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SECURITIES AND EXCHANGE COMMISSION
FORM 10-Q/A
[X] QUARTERLY REPORT UNDER SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the three month period ended June 30, 2001.
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission file number 0-11685-NY
RADYNE COMSTREAM INC.
DELAWARE
(State or other jurisdiction of incorporation or organization)
11-2569467
(IRS EMPLOYER IDENTIFICATION NO.)
3138 East Elwood Street, Phoenix, AZ 85034
(Address of principal executive offices)
602-437-9620
(Registrant’s Telephone number)
Indicate by check mark whether the registrant (1) filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such period that the registrant was required to file such reports), and (2) has been subject to such filing requirements, for the past 90 days.
YES X NO
Indicate by check mark whether the registrant filed all documents and reports required to be filed by Section 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.
YES X NO
The registrant had 14,979,338 shares of its common stock, par value $.001, outstanding as of August 5, 2001.
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PART I – FINANCIAL INFORMATION | ||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
SIGNATURES |
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Item 1
Item being amended:
The original filing had a typographical error in the Condensed Consolidated Balance Sheets. Under the June 30, 2001 column in the line titled ‘Additional paid-in capital’ the amount should be $49,645,177. All other amounts, including the totals, were correctly reported.
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PART I – FINANCIAL INFORMATION
RADYNE COMSTREAM INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(As amended)
June 30, 2001 | December 31, 2000 | ||||||||||
Unaudited | Audited | ||||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash & cash equivalents | $ | 10,214,590 | $ | 16,244,591 | |||||||
Accounts receivable — trade, net of allowance for doubtful accounts | 11,382,282 | 11,019,149 | |||||||||
Inventories, net | 18,348,222 | 11,330,565 | |||||||||
Prepaid expenses | 687,154 | 670,726 | |||||||||
Deferred tax asset | 3,222,058 | 3,854,418 | |||||||||
Total current assets | 43,854,306 | 43,119,449 | |||||||||
Property and equipment, net | 4,099,747 | 3,288,867 | |||||||||
Other assets: | |||||||||||
Purchased technology, net of accumulated amortization of $1,105,000 and $905,000, respectively | 1,395,000 | 1,595,000 | |||||||||
Goodwill, net of accumulated amortization of $645,388 and $442,748, respectively | 4,182,897 | 3,299,536 | |||||||||
Non-compete covenants, net of accumulated amortization of $145,831 and $20,833, respectively | 354,169 | 479,167 | |||||||||
Deposits and other | 59,418 | 61,526 | |||||||||
Total other assets | 5,991,484 | 5,435,229 | |||||||||
$ | 53,945,537 | $ | 51,843,545 | ||||||||
Liabilities and Stockholders’ Equity | |||||||||||
Current liabilities: | |||||||||||
Current installments of obligations under capital leases | 77,861 | 78,056 | |||||||||
Accounts payable, trade | 3,238,036 | 2,225,363 | |||||||||
Accrued expenses | 4,792,698 | 5,485,061 | |||||||||
Customer advances | 1,026,603 | 1,192,235 | |||||||||
Taxes Payable | 278,900 | 280,000 | |||||||||
Total Current Liabilities | 9,414,098 | 9,260,715 | |||||||||
Deferred rent | 153,652 | 178,190 | |||||||||
Obligations under capital leases, excluding current installments | 77,523 | 85,712 | |||||||||
Accrued stock option compensation | 501,809 | 505,413 | |||||||||
Total Liabilities | 10,147,082 | 10,030,030 | |||||||||
Stockholders’ equity: | |||||||||||
Preferred Stock, $.001 par value, 10,000,000 shares authorized; shares issued and outstanding, 0 at June 30, 2001 and December 31, 2000 | — | — | |||||||||
Common Stock, $.001 par value, 50,000,000 shares authorized; shares issued and outstanding 14,917,086 at June 30, 2001 and 14,822,820 at December 31, 2000 | 14,918 | 14,823 | |||||||||
Additional Paid-In Capital | 49,645,177 | 49,249,999 | |||||||||
Deferred compensation | (383,652 | ) | (844,032 | ) | |||||||
Accumulated deficit | (5,459,068 | ) | (6,607,275 | ) | |||||||
Foreign currency translation adjustment | (18,920 | ) | — | ||||||||
Total stockholders’ equity | 43,798,455 | 41,813,515 | |||||||||
$ | 53,945,537 | $ | 51,843,545 | ||||||||
The accompanying notes are an integral part of these condensed consolidated financial statements.
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SIGNATURES
In accordance with the requirements of the Securities Exchange Act of 1934, the registrant has caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Dated: October 4, 2001 | RADYNE COMSTREAM INC. | |||
By: | /s/ Robert C. Fitting | |||
Robert C. Fitting | ||||
Chief Executive Officer | ||||
By: | /s/ Garry D. Kline | |||
Garry D. Kline | ||||
Vice President, Finance | ||||
(Chief Financial Officer and | ||||
Accounting Officer) |
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