x |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE |
SECURITIES EXCHANGE ACT OF 1934 |
¨ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE |
SECURITIES EXCHANGE ACT OF 1934 |
| WASHINGTON |
91-1104842 | |
| (State or other jurisdiction |
(I.R.S. Employer | |
| of incorporation or organization) |
Identification No.) |
| Page | ||||
| Part IFINANCIAL INFORMATION |
||||
| Item 1. |
Consolidated Financial Statements (Unaudited) |
|||
| 3 | ||||
| 4 | ||||
| 5 | ||||
| 6 | ||||
| 7 | ||||
| Item 2. |
11 | |||
| Item 3. |
16 | |||
| Part IIOTHER INFORMATION |
||||
| Item 1. |
17 | |||
| Item 2. |
17 | |||
| Item 3. |
17 | |||
| Item 4. |
17 | |||
| Item 5. |
17 | |||
| Item 6. |
17 | |||
| 18 | ||||
| July 31, 2002
|
April 30, 2002 |
|||||||
| (unaudited) |
||||||||
| ASSETS |
||||||||
| Current Assets: |
||||||||
| Cash and Cash Equivalents |
$ |
8,821 |
|
$ |
7,120 |
| ||
| Receivables, Net |
|
57,968 |
|
|
62,774 |
| ||
| Inventories |
|
46,314 |
|
|
48,164 |
| ||
| Deferred Income Taxes |
|
1,749 |
|
|
1,980 |
| ||
| Other Current Assets |
|
11,090 |
|
|
11,608 |
| ||
| |
|
|
|
|
| |||
| Total Current Assets |
|
125,942 |
|
|
131,646 |
| ||
| Equipment Held for Lease, Net |
|
5,271 |
|
|
5,968 |
| ||
| Property and Equipment, Net |
|
16,730 |
|
|
16,996 |
| ||
| Intangible Assets, Net of Accumulated Amortization of $9,019 and $8,735, respectively |
|
12,578 |
|
|
13,182 |
| ||
| Goodwill |
|
16,541 |
|
|
16,332 |
| ||
| Deferred Income Taxes |
|
6,678 |
|
|
5,115 |
| ||
| Other Assets |
|
17,560 |
|
|
17,237 |
| ||
| |
|
|
|
|
| |||
| $ |
201,300 |
|
$ |
206,476 |
| |||
| |
|
|
|
|
| |||
| LIABILITIES, MINORITY INTEREST AND STOCKHOLDERS EQUITY |
||||||||
| Current Liabilities: |
||||||||
| Notes Payable |
$ |
2,844 |
|
$ |
374 |
| ||
| Current Portion of Long-Term Obligations |
|
4,955 |
|
|
6,114 |
| ||
| Accounts Payable |
|
10,029 |
|
|
11,617 |
| ||
| Accrued Payroll and Related Liabilities |
|
4,575 |
|
|
4,844 |
| ||
| Other Accrued Taxes |
|
728 |
|
|
2,530 |
| ||
| Deferred Revenue |
|
3,854 |
|
|
3,613 |
| ||
| Other Accrued Liabilities |
|
9,964 |
|
|
14,920 |
| ||
| |
|
|
|
|
| |||
| Total Current Liabilities |
|
36,949 |
|
|
44,012 |
| ||
| Long-Term Obligations |
|
85,139 |
|
|
81,625 |
| ||
| Customer Deposits |
|
8,388 |
|
|
7,909 |
| ||
| |
|
|
|
|
| |||
| Total Liabilities |
|
130,476 |
|
|
133,546 |
| ||
| Minority Interest |
|
2,263 |
|
|
2,246 |
| ||
| Stockholders Equity: |
||||||||
| Series A 8% Convertible Preferred Stock$.01 par value, 1,000,000 shares authorized, none issued
|
||||||||
| Common Stock$.01 par value, 20,000,000 shares authorized, 15,358,759 shares outstanding at July 31, 2002
15,281,759 shares outstanding at April 30, 2002 |
|
154 |
|
|
153 |
| ||
| Capital in Excess of Par |
|
55,585 |
|
|
55,158 |
| ||
| Retained Earnings |
|
25,226 |
|
|
29,206 |
| ||
| Accumulated Other Comprehensive Loss |
|
(12,404 |
) |
|
(13,833 |
) | ||
| |
|
|
|
|
| |||
| Total Stockholders Equity |
|
68,561 |
|
|
70,684 |
| ||
| |
|
|
|
|
| |||
| $ |
201,300 |
|
$ |
206,476 |
| |||
| |
|
|
|
|
| |||
| Three Months Ended July
31, | |||||||
| 2002 |
2001 | ||||||
| Revenues |
$ |
40,477 |
|
$ |
46,602 | ||
| Cost of Sales |
|
27,538 |
|
|
27,828 | ||
| |
|
|
|
| |||
| Gross Profit |
|
