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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

Delaware		77-0210467
(State or other jurisdiction of incorporation or organization)		(I.R.S. employer identification No.)

 

 

 

 

			Page
PART I.		FINANCIAL INFORMATION
Item 1.		Condensed Consolidated Financial Statements (unaudited)
		Condensed Consolidated Balance Sheets as of April 2, 2005 and January 1, 2005	3
		Condensed Consolidated Statements of Operations for the three months ended April 2, 2005 and April 3, 2004	4
		Condensed Consolidated Statements of Cash Flows for the three months ended April 2, 2005 and April 3, 2004	5
		Condensed Consolidated Statements of Comprehensive Loss for the three months ended April 2, 2005 and April 3, 2004	6
		Notes to Unaudited Condensed Consolidated Financial Statements	7
Item 2.		Management’s Discussion and Analysis of Financial Condition and Results of Operations	12
Item 3.		Quantitative and Qualitative Disclosures About Market Risk	27
Item 4.		Controls and Procedures	27
PART II.		OTHER INFORMATION
Item 1.		Legal Proceedings	28
Item 2.		Changes in Securities and Use of Proceeds	28
Item 3.		Defaults Upon Senior Securities	28
Item 4.		Submission of Matters to Vote of Security Holders	28
Item 5.		Other Information	28
Item 6.		Exhibits and Reports on Form 8-K	28
Signature			29
CERTIFICATIONS			30
Exhibit 31.1		Certification of Chief Executive Officer pursuant to Securities Exchange Act Rules 13a-14(a) and 15d-14(a)
Exhibit 31.2		Certification of Chief Financial Officer pursuant to Securities Exchange Act Rules 13a-14(a) and 15d-14(a)
Exhibit 32.1		Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

 

 

 

		April 2, 2005			January 1, 2005
Assets
Current assets:
Cash and cash equivalents		$	6,202		$	10,381
Available-for-sale securities			8,907			3,323
Accounts receivable, net			6,848			7,404
Inventories			9,511			8,922
Prepaids and other current assets			1,078			814
Current deferred income taxes			1,808			1,808
Total current assets			34,354			32,652
Long term portion of available-for-sale securities			1,535			4,324
Property and equipment, net			854			852
Deferred income taxes			1,265			1,265
Total assets		$	38,008		$	39,093
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable		$	1,179		$	1,233
Accrued expenses			4,058			5,167
Deferred revenue			962			910
Total liabilities			6,199			7,310
Stockholders’ equity:
Common stock			74			74
Additional paid-in capital			25,352			25,281
Accumulated other comprehensive loss			(60	)		(35	)
Treasury stock			(430	)		(430	)
Retained earnings			6,873			6,893
Total stockholders’ equity			31,809			31,783
Total liabilities and stockholders’ equity		$	38,008		$	39,093

 

 

 

		Three Months Ended
		April 2, 2005			April 3, 2004
Sales		$	8,145		$	7,392
Cost of sales			4,467			4,177
Gross profit			3,678			3,215
Operating expenses:
Research and development			1,039			1,107
Sales, general and administrative			2,797			2,193
Total operating expenses			3,836			3,300
Loss from operations			(158	)		(85	)
Interest and other income, net			126			60
Loss before income taxes			(32	)		(25	)
Benefit from income taxes			12			8
Net loss		$	(20	)	$	(17	)
Net loss per share - basic and diluted		$	( 0.00	)	$	( 0.00	)
Shares used in computing net loss per share - basic and diluted			7,317			7,076

 

 

		Three Months Ended
		April 2,			April 3,
		2005			2004
Cash flows from operating activities:
Net loss		$	(20	)	$	(17	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization			113