
from operations 378,293 (1,155,722) (1,209,905) (6,359,577)
Other income (expense):
Interest income 21,642 55,234 101,011 364,212
Interest expense (53,126) (49,217) (219,707) (224,039)
Other expense (14,887) (13,182) (61,941) (41,989)
Income (loss) before
income taxes 331,922 (1,162,887) (1,390,542) (6,261,393)
Income tax expense - - 86,100 -
Net income (loss) $331,922 (1,162,887) (1,476,642) (6,261,393)
Per share information:
Income (loss) per share
- basic $0.03 (0.11) (0.13) (0.61)
Income (loss) per share
- diluted $0.03 (0.11) (0.13) (0.61)
Weighted average number
of shares outstanding:
Basic 11,105,641 10,941,469 11,039,676 10,217,305
Diluted 11,457,796 10,941,469 11,039,676 10,217,305
This press release contains certain forward-looking statements that involve risks and uncertainties. For example, the statements regarding the company's financial and product development goals for 2003 are forward-looking statements. The actual results realized by the company could differ materially from the statements made herein. Factors that might cause such differences include, but are not limited to: failure to develop and market fiber optic products; lack of reliable vendors, service providers, and outside products; uneven military sales cycles; unforeseen changes in competing technologies and products; worldwide economic variances; and poor or delayed research and development results. Additional factors are discussed in the company's 2001 Form 10-K filed with the Securities and Exchange Commission on March 20, 2002. Copies are available through the company's Investor Relations department and web site, www.kvh.com.
KVH Industries Contact:
Pat Spratt, Chief Financial Officer
401-847-3327
Investor Relations Contact:
Phil Davidson or Jolinda Taylor
FD Morgen-Walke
617-747-3600
Financial Media Contact:
Jason Rando
FD Morgen-Walke
212-850-5600
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Source: KVH Industries, Inc. |
