Tabular data in fixed font format:
KVH INDUSTRIES, INC. AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
DECEMBER 31, 2001 and 2000
2001 2000
Assets:
Current assets:
Cash and cash equivalents $ 11,240,893 5,411,460
Accounts receivable, net 6,026,689 6,553,976
Costs and estimated earnings in
excess of billings on uncompleted
contracts 482,486 419,145
Inventories 4,124,203 3,600,660
Prepaid expenses and other deposits 406,866 346,518
Deferred income taxes 637,799 637,799
Total current assets 22,918,936 16,969,558
Property and equipment, net 7,431,287 6,580,375
Other assets, less accumulated
amortization 573,849 706,473
Deferred income taxes 2,238,430 2,238,430
Total assets $ 33,162,502 26,494,836
Liabilities and stockholders' equity:
Current liabilities:
Current portion long term debt $ 86,974 81,111
Bank line of credit -- 598,865
Accounts payable 2,084,507 1,478,198
Accrued expenses 1,143,790 1,164,790
Customer deposits 903,853 1,195,091
Total current liabilities 4,219,124 4,518,055
Long-term debt 2,697,147 2,784,121
Total liabilities 6,916,271 7,302,176
Stockholders' equity:
Common stock 109,612 86,191
Additional paid-in capital 34,478,002 21,186,459
Accumulated deficit (8,341,383) (2,079,990)
Total stockholders' equity 26,246,231 19,192,660
Total liabilities and
stockholders' equity $ 33,162,502 26,494,836
KVH INDUSTRIES, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF OPERATIONS
Three months ended Twelve months ended
December 31, December 31,
2001 2000 2001 2000
Net sales $ 8,805,833 8,844,466 32,707,123 29,953,727
Cost of sales 5,112,073 5,296,992 20,255,238 18,620,438
Gross profit 3,693,760 3,547,474 12,451,885 11,333,289
Operating expenses:
Research &
development 2,157,761 929,521 7,885,374 3,902,154
Sales & marketing 2,166,897 1,848,133 8,411,910 6,322,181
Administration 524,824 523,057 2,514,178 2,220,471
(Loss) income from
operations (1,155,722) 246,763 (6,359,577) (1,111,517)
Other income (expense):
Interest income 55,234 -- 364,212 54,056
Interest expense (49,217) (72,387) (224,039) (246,493)
Other expense (13,182) (67,268) (41,989) (196,803)
(Loss) income before
income taxes (1,162,887) 107,108 (6,261,393) (1,500,757)
Income tax expense
(benefit) -- 30,577 -- (559,637)
Net (loss)
earnings $(1,162,887) 76,531 (6,261,393) (941,120)
Per share information:
(Loss) income per
share -- basic $ (0.11) 0.01 (0.61) (0.12)
(Loss) income per
share -- diluted $ (0.11) 0.01 (0.61) (0.12)
Weight average number
of shares outstanding:
Basic 10,941,469 7,778,364 10,217,305 7,628,166
Diluted 10,941,469 8,197,506 10,217,305 7,628,166 |
