(part 2)
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CANNONDALE CORPORATION AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(in thousands, except share data and days sales outstanding)
March 28, June 28, March 29,
1998 1997 1997
(Unaudited) (Unaudited)
Assets
Current assets:
Cash $1,189 $5,521 $3,088
Trade accounts receivable,
less allowances of $8,979,
$6,432 and $7,805 77,484 61,272 76,183
Inventory 39,845 30,105 33,077
Deferred income taxes 1,903 2,623 2,985
Prepaid expenses and other
current assets 3,425 2,386 1,637
Total current assets 123,846 101,907 116,970
Property, plant and equipment,
net 30,792 23,105 20,402
Other assets 3,051 2,272 1,611
Total assets $157,689 $127,284 $138,983
Liabilities and stockholders'
equity
Current liabilities:
Accounts payable $14,475 $12,330 $12,813
Revolving credit advances 1,484 1,022 3,419
Income taxes payable
Warranty and other accrued
expenses
Current installments of
long-term debt 389 562 1,307
Total current liabilities 25,242 24,711 27,383
Long-term debt, less current
installments 53,045 20,319 33,608
Deferred income taxes 422 339 165
Other noncurrent liabilities 275 294 294
Total liabilities 78,984 45,663 61,450
Stockholders' equity:
Common Stock, $.01 par value
Authorized shares 40,000,000
Issued 8,206,088 shares,
issued and outstanding shares
8,687,615 and 8,673,634 87 87 87
Additional paid-in capital 57,196 56,860 56,710
Retained earnings 33,752 26,053 21,741
Less 505,000 shares in
treasury at cost (10,133) -- --
Cumulative translation
adjustment (2,197) (1,379) (1,005)
Total stockholders' equity 78,705 81,621 77,533
Total liabilities and
stockholders' equity $157,689 $127,284 $138,983
Days Sales Outstanding 143 112 139
CANNONDALE CORPORATION AND SUBSIDIARIES
Condensed Consolidated Statements of Earnings
(in thousands, except for per-share data)
Third Third Nine Months Nine Months
Quarter Quarter Ended Ended
Fiscal 1998 Fiscal 1997 Fiscal 1998 Fiscal 1997
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
Net sales $45,305 $48,229 $127,315 $120,403
Cost of sales 28,101 28,698 81,191 74,747
Gross profit 17,204 19,531 46,124 45,656
Expenses:
Selling, general and
administarative 10,277 9,436 29,118 27,225
Research and development 1,552 946 4,269 2,608
11,829 10,382 33,387 29,833
Operating income 5,375 9,149 12,737 15,823
Other income (expense):
Interest expense (685) (543) (1,246) (1,231)
Other income 229 290 509 281
(456) (253) (737) (950)
Pretax income 4,919 8,896 12,000 14,873
Income tax expense (1,733) (3,344) (4,301) (5,679)
Net income $3,186 $5,552 $7,699 $9,194
Diluted income per share $.37 $.62 $.87 $1.03
Weighted average common
and common equivalent
shares outstanding 8,609 8,960 8,822 8,924
Basic income per share $.38 $.64 $.90 $1.07
Weighted average common
and common equivalent shares
outstanding 8,343 8,648 8,550 8,625
SOURCE: Cannondale Corporation |
