SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
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QUARTERLY
REPORT UNDER SECTION 13 OR 15(d) |
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For the quarterly period ended June 30, 2003 |
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TRANSITION REPORT PURSUANT TO SECTION 13 OR |
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OR |
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15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to
Commission file number 0-10605
ODETICS, INC.
(Exact name of registrant as specified in its charter)
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Delaware |
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95-2588496 |
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(State or other jurisdiction of |
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(I.R.S. Employer |
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1515 South Manchester Avenue |
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92802 |
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(Address of principal executive office) |
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(Zip Code) |
(714) 774-5000
(Registrant’s telephone number, including area code)
N/A
(Former name, former address and former fiscal year, if changed since last report)
Indicate by check mark whether the registrant (1) has filed all documents and 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 Exchange Act Rule 12b-2).
Yes o No ý
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Number of shares of Common Stock outstanding as of AUGUST 12, 2003:
Class A Common Stock - 14,548,770 shares.
Class B Common Stock - 992,985 shares.
ODETICS, INC.
Quarterly Report on Form 10-Q
Table of Contents
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CONDENSED CONSOLIDATED BALANCE SHEETS AT MARCH 31, 2003 AND JUNE 30, 2003 (UNAUDITED) |
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MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
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In this Report, “Odetics,” the “Company,” “we,” “us” and “our” collectively refers to Odetics, Inc. and its subsidiaries.
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PART I FINANCIAL INFORMATION
ODETICS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in
thousands except per share amounts)
(unaudited)
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Three Months Ended |
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2002 |
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2003 |
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Net sales and contract revenues: |
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Net sales |
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$ |
5,731 |
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$ |
6,826 |
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Contract revenues |
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6,215 |
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5,775 |
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Total net sales and contract revenues |
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11,946 |
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12,601 |
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Costs and expenses: |
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Cost of sales |
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2,687 |
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3,679 |
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Cost of contract revenues |
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4,099 |
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3,887 |
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Gross profit |
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5,160 |
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5,035 |
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Selling, general and administrative expense |
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3,741 |
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4,189 |
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Research and development expense |
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988 |
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1,143 |
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Total operating expenses |
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4,729 |
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5,332 |
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Operating income (loss) |
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431 |
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(297 |
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Non-operating items |
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Other (expense) income |
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640 |
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(101 |
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Interest expense |
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(555 |
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(32 |
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Income (loss) before income taxes |
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516 |
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(430 |
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Income taxes |
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220 |
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Income (loss) from continuing operations before minority interest |
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516 |
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(650 |
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Minority interest in earnings of subsidiary |
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1,028 |
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860 |
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Loss from continuing operations |
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(512 |
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(1,510 |
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Loss from discontinued operations |
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(788 |
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(442 |
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Net loss |
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$ |
(1,300 |
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$ |
(1,952 |
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Net loss per share: |
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Basic and diluted |
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Loss from continuing operations |
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$ |
(0.04 |
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$ |
(0.10 |
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Loss from discontinued operations |
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(0.06 |
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(0.03 |
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Loss per share |
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$ |
(0.10 |
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(0.13 |
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Shares used in calculating loss per share: |
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Basic and diluted |
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12,587 |
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15,117 |
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See accompanying notes to consolidated financial statements
3
ODETICS, INC.
(in thousands)
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March 31, |
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June 30, |
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(Audited) |
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(Unaudited) |
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ASSETS: |
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Current assets |
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Cash |
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$ |
437 |
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$ |
207 |
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Trade accounts receivable, net |
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8,549 |
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9,845 |
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Costs and estimated earnings in excess of billings on uncompleted contracts |
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2,398 |
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2,525 |
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Inventories: |
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Finished goods |
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211 |
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454 |
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Work in process |
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419 |
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352 |
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Materials and supplies |
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3,634 |
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3,406 |
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Total inventories |
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4,264 |
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4,212 |
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Prepaid expenses |
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435 |
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563 |
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Assets to be disposed of from discontinued operations |
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4,392 |
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595 |
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Total current assets |
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20,475 |
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17,947 |
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Restricted cash |
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2,516 |
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2,516 |
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Property, plant and equipment: |
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Equipment, furniture and fixtures |
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7,299 |
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7,391 |
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Less accumulated depreciation |
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(5,336 |
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(5,548 |
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Net equipment, furniture and fixtures |
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1,963 |
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1,843 |
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Goodwill |
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9,807 |
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9,807 |
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Other assets |
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81 |
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55 |
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