CONSOLIDATED INCOME STATEMENT
(in thousands except per share data)
Quarter Ended March 31,
2001 2000
(unaudited) (unaudited)
Sales $74,714 $75,028
Cost of sales 43,491 38,361
Gross profit 31,223 36,667
Operating expenses:
Research and development 12,389 8,113
Sales and marketing 6,629 5,867
General and administrative 6,174 5,639
Litigation recovery (1,500) --
Income from operations 7,531 17,048
Other income (expense) 187 120
Net income before income taxes and
minority interest 7,718 17,168
Provision for income taxes 2,689 5,947
Minority interest in net loss (65) (17)
Net income $5,094 $11,238
Net earnings per share:
Basic $0.16 $0.36
Diluted $0.16 $0.35
Basic weighted-average common shares
outstanding 31,547 31,161
Diluted weighted-average common
shares outstanding 32,187 32,512
ADDITIONAL INFORMATION - EBITDA:
Earnings before interest, taxes,
depreciation and amortization $11,219 $19,163
Pretax cash diluted EPS $0.35 $0.59
After tax cash diluted EPS 0.23 0.39
CONSOLIDATED BALANCE SHEET
(in thousands)
March 31, December 31,
2001 2000
ASSETS (unaudited) (audited)
Current Assets:
Cash and cash equivalents $26,773 $31,716
Marketable securities - trading 130,050 157,811
Accounts receivable 62,206 76,545
Notes receivable 2,472 2,472
Income tax receivable 88 74
Inventories 53,018 45,266
Other current assets 3,465 2,508
Deferred income tax assets, net 8,050 7,483
Total current assets 286,122 323,875
Property and equipment, net 32,813 24,101
Goodwill and intangibles, net 31,770 9,890
Investments 2,209 1,824
Deferred debt issuance costs 2,138 2,261
Other assets 4,368 3,884
Total assets $359,420 $365,835
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable, trade $16,078 $18,250
Other current liabilities 13,670 16,210
Accrued income taxes payable 1,248 7,923
Current portion of long-term
debt 1,104 1,337
Accrued interest payable on
convertible subordinated notes 1,600 529
Total current liabilities 33,700 44,249
Long-term Liabilities:
Capital leases and notes payable 892 1,043
Deferred income tax liability,
net 912 --
Convertible subordinated notes
payable 81,600 81,600
Total long-term liabilities 83,404 82,643
Total liabilities 117,104 126,892
Minority interest 80 145
Stockholders' equity 242,236 238,798
Total liabilities and stockholders'
equity $359,420 $365,835
CONSOLIDATED STATEMENT OF CASH FLOWS
(in thousands)
Three Months Ended March 31,
2001 2000
(unaudited) (unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $5,094 $11,238
Depreciation and amortization 4,105 2,490
Earnings from marketable
securities, net (1,565) (2,278)
Accounts receivable and notes
receivable 15,506 (6,810)
Inventories (6,074) (3,058)
Accounts payable, trade (2,527) (2,526)
Income taxes (6,770) 5,389
Other (3,753) 2,737
Net cash provided by operating
activities 4,016 7,182
CASH FLOWS FROM INVESTING ACTIVITIES:
Marketable securities 30,000 (10,000)
Proceeds from sale of equipment -- 150
Purchase of property and equipment,
net (6,471) (2,016)
Purchase of investments (592) --
Acquisition of EMCO, net of cash
acquired (29,932) --
Net cash used in investing
activities (6,995) (11,866)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net change from notes payable and
capital lease obligations (384) 627
Proceeds from common stock
transactions 199 2,996
Net cash (used in) provided by
financing activities (185) 3,623
EFFECT OF CURRENCY TRANSLATION ON
CASH FLOW (1,779) (145)
DECREASE IN CASH AND CASH EQUIVALENTS (4,943) (1,206)
CASH AND EQUIVALENTS, beginning of
period 31,716 21,043
CASH AND EQUIVALENTS, end of period $26,773 $19,837