Assets January 27, 1995 October 31, 1994
(unaudited) (Note)
___________ ___________
Current assets:
Cash and cash equivalents $ --- $ 1,192
Short term investments 1,000 2,500
Accounts receivable:
Billed: 8,458 10,916
Unbilled: 15,699 14,048
_______ _______
Total accounts receivable 24,157 24,964
Refundable income taxes 179 179
Inventory 5,405 2,714
Prepaid and other current assets 1,474 1,131
_______ _______
Total current assets 32,215 32,680
Property and equipment, at cost:
Machinery and equipment 16,318 15,591
Furniture and fixtures 2,807 2,743
Leasehold improvements 823 722
Construction in process 603 272
_______ _______
20,551 19,328
Accumulated depreciation and amortization (11,103) (10,355)
_______ _______
Net property and equipment 9,448 8,973
Long-term investments 5,500 5,500
Other assets 162 163
_______ _______
Total assets $ 47,325 $ 47,316
_______ _______
_______ _______
Liabilities and Shareholders' Equity
Current liabilities:
Bank line of credit $ 999 $ ---
Accounts payable 3,662 4,757
Accrued payroll and related benefits 3,210 4,041
Other accrued liabilities 204 293
Income taxes payable 1,788 1,704
_______ _______
Total current liabilities 9,863 10,792
Deferred income taxes 715 715
Commitments
Shareholders' equity:
Preferred stock, no par value: 2,000,000 shares
authorized; none issued and outstanding --- ---
Common stock, no par value: 2,000,000 shares
authorized; issued and outstanding -- 7,412,466
at Jan. 27, 1995 and 7,399,003 at Oct. 31, 1994 18,574 18,656
Retained earnings 18,173 17,153
_______ _______
Total shareholder's equity 36,747 35,809
_______ _______
Total liabilities and shareholder's equity $ 47,325 $ 47,316
_______ _______
_______ _______
Note: The balance sheet at October 31, 1994 has been derived from the audited financial statement at that date but does not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements.
See notes to financial statements.
Three Months Ended
_____________ ____________
Jan. 27, 1995 Jan 28, 1994
_____________ ____________
Revenues from contracts $ 13,821 $ 13,779
Operating expenses:
Contract costs 8,459 8,865
Research and development 1,813 1,858
General and administrative 1,983 2,208
________ ________
Total operating expenses 12,255 12,931
________ ________
Operating income 1,566 848
Interest income/(expense), net 134 83
________ ________
Income before provision for income taxes 1,700 931
Provision for income taxes 680 372
________ ________
Net income $ 1,020 $ 559
________ ________
________ ________
Net income per common share $ 0.13 $ 0.07
Number of shares used in calculating
net income per common share 7,651 7,815
See notes to financial statements.
Three Months Ended
_____________ ____________
Jan. 27, 1995 Jan 28, 1994
_____________ ____________
Operating Activities:
Net income $ 1,020 $ 559
Adjustments to reconcile net income to
net cash provided by (used in)
operating activities:
Depreciation and amortization 748 651
Accounts receivable 807 745
Inventory, prepaids, and other current assets (3,034) (376)
Other assets 1 (2)
Accounts payable and accrued expenses (1,928) (1,173)
________ ________
Net cash provided by (used in) operating
activities (2,386) 404
Investing Activities:
Purchase of investments --- (8)
Maturity of investments 1,500 8
Additions to property and equipment (1,223) (1,039)
________ ________
Net cash provided by (used in) investing
activities 277 (1,039)
Financing Activities:
Increase in bank line of credit 999 ---
Issuance of common stock 533 425
Repurchase of common stock (615) ---
________ ________
Net cash provided by financing activities 917 425
________ ________
Net increase (decrease) in cash and cash equivalents (1,192) (210)
________ ________
Cash and cash equivalents, beginning of period 1,192 553
________ ________
Cash and cash equivalents, end of period $ 0 $ 343
________ ________
________ ________
Supplemental disclosures of cash flow information:
Interest paid $ 5 $ 8
See notes to financial statements.
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