Three Months Ended Six Months Ended
June 30, June 30,
1998 1997 1998 1997
---- ---- ---- ----
Net Sales 3,431,505 2,710,845 6,595,480 4,979,043
Cost of Sales 2,108,935 1,999,268 4,242,373 3,671,153
--------- --------- --------- ---------
Gross Profit 1,322,570 711,577 2,353,107 1,307,891
--------- --------- --------- ---------
Operating Expenses:
Engineering, R & D 208,339 217,627 427,777 411,524
Selling 506,258 566,777 844,094 894,000
Administration 470,760 412,591 856,194 766,299
Amortization 57,874 57,874 115,748 115,748
--------- --------- ---------- ---------
Total operating expenses 1,243,231 1,254,869 2,243,813 2,187,571
--------- --------- ---------- ---------
Operating profit (loss) 79,339 (543,292) 109,294 (879,680)
Other income (expense)
Interest expense, net (34,011) (10,562) (28,338) (29,815)
Other income, net (600) 474 (602) 1,087
--------- ---------- ---------- ----------
Net income (loss) 45,928 (553,380) 81,558 (908,408)
--------- ---------- ---------- ----------
Dividend on 8% Convertible Redeemable (14,028) (17,000) (28,056) (36,888)
Preferred Stock
Net income (loss) available to common shares 31,900 (570,380) 53,502 (945,296)
========== ========== ========== ==========
Net income (loss) per common share - basic $.006 ($0.13) $.01 ($0.21)
Weighted average shares outstanding - basic 5,318,995 4,461,122 5,316,533 4,472,574
Net income (loss) per common share - diluted $.006 ($0.13) $.01 ($0.21)
Weighted average shares outstanding - diluted 5,666,154 4,461,122 5,608,379 4,427,574
See notes to consolidated financial statements
3
Acrodyne Communications, Inc.
(Consolidated Statement of Cash Flows
(Unaudited)
-------------------------------------------------------------------------------
Six Months Ended June 30,
1998 1997
---------- ----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) $ 81,558 ($ 908,408)
Adjustments to reconcile net income (loss) to net
cash used in operating activities:
Depreciation and amortization 225,310 187,032
Stock option accrual 0 8,333
Changes in assets and liabilities:
Accounts receivable (1,307,744) 455,283
Inventories (590,703) (749,464)
Note receivable (3,009) (3,149)
Prepaids and deposits (214,035) (35,218)
Accounts payable (48,986) (214,043)
Accrued expenses ( 34,922) (53,760)
Customer advances 17,522 (78,103)
---------- ----------
Net cash used in operating activities (1,875,009) (1,321,061)
---------- ----------
CASH USED IN INVESTING ACTIVITIES:
Purchase of property, plant and equipment (45,949) (25,865)
---------- ----------
Net cash used in investing activities (45,949) (25,865)
---------- ----------
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from the issuance of common stock, net 16,380 35,519
Proceeds from line of credit borrowings 1,200,000 200,000
Dividends on convertible preferred stock, net (28,056) (36,888)
Payments on promissory notes (135,000) (135,000)
Capital leases repayments (39,109) (39,040)
Repayments on other borrowings and non-compete
liability (5,152) (2,306)
---------- ----------
Net cash provided by financing activities (1,009,063) (115,124)
---------- ----------
Net decrease in cash and cash equivalents (830,337) (1,141,126)
Cash and cash equivalents at beginning of period 3,011,294 3,921,544
---------- ----------
Cash and cash equivalents at end of period $ 2,180,957 $ 2,780,418
========== ==========
Supplemental cash flow information:
Cash paid for interest $ 53,705 42,181
See notes to consolidated financial statements
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