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UNITED STATES |
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SECURITIES AND EXCHANGE COMMISSION |
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Washington, D.C. 20549 |
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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 |
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EXCHANGE ACT OF 1934 |
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For the Quarterly Period Ended June 30, 2002 |
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OR |
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OR THE SECURITIES |
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AND EXCHANGE ACT OF 1934 |
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For the transition period from to . |
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Commission File Number 000-26565 |
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TRIPATH TECHNOLOGY INC. |
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(Exact name of registrant as specified in its charter) |
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Delaware |
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77-0407364 |
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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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3900
Freedom Circle
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(Address of Principal Executive Office including (Zip Code) |
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(408) 567- 3000 |
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(Registrant’s telephone number, including area code) |
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(Former name, former address and former fiscal year if changed since last report) |
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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
41,326,760 shares of the Registrant’s common stock were outstanding as of August 12, 2002.
TRIPATH TECHNOLOGY INC.
FORM 10-Q
For The Quarter Ended June 30, 2002
TABLE OF CONTENTS
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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations |
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Item 3. Quantitative and Qualitative Disclosures about Market Risk |
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TRIPATH TECHNOLOGY INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)
Unaudited
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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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$ |
15,624 |
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$ |
3,997 |
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Short-term investments |
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— |
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1,100 |
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Accounts receivable, net |
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6,844 |
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2,521 |
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Inventories |
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2,917 |
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10,958 |
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Prepaid expenses and other current assets |
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368 |
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829 |
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Total current assets |
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25,753 |
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19,405 |
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Property and equipment, net |
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1,887 |
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2,381 |
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Other assets |
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358 |
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374 |
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Total assets |
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$ |
27,998 |
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$ |
22,160 |
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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Current liabilities: |
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Accounts payable |
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$ |
2,913 |
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$ |
4,352 |
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Current portion of capital lease obligations |
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349 |
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349 |
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Accrued expenses |
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1,513 |
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1,238 |
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Deferred distributor revenue |
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813 |
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612 |
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Total current liabilities |
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5,588 |
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6,551 |
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Capital lease obligations |
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87 |
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262 |
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Stockholders’ equity: |
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Common stock, $0.001 par value, 100,000,000 shares authorized; 41,308,263 and 27,259,154 shares issued and outstanding |
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41 |
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27 |
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Additional paid-in capital |
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189,152 |
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154,675 |
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Deferred stock-based compensation |
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(515 |
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(1,272 |
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Accumulated deficit |
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(166,355 |
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(138,083 |
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Total stockholders’ equity |
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22,323 |
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15,347 |
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Total liabilities and stockholders’ equity |
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$ |
27,998 |
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$ |
22,160 |
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The accompanying notes are an integral part of these condensed consolidated financial statements.
TRIPATH TECHNOLOGY INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
Unaudited
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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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Revenue |
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$ |
6,052 |
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$ |
1,783 |
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$ |
10,607 |
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$ |
7,112 |
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Cost of revenue |
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5,242 |
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2,033 |
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13,796 |
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7,092 |
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Gross profit (loss) |
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810 |
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(250 |
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(3,189 |
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20 |
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Operating expenses: |
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Research and development |
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3,328 |
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6,354 |
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6,877 |
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13,354 |
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Selling, general and administrative |
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1,547 |
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