CANNONDALE CORPORATION AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(in thousands, except share data and days sales outstanding)
December 26, December 27,
1998 1997
(Unaudited) (Unaudited)
Assets
Current assets:
Cash $879 $1,469
Trade accoeivs receivable,
less allowances of $10,238,
and $8,227 70,465 67,436
Inventory 40,284 39,553
Deferred income taxes 3,310 2,639
Prepaid expenses and other
current assets 5,277 3,373
Total current assets 120,215 114,470
Property, plant and equipment,
net 38,273 3
28,873
Other assets 15,891 3,235
Total assets $174,379 $146,578
Liabilities and stockholders'
equity
Current liabilities:
Accounts payable $13,296 $15,212
Revolving credit advances 4,997 1,129
Income taxes payable 1,476 2,660
Warranty and other accrued
expenses 8,259 7,479
Current installments of
long-term debt 478 477
Total current liabilities 28,506 26,957
Long-term debt, less current
installments 69,288 37,803
Deferred income taxes 1,575 327
Other noncurrent liabilities 275 275
Total liabilities 99,644 65,362
Stockholders' equity:
Common stock, $.01 par value
Authorized shares - 40,000,000
Issued shares - 8,741,579
and 8,702,126 87 87
Additional paid-in capital 57,460 57,057
Retained earnings 37,892 30,566
Less 1,292,900 and
227,000 shares in
treasury at cost (20,162) (4,774)
Cumulative translation
adjustment (542) (1,720)
Total stockholders' equity 74,735 81,216
Total liabilities and
stockholders' equity $174,379 $146,578
Days Sales Outstanding 121 119
CANNONDALE CORPORATION AND SUBSIDIARIES
Condensed Consolidated Statements of Earnings
(in thousands, except for per-share data)
Second Second Six Months Six Months
Quarter Quarter Ended Ended
Fiscal 1999 Fiscal 1998 Fiscal 1999 Fiscal 1998
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
Net sales $47,901 $47,701 $90,119 $82,010
Cost of sales 31,719 30,137 59,333 53,089
Gross profit 16,182 17,564 30,786 28,921
Expenses:
Selling, general and
administrative 10,443 9,736 21,117 18,841
Research and development 2,820 1,598 4,973 2,717
13,263 11,334 26,090 21,558
Operating income 2,919 6,230 4,696 7,363
Other income(expense):
Interest expense (1,106) (382) (1,945) (561)
Other income 255 132 391 280
(851) (250) (1,554) (281)
Pretax income 2,068 5,980 3,142 7,082
Income tax expense (293) (2,137) (655) (2,569)
Net income $1,775 $3,843 $2,487 $4,513
Diluted income per share $.23 $.43 $.32 $ .51
Weighted average common and
common equivalent shares
outstanding 7,575 8,918 7,709 8,930
Basic income per share $.24 $.45 $.33 $ .52
Weighted average common
shares outstanding 7,449 8,621 7,565 8,653
SOURCE: Cannondale Corporation |
