SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
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QUARTERLY
REPORT PURSUANT TO SECTION 13 or 15(d) |
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For the quarterly period ended September 27, 2003 |
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OR |
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TRANSITION
REPORT PURSUANT TO SECTION 13 or 15(d) |
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For the transition period from to |
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Commission File No. 0-22384 |
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MICRO COMPONENT TECHNOLOGY, INC.
(Exact name of registrant as specified in its charter)
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Minnesota |
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41-0985960 |
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(State or other
jurisdiction of |
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(I.R.S. Employer
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2340 West County Road C, St. Paul, MN 55113-2528 |
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(Address of principal executive offices) |
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(651) 697-4000 |
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(Registrant’s telephone number) |
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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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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 |
The number of shares outstanding of the Registrant’s Common Stock, as of November 3, 2003 was 19,642,224.
MICRO COMPONENT TECHNOLOGY, INC.
FORM 10-Q
TABLE OF CONTENTS
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NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS |
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MANAGEMENT’S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION |
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2
MICRO COMPONENT TECHNOLOGY, INC.
FORM 10-Q
(In thousands, except share and per share data)
(Unaudited)
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September 27, |
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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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$ |
568 |
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$ |
1,560 |
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Accounts receivable, less allowance for doubtful accounts of $324 and $319, respectively |
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2,193 |
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786 |
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Inventories |
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2,742 |
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3,850 |
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Other |
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212 |
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212 |
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Total current assets |
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5,715 |
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6,408 |
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Property, plant and equipment, net |
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397 |
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605 |
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Debt issuance costs, net |
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540 |
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665 |
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Other assets |
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57 |
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75 |
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Total assets |
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$ |
6,709 |
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$ |
7,753 |
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Liabilities and Stockholders’ Deficit |
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Current liabilities: |
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Current portion of long-term debt |
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$ |
2 |
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29 |
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Bank line of credit |
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702 |
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— |
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Accrued restructuring costs |
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7 |
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194 |
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Accounts payable |
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1,421 |
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1,010 |
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Accrued compensation |
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443 |
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419 |
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Accrued interest |
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262 |
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500 |
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Accrued warranty |
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175 |
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200 |
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Customer prepayments and unearned service revenue |
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519 |
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300 |
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Deferred revenue in excess of costs incurred |
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312 |
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48 |
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Other accrued liabilities |
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482 |
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847 |
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Total current liabilities |
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4,325 |
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3,547 |
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Long-term portion of accounts payable |
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329 |
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— |
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10% senior subordinated convertible debt |
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9,750 |
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10,000 |
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Stockholders’ deficit: |
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Preferred stock, $.01 par value, 1,000,000 authorized, none issued and outstanding |
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— |
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— |
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Common stock, $.01 par value, 40,000,000 authorized, 18,513,874 and 14,152,520 issued, respectively |
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185 |
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142 |
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Additional paid-in capital |
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90,056 |
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88,302 |
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Cumulative other comprehensive loss |
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(69 |
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(69 |
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Accumulated deficit |
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(97,867 |
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(94,169 |
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Total stockholders’ deficit |
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(7,695 |
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(5,794 |
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Total liabilities and stockholders’ deficit |
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$ |
6,709 |
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$ |
7,753 |
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See notes to unaudited condensed consolidated financial statements
3
MICRO COMPONENT TECHNOLOGY, INC.
(In thousands, except per share data)
(Unaudited)
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Three Months Ended |
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Nine Months Ended |
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Sept.
27, |
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Sept.
28, |
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Sept.
27, |
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Sept.
28, |
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Net sales |
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$ |
2,852 |
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$ |
2,732 |
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$ |
7,385 |
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$ |
10,074 |
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Cost of sales |
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1,581 |
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1,558 |
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4,505 |
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6,199 |
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Gross profit |
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1,271 |
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1,174 |
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2,880 |
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3,875 |
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Operating expenses: |
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Selling, general and administrative |
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1,178 |
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2,092 |
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3,800 |
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6,796 |
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Research and development |
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464 |
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1,012 |
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1,798 |
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3,368 |
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Restructuring charge |
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— |
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345 |
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266 |
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193 |
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Total operating expenses |
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1,642 |
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3,449 |
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