UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
ý Quarterly Report
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
For the quarterly period ended March 31, 2004
OR
o Transition Report
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Commission File Number 0-21872
ALDILA, INC.
(Exact name of registrant as specified in its charter)
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Delaware |
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13-3645590 |
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(State or other jurisdiction of |
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(I.R.S. Employer Identification Number) |
13450 Stowe Drive, Poway, California 92064
(Address of principal executive offices)
(858) 513-1801
(Registrant’s telephone no., including area code)
www.aldila.com
Not applicable
(Former name, former address and former fiscal year, if changed from last report)
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 o No ý
As of May 11, 2004 there were 4,912,541 shares of the Registrant’s common stock, par value $0.01 per share, outstanding.
ALDILA, INC.
Table of Contents
Form 10-Q for the Quarterly Period
Ended March 31, 2004
2
PART I - FINANCIAL INFORMATION
ALDILA, INC. AND SUBSIDIARIES
(In thousands, except share data)
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March 31, |
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December
31, |
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(Unaudited) |
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ASSETS |
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CURRENT ASSETS: |
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Cash and cash equivalents |
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$ |
11,290 |
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$ |
6,919 |
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Accounts receivable |
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6,300 |
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4,613 |
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Inventories |
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6,896 |
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7,778 |
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Prepaid expenses and other current assets |
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411 |
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399 |
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Total current assets |
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24,897 |
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19,709 |
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PROPERTY, PLANT AND EQUIPMENT |
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4,462 |
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4,776 |
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INVESTMENT IN JOINT VENTURE |
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3,627 |
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4,287 |
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OTHER ASSETS |
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202 |
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241 |
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TOTAL ASSETS |
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$ |
33,188 |
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$ |
29,013 |
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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CURRENT LIABILITIES: |
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Accounts payable |
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$ |
3,160 |
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$ |
3,067 |
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Income taxes payable |
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1,533 |
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— |
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Accrued expenses |
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1,977 |
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1,461 |
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Total current liabilities |
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6,670 |
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4,528 |
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LONG-TERM LIABILITIES: |
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Deferred rent and other long-term liabilities |
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34 |
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39 |
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Total liabilities |
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6,704 |
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4,567 |
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COMMITMENTS AND CONTINGENCIES |
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STOCKHOLDERS’ EQUITY: |
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Preferred stock, $.01 par value; authorized 5,000,000 shares; no shares issued |
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Common stock, $.01 par value; authorized 30,000,000 shares; issued and outstanding 4,840,149 shares in 2004 and 4,885,149 shares in 2003, respectively |
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48 |
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48 |
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Additional paid-in capital |
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41,567 |
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41,803 |
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Accumulated deficit |
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(15,131 |
) |
(17,405 |
) |
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Total stockholders’ equity |
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26,484 |
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24,446 |
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TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
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$ |
33,188 |
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$ |
29,013 |
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See notes to consolidated financial statements.
3
ALDILA, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS - UNAUDITED
(In thousands, except per share data)
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Three
months ended |
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2004 |
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2003 |
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NET SALES |
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$ |
15,298 |
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$ |
10,164 |
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COST OF SALES |
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9,174 |
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8,425 |
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Gross profit |
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6,124 |
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1,739 |
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SELLING, GENERAL AND ADMINISTRATIVE |
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2,435 |
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1,926 |
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Operating income (loss) |
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3,689 |
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(187 |
) |
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OTHER EXPENSE (INCOME): |
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Interest expense |
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— |
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8 |
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Other, net |
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(3 |
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30 |
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Equity in earnings of joint venture |
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(99 |
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(56 |
) |
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INCOME (LOSS) BEFORE INCOME TAXES |
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3,791 |
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(169 |
) |
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PROVISION FOR INCOME TAXES |
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1,517 |
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— |
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NET INCOME (LOSS) |
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$ |
2,274 |
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$ |
(169 |
) |
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NET INCOME (LOSS) PER COMMON SHARE |
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$ |
0.47 |
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$ |
(0.03 |
) |
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