Oooops sorry guys, the last post, I copied the wrong one.
Ok, let me try one more time...
----------
M~WAVE, Inc.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three months ended March 31,
1999 2000
Net sales $3,682,818 $5,372,185
Cost of goods sold 2,906,236 4,598,236
Gross profit 776,582 773,949
Operating expenses:
General and administrative 437,159 335,324
Selling and marketing 175,284 181,359
Total operating expenses 612,443 516,683
Operating income 164,139 257,266
Other income (expense):
Interest income 32,280 19,839
Interest expense (46,391) (51,068)
Rental income 8,000 51,000
Gain (loss) on disposal of assets (135,084) 0
Total other income (expense) (141,195) 19,771
Income before income taxes 22,944 277,037
Provision for income taxes 13,204 109,518
Net income $9,740 $167,519
Net income per share basic and diluted $0.00 $0.07
Weighted average shares 2,267,842 2,272,994
M~WAVE, Inc.
CONSOLIDATED BALANCE SHEETS
(Unaudited)
December 31, March 31
1999 2000
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $2,586,885 $2,783,379
Accounts receivable, net of allowance
for doubtful accounts,
1999- $10,000: 2000 $10,000 2,520,070 2,530,298
Inventories 2,030,417 3,270,740
Deferred income taxes 1,080,940 793,475
Prepaid expenses and other 71,957 76,883
Total current assets 8,290,269 9,454,775
PROPERTY, PLANT AND EQUIPMENT:
Land, buildings and improvements 4,863,247 4,863,247
Machinery and equipment 7,934,816 7,966,379
Total property, plant and
equipment 12,798,063 12,829,626
Less accumulated depreciation (5,855,688) (6,112,188)
Property, plant and equipment-net 6,942,375 6,717,438
NOTE RECEIVABLE 645,391 645,391
OTHER ASSETS 4,700 4,995
TOTAL $15,882,735 $16,822,599
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable $1,974,067 $2,915,420
Accrued expenses 508,456 560,662
Accrued income taxes 0 8,116
Current portion of long-term debt 361,563 361,563
Total current liabilities 2,844,086 3,845,761
DEFERRED INCOME TAXES 676,273 490,208
LONG-TERM DEBT 1,886,799 1,796,409
STOCKHOLDERS' EQUITY:
Preferred stock, $.01 par value; authorized,
1,000,000 shares; no shares issued 0 0
Common stock, $.01 par value; authorized,
10,000,000 shares
3,069,806 shares issued and 2,266,342
shares outstanding at December 31, 1999,
3,084,306 shares issued and 2,280,842
shares outstanding at March 31, 2000 30,698 30,843
Additional paid-in capital 8,348,832 8,395,812
Retained earnings 3,775,321 3,942,840
Treasury stock: 803,464 shares,
at cost (1,679,274) (1,679,274)
Total stockholders' equity 10,475,577 10,690,221
TOTAL $15,882,735 $16,822,599
M~WAVE, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Three months ended March 31,
1999 2000
OPERATING ACTIVITIES:
Net loss $9,740 $167,519
Adjustments to reconcile net loss to
net cash flows from operating activities:
Gain (loss) on disposal of property,
plant and equipment $135,084 $0
Depreciation and amortization $249,460 $256,500
Deferred income taxes $87,168 $101,400
Changes in assets and liabilities:
Accounts receivable-trade ($209,705) ($10,228)
Inventories $296,091 ($1,240,323)
Income taxes ($73,962) $8,116
Prepaid expenses and other assets ($47,623) ($5,221)
Accounts payable $155,349 $941,353
Accrued expenses ($31,495) $52,206
Net cash flows from
operating activities $570,107 $271,322
INVESTING ACTIVITIES:
Purchase of property, plant and equipment ($163,921) ($31,563)
Purchase marketable securities $4,619 $0
Proceeds from sale of PC Dynamics property,
plant and equipment $581,965 $0
Proceeds from sale of PC Dynamics net
working capital and other $311,354 $0
Net cash flows from investing activities $734,017 ($31,563)
FINANCING ACTIVITIES:
Common stock issued upon exercise
of stock options $0 $47,125
Payments on long term debt ($100,932) ($90,390)
Net cash flows from financing activities ($100,932) ($43,265)
NET INCREASE (DECREASE) IN CASH
AND CASH EQUIVALENTS $1,203,192 $196,494
CASH AND CASH EQUIVALENTS
- Beginning of period $3,712,537 $2,586,885
CASH AND CASH EQUIVALENTS
- End of period $4,915,729 $2,783,379
Supplemental Disclosures of Cash Flow Information:
Cash paid during the period for interest ($46,391) ($51,068) |
