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 of incorporation or organization) |
(I.R.S. Employer Identification No.) |
| Page | ||||
| Part IFINANCIAL INFORMATION |
||||
| Item 1. |
Consolidated Financial Statements |
|||
| 3 | ||||
| 4 | ||||
| 5 | ||||
| 6 | ||||
| 7 | ||||
| 8 | ||||
| Item 2. |
16 | |||
| Item 3. |
28 | |||
| Item 4. |
28 | |||
| Part IIOTHER INFORMATION |
||||
| Item 1. |
29 | |||
| Item 2. |
29 | |||
| Item 3. |
29 | |||
| Item 4. |
29 | |||
| Item 5. |
29 | |||
| Item 6. |
29 | |||
| 31 | ||||
| 32 | ||||
| October 31, 2002 |
April 30, 2002 |
|||||||
| (unaudited) |
||||||||
| ASSETS |
||||||||
| Current Assets: |
||||||||
| Cash and Cash Equivalents |
$ |
7,419 |
|
$ |
7,120 |
| ||
| Receivables, Net |
|
59,993 |
|
|
62,774 |
| ||
| Inventories |
|
44,745 |
|
|
48,164 |
| ||
| Deferred Income Taxes |
|
1,831 |
|
|
1,980 |
| ||
| Other Current Assets |
|
9,229 |
|
|
11,608 |
| ||
| |
|
|
|
|
| |||
| Total Current Assets |
|
123,217 |
|
|
131,646 |
| ||
| Equipment Held for Lease, Net |
|
3,387 |
|
|
5,968 |
| ||
| Property and Equipment, Net |
|
16,052 |
|
|
16,996 |
| ||
| Intangible Assets, Net of Accumulated Amortization of $9,294 and $8,735, respectively |
|
12,077 |
|
|
13,182 |
| ||
| Goodwill |
|
16,545 |
|
|
16,332 |
| ||
| Deferred Income Taxes |
|
229 |
|
|
5,115 |
| ||
| Other Assets |
|
20,388 |
|
|
17,237 |
| ||
| |
|
|
|
|
| |||
| $ |
191,895 |
|
$ |
206,476 |
| |||
| |
|
|
|
|
| |||
| LIABILITIES, MINORITY INTEREST AND STOCKHOLDERS EQUITY |
||||||||
| Current Liabilities: |
||||||||
| Notes Payable |
$ |
4,084 |
|
$ |
374 |
| ||
| Current Portion of Long-Term Obligations |
|
92,005 |
|
|
6,114 |
| ||
| Accounts Payable |
|
9,894 |
|
|
11,617 |
| ||
| Accrued Payroll and Related Liabilities |
|
4,936 |
|
|
4,844 |
| ||
| Other Accrued Taxes |
|
973 |
|
|
2,530 |
| ||
| Deferred Revenue |
|
3,824 |
|
|
3,613 |
| ||
| Other Accrued Liabilities |
|
5,071 |
|
|
14,920 |
| ||
| |
|
|
|
|
| |||
| Total Current Liabilities |
|
120,787 |
|
|
44,012 |
| ||
| Long-Term Obligations |
|
|
|
|
81,625 |
| ||
| Customer Deposits |
|
7,991 |
|
|
7,909 |
| ||
| |
|
|
|
|
| |||
| Total Liabilities |
|
128,778 |
|
|
133,546 |
| ||
| Minority Interest |
|
2,337 |
|
|
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 October 31, 2002
15,281,759 shares outstanding at April 30, 2002 |
|
154 |
|
|
153 |
| ||
| Capital in Excess of Par |
|
55,598 |
|
|
55,158 |
| ||
| Retained Earnings |
|
17,343 |
|
|
29,206 |
| ||
| Accumulated Other Comprehensive Loss |
|
(12,315 |
) |
|
(13,833 |
) | ||
| |
|
|
|
|
| |||
| Total Stockholders Equity |
|
60,780 |
|
|
70,684 |
| ||
| |
|
|
|
|
| |||
| $ |
191,895 |
|
$ |
206,476 |
| |||
| |
|
|
|
|
| |||
| Three Months Ended October 31, |
||||||||
| 2002 |
2001 |
|||||||
| Revenues |
$ |
44,196 |
|
$ |
44,238 |
| ||
| Cost of Sales |
|
28,585 |
|
|
25,969 |
| ||
| |
|
|
|
|
| |||
| Gross Profit |
|
15,611 |
|
|
18,269 |
| ||
| Expenses: |
||||||||
