Assets February 2, 1996 October 31, 1995
(unaudited) (Note)
___________ ___________
Current assets:
Cash $ --- $ 369
Accounts receivable:
Billed: 11,409 12,768
Unbilled: 15,329 16,796
_______ _______
Total accounts receivable 26,738 29,564
Refundable Income Taxes 107 107
Inventory 5,524 3,474
Prepaid and other current assets 1,927 1,990
_______ _______
Total current assets 34,296 35,504
Property and equipment, at cost:
Machinery and equipment 20,288 19,504
Furniture and fixtures 3,090 2,903
Leasehold improvements 2,828 1,589
Construction in process 598 751
_______ _______
26,744 24,747
Accumulated depreciation and amortization (14,369) (13,492)
_______ _______
Net property and equipment 12,375 11,255
Long-term investments 2,122 2,095
Other assets 117 176
_______ _______
Total assets $ 48,910 $ 49,030
_______ _______
_______ _______
Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable 2,602 3,921
Bank line of credit 1,300 ---
Accrued payroll and related benefits 3,628 3,691
Other accrued liabilities 1,496 1,547
Income taxes payable 1,421 2,077
_______ _______
Total current liabilities 10,447 11,236
Deferred income taxes 847 847
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--7,691,410
at February 2, 1996 and 7,532,643 at
Oct. 31, 1995 19,387 18,895
Retained earnings 18,207 18,057
Net unrealized gain/(loss) on securities 22 (5)
_______ _______
Total shareholders' equity 37,616 36,947
_______ _______
Total liabilities and shareholders' equity $ 48,910 $ 49,030
_______ _______
_______ _______
Note: The balance sheet at October 31, 1995 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
Feb. 2, 1996 Jan. 27, 1995
_______________ _______________
Revenues from contracts $ 15,798 $ 13,821
Operating expenses:
Contract costs 10,815 8,459
Research and development 1,912 1,813
General and administrative 2,840 1,983
________ ________
Total operating expenses 15,567 12,255
________ ________
Operating income 231 1,566
Interest income/(expense), net 19 134
________ ________
Income before provision for
income taxes 250 1,700
Provision for income taxes 100 680
________ ________
Net income $ 150 $ 1,020
________ ________
________ ________
Net income per common share $ 0.02 $ 0.13
Number of shares used in calculating
net income per common share 7,782 7,651
________ ________
________ ________
See notes to financial statements.
Three Months Ended
_____________ _____________
Feb. 3, 1996 Jan. 27, 1995
_____________ _____________
Operating Activities:
Net income $ 150 $ 1,020
Adjustments to reconcile net income to
net cash provided by (used in)
operating activities:
Depreciation and amortization 877 748
Accounts receivable 2,826 807
Inventory, prepaids, and other current assets (1,987) (3,034)
Other assets 59 1
Accounts payable and accrued expenses (2,089) (1,928)
________ ________
Net cash used in operating
activities (164) (2,386)
Investing Activities:
Maturity of investments --- 1,500
Additions to property and equipment (1,997) (1,223)
________ ________
Net cash provided by (used in) investing
activities (1,997) 277
Financing Activities:
Increase in bank line of credit 1,300 999
Issuance of common stock 493 533
Repurchase of common stock (1) (615)
________ ________
Net cash provided by financing 1,792 917
activities ________ ________
Net decrease in cash and cash equivalents (369) (1,192)
Cash and cash equivalents, beginning of period 369 1,192
________ ________
Cash and cash equivalents, end of period $ 0 $ 0
________ ________
________ ________
Supplemental disclosures of cash flow information:
Interest paid $ 5 $ 5
See notes to financial statements.
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