TVI CORPORATION
STATEMENTS OF INCOME
(DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA)
THREE MONTHS ENDED
MARCH 31,
2004 2003
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(UNAUDITED)
NET SALES 8,593 5,654
COST OF SALES 4,076 2,474
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GROSS PROFIT 4,517 3,180
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES 1,930 1,342
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OPERATING INCOME 2,587 1,838
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OTHER INCOME (EXPENSE) 15 5
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INCOME BEFORE INCOME TAXES 2,602 1,843
INCOME TAXES 1,002 713
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NET INCOME 1,600 1,130
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BASIC EARININGS PER COMMON SHARE 0.056 0.042
BASIC WEIGHTED AVERAGE NUMBER OF COMMON
SHARES OUTSTANDING 28,408 27,063
DILITED EARNINGS PER COMMON SHARE 0.053 0.038
DILUTED WEIGHTED AVERAGE NUMBER OF COMMON
SHARES AND EQUIVALENTS OUTSTANDING 30,402 29,552
TVI CORPORATION
BALANCE SHEET
(DOLLARS IN THOUSANDS)
MARCH 31, MARCH 31,
2004 2003
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(UNAUDITED)
ASSETS
CURRENT ASSETS
Cash and cash equivalents 8,894 1,276
Accounts receivable 5,858 5,163
Inventories 2,724 1,615
Deferred tax assets 385 645
Prepaid expenses & other current assets 452 84
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Total Current Assets 18,313 8,783
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PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment, net 769 431
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OTHER ASSETS
Patents, net 100 97
Other Assets 33 24
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Net Other Assets 133 121
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TOTAL ASSETS 19,215 9,335
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LIABILITIES & STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable 1,894 1,297
Accrued liabilities 3,445 572
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Total Current Liabilities 5,339 1,869
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TOTAL LIABILITIES 5,339 1,869
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STOCKHOLDERS' EQUITY
Stock 287 309
Additional paid in capital 13,002 12,407
Accumulated deficit 587 (5,250)
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TOTAL STOCKHOLDERS' EQUITY 13,876 7,466
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TOTAL LIABILITIES & STOCKHOLDERS' EQUITY 19,215 9,335
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