ASSETS
September 30, March 31,
1996 1996
CURRENT ASSETS:
<CAPTION>
<S> <C> <C>
Cash and cash equivalents $ 8,915 $ 6,189
Accounts receivable, net 52,149 22,151
Inventories 41,473 32,668
Prepaid and other current assets 6,965 3,584
----------- -----------
Total current assets 109,502 64,592
----------- -----------
PROPERTY, PLANT AND EQUIPMENT:
Land 386 386
Building and improvements 4,874 4,912
Machinery and equipment 22,631 19,973
Furniture, fixtures and office equipment 3,881 4,225
Construction in progress 1,786 913
----------- -----------
33,558 30,409
Less accumulated depreciation and amortization (17,353) (17,288)
----------- -----------
Net property, plant and equipment 16,205 13,121
----------- -----------
INVESTMENT IN UNCONSOLIDATED SUBSIDIARY - 6,832
----------- -----------
INTANGIBLE ASSETS 21,173 -
----------- -----------
OTHER ASSETS 2,634 2,720
----------- -----------
$ 149,514 $ 87,265
=========== ===========
</TABLE>
The accompanying notes to condensed consolidated financial statements
are an integral part of these condensed consolidated balance sheets.
<PAGE>
MARKER INTERNATIONAL AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (Continued)
(Dollars in Thousands)
(Unaudited)
<TABLE>
<CAPTION>
===================================================================================================================
LIABILITIES AND SHAREHOLDERS' EQUITY
September 30, March 31,
1996 1996
CURRENT LIABILITIES:
<CAPTION>
<S> <C> <C>
Notes payable to banks $ 62,875 $ 30,556
Current maturities of long-term debt 2,143 7,576
Current maturities of Series A Bonds, issued
to a related party 3,500 3,500
Accounts payable 8,042 2,899
Other current liabilities 8,033 6,514
----------- -----------
Total current liabilities 84,593 51,045
----------- -----------
LONG-TERM DEBT, net of current maturities 19,657 5,452
----------- -----------
SERIES A BONDS, issued to a related party,
net of current maturities 10,000 10,000
----------- -----------
MINORITY INTEREST 1,179 -
----------- -----------
SHAREHOLDERS' EQUITY:
Preferred stock, $0.01 par value, 5,000,000
authorized and none issued - -
Common stock, $0.01 par value, 25,000,000
shares authorized, 11,129,127 and 8,447,877
shares issued and outstanding, respectively 111 84
Additional paid-in capital 36,293 21,531
Accumulated deficit (2,369) (1,293)
Cumulative foreign currency translation adjustments 50 446
----------- -----------
Total shareholders' equity 34,085 20,768
----------- -----------
$ 149,514 $ 87,265
=========== ===========
</TABLE>
The accompanying notes to condensed consolidated financial statements
are an integral part of these condensed consolidated balance sheets.
<PAGE>
MARKER INTERNATIONAL AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in Thousands, Except Per Share Amounts)
(Unaudited)
<TABLE>
<CAPTION>
===================================================================================================================
For the Three Months Ended For the Six Months
September 30, Ended September 30,
1996 1995 1996 1995
<CAPTION>
<S> <C> <C> <C> <C>
NET SALES $ 31,718 $ 30,008 $ 33,224 $ 32,252
COST OF SALES 19,163 16,311 20,006 18,167
-------- -------- -------- --------
GROSS PROFIT 12,555 13,697 13,218 14,085
-------- -------- -------- --------
OPERATING EXPENSES:
Selling 3,159 3,399 5,500 6,016
General and administrative 2,170 2,287 4,589 4,998
Research and development 769 529 1,430 1,250
Warehousing and shipping 442 397 756 689
-------- -------- -------- --------
6,540 6,612 12,275 12,953
-------- -------- -------- --------
OPERATING INCOME 6,015 7,085 943 1,132
-------- -------- -------- --------
OTHER INCOME (EXPENSE):
Interest expense (1,264) (1,527) (2,285) (2,617)
Equity in losses of
unconsolidated subsidiary (201) - (281) -
Other, net (44) 778 (58) 703
-------- -------- --------- --------
(1,509) (749) (2,624) (1,914)
-------- -------- -------- --------
INCOME (LOSS) BEFORE (PROVISION) BENEFIT FOR
INCOME TAXES 4,506 6,336 (1,681) (782)
(PROVISION) BENEFIT FOR
INCOME TAXES (1,622) (2,534) 605 313
--------- --------- -------- --------
NET INCOME (LOSS) $ 2,884 $ 3,802 $ (1,076) $ (469)
======== ======== ======== ========
NET INCOME (LOSS)
PER COMMON SHARE $ 0.28 $ 0.45 $ (0.11) $ (0.06)
======== ======== ======== ========
WEIGHTED AVERAGE SHARES OUTSTANDING
10,457,658 8,512,550 9,515,425 8,476,203
========== ========= ========= =========
</TABLE>
The accompanying notes to condensed consolidated financial statements
are an integral part of these condensed consolidated statements.
<PAGE>
MARKER INTERNATIONAL AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in Thousands)
(Unaudited)
<TABLE>
<CAPTION>
===================================================================================================================
For the Six Months
Ended September 30,
1996 1995
CASH FLOWS FROM OPERATING ACTIVITIES:
<CAPTION>
<S> <C> <C>
Net loss $ (1,076) $ (469)
Adjustments to reconcile net loss to net cash
used in operating activities:
Depreciation and amortization 1,602 1,609
Equity in earnings of unconsolidated subsidiary 281 -
Change in assets and liabilities net of effects from the purchase of DNR:
Increase in accounts receivable, net (24,765) (21,440)
Increase in inventories (8,642) (14,748)
Increase in prepaid and other assets (3,461) (1,646)
Increase (decrease) in accounts payable 1,256 (306)
Increase in other current liabilities 1,620 2,413
--------- ---------
NET CASH USED FOR OPERATING ACTIVITIES (33,185) (34,587)
--------- ---------
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant and equipment (3,612) (1,466)
Equity investment in DNR - (5,367)
Payment for purchase of DNR, net of cash acquired (14,469) -
--------- ---------
NET CASH USED FOR INVESTING ACTIVITIES (18,081) (6,833)
--------- ---------
CASH FLOWS FROM FINANCING ACTIVITIES:
Net borrowings on notes payable to banks 33,587 28,159
Proceeds from issuance of common stock, net 14,789 -
Proceeds from issuance of long-term debt 7,656 6,723
Principal payments on long-term debt (1,582) (1,283)
--------- ---------
NET CASH PROVIDED BY FINANCING ACTIVITIES 54,450 33,599
--------- ---------
Effect of foreign exchange rate changes on cash (458) 491
--------- ---------
Net Increase (decrease) in cash and cash equivalents 2,726 (7,330)
Cash and cash equivalents at beginning of period 6,189 12,281
--------- ---------
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 8,915 $ 4,951
========= =========
</TABLE>
The accompanying notes to condensed consolidated financial statements
are an integral part of these condensed consolidated statements.
<PAGE>
MARKER INTERNATIONAL AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Note 1. Interim Financial Statements
The accompanying condensed consolidated financial statements include |
