UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
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(Mark One) |
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ý Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
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For the quarterly period ended June 30, 2002
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o Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
Commission File Number 0-21872
ALDILA, INC.
(Exact name of registrant as specified in its charter)
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Delaware |
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13-3645590 |
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(State or other jurisdiction of incorporation or organization) |
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(I.R.S. Employer Identification Number) |
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12140 Community Road, Poway, California 92064 |
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(Address of principal executive offices) |
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(858) 513-1801 |
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(Registrant’s Telephone No.) |
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www.aldila.com |
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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
As of August 12, 2002 there were 4,947,648 shares of the Registrant’s common stock, par value $0.01 per share, outstanding.
ALDILA, INC.
Table of Contents
Form 10-Q for the Quarterly Period
Ended June 30, 2002
2
PART I - FINANCIAL INFORMATION
ALDILA, INC. AND SUBSIDIARIES
(In thousands, except share data)
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June 30, |
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December 31, |
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(Unaudited) |
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ASSETS |
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CURRENT ASSETS: |
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Cash and cash equivalents |
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$ |
2,364 |
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$ |
266 |
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Accounts receivable |
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5,374 |
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3,977 |
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Income taxes receivable |
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576 |
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723 |
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Inventories |
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9,448 |
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11,472 |
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Deferred tax assets |
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2,366 |
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2,366 |
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Prepaid expenses and other current assets |
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433 |
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595 |
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Total current assets |
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20,561 |
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19,399 |
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PROPERTY, PLANT AND EQUIPMENT |
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6,886 |
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7,634 |
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INVESTMENT IN JOINT VENTURE |
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7,094 |
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7,466 |
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OTHER ASSETS |
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298 |
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387 |
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TOTAL ASSETS |
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$ |
34,839 |
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$ |
34,886 |
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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CURRENT LIABILITIES: |
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Accounts payable |
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$ |
3,303 |
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$ |
2,921 |
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Accrued expenses |
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2,398 |
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2,627 |
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Total current liabilities |
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5,701 |
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5,548 |
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LONG-TERM LIABILITIES: |
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Deferred tax liabilities |
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237 |
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67 |
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Deferred rent |
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72 |
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74 |
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Total liabilities |
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6,010 |
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5,689 |
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COMMITMENTS AND CONTINGENCIES |
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STOCKHOLDERS’ EQUITY: |
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Preferred stock, $.01 par value; authorized 5,000,000 shares; no shares issued |
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Common stock, $.01 par value; authorized 30,000,000 shares; issued and outstanding 4,947,648 shares |
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49 |
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49 |
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Additional paid-in capital |
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41,983 |
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41,983 |
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Accumulated deficit |
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(13,203 |
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(12,835 |
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Total stockholders’ equity |
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28,829 |
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29,197 |
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TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
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$ |
34,839 |
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$ |
34,886 |
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See notes to consolidated financial statements.
3
ALDILA, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS - UNAUDITED
(In thousands, except per share data)
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Three months ended |
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Six months ended |
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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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$ |
10,551 |
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$ |
9,812 |
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$ |
21,925 |
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$ |
24,394 |
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COST OF SALES |
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8,721 |
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7,441 |
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18,626 |
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17,871 |
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Gross profit |
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1,830 |
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2,371 |
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3,299 |
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6,523 |
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SELLING, GENERAL AND ADMINISTRATIVE |
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2,064 |
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1,699 |
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3,753 |
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3,800 |
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AMORTIZATION OF GOODWILL |
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— |
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354 |
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— |
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711 |
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PLANT CONSOLIDATION |
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— |
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569 |
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— |
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569 |
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Operating income (loss) |
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(234 |
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(251 |
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(454 |
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1,443 |
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OTHER EXPENSE (INCOME): |
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