| Marketing |
|
8,040 |
|
|
7,735 |
| ||
| Research and Engineering |
|
3,111 |
|
|
3,388 |
| ||
| General and Administrative |
|
4,537 |
|
|
4,184 |
| ||
| |
|
|
|
|
| |||
| |
15,688 |
|
|
15,307 |
| |||
| |
|
|
|
|
| |||
| Operating (Loss) Income |
|
(77 |
) |
|
2,962 |
| ||
| Interest Expense, Net |
|
2,829 |
|
|
2,464 |
| ||
| Other Expense (Income), Net |
|
498 |
|
|
(63 |
) | ||
| |
|
|
|
|
| |||
| (Loss) Income Before Provision for Income Taxes |
|
(3,404 |
) |
|
561 |
| ||
| Provision for Income Taxes |
|
(4,479 |
) |
|
(185 |
) | ||
| |
|
|
|
|
| |||
| Net (Loss) Income |
$ |
(7,883 |
) |
$ |
376 |
| ||
| |
|
|
|
|
| |||
| Basic (Loss) Earnings Per Share |
$ |
(.51 |
) |
$ |
.02 |
| ||
| |
|
|
|
|
| |||
| Diluted (Loss) Earnings Per Share |
$ |
(.51 |
) |
$ |
.02 |
| ||
| |
|
|
|
|
| |||
| Weighted Average Shares Used in Computing Basic and Diluted (Loss) Earnings Per Share |
||||||||
| Basic |
|
15,359 |
|
|
15,236 |
| ||
| Diluted |
|
15,359 |
|
|
16,315 |
| ||
| Six Months Ended October 31, |
||||||||
| 2002 |
2001 |
|||||||
| Revenues |
$ |
84,673 |
|
$ |
90,840 |
| ||
| Cost of Sales |
|
56,123 |
|
|
53,797 |
| ||
| |
|
|
|
|
| |||
| Gross Profit |
|
28,550 |
|
|
37,043 |
| ||
| Expenses: |
||||||||
| Marketing |
|
16,279 |
|
|
15,244 |
| ||
| Research and Engineering |
|
6,628 |
|
|
7,287 |
| ||
| General and Administrative |
|
9,165 |
|
|
8,464 |
| ||
| |
|
|
|
|
| |||
| |
32,072 |
|
|
30,995 |
| |||
| |
|
|
|
|
| |||
| Operating (Loss) Income |
|
(3,522 |
) |
|
6,048 |
| ||
| Interest Expense, Net |
|
5,003 |
|
|
4,558 |
| ||
| Other Expense, Net |
|
819 |
|
|
302 |
| ||
| |
|
|
|
|
| |||
| (Loss) Income Before Provision for Income Taxes |
|
(9,344 |
) |
|
1,188 |
| ||
| Provision for Income Taxes |
|
(2,519 |
) |
|
(392 |
) | ||
| |
|
|
|
|
| |||
| Net (Loss) Income |
$ |
(11,863 |
) |
$ |
796 |
| ||
| |
|
|
|
|
| |||
| Basic (Loss) Earnings Per Share |
$ |
(.77 |
) |
$ |
.05 |
| ||
| |
|
|
|
|
| |||
| Diluted (Loss) Earnings Per Share |
$ |
(.77 |
) |
$ |
.05 |
| ||
| |
|
|
|
|
| |||
| Weighted Average Shares Used in Computing Basic and Diluted (Loss) Earnings Per Share |
||||||||
| Basic |
|
15,338 |
|
|
15,204 |
| ||
| Diluted |
|
15,338 |
|
|
16,243 |
| ||
| Six Months Ended October 31, |
||||||||
| 2002 |
2001 |
|||||||
| Cash Flows from Operating Activities: |
||||||||
| Net (Loss) Income |
$ |
(11,863 |
) |
$ |
796 |
| ||
| Adjustments to Reconcile Net (Loss) Income to Cash (Used in) Provided by Operating Activities: |
||||||||
| Depreciation and Amortization |
|
4,606 |
|
|
3,666 |
| ||
| Valuation Reserve for Deferred Tax Assets |
|
5,603 |
|
|
|
| ||
| Other Non-Cash Items |
|
1,142 |
|
|
793 |
| ||
| Decrease (Increase) in Assets |
|
3,360 |
|
|
(5,904 |
) | ||
| (Decrease) Increase in Liabilities |
|
(12,412 |
) |
|
851 |
| ||
| |
|
|
|
|
| |||
| Cash (Used in) Provided by Operating Activities |
|
(9,564 |
) |
|
202 |
| ||
| |
|
|
|
|
| |||
| Cash Flows from Investing Activities: |
||||||||