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 September 30, 2004
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 000-18908
INFOCUS CORPORATION
(Exact name of registrant as specified in its charter)
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Oregon |
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93-0932102 |
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(State or other
jurisdiction of incorporation |
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(I.R.S. Employer Identification No.) |
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27700B SW Parkway Avenue, Wilsonville, Oregon |
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97070 |
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(Address of principal executive offices) |
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(Zip Code) |
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Registrant’s telephone number, including area code: 503-685-8888 |
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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. 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
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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Common stock without par value |
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39,633,707 |
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(Class) |
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(Outstanding at November 1, 2004) |
INFOCUS CORPORATION
FORM 10-Q
INDEX
1
PART I - FINANCIAL INFORMATION
INFOCUS CORPORATION
CONSOLIDATED BALANCE SHEETS
(In thousands, except share amounts)
(unaudited)
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September 30, |
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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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$ |
24,043 |
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$ |
94,181 |
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Marketable securities |
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30,027 |
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30,232 |
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Restricted cash, cash equivalents, and marketable securities |
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21,158 |
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15,000 |
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Accounts receivable, net of allowances of $9,337 and $11,796 |
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119,295 |
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116,138 |
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Inventories |
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158,667 |
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62,255 |
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Income taxes receivable |
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339 |
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434 |
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Deferred income taxes |
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914 |
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713 |
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Outsourced manufacturer receivables |
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195 |
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3,947 |
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Other current assets |
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14,021 |
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16,495 |
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Total Current Assets |
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368,659 |
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339,395 |
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Marketable securities |
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— |
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4,822 |
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Restricted marketable securities |
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4,084 |
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— |
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Property and equipment, net of accumulated depreciation of $45,220 and $42,156 |
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17,876 |
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15,890 |
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Deferred income taxes |
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2,633 |
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2,513 |
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Other assets, net |
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8,832 |
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3,478 |
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Total Assets |
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$ |
402,084 |
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$ |
366,098 |
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Liabilities and Shareholders' Equity |
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Current Liabilities: |
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Accounts payable |
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$ |
113,244 |
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$ |
85,869 |
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Payroll and related benefits payable |
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4,376 |
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6,519 |
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Marketing incentives payable |
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9,583 |
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7,647 |
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Accrued warranty |
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10,513 |
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10,663 |
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Other current liabilities |
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9,357 |
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13,844 |
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Total Current Liabilities |
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147,073 |
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124,542 |
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Other Long-Term Liabilities |
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3,551 |
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3,677 |
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Shareholders' Equity: |
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Common stock, 150,000,000 shares authorized; shares issued and outstanding: 39,633,002 and 39,520,009 |
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89,666 |
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88,787 |
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Additional paid-in capital |
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75,835 |
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75,835 |
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Accumulated other comprehensive income: |
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Cumulative currency translation adjustment |
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26,932 |
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28,608 |
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Unrealized gain on equity securities |
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25,034 |
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8,352 |
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Retained earnings |
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33,993 |
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36,297 |
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Total Shareholders' Equity |
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251,460 |
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237,879 |
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Total Liabilities and Shareholders' Equity |
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$ |
402,084 |
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$ |
366,098 |
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The accompanying notes are an integral part of these balance sheets.
2
INFOCUS CORPORATION
CONSOLIDATED STATEMENTS OF
OPERATIONS
(In thousands, except per share amounts)
(unaudited)
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Three months ended Sept. 30, |
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Nine months ended Sept. 30, |
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2004 |
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2003 |
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2004 |
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2003 |
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Revenues |
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$ |
162,183 |
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$ |
139,310 |
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$ |
469,861 |
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$ |
418,758 |
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Cost of revenues |
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134,406 |
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126,696 |
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387,683 |
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381,978 |
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Gross profit |
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27,777 |
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12,614 |
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82,178 |
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36,780 |
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Operating expenses: |
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