Consolidated Statements of Operations
for the three and nine months ended
(in thousands, except per share data)
(unaudited)
Three months ended Nine months ended
Sept. 27, Sept. 28, Sept. 27, Sept. 28,
1997 1996 1997 1996
Sales:
Product $4,195 $7,301 $18,229 $25,357
Software licensing --- 1,948 756 5,630
Service and other 811 1,340 2,895 4,266
Net sales 5,006 10,589 21,880 35,253
Cost of sales:
Product 2,577 4,173 10,274 14,457
Software licensing --- 160 --- 278
Service and other 675 1,137 1,849 3,236
Cost of sales 3,252 5,470 12,123 17,971
Gross profit 1,754 5,119 9,757 17,282
Operating expenses:
Research and development1,555 2,096 4,602 7,126
Selling and marketing 2,524 3,782 7,991 11,639
General and
administrative 1,074 1,290 2,517 3,508
Restructure Costs (241) --- (241) ---
Total operating expenses 4,912 7,168 14,869 22,273
(Loss)/ income from
operations (3,158) (2,049) (5,112) (4,991)
Interest income, net 271 286 855 1,024
(Loss)/ income before
income taxes (2,887) (1,763) (4,257) (3,967)
Provision for income taxes 7 --- 83 ---
Net loss $(2,894) $(1,763) $(4,340) $(3,967)
Net loss per common
and common equivalent
share $(0.19) $(0.11) $(0.28) $(0.26)
Weighted average number of
common shares
outstanding 15,276 15,521 15,312 15,499
The accompanying notes are an integral part of the consolidated financial statements.
PROTEON, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
September 27, December 31,
ASSETS 1997 1996
Current assets:
Cash and cash equivalents $19,525 $23,530
Accounts receivable, net 7,492 7,625
Inventories 5,106 8,737
Deposits and other assets 1,115 1,085
Total current assets 33,238 40,977
Property and equipment, net 3,454 4,594
Total assets $36,692 $45,571
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $1,949 $3,010
Accrued expenses 4,323 7,370
Total current liabilities 6,272 10,380
Stockholders' equity 30,420 35,191
Total liabilities and stockholders' equity $36,692 $45,571
SOURCE Proteon, In |
