UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
ý QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended August 31, 2003
OR
o 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: 000-27863
METRON TECHNOLOGY N.V.
(Exact name of registrant as specified in its charter)
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The Netherlands |
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98-0180010 |
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(State or other
jurisdiction of |
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(I.R.S. Employer |
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4425 Fortran Drive |
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(Address of principal executive offices) |
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Registrant’s telephone number, including area code: (408) 719-4600 |
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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.
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Yes |
ý |
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No |
o |
Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act).
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Yes |
o |
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No |
ý |
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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Title of Each Class |
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Outstanding at September 30, 2003 |
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Common shares, par value EURO 0.44 per share |
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12,647,078 |
METRON TECHNOLOGY N.V.
INDEX
2
METRON TECHNOLOGY N.V.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(In thousands except per share data)
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Three months ended |
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August 31, |
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August 31, |
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Net revenue |
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$ |
64,320 |
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$ |
46,938 |
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Cost of revenue |
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52,890 |
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37,356 |
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Gross profit |
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11,430 |
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9,582 |
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Selling, general and administrative |
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14,250 |
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12,884 |
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Research, development and engineering |
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— |
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307 |
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Restructuring costs |
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— |
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1,122 |
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Other operating income, net of associated costs |
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1,354 |
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— |
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Operating loss |
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(1,466 |
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(4,731 |
) |
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Equity in net income (loss) of joint ventures |
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17 |
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(51 |
) |
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Other expense, net |
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(462 |
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(307 |
) |
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Loss before income taxes |
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(1,911 |
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(5,089 |
) |
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Provision for income taxes |
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508 |
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93 |
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Net loss |
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$ |
(2,419 |
) |
$ |
(5,182 |
) |
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Loss per common share |
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Basic and diluted |
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$ |
(0.19 |
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$ |
(0.41 |
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Weighted average number of shares |
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Basic and diluted |
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13,038 |
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12,609 |
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See accompanying Notes to Condensed Consolidated Financial Statements.
3
METRON TECHNOLOGY N.V.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Unaudited)
(Dollars in thousands)
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Three months ended |
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August 31, |
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August 31, |
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Net loss |
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$ |
(2,419 |
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$ |
(5,182 |
) |
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Other comprehensive income (loss) |
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Foreign currency translation |
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1,378 |
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(1,344 |
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Gain from foreign currency forward contracts |
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443 |
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— |
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1,821 |
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(1,344 |
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Comprehensive loss |
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$ |
(598 |
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$ |
(6,526 |
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See accompanying Notes to Condensed Consolidated Financial Statements.
4
METRON TECHNOLOGY N.V.
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(Dollars in thousands)
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May 31, |
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August 31, |
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ASSETS |
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Cash and cash equivalents |
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$ |
12,179 |
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$ |
12,601 |
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Accounts receivable |
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38,168 |
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36,222 |
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Loan to officer/shareholder |
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110 |
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110 |
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Inventories |
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38,131 |
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37,646 |
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Prepaid expenses and other current assets |
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14,124 |
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12,843 |
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Total current assets |
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102,712 |
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99,422 |
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Property, plant and equipment, net |
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24,921 |
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22,888 |
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Other assets |
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854 |
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893 |
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Total assets |
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$ |
128,487 |
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$ |
123,203 |
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LIABILITIES AND SHAREHOLDERS’ EQUITY |
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Accounts payable |
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$ |
21,511 |
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$ |
20,028 |
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Amounts due to affiliates |
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8,711 |
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9,205 |
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Accrued wages and employee-related expenses |
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5,231 |
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4,712 |
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Deferred revenue |
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4,496 |
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5,635 |
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Short-term borrowings and current portion of long-term debt |
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13,261 |
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8,997 |
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Amounts payable to shareholders |
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170 |
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169 |
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Other current liabilities |
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12,491 |
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11,632 |
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Total current liabilities |
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65,871 |
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60,378 |
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Long-term debt, excluding current portion |
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1,662 |
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1,741 |
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8% Convertible debentures |
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— |
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1,288 |
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