CONSOLIDATED INCOME STATEMENT
(in thousands except per share data)
Quarter Ended June 30, Six Months Ended June 30,
2000 1999 2000 1999
(unaudited) (unaudited) (unaudited) (unaudited)
Sales $80,586 $43,272 $150,837 $77,205
Cost of sales 41,247 24,326 77,797 44,583
Gross profit 39,339 18,946 73,040 32,622
Operating expenses:
Research and
development 8,100 6,831 15,906 12,696
Sales and marketing 5,049 4,062 10,679 7,430
General and
administrative 5,323 3,548 10,547 6,848
Merger costs 2,333 - 2,333 -
Income from operations 18,534 4,505 33,575 5,648
Other income (expense) 734 31 925 (42)
Net income before
income taxes and
minority interest 19,268 4,536 34,500 5,606
Provision for
income taxes 7,305 1,759 12,515 2,272
Minority interest
in net loss (67) - (84) -
Net income $12,030 $2,777 $22,069 $3,334
Basic earnings
per share $0.41 $0.10 $0.76 $0.12
Diluted earnings
per share $0.40 $0.10 $0.73 $0.12
Basic weighted-average
common shares
outstanding 29,214 27,275 29,114 27,222
Diluted weighted-average
common shares
outstanding 30,443 28,504 30,425 28,433
ADDITIONAL INFORMATION
- Pro forma without
merger costs:
Pro forma net income
without merger-related
costs $14,363 $2,777 $24,402 $3,334
Pro forma basic
earnings per share $0.49 $0.10 $0.84 $0.12
Pro forma fully diluted
earnings per share $0.47 $0.10 $0.80 $0.12
ADDITIONAL INFORMATION
- EBITDA including
merger costs:
Earnings before
interest, taxes,
depreciation and
amortization $21,150 $6,320 $38,251 $8,851
Pretax EBITDA
diluted EPS $0.69 $0.22 $1.26 $0.31
After tax EBITDA
diluted EPS $0.43 $0.15 $0.81 $0.21
CONSOLIDATED BALANCE SHEET
(in thousands)
June 30, December 31,
2000 1999
ASSETS (unaudited) (audited)
Current Assets:
Cash and cash equivalents $17,790 $20,303
Marketable securities - trading 201,221 186,440
Accounts receivable 53,528 44,759
Income tax receivable 149 1,353
Inventories 33,910 26,456
Income tax receivable - -
Other current assets 1,610 1,707
Deferred income tax assets, net 3,668 3,668
Total current assets 311,876 284,686
Property and equipment, net 18,938 17,295
Goodwill and intangibles, net 9,460 9,783
Deferred debt issuance costs 4,090 4,410
Other assets 3,115 2,887
Total assets $347,479 $319,061
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable, trade $15,826 $15,020
Other current liabilities 11,629 11,011
Accrued income taxes payable 1,843 1,266
Current portion of long-term debt 2,292 2,535
Accrued interest payable on
convertible subordinated notes 886 886
Total current liabilities 32,476 30,718
Long-term Liabilities:
Capital leases and notes payable 1,143 1,263
Convertible subordinated notes payable 135,000 135,000
Total long-term liabilities 136,143 136,263
Total liabilities 168,619 166,981
Minority interest 44 128
Stockholders' equity 178,816 151,952
Total liabilities and stockholders' equity $347,479 $319,061
CONSOLIDATED STATEMENT OF CASH FLOWS
(in thousands)
Six Months Ended June 30,
2000 1999
(unaudited) (unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $22,069 $3,334
Depreciation and amortization 4,885 3,625
Accounts receivable (8,769) (15,160)
Inventories (7,454) (2,198)
Accounts payable, trade 771 5,279
Income taxes 1,781 1,602
Other (2,938) 1,189
Net cash provided by (used in)
operating activities 10,345 (2,329)
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from sale of equipment 150 -
Marketable securities (10,000) 1,928
Purchase of property and equipment, net (5,011) (3,093)
Net cash used in investing activities (14,861) (1,165)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net change from notes payable and
capital lease obligations (363) 1,616
Proceeds from common stock transactions 3,032 1,812
Net cash provided by financing activities 2,669 3,428
EFFECT OF CURRENCY TRANSLATION ON CASH FLOW (666) (860)
DECREASE IN CASH AND CASH EQUIVALENTS (2,513) (926)
CASH AND EQUIVALENTS, beginning of period 20,303 12,324
CASH AND EQUIVALENTS, end of period $17,790 $11,398