| 59-1205269 |
7900 Glades Road, Suite 500, Boca Raton, FL | |
| (I.R.S. Employer Identifications Number) |
(Address of principal executive offices) | |
| (561) 451-1000 |
33434 | |
| (Registrants phone number, including area code) |
(Zip Code) |
| Page Number | ||||
| PART I. Financial Information |
||||
| Item 1. |
Condensed Consolidated Financial Statements (unaudited): |
|||
| 3 | ||||
| 4 | ||||
| 5 | ||||
| 6 | ||||
| 7-14 | ||||
| Item 2 |
15-25 | |||
| Item 3. |
26 | |||
| Item 4. |
26 | |||
| PART II. Other Information |
||||
| Item 6. |
27 | |||
| 28 | ||||
| 29 | ||||
| Thirteen Weeks Ended |
Thirty-Nine Weeks Ended |
|||||||||||||||
| September 27, 2002 |
September 28, 2001 |
September 27, 2002 |
September 28, 2001 |
|||||||||||||
| Sales |
$ |
86,020 |
|
$ |
108,572 |
|
$ |
267,420 |
|
$ |
386,563 |
| ||||
| Cost of sales |
|
76,599 |
|
|
102,269 |
|
|
234,724 |
|
|
346,019 |
| ||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| Gross profit |
|
9,421 |
|
|
6,303 |
|
|
32,696 |
|
|
40,544 |
| ||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| Expenses: |
||||||||||||||||
| Selling, general & administrative |
|
8,002 |
|
|
10,907 |
|
|
26,596 |
|
|
42,274 |
| ||||
| Research & development |
|
8,537 |
|
|
9,561 |
|
|
25,399 |
|
|
33,272 |
| ||||
| Restructuring and related charges |
|
1,449 |
|
|
4,967 |
|
|
9,574 |
|
|
13,168 |
| ||||
| Amortization of goodwill |
|
|
|
|
2,048 |
|
|
|
|
|
6,006 |
| ||||
| Impairment of goodwill |
|
51,856 |
|
|
|
|
|
51,856 |
|
|
|
| ||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| |
69,844 |
|
|
27,483 |
|
|
113,425 |
|
|
94,720 |
| |||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| Operating loss |
|
(60,423 |
) |
|
(21,180 |
) |
|
(80,729 |
) |
|
(54,176 |
) | ||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| Other income (expense): |
||||||||||||||||
| Interest expense |
|
(1,864 |
) |
|
(1,719 |
) |
|
(6,095 |
) |
|
(5,803 |
) | ||||
| Interest income |
|
360 |
|
|
188 |
|
|
914 |
|
|
773 |
| ||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| |
(1,504 |
) |
|
(1,531 |
) |
|
(5,181 |
) |
|
(5,030 |
) | |||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| Loss before income taxes |
|
(61,927 |
) |
|
(22,711 |
) |
|
(85,910 |
) |
|
(59,206 |
) | ||||
| Benefit from income taxes |
|
(6,256 |
) |
|
(6,133 |
) |
|
(12,732 |
) |
|
(15,986 |
) | ||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| Net loss |
$ |
(55,671 |
) |
$ |
(16,578 |
) |
$ |
(73,178 |
) |
$ |
(43,220 |
) | ||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| Basic and diluted loss per share |
$ |
(1.45 |
) |
$ |
(0.43 |
) |
$ |
(1.91 |
) |
$ |
(1.13 |
) | ||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| Common and common equivalent shares outstanding |
|
38,382 |
|
|
38,225 |
|
|
38,366 |
|
|
38,223 |
| ||||
| September 27, 2002 |
December 28, 2001 |
|||||||
| (Unaudited) |
||||||||
| ASSETS |
||||||||
| Current Assets |
||||||||
| Cash and cash equivalents |
$ |
89,009 |
|
$ |
54,083 |
| ||
| Accounts receivable, net |
|
53,240 |
|
|
72,580 |
| ||
| Inventories, net |
|
78,223 |
|
|
103,556 |
| ||
| Deferred income taxes, net |
|
18,829 |
|
|
12,398 |
| ||
