[Cannondale Corporation Announces Increased
Earnings and Revenue - part two]
[see also part one in Message 3275832 ]
CANNONDALE CORPORATION AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(in thousands, except share data and days sales outstanding)
December 27, June 28, December 28,
1997 1997 1996
(Unaudited) (Unaudited)
Assets
Current assets:
Cash $1,469 $5,521 $2,019
Trade accounts receivable,
less allowances of
$8,227, $6,432 and
$7,176 67,436 61,272 59,417
Inventory 39,553 30,105 37,309
Deferred income taxes 2,639 2,623 2,805
Prepaid expenses and
other current assets 3,373 2,386 1,690
Total current assets 114,470 101,907 103,240
Property, plant and
equipment, net 28,873 23,105 18,675
Other assets 3,235 2,272 1,358
Total assets $146,578 $127,284 $123,273
Liabilities and stockholders' equity
Current liabilities:
Accounts payable $15,212 $12,330 $12,928
Revolving credit advances 1,129 1,022 2,995
Income taxes payable 2,660 2,946 1,425
Warranty and other
accrued expenses 7,479 7,851 7,033
Current installments
of long-term debt 477 562 1,425
Total current liabilities 26,957 24,711 25,806
Long-term debt, less current
installments 37,803 20,319 25,199
Deferred income taxes 327 339 96
Other noncurrent liabilities 275 294 294
Total liabilities 65,362 45,663 51,395
Stockholders' equity:
Common stock, $.01 par value
Authorized shares-40,000,000
Issued 8,702,126 shares,
issued and outstanding shares
8,687,615 and 8,616,241 87 87 86
Additional paid-in capital 57,057 56,860 56,029
Retained earnings 30,566 26,053 16,189
Less 227,000 shares in
treasury at cost (4,774) -- --
Cumulative translation
adjustment (1,720) (1,379) (426)
Total stockholders' equity 81,216 81,621 71,878
Total liabilities and
stockholders' equity $146,578 $127,284 $123,273
Days sales outstanding 119 112 121
CANNONDALE CORPORATION AND SUBSIDIARIES
Condensed Consolidated Statements of Earnings
(in thousands, except for per-share data)
(unaudited)
Second Second Six Months Six Months
Quarter Quarter Ended Ended
Fiscal 1998 Fiscal 1997 Fiscal 1998 Fiscal 1997
Net sales $47,701 $41,294 $82,010 $72,174
Cost of sales 30,137 25,396 53,089 46,048
Gross profit 17,564 15,898 28,921 26,126
Expenses:
Selling,
general and
administrative 9,736 9,451 18,841 17,790
Research and
development 1,598 905 2,717 1,662
11,334 10,356 21,558 19,452
Operating income 6,230 5,542 7,363 6,674
Other income (expense):
Interest expense (382) (339) (561) (688)
Other income
(expense) 132 17 280 (9)
(250) (322) (281) (697)
Pretax income 5,980 5,220 7,082 5,977
Income tax
expense (2,137) (2,067) (2,569) (2,335)
Net income $3,843 $3,153 $4,513 $3,642
Diluted income
per share $.43 $.35 $.51 $.4l
Weighted average
common and common
equivalent shares
outstanding 8,918 8,912 8,930 8,906
Basic income
per share $.45 $.37 $.52 $.42
Weighted average
common shares
outstanding 8,621 8,614 8,653 8,613
SOURCE: Cannondale Corporation |
