| Delaware (State or other
jurisdiction of incorporation or organization) 2381 Morse Avenue, Irvine, California (Address of principal executive offices) |
95-2110371 (I.R.S.
Employer Identification No.) 92614 (Zip Code) |
| September 30, 2001 |
June 30, 2002
|
|||||||
| ASSETS |
||||||||
| Current assets: |
||||||||
| Cash and cash equivalents |
$ |
24,808 |
|
$ |
26,340 |
| ||
| Accounts receivable less allowance for doubtful accounts, $3,584 at September 30, 2001 and $4,086 at June 30, 2002 |
|
37,950 |
|
|
31,111 |
| ||
| Inventories |
|
58,889 |
|
|
56,870 |
| ||
| Deferred income taxes |
|
12,277 |
|
|
12,276 |
| ||
| Other current assets |
|
2,072 |
|
|
2,520 |
| ||
| |
|
|
|
|
| |||
| Total current assets |
|
135,996 |
|
|
129,117 |
| ||
| Property and equipment, net |
|
63,380 |
|
|
65,279 |
| ||
| Deferred income taxes |
|
1,671 |
|
|
1,671 |
| ||
| Goodwill and other intangible assets, net |
|
37,306 |
|
|
34,831 |
| ||
| Other assets |
|
1,818 |
|
|
1,489 |
| ||
| |
|
|
|
|
| |||
| TOTAL ASSETS |
$ |
240,171 |
|
$ |
232,387 |
| ||
| |
|
|
|
|
| |||
| LIABILITIES AND STOCKHOLDERS EQUITY |
||||||||
| Current liabilities: |
||||||||
| Notes payable |
$ |
9,766 |
|
$ |
9,879 |
| ||
| Current maturities of long-term debt |
|
3,573 |
|
|
211 |
| ||
| Accounts payable |
|
11,385 |
|
|
8,408 |
| ||
| Accrued liabilities |
|
22,158 |
|
|
17,024 |
| ||
| Income taxes payable |
|
6,862 |
|
|
5,194 |
| ||
| |
|
|
|
|
| |||
| Total current liabilities |
|
53,744 |
|
|
40,716 |
| ||
| |
|
|
|
|
| |||
| Long-term debt |
|
6,078 |
|
|
4,373 |
| ||
| |
|
|
|
|
| |||
| Other long-term liabilities |
|
4,960 |
|
|
4,631 |
| ||
| |
|
|
|
|
| |||
| Commitments and contingencies (Note 3) |
||||||||
| Stockholders equity: |
||||||||
| Common stock, $.20 par value; authorized 100,000 shares;issued and outstanding 28,248 and 28,885 at September 30,2001 and June 30, 2002, respectively |
|
5,650 |
|
|
5,777 |
| ||
| Capital in excess of par value of common stock |
|
110,729 |
|
|
115,580 |
| ||
| Retained earnings |
|
60,096 |
|
|
62,460 |
| ||
| Accumulated other comprehensive loss |
|
(1,086 |
) |
|
(1,150 |
) | ||
| |
|
|
|
|
| |||
| Total stockholders equity |
|
175,389 |
|
|
182,667 |
| ||
| TOTAL LIABILITIES AND STOCKHOLDERS EQUITY |
$ |
240,171 |
|
$ |
232,387 |
| ||
| |
|
|
|
|
| |||
| Quarter Ended |
|||||||
| July 1, 2001
|
June 30, 2002
|
||||||
| Net sales |
$ |
60,089 |
$ |
51,466 |
| ||
| Cost of sales |
|
39,623 |
|
35,740 |
| ||
| |
|
|
|
| |||
| Gross profit |
|
20,466 |
|
15,726 |
| ||
| |
|
|
|
| |||
| Operating expenses: |
|||||||
| Selling, general and administrative |
|
9,464 |
|
9,895 |
| ||
| Amortization of goodwill and other intangible assets |
|
670 |
|
965 |
| ||
| Research and development |
|
4,094 |
|
6,116 |
| ||
| Restructuring charges |
|
|
|
335 |
| ||
| Asset impairments |
|
|
|
80 |
| ||
| |
|
|
|
| |||
| Total operating expenses |
|
14,228 |
|
17,391 |
| ||
| |
|
|
|
| |||
| Operating income (loss) |
|
6,238 |
|
(1,665 |
) | ||
| |
|
|
|
| |||
| Other income (expense): |
|||||||
| Interest, net |
|
162 |
|
(159 |
) | ||
| Other, net |
|
221 |
|
2,928 |
| ||
| |
|
|
|
| |||
| Total other income |
|
383 |
|
2,769 |
| ||
| |
|
|
|
| |||
| Income before income taxes |
|
6,621 |
|
1,104 |
| ||
| Provision for income taxes |
