UNITED STATES
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, |
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For the quarterly period ended September 27, 2002 |
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or |
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Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934, |
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For the transition period from to |
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Commission file number 0-8771
EVANS & SUTHERLAND COMPUTER CORPORATION
(Exact Name of Registrant as Specified in Its Charter)
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Utah |
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87-0278175 |
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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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600 Komas Drive, Salt Lake City, Utah |
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84108 |
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(Address of Principal Executive Offices) |
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(Zip Code) |
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Registrant’s Telephone Number, Including Area Code: (801) 588-1000 |
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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
The number of shares of the registrant’s Common Stock (par value $0.20 per share) outstanding at November 4, 2002 was 10,442,456.
1
FORM 10-Q
Evans & Sutherland Computer Corporation
Quarter Ended September 27, 2002
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Condensed Consolidated Balance Sheets as of September 27, 2002 and December 31, 2001 |
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Management’s Discussion and Analysis of Financial Condition and Results of Operations |
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2
PART I — FINANCIAL INFORMATION
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September 27, |
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December 31, |
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2002 |
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2001 |
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Assets: |
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Cash and cash equivalents |
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$ |
9,538 |
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$ |
10,651 |
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Restricted cash |
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724 |
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870 |
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Accounts
receivable, less allowance for doubtful receivables of |
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22,205 |
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30,516 |
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Inventories |
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33,919 |
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38,226 |
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Costs and estimated earnings in excess of billings on uncompleted contracts |
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33,198 |
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47,761 |
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Prepaid expenses and deposits |
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4,835 |
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4,817 |
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Assets held for sale |
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5,792 |
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Total current assets |
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110,211 |
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132,841 |
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Property, plant and equipment, net |
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31,313 |
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41,967 |
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Investment securities |
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1,925 |
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1,952 |
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Other assets |
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595 |
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593 |
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Total assets |
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$ |
144,044 |
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$ |
177,353 |
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Liabilities and stockholders' equity: |
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Current portion of long-term debt |
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$ |
100 |
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$ |
154 |
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Line of credit agreements |
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16,940 |
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20,676 |
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Accounts payable |
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10,739 |
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11,503 |
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Accrued expenses |
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11,869 |
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17,272 |
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Customer deposits |
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1,525 |
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3,650 |
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Billings in excess of costs and estimated earnings on uncompleted contracts |
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12,297 |
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25,053 |
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Total current liabilities |
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53,470 |
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78,308 |
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Long-term debt |
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18,106 |
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18,086 |
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Pension and retirement obligations |
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13,182 |
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16,300 |
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Total liabilities |
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84,758 |
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112,694 |
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Commitments and contingencies |
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Stockholders' equity: |
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Preferred stock,
no par value; authorized 8,500,000 shares; |
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- |
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Common stock,
$.20 par value; authorized 30,000,000 |
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2,158 |
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2,148 |
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Additional paid-in capital |
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49,356 |
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49,030 |
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Common stock in treasury, at cost; 352,500 shares |
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(4,709 |
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(4,709 |
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Retained earnings |
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12,889 |
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18,561 |
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Accumulated other comprehensive loss |
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(408 |
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(371 |
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Total stockholders' equity |
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59,286 |
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64,659 |
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Total liabilities and stockholders' equity |
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$ |
144,044 |
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$ |
177,353 |
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See accompanying notes to condensed consolidated financial statements
3
EVANS & SUTHERLAND COMPUTER CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(In thousands, except per share amounts)
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Three Months Ended |
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September 27, |
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September
28, |
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Sales |
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$ |
26,592 |
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$ |
29,601 |
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Cost of sales |
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15,324 |
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27,808 |
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Gross profit |
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11,268 |
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1,793 |
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Operating expenses: |
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Selling, general and administrative |
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5,868 |
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8,057 |
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Research and development |
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6,552 |
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6,847 |
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Restructuring charge |
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2,088 |
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REALimage transition costs |
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2,353 |
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Operating expenses |
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12,420 |
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