ISOLYSER COMPANY, INC.
Unaudited Financial Highlights
(In thousands, except for share data)
Three Months Ended Six Months Ended
June 30, June 30,
1997 1996 1997 1996
Net sales $ 42,434 $ 40,879 $ 82,437 $81,024
Gross profit 9,472 12,695 18,629 24,176
Income (loss) from operations (2,652) 887 (5,753) 1,543
Net income (loss) (3,566) 268 (7,476) 706
Net income (loss) per share (0.09) 0.01 (0.19) 0.02
Weighted shares outstanding 38,922 39,089 38,885 38,912
Balance Sheet Data:
June 30, December 31,
1997 1996
Cash and cash equivalents $ 10,275 $ 20,925
Other current assets 92,517 94,077
Total current assets 102,792 115,002
Property, plant and equipment, net 75,225 76,010
Other assets 58,215 59,923
$ 236,232 $ 250,935
Current liabilities $ 20,024 $ 24,683
Long-term liabilities 43,409 47,028
Other liabilities 365 420
Total liabilities 63,798 72,131
Shareholders' equity 172,434 178,804
$ 236,232 $ 250,935
(1) Long-term debt includes $37,415 outstanding on June 30, 1997,
under the Company's senior credit facility. At June 30, 1997, the
Company was not in compliance with the net income and net worth
covenants contained in such credit facility. The Company is in the
process of obtaining a waiver of such covenant violations and has
accordingly classified such indebtedness as long-term, although no
assurances can be provided that the Company will in fact receive such
waiver. The failure to obtain such waiver would require that such
indebtedness be classified as a current liability. |
