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 March 31, 2005 |
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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 |
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) |
Registrant’s telephone number, including area code: 503-685-8888
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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39,708,263 |
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(Class) |
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(Outstanding at April 29, 2005) |
INFOCUS CORPORATION
FORM 10-Q
INDEX
1
PART I - - FINANCIAL INFORMATION
INFOCUS CORPORATION
(In thousands, except share amounts)
(unaudited)
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March 31, |
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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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$ |
30,181 |
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$ |
17,032 |
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Marketable securities |
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17,086 |
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26,291 |
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Restricted cash, cash equivalents, and marketable securities |
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24,422 |
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23,316 |
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Accounts receivable, net of allowances of $9,682 and $10,813 |
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85,023 |
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105,811 |
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Inventories |
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127,177 |
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155,106 |
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Income taxes receivable |
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2,009 |
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1,994 |
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Deferred income taxes |
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1,023 |
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1,063 |
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Other current assets |
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25,672 |
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23,866 |
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Total Current Assets |
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312,593 |
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354,479 |
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Restricted marketable securities |
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1,593 |
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2,829 |
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Property and equipment, net of accumulated depreciation of $26,577 and $38,366 |
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15,623 |
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16,747 |
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Deferred income taxes |
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1,569 |
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1,636 |
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Other assets, net |
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12,580 |
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8,182 |
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Total Assets |
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$ |
343,958 |
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$ |
383,873 |
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Liabilities and Shareholders’ Equity |
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Current Liabilities: |
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Short-term borrowings |
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$ |
— |
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$ |
16,198 |
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Accounts payable |
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66,468 |
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64,917 |
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Payroll and related benefits payable |
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2,921 |
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5,043 |
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Marketing incentives payable |
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10,089 |
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8,899 |
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Accrued warranty |
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10,986 |
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10,986 |
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Other current liabilities |
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10,483 |
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8,230 |
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Total Current Liabilities |
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100,947 |
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114,273 |
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Other Long-Term Liabilities |
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3,091 |
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2,967 |
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Shareholders’ Equity: |
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Common stock, 150,000,000 shares authorized; shares issued and outstanding: 39,708,263 and 39,635,771 |
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89,886 |
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89,777 |
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Additional paid-in capital |
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76,128 |
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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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30,997 |
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35,359 |
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Unrealized gain on equity securities |
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13,018 |
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21,792 |
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Retained earnings |
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29,891 |
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43,870 |
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Total Shareholders’ Equity |
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239,920 |
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266,633 |
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Total Liabilities and Shareholders’ Equity |
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$ |
343,958 |
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$ |
383,873 |
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The accompanying notes are an integral part of these statements.
2
INFOCUS CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(unaudited)
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For the Three Months Ended March 31, |
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2005 |
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2004 |
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Revenues |
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$ |
137,016 |
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$ |
145,449 |
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Cost of revenues |
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127,067 |
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120,457 |
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Gross margin |
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9,949 |
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24,992 |
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Operating expenses: |
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Marketing and sales |
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16,937 |
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17,801 |
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Research and development |
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6,131 |
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7,201 |
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General and administrative |
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5,711 |
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5,491 |
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Restructuring costs |
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4,700 |
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450 |
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33,479 |
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30,943 |
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Loss from operations |
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(23,530 |
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(5,951 |
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&n | ||||||