- Financial Tables Follow -
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
Sept. 30, March 31,
2006 2006
Assets
Cash and short-term investments $53,107 $57,686
Restricted cash 2,608 0
Accounts receivable, net 51,369 42,003
Inventories 38,980 43,867
Other current assets 13,821 12,620
Total current assets 159,885 156,176
Property & equipment, net 23,479 24,049
Other assets 790 605
Total assets $184,154 $180,830
Liabilities and Stockholders' Equity
Accounts payable $40,330 $38,725
Short-term debt 11,250 11,250
Other current liabilities 29,692 31,136
Total current liabilities 81,272 81,111
Long-term debt 16,667 22,291
Other long-term liabilities 13,225 15,085
Total liabilities 111,164 118,487
Stockholders' equity 72,990 62,343
Total liabilities and stockholders' equity $184,154 $180,830
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended Six Months Ended
Sept. 30, Sept. 30,
2006 2005 2006 2005
Net sales $67,279 $56,554 $133,516 $111,426
Cost of sales 46,512 41,386 92,877 83,657
Gross margins 20,767 15,168 40,639 27,769
Operating expenses:
Research and development 4,299 3,703 8,883 7,404
Selling, general and
administrative 14,625 12,182 27,600 24,176
Total operating expenses 18,924 15,885 36,483 31,580
Operating income (loss) 1,843 (717) 4,156 (3,811)
Other income (expense) (268) (1,048) (524) (1,843)
Income (loss) before
income taxes 1,575 (1,765) 3,632 (5,654)
Provision for
income taxes 23 496 257 773
Net income (loss) $1,552 $(2,261) $3,375 $(6,427)
Basic net income (loss)
per share $0.02 $(0.02) $0.03 $(0.07)
Diluted net income (loss)
per share $0.02 $(0.02) $0.03 $(0.07)
Basic weighted average
shares outstanding 97,634 95,175 97,405 95,059
Diluted weighted average
shares outstanding 100,037 95,175 100,537 95,059
UNAUDITED NON-GAAP CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
Three Months Ended
Sept. 30, 2006
GAAP Adjust- Non-GAAP
(As Reported) ments
Net sales $67,279 $67,279
Cost of sales 46,512 (175)(a) 46,337
Gross margins 20,767 175
20,942
Operating expenses:
Research and development 4,299 (667)(a) 3,632
Selling, general and
administrative 14,625 (3,236)(a)(b) 11,389
Total operating expenses 18,924 (3,903) 15,021
Operating income (loss) 1,843 4,078 5,921
Other income (expense) (268) (268)
Income (loss) before income
taxes 1,575 4,078 5,653
Provision for income taxes 23 23
Net income (loss) $ 1,552 $4,078 $5,630
Basic net income (loss)
per share $0.02 $0.04 $0.06
Diluted net income (loss)
per share $0.02 $0.04 $0.06
Basic weighted average
shares outstanding 97,634 97,634 97,634
Diluted weighted average
shares outstanding 100,037 100,037 100,037
Three Months Ended
Sept. 30, 2005
GAAP Adjust- Non-GAAP
(As Reported) ments
Net sales $56,554 -- $56,554
Cost of sales 41,386 (163)(c ) 41,223
Gross margins 15,168 163 15,331
Operating expenses:
Research and development 3,703 (62)(c ) 3,641
Selling, general and
administrative 12,182 (700)(c ) 11,482
Total operating expenses 15,885 (762) 15,123
Operating income (loss) (717) 925 208
Other income (expense) (1,048) -- (1,048)
Income (loss) before income
taxes (1,765) 925 (840)
Provision for income taxes 496 -- 496
Net income (loss) $(2,261) $925 $(1,336)
Basic net income (loss)
per share $(0.02) $0.01 $(0.01)
Diluted net income (loss)
per share $(0.02) $0.01 $(0.01)
Basic weighted average
shares outstanding 95,175 95,175 95,175
Diluted weighted average
shares outstanding 95,175 95,175 95,175
The above non-GAAP adjustments for the three months ended September 30,
2006 includes (a) $2.6 million of non-cash charges for stock option
expense related to Financial Accounting Standard 123 ( R ), which was
adopted by the Company in the first quarter of Fiscal 2007, and the
Company's restricted stock plan, and (b) $1.5 million of expenses related
to the proposed combination with Harris Corporation's Microwave
Communications Division. (c) The $0.9 million of non-GAAP adjustment for
the three months ended September 30, 2005 is for non-cash charges related
to the Company's restricted stock plan.
UNAUDITED NON-GAAP CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
Six Months Ended
Sept. 30, 2006
GAAP Adjust- Non-GAAP
(As Reported) ments
Net sales $133,516 $133,516
Cost of sales 92,877 (463)(a) 92,414
Gross margins 40,639 463 41,102
Operating expenses:
Research and development 8,883 (1,359)(a) 7,524
Selling, general and
administrative 27,600 (5,215)(a)(b) 22,385
Total operating expenses 36,483 (6,574) 29,909
Operating income (loss) 4,156 7,037 11,193
Other income (expense) (524) (524)
Income (loss) before
income taxes 3,632 7,037 10,669
Provision for income taxes 257 257
Net income (loss) $3,375 $7,037 $10,412
Basic net income (loss)
per share $0.03 $0.07 $0.11
Diluted net income (loss)
per share $0.03 $0.07 $0.10
Basic weighted average shares
outstanding 97,405 97,405 97,405
Diluted weighted average
shares outstanding 100,537 100,537 100,537
Six Months Ended
Sept. 30, 2005
GAAP Adjust- Non-GAAP
(As Reported) ments
Net sales $111,426 -- $111,426
Cost of sales 83,657 (217) 83,440
Gross margins 27,769 217(c) 27,986
Operating expenses:
Research and development 7,404 (83)(c) 7,321
Selling, general and
administrative 24,176 (853)(c) 23,323
Total operating expenses 31,580 (936) 30,644
Operating income (loss) (3,811) 1,153 (2,658)
Other income (expense) (1,843) -- (1,843)
Income (loss) before
income taxes (5,654) 1,153 (4,501)
Provision for income taxes 773 -- 773
Net income (loss) $(6,427) $1,153 $(5,274)
Basic net income (loss)
per share $(0.07) $0.01 $(0.06)
Diluted net income (loss)
per share $(0.07) $0.01 $(0.06)
Basic weighted average
shares outstanding 95,059 95,059 95,059
Diluted weighted average
shares outstanding 95,059 95,059 95,059
The above non-GAAP adjustment for the six months ended September 30, 2006
includes (a) $5.6 million of non-cash charges for stock option expense
related to Financial Accounting Standard 123 ( R ), which was adopted by
the Company in the first quarter of Fiscal 2007, and the Company's
restricted stock plan, and (b) $1.5 million of expenses for the proposed
combination with Harris Corporation's Microwave Communications Division.
(c) The $1.2 million of non-GAAP adjustment for the six months ended
September 30, 2005 is for non-cash charges related to the Company's
restricted stock plan.
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