Assets April 28, 1995 October 31, 1994
(unaudited) (Note)
___________ ___________
Current assets:
Cash and cash equivalents $ 500 $ 1,192
Short term investments 1,900 2,500
Accounts receivable:
Billed: 8,143 10,916
Unbilled: 11,961 14,048
_______ _______
Total accounts receivable 20,104 24,964
Refundable income taxes 107 179
Inventory 8,561 2,714
Prepaid and other current assets 1,393 1,131
_______ _______
Total current assets 32,565 32,680
Property and equipment, at cost:
Machinery and equipment 17,084 15,591
Furniture and fixtures 2,841 2,743
Leasehold improvements 1,000 722
Construction in process 930 272
_______ _______
21,855 19,328
Accumulated depreciation and amortization (11,873) (10,355)
_______ _______
Net property and equipment 9,982 8,973
Long-term investments 4,100 5,500
Other assets 172 163
_______ _______
Total assets $ 46,819 $ 47,316
_______ _______
_______ _______
Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable 2,928 4,757
Accrued payroll and related benefits 4,311 4,041
Other accrued liabilities 197 293
Income taxes payable 1,964 1,704
_______ _______
Total current liabilities 9,400 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: 20,000,000 shares
authorized; issued and outstanding -- 7,349,633
at Apr. 28, 1995 and 7,399,003 at Oct. 31, 1994 18,261 18,656
Retained earnings 18,443 17,153
_______ _______
Total shareholder's equity 36,704 35,809
_______ _______
Total liabilities and shareholder's equity $ 46,819 $ 47,316
_______ _______
_______ _______
Note: The balance sheet at October 31, 1994 has been derived from the audited financial statements 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 Six Months Ended
__________ ___________ ___________ ___________
Apr. 28, Apr. 29, Apr. 28, Apr. 29,
1995 1994 1995 1994
__________ ___________ ___________ ___________
Revenues from contracts $ 13,030 $ 14,968 $ 26,851 $ 28,747
Operating expenses:
Contract costs 8,964 10,165 17,423 19,031
Research and development 1,660 1,988 3,473 3,846
General and administrative 2,015 2,308 3,998 4,516
________ ________ ________ ________
Total operating expenses 12,639 14,461 24,894 27,393
________ ________ ________ ________
Operating income 391 507 1,957 1,354
Interest income/(expense), net 59 100 193 184
________ ________ ________ ________
Income before provision for
income taxes 450 607 2,150 1,538
Provision for income taxes 180 228 860 600
________ ________ ________ ________
Net income $ 270 $ 379 $ 1,290 $ 938
________ ________ ________ ________
________ ________ ________ ________
Net income per common share $ 0.04 $ 0.05 $ 0.17 $ 0.12
Number of shares used in calculating
net income per common share 7,577 7,858 7,614 7,837
See notes to financial statements.
Six Months Ended
_____________ _____________
Apr. 28, 1995 Apr. 29, 1994
_____________ _____________
Operating Activities:
Net income $ 1,290 $ 938
Adjustments to reconcile net income to
net cash provided by (used in)
operating activities:
Depreciation and amortization 1,518 1,339
Accounts receivable 4,860 3,574
Inventory, prepaids, and other current assets (6,037) (1,024)
Other assets (9) 52
Accounts payable and accrued expenses (1,392) (158)
________ ________
Net cash provided by operating
activities 230 4,721
Investing Activities:
Purchase of investments --- (1,600)
Maturity of investments 2,000 1,600
Additions to property and equipment (2,527) (2,347)
________ ________
Net cash used in investing
activities (527) (2,347)
Financing Activities:
Issuance of common stock 585 471
Repurchase of common stock (980) (385)
________ ________
Net cash provided by (used in) financing (395) 86
activities ________ ________
Net increase (decrease) in cash and cash equivalents (692) 2,460
Cash and cash equivalents, beginning of period 1,192 553
________ ________
Cash and cash equivalents, end of period $ 500 $ 3,013
________ ________
________ ________
Supplemental disclosures of cash flow information:
Interest paid $ 28 $ 14
See notes to financial statements.
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