RIVERSTONE NETWORKS, INC.
CONDENSED CONSOLIDATED BALANCE SHEET
(In thousandss, unaudited)
May 31, March 1,
2003 2003
-----------------------
ASSETS
Current Assets:
Cash and cash equivalents $95,237 $112,629
Short-term investments 116,111 107,247
Accounts receivable, net 6,175 10,285
Inventories 9,217 8,516
Due from officers and employees - 400
Prepaid expenses and other current assets 8,619 4,620
Total current assets 235,359 243,697
Property and equipment, net 13,644 13,877
Intangible and other long-term assets, net 34,453 36,667
Long-term investments 115,369 132,437
TOTAL ASSETS $398,825 $426,678
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable $13,012 $11,272
Deferred revenue 8,973 8,196
Accrued compensation 7,272 7,378
Other accrued expenses 13,059 11,506
Total current liabilities 42,316 38,352
Convertible subordinated notes 131,750 147,000
Stockholders' equity 224,759 241,326
LIABILITIES AND STOCKHOLDERS' EQUITY $398,825 $426,678
RIVERSTONE NETWORKS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands, unaudited)
Three months Three months
ended ended
May 31, 2003 June 1, 2002
Cash flows from operating activities:
Net loss $(19,069) $(15,949)
Adjustments to reconcile net loss to net cash used in
operating activities:
Depreciation and amortization 2,382 3,089
Amortization of intangibles 1,428 124
Provision for losses on accounts
receivable 158 2,015
Stock-based compensation 1,457 652
Loss on investments 98 -
Provision for inventory 79 -
Gain on repurchase of convertible bonds (2,853) -
Changes in assets and liabilities:
Accounts receivable 3,952 (9,931)
Inventories (780) 2,661
Prepaid expenses and other assets (3,599) 2,285
Accounts payable and other accrued
expenses 3,187 (13,643)
Long-term assets 483 3,226
Deferred revenue 777 203
Net cash used in operating
activities (12,300) (25,268)
Cash flows from investing activities:
Capital expenditures (2,149) (2,285)
Proceeds from maturities of investments 107,850 44,047
Proceeds from sales of investments 61,491 23,547
Purchases of short-term and long-term
investments (160,803) (110,508)
Net purchases of other long-term
investments - (8,675)
Net cash provided by (used in)
investing activities 6,389 (53,874)
Cash flows from financing activities:
Proceeds from issuance of common stock 532 1,476
Repurchase of 3.75% convertible notes (12,094) -
Net cash (used in) provided by
financing activities (11,562) 1,476
Effect of foreign exchange rate changes on cash 178 102
Net decrease in cash and cash equivalents (17,295) (77,564)
Cash and cash equivalents at the beginning
of period 112,629 123,095
Cash and cash equivalents at the end of
period $95,334 $45,531
CONTACT:
Riverstone Networks
Tracy Pina, 408/878-6593 (Investor Relations)
tpina@riverstonenet.com
Peter Ruzicka, 408/878-6756 (Corporate Communications)
pruzicka@riverstonenet.com
SOURCE: Riverstone Networks |
