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 28, 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 |
Commission File Number: 0-28236
INVISION TECHNOLOGIES, INC.
(Exact name of registrant as specified in its charter)
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Delaware |
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(State or other jurisdiction of incorporation or organization) |
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94-3123544 |
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(I.R.S. Employer Identification No.) |
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7151 Gateway Boulevard, Newark, CA 94560 |
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(Address of principal executive offices, including zip code) |
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(510) 739-2400 |
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(Registrant’s telephone number, including area code) |
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
On October 31, 2003, there were 16,918,645 shares of the registrant’s common stock outstanding.
InVision Technologies, Inc.
Form 10-Q
INDEX
InVision, Quantum Magnetics, Yxlon, HAPEG, CTX, CTX 5500 DS, CTX 9000 DSi and QScan, among others, are trademarks of InVision Technologies, Inc. or one of its subsidiaries in the United States and other countries. InVision, Quantum Magnetics, Yxlon and QScan, among others, are registered trademarks marks of InVision Technologies, Inc. or one of its subsidiaries in the United States.
InVision Technologies, Inc.
Condensed Consolidated Balance Sheets
(In thousands, except share data)
(Unaudited)
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September 28, |
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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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$ |
282,383 |
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$ |
159,736 |
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Short-term investments |
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— |
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— |
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Accounts receivable, net |
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65,894 |
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146,295 |
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Inventories |
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76,383 |
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64,764 |
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Deferred income taxes |
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18,677 |
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20,889 |
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Other current assets |
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9,223 |
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15,811 |
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Total current assets |
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452,560 |
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407,495 |
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Property and equipment, net |
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11,678 |
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7,225 |
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Deferred income taxes |
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— |
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1,050 |
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Goodwill |
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21,036 |
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681 |
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Intangible assets, net |
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14,805 |
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922 |
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Other assets |
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6,159 |
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414 |
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Total assets |
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$ |
506,238 |
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$ |
417,787 |
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Liabilities and stockholders’ equity |
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Current liabilities: |
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Accounts payable |
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$ |
17,383 |
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$ |
28,477 |
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Accrued liabilities |
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49,191 |
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65,364 |
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Deferred revenue |
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23,523 |
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86,284 |
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Short-term debt |
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7,365 |
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184 |
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Current maturities of long-term obligations |
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261 |
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112 |
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Total current liabilities |
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97,723 |
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180,421 |
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Long-term obligations |
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126,621 |
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653 |
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Deferred income taxes |
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1,221 |
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— |
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Total liabilities |
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225,565 |
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181,074 |
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Commitments and contingencies (see Note 8) |
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— |
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— |
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Stockholders’ equity: |
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Preferred stock, $0.001 par value, 5,000,000 shares authorized; no shares issued and outstanding |
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— |
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— |
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Common stock, $0.001 par value, 60,000,000 shares authorized; 17,594,000 and 17,243,000 shares issued; 16,907,000 and 17,008,000 shares outstanding |
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17 |
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17 |
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Additional paid-in capital |
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171,257 |
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166,243 |
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Deferred stock compensation expense |
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(305 |
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(406 |
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Accumulated other comprehensive loss |
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(1,099 |
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(1,783 |
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Retained earnings |
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125,494 |
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74,836 |
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Treasury stock, at cost (687,000 and 235,000 shares) |
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(14,691 |
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(2,194 |
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Total stockholders’ equity |
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280,673 |
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236,713 |
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Total liabilities and stockholders’ equity |
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$ |
506,238 |
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$ |
417,787 |
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The accompanying notes are an integral part of these condensed consolidated financial statements.
3
InVision Technologies, Inc.
Condensed Consolidated Statements of Operations
(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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September 28, |
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September 29, |
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September 28, |
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September 29, |
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Revenues: |
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Product revenues |
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$ |
69,281 |
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$ |
111,159 |
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$ |
297,090 |
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$ |
199,255 |
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Service revenues |
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13,745 |
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3,567 |
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34,167 |
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10,456 |
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Contract research and development revenues |
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3,092 |
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2,334 |
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9,456 |
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8,973 |
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Total revenues |
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86,118 |
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117,060 |
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340,713 |
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218,684 |
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Cost of revenues: |
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Product costs |
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42,285 |
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62,860 |
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171,411 |
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112,784 |
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Service costs |
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8,330 |
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2,598 |
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20,497 |
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7,906 |
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Contract research and development revenues |
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1,806 |
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1,559 |
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5,875 |
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6,091 |
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Total cost of revenues |
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52,421 |
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67,017 |
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197,783 |
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126,781 |
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