Tabular data in SI fixed font format.
KVH INDUSTRIES, INC. AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
JUNE 30, 2002 and DECEMBER 31, 2001
June 30, December 31,
2002 2001
(Unaudited) (Audited)
Assets:
Current assets:
Cash and cash equivalents $6,518,863 11,240,893
Accounts receivable, net 7,684,622 6,026,689
Costs and estimated earnings
in excess of billings on uncompleted
contracts 460,470 482,486
Inventories 5,132,578 4,124,203
Prepaid expenses and other deposits 669,019 406,866
Deferred income taxes 551,699 637,799
Total current assets 21,017,251 22,918,936
Property and equipment, net 7,515,677 7,431,287
Other assets, less accumulated amortization 507,537 573,849
Deferred income taxes 2,238,430 2,238,430
Total assets $31,278,895 33,162,502
Liabilities and stockholders' equity:
Current liabilities:
Current portion long-term debt $86,974 86,974
Accounts payable 2,262,624 2,084,507
Accrued expenses 1,334,947 1,143,790
Customer deposits 361,868 903,853
Total current liabilities 4,046,413 4,219,124
Long-term debt 2,656,006 2,697,147
Total liabilities 6,702,419 6,916,271
Stockholders' equity:
Common stock 110,301 109,612
Additional paid-in capital 34,766,065 34,478,002
Accumulated deficit (10,299,890) (8,341,383)
Total stockholders' equity 24,576,476 26,246,231
Total liabilities and stockholders' equity $31,278,895 33,162,502
KVH INDUSTRIES, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three months ended
June 30,
2002 2001
Net sales $12,641,244 7,829,217
Cost of sales 7,321,309 5,007,273
Gross profit 5,319,935 2,821,944
Operating expenses:
Research & development 2,432,512 2,261,296
Sales & marketing 2,775,751 1,978,904
Administration 813,592 639,794
Loss from operations (701,920) (2,058,050)
Other income (expense):
Other expense (28,632) (14,421)
Interest income (expense), net (29,985) 78,575
Loss before income taxes (760,537) (1,993,896)
Income tax expense 51,600 --
Net loss $(812,137) (1,993,896)
Per share information:
Loss per share
Basic $(0.07) (0.19)
Diluted $(0.07) (0.19)
Number of shares used in per share
calculation:
Basic 11,005,426 10,318,065
Diluted 11,005,426 10,318,065
KVH INDUSTRIES, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Six months ended
June 30,
2002 2001
Net sales 22,282,757 15,961,888
Cost of sales 12,678,716 10,016,446
Gross profit 9,604,041 5,945,442
Operating expenses:
Research & development 4,766,211 4,005,501
Sales & marketing 5,094,015 4,227,236
Administration 1,532,932 1,278,045
Loss from operations (1,789,117) (3,565,340)
Other income (expense):
Other expense (30,656) (36,756)
Interest income (expense), net (52,634) 70,834
Loss before income taxes (1,872,407) (3,531,262)
Income tax expense 86,100 --
Net loss (1,958,507) (3,531,262)
Per share information:
Loss per share
Basic (0.18) (0.37)
Diluted (0.18) (0.37)
Number of shares used in per share
calculation:
Basic 10,989,609 9,477,323
Diluted 10,989,609 9,477,323 |
