Balance Sheets, etcetera
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
(unaudited)
June 30, March 31,
2004 2004
Assets
Cash and short-term investments $63,791 $49,963
Accounts receivable, net 34,038 34,295
Inventories 30,983 33,101
Other current assets 11,995 10,932
Total current assets 140,807 128,291
Property & equipment, net 32,626 31,175
Other assets 2,597 3,778
Total assets $176,030 $163,244
Liabilities and Stockholders' Equity
Accounts payable $37,812 $40,033
Short-term debt 6,250 --
Other current liabilities 21,744 21,718
Total current liabilities 65,806 61,751
Long-term debt 18,229 --
Other long-term liabilities 19,116 20,311
Total liabilities 103,151 82,062
Stockholders' equity 72,879 81,182
Total liabilities and stockholders' equity $176,030 $163,244
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(unaudited)
Three Months Ended
June 30,
2004 2003
Net sales $46,041 $35,967
Cost of sales 39,115 28,621
Gross profit 6,926 7,346
Operating expenses:
Research and development 4,364 3,886
Selling, general and administrative 9,630 10,506
Amortization of intangible assets 395 --
Restructuring and other charges (credits) -- (3,550)
Total operating expenses 14,389 10,842
Loss from operations (7,463) (3,496)
Other income (expense) (370) 52
Loss before income taxes (7,833) (3,444)
Provision (benefit) for income taxes 151 (69)
Net loss ($7,984) ($3,375)
Basic and diluted net loss per share ($0.09) ($0.04)
Basic and diluted weighted
average shares outstanding 84,127 82,810
UNAUDITED NON-GAAP CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
Three Months Ended Three Months Ended
June 30, 2004 June 30, 2003
GAAP (As Adjust- Non- GAAP (As Adjust- Non-
Reported) ments GAAP Reported) ments GAAP
Net sales $46,041 -- $46,041 $35,967 -- $35,967
Cost of sales 39,115 -- 39,115 28,621 -- 28,621
Gross profit 6,926 -- 6,926 7,346 -- 7,346
Operating expenses:
Research and
development 4,364 -- 4,364 3,886 -- 3,886
Selling, general
and administrative 9,630 -- 9,630 10,506 -- 10,506
Amortization
of Intangible
assets 395 -- 395 -- -- --
Restructuring
charges -- -- -- (3,550) 3,550 --
Total operating
expenses 14,389 -- 14,389 10,842 3,550 14,392
Operating loss (7,463) -- (7,463) (3,496) (3,550) (7,046)
Other
income (expense) (370) -- (370) 52 -- 52
Loss before
income taxes (7,833) -- (7,833) (3,444) (3,550) (6,994)
Provision
(benefit)
for income
taxes 151 -- 151 (69) -- (69)
Net income
(loss) ($7,984) -- ($7,984) ($3,375) ($3,550) ($6,925)
Basic and
diluted loss
per share ($0.09) ($0.09) ($0.04) ($0.08)
Basic and
diluted
weighted
average
shares
outstanding 84,127 84,127 82,810 82,810
The above non-GAAP amounts have been adjusted to eliminate a $3.6 million
benefit related to the favorable resolution of a previously reserved
legal claim. |
