Here it is:
SYQUEST TECHNOLOGY, INC.
CONSOLIDATED CONDENSED STATEMENTS OF RESULTS OF OPERATIONS
(In thousands, except per share data)
Three Months Ended Six Months Ended
March 31, March 31,
1998 1997 1998 1997
Net revenues $ 47,028 $ 16,786 $ 79,089 $ 65,097
Cost of revenues 52,241 30,051 92,874 67,317
Gross loss (5,213) (13,265) (13,785) (2,220)
Operating Expenses:
Selling, general
and administrative 21,156 12,730 44,896 24,057
Research and
development 3,540 6,617 7,418 11,718
Total operating
expenses 24,696 19,348 52,314 35,775
Loss from
operations (29,909) (32,613) (66,099) (37,995)
Interest expense, net (674) (1,106) (1,299) (2,538)
Loss before income
taxes (30,583) (33,719) (67,398) (40,533)
Provision for
income taxes 873 -- 873 --
Net loss $(31,456) $(33,719) $(68,271) $(40,533)
Value assigned to
warrants issued in
connection with
preferred stock
offerings (2,100)
Preferred stock
dividend (251) (691) (331) (1,264)
Effect of incremental
yield embedded
in conversion terms (5,300)
Net loss applicable
to common
shareholders $(31,707) $(34,410) $(70,702) $(47,097)
Basic and diluted
loss per share $ (0.43) $ (1.31) $ (1.00) $ (2.30)
Weighted average
shares 72,973 26,206 70,982 20,466
SYQUEST TECHNOLOGY, INC.
CONSOLIDATED CONDENSED BALANCE SHEETS
(In thousands)
March 31, September 30,
1998 1997
Assets
Current assets:
Cash and cash equivalents $ 16,559 $ 7,083
Accounts receivable, net 33,072 19,535
Inventories, net 36,154 26,737
Prepaid expenses and deposits 8,757 6,049
Total current assets 94,542 59,404
Net property, equipment and
leasehold improvements 25,597 22,999
Other assets 229 246
-------- --------
$120,368 $ 82,649
Liabilities and Stockholders' Equity
Current liabilities:
Short term borrowings $ 25,483 $ 23,291
Accounts payable 36,466 14,800
Accrued expenses and other liabilities 16,671 15,532
Current portion of long-term debt 3,387 4,345
Total current liabilities 82,007 57,968
Long-term liabilities and Stockholders' equity 38,361 24,681
-------- --------
$120,368 $ 82,649
CONTACT: Miller/Shandwick Technologies
Eric Deritis/Fred Hoar, 650/596-5800
ederitis@miller.shandwick.com
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