COMTECH TELECOMMUNICATIONS CORP.
Consolidated Balance Sheets
(unaudited)
| January 31, 2005 | October 31, 2004 | July 31, 2004 | July 31, 2003 | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||||
| Current assets: | ||||||||||||||
| Cash and cash equivalents | $ | 201,743,000 | 182,080,000 | 163,292,000 | 48,617,000 | |||||||||
| Restricted cash | 1,044,000 | 2,103,000 | 4,054,000 | 4,288,000 | ||||||||||
| Accounts receivable, net | 41,412,000 | 30,940,000 | 43,002,000 | 26,696,000 | ||||||||||
| Inventories, net | 38,555,000 | 43,360,000 | 39,758,000 | 34,048,000 | ||||||||||
| Prepaid expenses and other current assets | 5,107,000 | 3,687,000 | 1,817,000 | 1,742,000 | ||||||||||
| Deferred tax asset – current | 6,501,000 | 6,501,000 | 6,501,000 | 5,699,000 | ||||||||||
| Total current assets | 294,362,000 | 268,671,000 | 258,424,000 | 121,090,000 | ||||||||||
| Property, plant and equipment, net | 15,450,000 | 15,164,000 | 14,652,000 | 12,328,000 | ||||||||||
| Goodwill | 18,721,000 | 18,721,000 | 18,721,000 | 17,726,000 | ||||||||||
| Intangibles with definite lives, net | 9,569,000 | 10,137,000 | 10,706,000 | 11,353,000 | ||||||||||
| Deferred financing costs, net | 3,267,000 | 3,404,000 | 3,541,000 | — | ||||||||||
| Other assets, net | 413,000 | 404,000 | 346,000 | 390,000 | ||||||||||
| Deferred tax asset – non current | — | — | — | 1,363,000 | ||||||||||
| Total assets | $ | 341,782,000 | 316,501,000 | 306,390,000 | 164,250,000 | |||||||||
| Liabilities and Stockholders' Equity | ||||||||||||||
| Current liabilities: | ||||||||||||||
| Accounts payable | $ | 16,808,000 | 12,283,000 | 9,566,000 | 11,527,000 | |||||||||
| Accrued expenses | 24,264,000 | 19,394,000 | 20,515,000 | 13,267,000 | ||||||||||
| Customer advances and deposits | 11,045,000 | 5,870,000 | 7,290,000 | 2,491,000 | ||||||||||
| Deferred service revenue | 10,248,000 | 13,751,000 | 13,716,000 | 11,160,000 | ||||||||||
| Current installments of capital lease obligations | 162,000 | 194,000 | 234,000 | 899,000 | ||||||||||
| Interest payable | 1,050,000 | 525,000 | 1,073,000 | — | ||||||||||
| Income taxes payable | 9,885,000 | 7,936,000 | 4,812,000 | 6,945,000 | ||||||||||
| Total current liabilities | 73,462,000 | 59,953,000 | 57,206,000 | 46,289,000 | ||||||||||
| Convertible senior notes | 105,000,000 | 105,000,000 | 105,000,000 | — | ||||||||||
| Capital lease obligations, less current installments | 90,000 | 124,000 | 158,000 | 393,000 | ||||||||||
| Deferred tax liability – non-current | 1,628,000 | 1,628,000 | 1,628,000 | — | ||||||||||
| �� Total liabilities | 180,180,000 | 166,705,000 | 163,992,000 | 46,682,000 | ||||||||||
| Stockholders' equity: | ||||||||||||||
| Preferred stock, par value $.10 per share; shares | ||||||||||||||
| authorized and unissued 2,000,000 | — | — | — | — | ||||||||||
| Common stock, par value $.10 per share; | ||||||||||||||
| authorized 30,000,000 shares; issued | ||||||||||||||
| 21,844,191 shares at January 31, 2005, 21,605,907 | ||||||||||||||
| shares at October 31, 2004, 21,557,002 shares at | ||||||||||||||
| July 31, 2004 and 21,031,153 shares at July 31, | ||||||||||||||
| 2003 | 2,184,000 | 2,161,000 | 2,156,000 | 2,103,000 | ||||||||||
| Additional paid-in capital | 111,634,000 | 110,033,000 | 109,716,000 | 106,872,000 | ||||||||||
| Retained earnings | 47,969,000 | 37,787,000 | 30,711,000 | 8,884,000 | ||||||||||
| 161,787,000 | 149,981,000 | 142,583,000 | 117,859,000 | |||||||||||
| Less: | ||||||||||||||
| Treasury stock (210,937 shares) | (185,000 | ) | (185,000 | ) | (185,000 | ) | (185,000 | ) | ||||||
| Deferred compensation | — | — | — | (106,000 | ) | |||||||||
| Total stockholders' equity | 161,602,000 | 149,796,000 | 142,398,000 | 117,568,000 | ||||||||||
| Total liabilities and stockholders' equity | $ | 341,782,000 | 316,501,000 | 306,390,000 | 164,250,000 | |||||||||
Commitments and contingencies
The consolidated balance sheets as of January 31, 2005, October 31, 2004, July 31, 2004 and July 31, 2003 above include reclassifications of $728,000, $721,000, $719,000 and $701,000 to reflect the 3-for-2 stock split which became effective on April 4, 2005.