Thought you might be interested in MRKR report: They made money this quarter. Are they going to recover?
SALT LAKE CITY, Nov 20 (Reuters) -
MARKER INTERNATIONAL AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in Thousands, Except Per Share Amounts)
(Unaudited)
Three Months Ended Six Months Ended
September 30, September 30,
1998 1997 1998 1997
NET SALES $24,035 $24,681 $26,596 $25,128
COST OF SALES 15,830 16,359 17,408 16,339
GROSS PROFIT 8,205 8,322 9,188 8,789
OPERATING EXPENSES:
Selling 3,024 2,978 5,409 5,477
General and administrative
3,753 2,301 6,189 4,505
Research and development
650 761 1,258 1,399
Warehousing and shipping
414 395 784 699
7,841 6,435 13,640 12,080
OPERATING INCOME (LOSS) 364 1,887 (4,452) (3,291)
OTHER INCOME (EXPENSE):
Interest expense (1,743) (1,312) (3,226) (2,570)
Other, net 1,921 (358) 2,158 498
178 (1,670) (1,068) (2,072)
INCOME (LOSS) FROM CONTINUING
OPERATIONS BEFORE INCOME TAXES
542 217 (5,520) (5,363)
(PROVISION) BENEFIT FOR INCOME
TAXES (329) 70 (329) 2,074
INCOME (LOSS) FROM CONTINUING
OPERATIONS 213 287 (5,849) (3,289)
DISCONTINUED OPERATIONS:
Loss from operations of
discontinued snowboard
business, net of income
taxes (1,191) (1,333) (1,484) (2,812)
Loss on disposal of snowboard
business (24,861) - (24,861) -
LOSS FROM DISCONTINUED
OPERATIONS (26,052) (1,333) (26,345) (2,812)
NET LOSS (25,839) (1,046) (32,194) (6,101)
INCOME (LOSS) PER COMMON SHARE
(Both Basic and Diluted):
Income (loss) from continuing
operations 0.02 0.03 (0.53) (0.30)
Loss from operations of
discontinued snowboard
business (0.11) (0.12) (0.13) (0.25)
Loss on disposal of snowboard
business (2.23) - (2.23) -
Loss from discontinued
operations (2.34) (0.12) (2.36) (0.25)
Net loss (2.32) (0.09) (2.89) (0.55)
WEIGHTED AVERAGE COMMON SHARES
OUTSTANDING
(Both Basic and
Diluted) 11,130,577 11,129,372 11,130,577 11,129,250
MARKER INTERNATIONAL AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in Thousands)
(Unaudited)
Sep 30, Mar 31,
1998 1998
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 4,469 $ 4,241
Accounts receivable, net of
allowance for doubtful
accounts of $1,849 and
$1,697, respectively 42,462 31,710
Inventories 45,908 37,223
Prepaid and other current assets 3,543 4,440
Total current assets 96,382 77,614
PROPERTY, PLANT AND EQUIPMENT:
Land 1,050 1,050
Building and improvements 8,339 7,581
Machinery and equipment 19,976 21,222
Furniture, fixtures and office 6,528 4,582
equipment
35,893 34,435
Less accumulated depreciation and
amortization (19,184) (16,733)
Net property, plant and
equipment 16,709 17,702
INTANGIBLE ASSETS, net of accumulated
amortization - 7,877
OTHER ASSETS 1,215 1,927
114,306 105,120
LIABILITIES AND SHAREHOLDERS'
EQUITY (DEFICIT)
CURRENT LIABILITIES:
Notes payable to banks 71,120 48,645
Current maturities of long-term debt 3,689 3,512
Current maturities of Series A Bonds,
issued to a related party - 4,500
Accounts payable 15,163 6,381
Other current liabilities 10,380 7,830
Total current liabilities 100,352 70,868
LONG-TERM DEBT, net of current
maturities 14,079 14,898
SERIES A BONDS, net of current
maturities, issued to a
related party 10,000 5,500
REDEEMABLE SERIES B PREFERRED STOCK 3,000 -
MINORITY INTEREST - 1,447
SHAREHOLDERS EQUITY (DEFICIT):
Common stock 111 111
Additional paid-in capital 36,299 36,299
Accumulated deficit (48,665) (16,471)
Cumulative foreign currency
translation adjustments (870) (7,532)
Total shareholders
equity (deficit) (13,125) 12,407
114,306 105,120 |
