Ray,
(with apologies for the wrap around effects, can't do any better than this)
From EDGAR, it appears that they had a preferred stock redemption in 95-96. Perhaps this is what explains the (bulk of) the increase in common. I looked at the options grants & expiraiotns those years, and although there were some, they were not much compared to the preferred redemptions.
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
FOR THE YEARS ENDED MARCH 31, 1998, 1997 AND 1996
SERIES A SERIES B
PREFERRED STOCK PREFERRED STOCK ORDINARY SHARES COMMON STOCK
------------------- ---------------------- --------------------- -------------------
SHARES AMOUNT SHARES AMOUNT SHARES AMOUNT SHARES AMOUNT
-------- -------- ---------- --------- ---------- -------- --------- -------
Balance at March 31, 1995........ 161,265 $ 23,568 1,014,077 $ 149,298 1,126,600 $ 16,407 -- $ --
Shares issued in exchange for
Preferred Stock and Ordinary
Shares....................... (161,265) (23,568) (1,014,077) (149,298) (1,126,600) (16,407) 2,312,315 23,123
Initial public offering, net... -- -- -- -- -- -- 1,300,000 13,000
Warrants exercised............. -- -- -- -- -- -- 706,600 (7,066)
Net income..................... -- -- -- -- -- -- -- --
Issuance of Common Stock upon
exercise of stock options.... -- -- -- -- -- -- 27,500 275
Redemption of Mandatorily
Redeemable Preferred Stock... -- -- -- -- -- -- -- --
Translation adjustments........ -- -- -- -- -- -- -- --
-------- -------- ---------- --------- ---------- -------- --------- -------
Balance at March 31, 1996........ -- -- -- -- -- -- 4,346,415 43,464
Net income..................... -- -- -- -- -- -- -- --
Exercise of stock options...... -- -- -- -- -- -- 64,257 643
Issuance of Common Stock in
connection with employee
stock purchase plan
purchases.................... -- -- -- -- -- -- 5,116 51
Compensation related to stock
options granted.............. -- -- -- -- -- -- -- --
Tax benefit resulting from
exercise of options.......... -- -- -- -- -- -- -- --
Translation adjustments........ -- -- -- -- -- -- -- --
-------- -------- ---------- --------- ---------- -------- --------- -------
Balance at March 31, 1997........ -- -- -- -- -- -- 4,415,788 44,158
Net income..................... -- -- -- -- -- -- -- --
Exercise of stock options...... -- -- -- -- -- -- 41,172 412
Issuance of Common Stock in
connection with employee
stock plan purchases......... -- -- -- -- -- -- 7,020 70
Compensation related to stock
options granted.............. -- -- -- -- -- -- -- --
Tax benefit resulting from
exercise of options.......... -- -- -- -- -- -- -- --
Translation adjustments........ -- -- -- -- -- -- -- --
-------- -------- ---------- --------- ---------- -------- --------- -------
Balance at March 31, 1998........ 4,463,980 $44,640
========= =======
regards,
spiny |
