UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
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(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 Number: 0-26524
MACKIE DESIGNS INC.
(Exact name of registrant as specified in its charter)
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Washington |
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91-1432133 |
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(State or other jurisdiction of incorporation or organization) |
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(I.R.S. Employer Identification No.) |
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16220 Wood-Red Road, N.E., Woodinville, Washington |
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98072 |
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(Address of principal executive offices) |
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(Zip Code) |
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(425) 487-4333 |
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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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Common Stock, no par value |
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12,443,022 |
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Class |
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Number of Shares Outstanding (as of June 30, 2002) |
MACKIE DESIGNS INC.
FORM 10-Q
For the quarter ended June 30, 2002
INDEX
2
MACKIE DESIGNS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
In thousands
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June 30, |
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December 31, |
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
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$ |
3,193 |
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$ |
2,095 |
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Accounts receivable, less allowance for doubtful accounts of $1,652 and $1,349, respectively |
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37,755 |
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35,092 |
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Income taxes receivable |
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— |
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1,305 |
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Inventories |
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61,338 |
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51,507 |
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Prepaid expenses and other current assets |
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5,915 |
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2,157 |
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Deferred income taxes |
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5,461 |
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5,315 |
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Total current assets |
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113,662 |
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97,471 |
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Property, plant and equipment, net |
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24,905 |
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25,671 |
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Goodwill, net |
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20,525 |
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19,360 |
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Intangible assets, net |
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6,676 |
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6,854 |
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Other assets, net |
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1,262 |
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4,608 |
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Total assets |
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$ |
167,030 |
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$ |
153,964 |
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LIABILITIES AND SHAREHOLDERS’ EQUITY |
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Current liabilities: |
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Short-term borrowings |
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$ |
41,638 |
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$ |
35,395 |
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Accounts payable |
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28,726 |
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22,859 |
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Accrued liabilities |
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11,088 |
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11,009 |
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Income taxes payable |
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1,575 |
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968 |
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Current portion of long-term debt |
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7,173 |
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3,874 |
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Total current liabilities |
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90,200 |
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74,105 |
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Long-term debt, excluding current portion |
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15,377 |
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19,401 |
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Employee and other liabilities |
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4,240 |
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3,768 |
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Deferred income taxes |
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3,519 |
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3,880 |
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Total liabilities |
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113,336 |
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101,154 |
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Commitments and contingencies |
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— |
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— |
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Shareholders’ equity: |
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Common stock |
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29,180 |
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28,691 |
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Retained earnings |
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24,958 |
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26,556 |
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Accumulated other comprehensive loss |
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(444 |
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(2,437 |
) |
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Total shareholders’ equity |
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53,694 |
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52,810 |
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Total liabilities and shareholders’ equity |
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$ |
167,030 |
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$ |
153,964 |
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See accompanying Notes to Condensed Consolidated Financial Statements.
3
MACKIE DESIGNS INC.
CONDENSED 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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$ |
48,798 |
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$ |
54,046 |
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$ |
97,917 |
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$ |
111,253 |
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Cost of goods sold |
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33,541 |
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37,915 |
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66,733 |
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75,351 |
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Gross profit |
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15,257 |
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16,131 |
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31,184 |
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35,902 |
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Operating expenses: |
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Selling, general and administrative |
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12,881 |
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13,309 |
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25,400 |
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27,113 |
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Research and development |
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2,866 |
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3,300 |
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5,501 |
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6,249 |
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