LMI Aerospace, Inc. Condensed Consolidated Statements of Operations (Amounts in thousands, except share and per share data) (Unaudited) For the Three Months For the Twelve Months Ended December 31 Ended December 31 2002 2001 2002 2001 Net sales $21,828 $16,112 $81,349 $70,823 Cost of sales 21,099 12,599 69,185 54,809 Gross profit 729 3,513 12,164 16,014 ------- ------- ------- ------- Selling, general, and administrative expenses 3,689 2,587 12,931 10,194 Goodwill impairment charges 5,104 - 5,104 - ------- ------- ------- ------- Income (loss) from operations (8,064) 926 (5,871) 5,820 Interest expense (477) (284) (1,495) (843) Other (expense) income, net (325) (304) (525) (247) ------- ------- ------- ------- Income (loss) before income taxes (8,866) 338 (7,891) 4,730 Provision for (benefit of) income taxes (1,160) 227 (691) 1,764 ------- ------- ------- ------- Income (loss) before cumulative change in accounting principle (7,706) 111 $(7,200) $ 2,966 Cumulative effect of change in accounting principle, net of income tax benefit of $663 for 2002 - - (1,104) - ------- ------- ------- ------- Net income (loss) $(7,706) 111 $(8,304) $ 2,966 ======= ======= ======= ======= Amounts per common share: Income (loss) before cumulative effect of change in accounting principle $(0.94) $ 0.01 $(0.89) $ 0.37 Cumulative effect of change in accounting principle - - (0.14) - ------- ------- ------- ------- Net income (loss) per common share $(0.94) $ 0.01 $(1.03) $ 0.37 Net income (loss) per common share - assuming dilution $(0.94) $ 0.01 $(1.03) $ 0.36 Weighted average common shares outstanding 8,181,786 8,023,998 8,077,293 8,059,682 --------- --------- --------- --------- Weighted average dilutive stock options outstanding - 119,492 - 98,444 ========= ========= ======== ========= LMI Aerospace, Inc. Consolidated Balance Sheets (Amounts in thousands, except share and per share data) December 31 2002 2001 ----------------------------------- Assets Current assets: Cash and cash equivalents $ 1,182 $ 4,645 Investments - 643 Trade accounts receivable, net of allowance of $64 in 2001 and $334 in 2002 11,392 6,285 Inventories 25,181 23,045 Prepaid expenses 978 787 Deferred income taxes 1,389 886 Income taxes receivable 1,501 - ----------------------------------- Total current assets 41,623 36,291 Property, plant, and equipment, net 25,986 24,014 Goodwill 5,653 7,420 Customer intangible assets, net 4,267 - Other assets 336 277 ----------------------------------- $ 77,865 $ 68,002 =================================== Liabilities and stockholders' equity Current liabilities: Accounts payable $ 6,107 $ 3,547 Accrued expenses 2,846 2,659 Current installments of long-term debt and capital lease 4,616 2,334 obligations ----------------------------------- Total current liabilities 13,569 8,540 Long-term debt and capital lease obligations, less current installments 24,621 12,621 Deferred income taxes 1,939 1,192 ----------------------------------- Total long-term liabilities 16,560 13,813 Stockholders' equity: Common stock of $.02 par value; authorized 28,000,000 shares; 8,734,422 and 8,736,427 shares issued in 2001 and 2002, respectively 175 175 Preferred stock; authorized 2,000,000 shares; none issued - - Additional paid-in capital 26,171 26,171 Treasury stock, at cost, 716,676 and 554,641 shares in 2001 and 2002, respectively (2,632) (3,402) Accumulated other comprehensive loss (17) - Retained earnings 14,039 22,705 ----------------------------------- Total stockholders' equity 37,736 45,649 ----------------------------------- $ 77,865 68,002 ===================================
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8-K/A Filing
LMI Aerospace (LMIA) Inactive 8-K/AGoodwill impairment charges and excess costs on new programs affect results
Filed: 22 Apr 03, 12:00am