Firearms Training Systems, Inc.
Condensed Consolidated Statements of Income
(In thousands, except per share data)
(Unaudited)
Three months ended Nine months ended
December 31, December 31,
1996 1995 1996 1995
---------------- ----------------
Revenues $25,667 $23,784 $64,805 $50,873
Cost of revenues 12,557 10,260 30,537 24,464
Gross profit 13,110 13,524 34,268 26,409
Operating expenses:
Selling, general and
administrative expenses 3,842 3,499 11,355 8,866
Research and development
expenses 944 643 2,775 1,885
Depreciation and
amortization 124 95 327 291
Total operating expenses 4,910 4,237 14,457 11,042
Operating Income 8,200 9,287 19,811 15,367
Other income (expense), net:
Interest income (expense), net (2,814) 37 (4,647) 72
Nonrecurring recapitalization
expenses (61) - (1,181) -
Other income (expense), net 211 (33) 172 (60)
Total other income
(expense), net (2,664) 4 (5,656) 12
Income before income taxes and
extraordinary item 5,536 9,291 14,155 15,379
Provision for income taxes 2,023 3,180 5,304 5,306
Net income before
extraordinary item 3,513 6,111 8,851 10,073
Extraordinary item,
net of income taxes (3,327) - (3,327) -
Net income $186 $6,111 $5,524 $10,073
Net income per common share $0.01 $0.38 $0.33 $0.63
Weighted average common shares
outstanding 18,244 16,029 16,770 16,029
Pro forma Results for
Recapitalization and IPO:
Pro forma net income $4,357 $5,170 $10,070 $7,250
Pro forma net income per
common share $0.20 $0.24 $0.46 $0.34
Pro forma weighted average
shares outstanding 21,741 21,741 21,741 21,741
Firearms Training Systems Inc.
Condensed Consolidated Balance Sheets
(In thousands)
(Unaudited)
December 31, March 31,
1996 1996
ASSETS
Current assets:
Cash and cash equivalents $ 1,479 $ 8,121
Accounts receivable, net 14,191 10,092
Inventories 13,869 12,836
Income tax receivable 1,912 -
Prepaid expenses and other current assets 949 655
Deferred income taxes 1,243 866
Total current assets 33,643 32,570
Property and equipment, net 1,866 1,144
Escrow and other deposits 36 106
Other assets 3,461 -
Total assets $39,006 $33,820
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 3,716 $ 3,619
Accrued liabilities 6,947 5,207
Income taxes payable 307 1,305
Deferred revenues and reserves 3,069 2,223
Current maturities of long-term debt 794 -
Total current liabilities 14,833 12,354
Long-term debt, less current maturities 57,805 -
Other noncurrent liabilities 622 204
Stockholders' equity:
Class A common stock - -
Additional paid-in-capital 112,975 1,931
Accumulated earnings (deficit) (147,291) 19,343
Cumulative foreign currency
translation adjustment 62 (12)
Total stockholders' equity (34,254) 21,262
Total liabilities and stockholders' equity $39,006 $33,820
CONTACT: Firearms Training Systems, Inc.
Alison Lewallyn, 770/622-3236 (IR) |