|
2,185 |
|
364 |
| ||
| |
|
|
|
| |||
| Net income |
$ |
4,436 |
$ |
740 |
| ||
| |
|
|
|
| |||
| Earnings per share: |
|||||||
| Basic |
$ |
0.16 |
$ |
0.03 |
| ||
| |
|
|
|
| |||
| Diluted |
$ |
0.15 |
$ |
0.03 |
| ||
| |
|
|
|
| |||
| Weighted average common and common equivalent shares outstanding: |
|||||||
| Basic |
|
27,992 |
|
28,877 |
| ||
| |
|
|
|
| |||
| Diluted |
|
29,820 |
|
29,423 |
| ||
| |
|
|
|
| |||
| Nine Months Ended |
|||||||
| July 1, 2001
|
June 30, 2002
|
||||||
| Net sales |
$ |
186,225 |
$ |
163,453 |
| ||
| Cost of sales |
|
125,232 |
|
107,554 |
| ||
| |
|
|
|
| |||
| Gross profit |
|
60,993 |
|
55,899 |
| ||
| |
|
|
|
| |||
| Operating expenses: |
|||||||
| Selling, general and administrative |
|
29,348 |
|
29,102 |
| ||
| Amortization of goodwill and other intangible |
|
2,029 |
|
2,901 |
| ||
| Research and development |
|
11,291 |
|
17,063 |
| ||
| Restructuring charges |
|
|
|
4,070 |
| ||
| Asset impairments |
|
|
|
1,687 |
| ||
| |
|
|
|
| |||
| Total operating expenses |
|
42,668 |
|
54,823 |
| ||
| |
|
|
|
| |||
| Operating income |
|
18,325 |
|
1,076 |
| ||
| |
|
|
|
| |||
| Other income (expense): |
|||||||
| Interest, net |
|
518 |
|
(489 |
) | ||
| Other, net |
|
267 |
|
2,942 |
| ||
| |
|
|
|
| |||
| Total other income |
|
785 |
|
2,453 |
| ||
| |
|
|
|
| |||
| Income before income taxes |
|
19,110 |
|
3,529 |
| ||
| Provision for income taxes |
|
6,306 |
|
1,165 |
| ||
| |
|
|
|
| |||
| Net income |
$ |
12,804 |
$ |
2,364 |
| ||
| |
|
|
|
| |||
| Earnings per share: |
|||||||
| Basic |
$ |
0.46 |
$ |
0.08 |
| ||
| |
|
|
|
| |||
| Diluted |
$ |
0.44 |
$ |
0.08 |
| ||
| |
|
|
|
| |||
| Weighted average common and common equivalent shares outstanding: |
|||||||
| Basic |
|
27,882 |
|
28,605 |
| ||
| |
|
|
|
| |||
| Diluted |
|
29,512 |
|
29,799 |
| ||
| |
|
|
|
| |||
| Nine Months Ended |
||||||||
| July 1, 2001
|
June 30, 2002
|
|||||||
| Cash flows from operating activities: |
||||||||
| Net income |
$ |
12,804 |
|
$ |
2,364 |
| ||
| Adjustments to reconcile net income to net cash provided by operating activities: |
||||||||
| Depreciation and amortization |
|
9,192 |
|
|
10,593 |
| ||
| Bad dept expense |
|
(1,866 |
) |
|
663 |
| ||
| Gain on retirement and disposition of assets |
|
(400 |
) |
|
(3,088 |
) | ||
| Impairment of assets |
|
|
|
|
1,679 |
| ||
| Stock based compensation for services provided |
|
459 |
|
|
|
| ||
| Changes in assets and liabilities, net of dispositions: |
||||||||
| Accounts receivable |
|
1,175 |
|
|
5,025 |
| ||
| Inventories |
|
2,821 |
|
|
(1,536 |
) | ||
| Other current assets |
|
(2,254 |
) |
|
(448 |
) | ||
| Other assets |
|
1,350 |
|
|
|
| ||
| Accounts payable |
|
(2,700 |
) |
|
(2,977 |
) | ||
| Accrued liabilities |
|
(2,359 |
) |
|
(4,851 |
) | ||
| Income taxes payable |
|
(2,999 |
) |
|
(1,668 |
) | ||
| |
|
|
|
|
| |||
| Net cash provided by operating activities |
|
15,223 |
|
|
5,756 |
| ||
| |
|
|
|
|
| |||
| Cash flows from investing activities: |
||||||||
| Purchases of property and equipment |
|
(10,665 |
) |
|
(16,158 |
) | ||
| Changes in other assets |
|
259 |
|
|
(227 |
) | ||
| Proceeds from sales of assets |
|
1,020 |
|
|
12,643 |
| ||
| |
|
|
|
|
| |||
| Net cash used in investing activities |
|
(9,386 |
||||||