Advanced Switching Communications, Inc.
Condensed Balance Sheets
(in thousands)
September 30, December 31,
2000 1999
Current Assets:
Cash $6,309 $33,012
Marketable Securities 8,092 0
Accounts Receivable 6,129 2,116
Inventory 6,113 2,088
Other Current Assets 1,564 1,368
Total Current Assets 28,207 38,584
Property, Plant & Equipment 3,779 2,092
Marketable Securities 8,802 0
Other Assets 1,849 1,019
Total Assets $42,637 $41,695
Current Liabilities:
Accounts Payable $7,618 $2,183
Accrued Liabilities 3,813 1,136
Current Portion of Debt 143 196
Total Current Liabilities 11,574 3,515
Deferred Rent 77 40
Long-term Debt 8 98
Preferred Stock 59,623 55,517
Stockholders' Equity (Deficit):
Common Stock 31 30
Treasury Stock (200) (200)
Additional Paid-In Capital 9,536 0
Retained Earnings (Deficit) (28,924) (16,544)
Unrealized Gains (Losses) 9 0
Deferred Compensation (9,097) (761)
Total Stockholders' Equity (Deficit) (28,645) (17,475)
Total Liabilities & Stockholders'
Equity (Deficit) $42,637 $41,695
Advanced Switching Communications, Inc.
Statements of Operations
(in thousands, except per share amounts)
Quarter Ended Nine Months Ended
September 30, September 30,
2000 1999 2000 1999
Net Revenue $11,016 $1,201 $23,948 $1,603
Cost of Goods Sold 7,271 727 16,827 1,064
Gross Margin 3,745 474 7,121 539
Research & Development 3,292 1,548 8,820 4,569
Sales & Marketing (1) 2,878 698 9,420 1,990
General & Administrative 580 397 1,541 881
Amortization of Stock
Compensation 634 0 1,125 0
Operating Expenses 7,384 2,643 20,906 7,440
Operating Loss (3,639) (2,169) (13,785) (6,901)
Interest Income (347) (19) (1,402) (111)
Earnings Before Taxes (3,292) (2,150) (12,382) (6,790)
Taxes 0 0 0 0
Net Loss $(3,292) $(2,150) $(12,383) $(6,790)
Pro Forma Net
Loss (2) $(2,658) $(2,150) $(8,277) $(6,790)
Net Loss Per Share:
Basic and Diluted
Net Loss Per Share $(0.28) $(0.18) $(1.06) $(0.57)
Weighted Average
Shares 11,752 11,760 11,649 11,892
Pro Forma Net Loss
Per Share: (3)
Basic and Diluted Net
Income (Loss)
Per Share $(0.10) $(0.09) $(0.37) $(0.31)
Basic and Diluted Pro
Forma Net Loss
Per Share $(0.08) $(0.09) $(0.24) $(0.31)
Pro Forma Weighted
Average Shares 34,404 25,172 33,857 21,668
(1) Sales & Marketing costs for the nine months ended September 30, 2000
includes $3.0 million of cost in connection with warrants issued.
(2) Excludes the amortization of stock compensation and the cost of
warrants issued to customers.
(3) Pro forma basic and diluted net loss per share have been calculated
assuming the conversion of all preferred shares into common shares, as
if the conversion had occurred at the beginning of the period
presented.
SOURCE: Advanced Switching Communications, Inc. |
