SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. |
For the quarterly period ended June 30, 2002
OR
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. |
For the transition period from to
Commission File No. 000-20698
BROOKTROUT, INC.
(Exact name of
registrant as specified in its charter)
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Massachusetts |
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04-2814792 |
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(State or other
jurisdiction |
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(I.R.S. employer |
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250 First Avenue |
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02494-2814 |
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Needham, Massachusetts |
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(Address of principal executive offices) |
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(Zip code) |
Registrant’s telephone number, including area code: (781) 449-4100
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 July 26, 2002, 12,243,826 shares of common stock, $.01 par value per share, were outstanding.
BROOKTROUT, INC.
FORM 10-Q FOR THE QUARTER ENDED JUNE 30, 2002
TABLE OF CONTENTS
2
Brooktrout, Inc.
Unaudited Condensed Consolidated
Balance Sheets
(in thousands, except share and per share
data)
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June 30, 2002 |
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December 31, 2001 |
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
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$ |
30,299 |
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$ |
26,218 |
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Marketable securities |
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12,389 |
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11,907 |
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Accounts receivable (less allowances of $2,009 in 2002 and $2,074 in 2001) |
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8,926 |
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8,870 |
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Inventory |
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8,016 |
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11,954 |
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Income tax receivable |
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4,618 |
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4,635 |
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Deferred tax assets |
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8,258 |
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9,168 |
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Prepaid expenses |
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1,096 |
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1,022 |
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Total current assets |
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73,602 |
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73,774 |
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Equipment and furniture, less accumulated depreciation and amortization |
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3,999 |
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5,136 |
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Deferred tax assets |
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6,746 |
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6,981 |
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Intangible assets, less accumulated amortization |
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8,178 |
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8,944 |
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Investments |
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— |
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1,451 |
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Other assets |
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1,863 |
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2,601 |
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Total assets |
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$ |
94,388 |
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$ |
98,887 |
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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Current liabilities: |
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Accounts payable |
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$ |
6,187 |
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$ |
6,436 |
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Accrued expenses |
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7,517 |
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7,303 |
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Accrued compensation and commissions |
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2,467 |
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2,858 |
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Customer deposits |
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653 |
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697 |
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Accrued warranty costs |
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644 |
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789 |
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Net liabilities related to discontinued operations |
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278 |
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990 |
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Total current liabilities |
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17,746 |
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19,073 |
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Deferred rent |
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215 |
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242 |
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Total liabilities |
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17,961 |
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19,315 |
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Stockholders’ equity: |
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Preferred stock, $1.00 par value; authorized, 100,000 shares; issued and outstanding, none |
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— |
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— |
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Common stock, $0.01 par value; authorized, 40,000,000 shares; issued and outstanding 12,499,210 shares in 2002 and 12,462,242 in 2001 |
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125 |
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125 |
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Additional paid-in capital |
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64,020 |
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63,841 |
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Notes receivable — officers |
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(11,760 |
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(11,760 |
) |
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Accumulated other comprehensive (loss) |
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(56 |
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(52 |
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Retained earnings |
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27,858 |
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31,178 |
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Treasury stock, 255,384 shares in 2002 and 2001, at cost |
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(3,760 |
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(3,760 |
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Total stockholders’ equity |
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76,427 |
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79,572 |
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Total liabilities and stockholders’ equity |
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$ |
94,388 |
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$ |
98,887 |
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See notes to unaudited condensed consolidated financial statements.
3
Brooktrout, Inc.
Unaudited Condensed Consolidated
Statements of Operations
(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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