TXCC rapidly becoming a value stock? Balance sheet looks solid to me. Would seem to be a nice buy anywhere near 5 (or less??)
Item 1. Financial Statements
TranSwitch Corporation
Consolidated Balance Sheets
(in thousands, except share data)
March 31, December 31,
Assets 2001 2000
------ ---- ----
Current assets: (unaudited)
Cash and cash equivalents $ 505,085 $ 507,552
Short-term investments 55,765 56,572
Accounts receivable, net 24,931 28,443
Inventories 26,430 14,898
Prepaid expenses and other current assets 8,892 9,360
--------- ---------
Total current assets 621,103 616,825
Long-term investments 58,751 54,183
Property and equipment, net 15,603 13,464
Deferred tax assets 26,489 22,019
Goodwill and purchased intangible assets, net 15,479 8,447
Deferred financing costs 14,453 15,219
Other assets 12,134 11,473
--------- ---------
Total assets $ 764,012 $ 741,630
============ ========= =========
Liabilities and Stockholders' Equity
------------------------------------
Current liabilities:
Accounts payable $ 10,232 $ 8,393
Accrued expenses 1,799 1,599
Accrued compensation 1,411 3,247
Sales returns reserve 2,898 2,600
Accrued interest 1,032 6,207
Other current liabilities 1,534 1,600
--------- ---------
Total current liabilities 18,906 23,646
Long-term lease obligations 201 245
Convertible notes 460,000 460,000
--------- ---------
Total liabilities 479,107 483,891
Stockholders' equity:
Common Stock, $.001 par value; authorized 300,000,000 shares at March 31,
2001 and December 31, 2000; issued and outstanding: 84,809,373 shares at
March 31, 2001 and 83,500,125 shares at December 31, 2000 85 84
Additional paid-in capital 239,121 217,455
Accumulated other comprehensive loss (285) (225)
Retained earnings 45,984 40,425
--------- ---------
Total stockholders' equity 284,905 257,739
--------- ---------
Total liabilities and stockholders' equity $ 764,012 $ 741,630
========================================== ========= =========
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TranSwitch Corporation
Consolidated Statements of Cash Flows
(Unaudited)
(in thousands)
Three Months Ended
March 31,
--------
2001 2000
---- ----
Cash flows from operating activities:
Net income $ 5,559 $ 6,478
Adjustments to reconcile net income to net cash provided by (used in)
operating activities, net of effects of acquisitions:
Depreciation and amortization 2,709 980
Deferred income taxes (189) 2,741
Other non-cash items 250 165
Changes in operating assets and liabilities:
Decrease (increase) in accounts receivable 3,991 (2,107)
(Increase) in inventories (11,532) (2,347)
Decrease (increase) in prepaids and other assets 350 (528)
Increase in accounts payable 1,746 2,450
(Decrease) increase in accrued expenses and other liabilities (3,997) 1,193
--------- ---------
Net cash (used in) provided by operating activities (1,113) 9,025
--------- ---------
Cash flows from investing activities:
Capital expenditures (3,535) (1,632)
Purchase of other investments (580) --
Purchase of held-to-maturity investments (102,690) (96,079)
Proceeds from maturity of held-to-maturity investments 98,929 85,175
Cash acquired in acquisitions 63 --
--------- ---------
Net cash (used in) investing activities (7,813) (12,536)
--------- ---------
Cash flows from financing activities:
Proceeds from the exercise of stock options 6,547 5,470
Payments on capital lease obligations (88) (50)
--------- ---------
Net cash provided by financing activities 6,459 5,420
--------- ---------
(Decrease) increase in cash and cash equivalents (2,467) 1,909
Cash and cash equivalents at beginning of period 507,552 55,685
--------- ---------
Cash and cash equivalents at end of period $ 505,085 $ 57,594
========= =========
Supplemental disclosure of cash flows information:
Cash paid for interest $ 10,383 $ 18
Cash paid for income taxes $ 930 $ 60 |
