Assets July 28, 1995 October 31, 1994
(unaudited) (Note)
___________ ___________
Current assets:
Cash and cash equivalents $ --- $ 1,192
Short term investments 2,385 2,500
Accounts receivable:
Billed: 9,598 10,916
Unbilled: 11,557 14,048
_______ _______
Total accounts receivable 21,155 24,964
Refundable income taxes 107 179
Inventory 9,722 2,714
Prepaid and other current assets 1,269 1,131
_______ _______
Total current assets 34,638 32,680
Property and equipment, at cost:
Machinery and equipment 18,160 15,591
Furniture and fixtures 2,858 2,743
Leasehold improvements 1,441 722
Construction in process 881 272
_______ _______
23,340 19,328
Accumulated depreciation and amortization (12,666) (10,355)
_______ _______
Net property and equipment 10,674 8,973
Long-term investments 3,577 5,500
Other assets 172 163
_______ _______
Total assets $ 49,061 $ 47,316
_______ _______
_______ _______
Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable 2,945 4,757
Accrued payroll and related benefits 2,942 4,041
Other accrued liabilities 1,621 293
Income taxes payable 1,163 1,704
Bank line of credit 3,460 ---
_______ _______
Total current liabilities 12,311 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 18,832 18,656
Retained earnings 17,203 17,153
_______ _______
Total shareholder's equity 36,035 35,809
_______ _______
Total liabilities and shareholder's equity $ 49,061 $ 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 Nine Months Ended
__________ ___________ ___________ ___________
Jul. 28, Jul. 29, Jul. 28, Jul. 29,
1995 1994 1995 1994
__________ ___________ ___________ ___________
Revenues from contracts $ 14,330 $ 13,207 $ 41,181 $ 41,954
Operating expenses:
Contract costs 11,274 8,286 28,697 27,317
Research and development 2,399 1,884 5,872 5,730
General and administrative 2,651 2,204 6,649 6,720
________ ________ ________ ________
Total operating expenses 16,324 12,374 41,218 39,767
________ ________ ________ ________
Operating income (1,994) 833 (37) 2,187
Interest income/(expense), net (9) 97 184 281
________ ________ ________ ________
Income before provision for
income taxes (2,003) 930 147 2,468
Provision for income taxes (801) 363 59 963
________ ________ ________ ________
Net income $ (1,202) $ 567 $ 88 $ 1,505
________ ________ ________ ________
________ ________ ________ ________
Net income per common share $ (0.17) $ 0.07 $ 0.01 $ 0.19
Number of shares used in calculating
net income per common share 7,194 7,624 7,616 7,788
See notes to financial statements.
Nine Months Ended
_____________ _____________
Jul. 28, 1995 Jul. 29, 1994
_____________ _____________
Operating Activities:
Net income $ 88 $ 1,505
Adjustments to reconcile net income to
net cash provided by (used in)
operating activities:
Depreciation and amortization 2,311 2,093
Accounts receivable 3,809 6,947
Inventory, prepaids, and other current assets (7,074) (2,847)
Other assets (9) (63)
Accounts payable and accrued expenses (2,121) (1,588)
________ ________
Net cash provided by (used in) operating
activities (2,996) 6,047
Investing Activities:
Purchase of investments --- (3,100)
Maturity of investments 2,000 2,100
Additions to property and equipment (4,012) (3,237)
________ ________
Net cash used in investing
activities (2,012) (4,237)
Financing Activities:
Borrowings under bank line of credit 3,640 ---
Issuance of common stock 1,163 943
Repurchase of common stock (987) (1,187)
________ ________
Net cash provided by (used in) financing 3,816 (244)
activities ________ ________
Net increase (decrease) in cash and cash equivalents (1,192) 1,566
Cash and cash equivalents, beginning of period 1,192 553
________ ________
Cash and cash equivalents, end of period $ --- $ 2,119
________ ________
________ ________
Supplemental disclosures of cash flow information:
Interest paid $ 106 $ 99
Unrealized loss on available-for-sale
securities - net of cast $ 38 $ --
See notes to financial statements.
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