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Radyne Corporation
Condensed Consolidated Balance Sheets
Unaudited
(in thousands, except share data)
March 31, 2006 | December 31, 2005 | ||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 21,643 | $ | 16,928 | |||
Accounts receivable—trade, net of allowance for doubtful accounts of $500 and $804, respectively | 18,203 | 20,337 | |||||
Inventories | 22,085 | 18,057 | |||||
Deferred tax assets | 2,836 | 3,010 | |||||
Prepaid expenses and other assets | 862 | 864 | |||||
Total current assets | 65,629 | 59,196 | |||||
Goodwill | 30,557 | 30,333 | |||||
Intangibles | 6,421 | 6,706 | |||||
Property and equipment, net | 4,014 | 4,098 | |||||
Other assets | 264 | 295 | |||||
Total Assets | $ | 106,885 | $ | 100,628 | |||
Liabilities and Stockholders’ Equity | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 6,408 | $ | 5,054 | |||
Accrued expenses | 7,610 | 9,045 | |||||
Customer advance payments | 2,955 | 2,319 | |||||
Current portion of long-term debt | 1,000 | 1,000 | |||||
Income taxes payable | 105 | 609 | |||||
Total current liabilities | 18,078 | 18,027 | |||||
Long-term debt, less current portion | 3,500 | 3,750 | |||||
Deferred tax liability | 625 | 752 | |||||
Deferred rent | 278 | 413 | |||||
Accrued stock option compensation | 6 | 46 | |||||
Total liabilities | 22,487 | 22,988 | |||||
Stockholders’ equity: | |||||||
Common stock; $.001 par value—authorized, 50,000,000 shares; issued and outstanding, 17,749,444 shares and 17,334,467 shares, respectively | 18 | 17 | |||||
Additional paid-in capital | 67,544 | 63,171 | |||||
Retained earnings | 16,844 | 14,450 | |||||
Other comprehensive income | (8 | ) | 2 | ||||
Total stockholders’ equity | 84,398 | 77,640 | |||||
Total Liabilities and Stockholders’ Equity | $ | 106,885 | $ | 100,628 | |||
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Radyne Corporation
Condensed Consolidated Statement of Operations
Unaudited
(in thousands, except per share data)
Three Months Ended March 31, | ||||||||
2006 | 2005 | |||||||
Net sales | $ | 31,194 | $ | 13,709 | ||||
Cost of sales | 18,304 | 6,583 | ||||||
Gross profit | 12,890 | 7,126 | ||||||
Operating expenses: | ||||||||
Selling, general and administrative | 6,529 | 3,677 | ||||||
Research and development | 2,724 | 1,498 | ||||||
Total operating expenses | 9,253 | 5,175 | ||||||
Earnings from operations | 3,637 | 1,951 | ||||||
Other (income) expense: | ||||||||
Interest expense | 77 | 26 | ||||||
Interest and other income | (217 | ) | (251 | ) | ||||
Earnings before income taxes | 3,777 | 2,176 | ||||||
Income tax expense | 1,381 | 732 | ||||||
Net earnings | $ | 2,396 | $ | 1,444 | ||||
Earnings per share: | ||||||||
Basic | $ | 0.14 | $ | 0.09 | ||||
Diluted | $ | 0.13 | $ | 0.08 | ||||
Weighted average number of common shares outstanding: | ||||||||
Basic | 17,557 | 16,473 | ||||||
Diluted | 18,654 | 17,258 | ||||||
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Radyne Corporation
Condensed Consolidated Statements of Cash Flows
Unaudited
(in thousands)
Three Months Ended March 31, | ||||||||
2006 | 2005 | |||||||
Cash flows from operating activities: | ||||||||
Net earnings | $ | 2,396 | $ | 1,444 | ||||
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||||||||
Gain on disposal of property and equipment | (148 | ) | (12 | ) | ||||
Decrease in allowance for doubtful accounts | 182 | 22 | ||||||
Deferred income taxes | 48 | 598 | ||||||
Depreciation and amortization | 894 | 235 | ||||||
Tax benefit from disqualifying dispositions | 546 | — | ||||||
Amortization of stock compensation | 563 | — | ||||||
Increase (decrease) in cash, excluding effects of acquisition, resulting from changes in: | ||||||||
Accounts receivable | 1,952 | 1,124 | ||||||
Inventories | (4,028 | ) | (508 | ) | ||||
Prepaids and other assets | 27 | (302 | ) | |||||
Accounts payable | 1,131 | 233 | ||||||
Accrued expenses | (1,569 | ) | (1,738 | ) | ||||
Income taxes payable | (504 | ) | (35 | ) | ||||
Customer advance payments | 635 | 496 | ||||||
Accrued stock bonus | (40 | ) | — | |||||
Net cash provided by operating activities | 2,085 | 1,557 | ||||||
Cash flows from investing activities: | ||||||||
Capital expenditures | (554 | ) | (321 | ) | ||||
Proceeds from sales of property and equipment | 179 | 14 | ||||||
Net cash used in investing activities | (375 | ) | (307 | ) | ||||
Cash flows from financing activities: | ||||||||
Payment of notes payable | (250 | ) | — | |||||
Exercise of stock options | 2,484 | 340 | ||||||
Exercise of redeemable warrants | — | 2,717 | ||||||
Tax benefit from disqualifying dispositions | 781 | 69 | ||||||
Principal payments on capital lease obligations | — | (2 | ) | |||||
Net cash provided by financing activities | 3,015 | 3,124 | ||||||
Effects of exchange rate changes on cash and cash equivalents | (10 | ) | — | |||||
Net increase in cash and cash equivalents | 4,715 | 4,374 | ||||||
Cash and cash equivalents, beginning of year | 16,928 | 39,300 | ||||||
Cash and cash equivalents, end of quarter | $ | 21,643 | $ | 43,674 | ||||
Supplemental disclosures of cash flow information: | ||||||||
Cash paid for interest | $ | 77 | $ | 6 | ||||
Cash paid for taxes | $ | 510 | $ | 101 | ||||