Tables only in fixed font
KVH INDUSTRIES, INC. AND SUBSIDIARY
Consolidated Balance Sheets
December 31, 2000 and 1999
2000 1999
(Unaudited) (Audited)
Assets:
Current assets:
Cash and cash equivalents $ 5,411,460 2,047,838
Accounts receivable, net 6,553,976 3,362,390
Costs and estimated earnings
in excess of billings
on uncompleted contracts 419,145 444,492
Inventories 3,600,660 3,672,269
Prepaid expenses and
other deposits 346,518 292,793
Deferred income taxes 637,799 376,628
Total current assets 16,969,558 10,196,410
Property and equipment, net 6,580,375 7,227,778
Other assets, less
accumulated amortization 706,473 839,113
Deferred income taxes 2,238,430 1,571,409
Total assets $ 26,494,836 19,834,710
Liabilities and stockholders' equity:
Current liabilities:
Current portion long-term debt $ 81,111 75,643
Borrowings against bank line
of credit 598,865 --
Accounts payable 1,478,198 1,599,770
Accrued expenses 1,164,790 792,086
Customer deposits 1,195,091 --
Total current liabilities 4,518,055 2,467,499
Long-Term Debt 2,784,121 2,865,232
Total liabilities 7,302,176 5,332,731
Stockholders' equity:
Common stock 86,191 72,969
Additional paid-in capital 21,186,459 15,567,880
Accumulated deficit (2,079,990) (1,138,870)
Total stockholders' equity 19,192,660 14,501,979
Total liabilities and
stockholders' equity $ 26,494,836 19,834,710
KVH INDUSTRIES, INC. AND SUBSIDIARY
Consolidated Statements of Operations
(Unaudited)
Three months ended Twelve months ended
December 31, December 31,
2000 1999 2000 1999
Net sales $ 8,844,466 5,542,226 29,953,727 22,822,429
Cost of
goods
sold 5,296,992 3,685,062 18,620,438 15,034,250
Gross
profit 3,547,474 1,857,164 11,333,289 7,788,179
Operating
expenses:
Research
& development 929,521 1,131,267 3,902,154 4,199,370
Sales &
marketing 1,848,133 1,687,741 6,322,181 5,471,231
Administration 523,057 535,569 2,220,471 2,111,868
Operating
profit (loss) 246,763 (1,497,413) (1,111,517) (3,994,290)
Other income
(expense):
Interest
expense, net (72,387) (9,155) (192,437) (40,236)
Other
(expense)
income (21,805) 10,499 (133,723) 19,805
(Loss) gain
on foreign
currency
translation (45,463) 9,116 (63,080) 63,644
Income (loss)
before income
tax expense
(benefit) 107,108 (1,507,873) (1,500,757) (3,951,077)
Income tax
expense
(benefit) 30,577 (304,939) (559,637) (1,253,822)
Net income
(loss) $ 76,531 $(1,202,934) (941,120) (2,697,255)
Per share
information:
Net income
(loss) per
common share
- basic $ 0.01 (0.17) (0.12) (0.37)
Net income
(loss) per
common share
- diluted $ 0.01 (0.17) (0.12) (0.37)
Weight average
number of
shares
outstanding:
Basic 7,778,364 7,264,460 7,628,166 7,234,961
Diluted 8,197,506 7,264,460 7,628,166 7,234,961 |