| Prepaid expenses and other current assets |
|
2,776 |
|
|
2,690 |
| ||
| |
|
|
|
|
| |||
| Total current assets |
|
242,077 |
|
|
245,307 |
| ||
| Property, plant and equipment, net |
|
87,555 |
|
|
103,291 |
| ||
| Goodwill, net |
|
18,346 |
|
|
64,573 |
| ||
| Deferred income taxes, net |
|
18,694 |
|
|
10,103 |
| ||
| Other assets |
|
3,416 |
|
|
3,209 |
| ||
| |
|
|
|
|
| |||
| $ |
370,088 |
|
$ |
426,483 |
| |||
| |
|
|
|
|
| |||
| LIABILITIES AND SHAREHOLDERS EQUITY |
||||||||
| Current Liabilities |
||||||||
| Current maturities of long-term debt |
$ |
11 |
|
$ |
207 |
| ||
| Accounts payable and accrued liabilities |
|
100,547 |
|
|
92,324 |
| ||
| |
|
|
|
|
| |||
| Total current liabilities |
|
100,558 |
|
|
92,531 |
| ||
| Long-term debt |
|
56,007 |
|
|
100,399 |
| ||
| Convertible subordinated debt |
|
46,171 |
|
|
|
| ||
| Other long-term liabilities |
|
11,014 |
|
|
14,308 |
| ||
| |
|
|
|
|
| |||
| Total liabilities |
|
213,750 |
|
|
207,238 |
| ||
| |
|
|
|
|
| |||
| Commitments and contingencies |
||||||||
| Shareholders Equity |
||||||||
| Preferred stock, par value $0.01; 1,000,000 shares authorized; none issued and outstanding |
|
|
|
|
|
| ||
| Common stock, par value $0.01; 80,000,000 shares authorized; 38,382,133 shares issued and outstanding in 2002
(38,252,770 shares issued and outstanding in 2001) |
|
384 |
|
|
383 |
| ||
| Additional paid-in capital |
|
127,887 |
|
|
122,041 |
| ||
| Accumulated other comprehensive loss |
|
(15,157 |
) |
|
(19,582 |
) | ||
| Retained earnings |
|
43,224 |
|
|
116,403 |
| ||
| |
|
|
|
|
| |||
| Total shareholders equity |
|
156,338 |
|
|
219,245 |
| ||
| |
|
|
|
|
| |||
| $ |
370,088 |
|
$ |
426,483 |
| |||
| |
|
|
|
|
| |||
| Thirty-Nine Weeks Ended |
||||||||
| September 27, 2002 |
September 28, 2001 |
|||||||
| OPERATING ACTIVITIES |
||||||||
| Net loss |
$ |
(73,178 |
) |
$ |
(43,220 |
) | ||
| Adjustments to reconcile net loss to net cash provided by (used in) operating activities: |
||||||||
| Depreciation and amortization |
|
20,555 |
|
|
25,456 |
| ||
| Provision for inventory write-down |
|
9,149 |
|
|
28,459 |
| ||
| Deferred income tax benefit |
|
(12,732 |
) |
|
(11,759 |
) | ||
| Accretion of convertible subordinated debt |
|
1,279 |
|
|
|
| ||
| (Gain) loss on foreign currency transactions |
|
(4,335 |
) |
|
15 |
| ||
| Impairment of goodwill |
|
51,856 |
|
|
|
| ||
| Other non-cash charges |
|
5,282 |
|
|
7,935 |
| ||
| Changes in operating assets and liabilities, net of effects of acquisitions: |
||||||||
| Accounts receivable |
|
20,853 |
|
|
42,399 |
| ||
| Inventories |
|
19,749 |
|
|
(8,213 |
) | ||
| Prepaid expenses and other current assets |
|
4 |
|
|
2,399 |
| ||
| Accounts payable and accrued liabilities |
|
(2,142 |
) |
|
(53,735 |
) | ||
| |
|
|
|
|
| |||
| Net cash provided by (used in) operating activities |
|
36,340 |
|
|
(10,264 |
) | ||
| INVESTING ACTIVITIES |
||||||||
| Purchases of property, plant and equipment |
|
(4,275 |
) |
|
(25,658 |
) | ||
| Proceeds from sale of property, plant and equipment |
|
400 |
|
|
183 |
| ||
| Acquisitions, net of cash acquired |
|
(3,325 |
) |
|
(6,187 |
) | ||
| |
|
|
|
|
| |||
| Net cash used in investi | ||||||||