SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
ý QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For The Quarterly Period Ended: May 31, 2002
o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For The Transition Period From To
Commission File Number: 0-14779
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MEDIA 100 INC. |
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(Exact name of registrant as specified in its charter) |
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DELAWARE |
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04-2532613 |
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(State or other jurisdiction of organization |
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(I.R.S. Employer Identification Number) |
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or incorporation) |
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450 DONALD LYNCH BOULEVARD MARLBOROUGH, MASSACHUSETTS |
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01752-4748 |
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(Address of principal executive offices) |
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(Zip code) |
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(508) 460-1600 |
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(Registrant’s telephone number, including area code) |
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Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý No o
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
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Class |
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Outstanding at July 1, 2002 |
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Common Stock, par value $.01 per share |
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12,834,411 shares |
MEDIA 100 INC.
INDEX TO FORM 10-Q
2
PART I — FINANCIAL INFORMATION
MEDIA 100 INC.
(in thousands)
(unaudited)
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May 31, |
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November 30, |
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2002 |
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2001 |
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
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$ |
5,911 |
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$ |
17,369 |
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Available for sale securities, at fair value |
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250 |
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241 |
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Restricted cash (Notes 4 and 9) |
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3,170 |
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— |
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Due from escrow (Notes 4 and 14) |
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2,000 |
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2,000 |
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Accounts receivable, net of allowance for doubtful |
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accounts of $466 in 2002 and $512 in 2001 |
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3,073 |
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2,907 |
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Inventories, net |
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2,647 |
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1,220 |
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Prepaid expenses and other current assets |
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852 |
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706 |
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Total current assets |
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17,903 |
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24,443 |
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Property and equipment, net |
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2,465 |
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3,843 |
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Intangible assets, net |
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418 |
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1,880 |
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Total assets |
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$ |
20,786 |
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$ |
30,166 |
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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Current liabilities: |
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Accounts payable |
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$ |
2,374 |
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$ |
1,490 |
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Accrued expenses |
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7,074 |
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8,000 |
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Deferred revenue |
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3,670 |
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3,812 |
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Total current liabilities |
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13,118 |
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13,302 |
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Contingencies (Note 9) |
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— |
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— |
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Stockholders’ equity: |
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Common stock |
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131 |
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126 |
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Capital in excess of par value |
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218,093 |
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217,683 |
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Accumulated deficit |
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(210,389 |
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(200,836 |
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Treasury stock, at cost |
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(78 |
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(78 |
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Accumulated other comprehensive loss |
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(89 |
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(31 |
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Total stockholders’ equity |
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7,668 |
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16,864 |
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Total liabilities and stockholders’ equity |
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$ |
20,786 |
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$ |
30,166 |
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The accompanying notes are an integral part of these consolidated financial statements.
3
MEDIA 100 INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(unaudited)
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Three Months Ended May 31, |
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Six Months Ended May 31, |
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2002 |
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2001 |
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2002 |
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2001 |
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Net sales: |
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Products |
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$ |
5,079 |
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$ |
5,716 |
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$ |
7,931 |
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$ |
12,779 |
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Services |
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1,500 |
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2,308 |
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3,146 |
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4,840 |
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Total net sales |
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6,579 |
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8,024 |
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11,077 |
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17,619 |
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Cost of sales |
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3,303 |
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4,591 |
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5,541 |
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8,899 |
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Accelerated depreciation and amortization of fixed assets (Note 6) |
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84 |
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— |
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331 |
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— |
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Gross profit |
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3,192 |
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3,433 |
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5,205 |
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8,720 |
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Operating expenses: |
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Research and development |
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2,559 |
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2,788 |
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5,126 |
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5,366 |
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Selling and marketing |
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2,716 |
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3,591 |
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4,964 |
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7,090 |
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General and administrative |
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1,427 |
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1,179 |
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2,534 |
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2,671 |
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Amortization and write-off of intangible assets |
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273 |
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480 |
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765 |
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