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 March 31, 2003 |
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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 000-18908
INFOCUS CORPORATION
(Exact name of registrant as specified in its charter)
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Oregon |
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93-0932102 |
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(State or other
jurisdiction of incorporation |
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(I.R.S. Employer Identification No.) |
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27700B SW Parkway Avenue, Wilsonville, Oregon |
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97070 |
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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: 503-685-8888 |
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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 by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act). 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 without par value |
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39,361,499 |
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(Class) |
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(Outstanding at May 7, 2003) |
INFOCUS CORPORATION
FORM 10-Q
INDEX
1
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
INFOCUS CORPORATION
(In thousands, except share amounts)
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March 31, |
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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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$ |
78,048 |
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$ |
104,230 |
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Marketable securities |
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15,072 |
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10,590 |
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Accounts receivable, net of allowances of $16,487 and $16,455 |
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103,179 |
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120,668 |
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Inventories, net |
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125,784 |
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114,773 |
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Income taxes receivable |
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23,429 |
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24,023 |
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Deferred income taxes |
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5,096 |
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5,116 |
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Outsourced manufacturer receivables |
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20,046 |
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17,912 |
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Other current assets |
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17,436 |
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17,755 |
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Total Current Assets |
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388,090 |
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415,067 |
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Marketable securities |
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4,693 |
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5,857 |
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Property and equipment, net of accumulated depreciation of $58,059 and $55,310 |
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43,565 |
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45,681 |
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Deferred income taxes |
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333 |
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250 |
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Other assets, net |
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6,297 |
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6,053 |
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Total Assets |
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$ |
442,978 |
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$ |
472,908 |
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Liabilities and Shareholders’ Equity |
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Current Liabilities: |
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Accounts payable |
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$ |
89,838 |
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$ |
107,429 |
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Payroll and related benefits payable |
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6,220 |
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7,589 |
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Marketing incentives payable |
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10,939 |
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11,174 |
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Accrued warranty |
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6,140 |
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6,186 |
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Other current liabilities |
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15,023 |
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16,738 |
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Total Current Liabilities |
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128,160 |
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149,116 |
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Other Long-Term Liabilities |
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2,005 |
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2,289 |
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Shareholders’ Equity: |
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Common stock, 150,000,000 shares authorized: |
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88,383 |
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88,035 |
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Additional paid-in capital |
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75,765 |
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75,760 |
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Accumulated other comprehensive income: |
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Cumulative currency translation adjustment |
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12,727 |
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8,875 |
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Unrealized gain on equity securities |
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2,592 |
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3,023 |
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Retained earnings |
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133,346 |
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145,810 |
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Total Shareholders’ Equity |
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312,813 |
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321,503 |
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Total Liabilities and Shareholders’ Equity |
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$ |
442,978 |
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$ |
472,908 |
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The accompanying notes are an integral part of these balance sheets.
2
INFOCUS CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(unaudited)
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For the Three Months Ended March 31, |
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2003 |
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2002 |
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Revenues |
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$ |
145,115 |
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$ |
156,920 |
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Cost of revenues |
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121,056 |
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124,413 |
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Gross margin |
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24,059 |
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32,507 |
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Operating expenses: |
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Marketing and sales |
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18,635 |
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21,408 |
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Research and development |
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9,070 |
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8,969 |
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General and administrative |
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8,472 |
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12,315 |
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36,177 |
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42,692 |
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Loss from operations |
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(12,118 |
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(10,185 |
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Other income (expense): |
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Interest expense |
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(17 |
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(137 |
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Interest income |
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342 |
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438 |
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Other, net |
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374 |
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(1,361 |
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699 |
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(1,060 |
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Loss before income taxes |
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(11,419 |
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(11,245 |
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Provision (benefit) for income taxes |
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1,045 |
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(3,374 |
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Net loss |
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$ |
(12,464 |
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(7,871 |
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Basic and diluted net loss per share |
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$ |
(0.32 |
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$ |
(0.20 |
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Shares used in bas | |||||||