12,939 |
|
|
18,774 | ||
| Expenses: |
|||||||
| Marketing |
|
8,239 |
|
|
7,509 | ||
| Research and Engineering |
|
3,517 |
|
|
3,899 | ||
| General and Administrative |
|
4,628 |
|
|
4,280 | ||
| |
|
|
|
| |||
| |
16,384 |
|
|
15,688 | |||
| |
|
|
|
| |||
| Operating (Loss) Income |
|
(3,445 |
) |
|
3,086 | ||
| Interest Expense, Net |
|
2,174 |
|
|
2,094 | ||
| Other Expense, Net |
|
321 |
|
|
365 | ||
| |
|
|
|
| |||
| (Loss) Income Before Provision for Income Taxes |
|
(5,940 |
) |
|
627 | ||
| (Benefit) Provision for Income Taxes |
|
(1,960 |
) |
|
207 | ||
| |
|
|
|
| |||
| Net (Loss) Income |
$ |
(3,980 |
) |
$ |
420 | ||
| |
|
|
|
| |||
| Basic (Loss) Earnings Per Share |
$ |
(.26 |
) |
$ |
.03 | ||
| |
|
|
|
| |||
| Diluted (Loss) Earnings Per Share |
$ |
(.26 |
) |
$ |
.03 | ||
| |
|
|
|
| |||
| Three Months Ended July 31, |
||||||||
| 2002 |
2001 |
|||||||
| Cash Flows from Operating Activities: |
||||||||
| Net (Loss) Income |
$ |
(3,980 |
) |
$ |
420 |
| ||
| Adjustments to Reconcile Net (Loss) Income to Cash Used in Operating Activities: |
||||||||
| Depreciation and Amortization |
|
2,197 |
|
|
1,711 |
| ||
| Other Non-Cash Items |
|
222 |
|
|
(47 |
) | ||
| Decrease (Increase) in Assets |
|
5,043 |
|
|
(4,035 |
) | ||
| Decrease in Liabilities |
|
(7,312 |
) |
|
(2,301 |
) | ||
| |
|
|
|
|
| |||
| Cash Used in Operating Activities |
|
(3,830 |
) |
|
(4,252 |
) | ||
| |
|
|
|
|
| |||
| Cash Flows from Investing Activities: |
||||||||
| Expenditures for Property and Equipment |
|
(905 |
) |
|
(2,094 |
) | ||
| Other |
|
353 |
|
|
95 |
| ||
| |
|
|
|
|
| |||
| Cash Used in Investing Activities |
|
(552 |
) |
|
(1,999 |
) | ||
| |
|
|
|
|
| |||
| Cash Flows from Financing Activities: |
||||||||
| (Repayments) Borrowings under Line of Credit Agreements, Net |
|
9,398 |
|
|
(28,897 |
) | ||
| Payments of Long-Term Obligations |
|
(4,793 |
) |
|
(768 |
) | ||
| Proceeds from Long-Term Obligations |
|
|
|
|
25,723 |
| ||
| Proceeds from Issuance of Warrants |
|
|
|
|
9,277 |
| ||
| Proceeds from Issuance of Common Stock |
|
428 |
|
|
1,033 |
| ||
| |
|
|
|
|
| |||
| Cash Provided by Financing Activities |
|
5,033 |
|
|
6,368 |
| ||
| |
|
|
|
|
| |||
| Effect of Changes in Exchange Rates |
|
1,050 |
|
|
(1,210 |
) | ||
| |
|
|
|
|
| |||
| Increase (Decrease) in Cash and Cash Equivalents |
|
1,701 |
|
|
(1,093 |
) | ||
| Cash and Cash Equivalents at Beginning of Period |
|
7,120 |
|
|
6,808 |
| ||
| |
|
|
|
|
| |||
| Cash and Cash Equivalents at End of Period |
$ |
8,821 |
|
$ |
5,715 |
| ||
| |
|
|
|
|
| |||
| Three Months Ended July
31, |
||||||||
| 2002 |
2001 |
|||||||
| Net (Loss) Income |
$ |
(3,980 |
) |
$ |
420 |
| ||
| Other Comprehensive Income (Loss): |
||||||||
| Unrealized Gain on Equity Securities Available for Sale, Net of Tax |
|
81 |
|
|
47 |
| ||
| Unrealized Gain on Cash Flow Hedges, Net of Tax |
|
298 |
|
|
|
| ||
| Cumulative Translation Adjustment |
|
1,050 |
|
|
(1,210 |
) | ||
| |
|
|
|
|
| |||
| Comprehensive Loss |
$ |
(2,551 |
) |
$ |
(743 |
) | ||
| |
|
|
|
|
| |||
| Three Months Ended July 31, | ||||
| 2002 |
2001 | |||
| (in thousands) | ||||
| Weighted Average Basic Shares Outstanding |
15,316 |
15,172 | ||
| Potentially Dilutive Common Shares from Employee Stock Options |
|
|||