Exhibit 99.4
R2D INGÉNIÉRIE SAS
Balance Sheets
As of June 30, 2007 and December 31, 2006
($ in thousands)
June 30, | December 31, | |||||
Assets | 2007 | 2006 | ||||
Current Assets | (Unaudited) | |||||
Cash and cash equivalents | $ | 52 | $ | 835 | ||
Accounts receivable, net of allowances | 1,330 | 1,463 | ||||
Inventories | 1,827 | 895 | ||||
Income taxes receivable | 55 | - | ||||
Deferred tax asset - current | - | 18 | ||||
Other | 468 | 382 | ||||
Total current assets | 3,732 | 3,593 | ||||
Property, Plant and Equipment - Net | 136 | 52 | ||||
Other Assets | 23 | 15 | ||||
Total Assets | $ | 3,891 | $ | 3,660 | ||
Liabilities and Stockholders' Equity | ||||||
Current Liabilities | ||||||
Accounts payable | $ | 1,159 | $ | 1,046 | ||
Bank loans and current maturities of long-term debt | 16 | 50 | ||||
Accrued compensation and related taxes | 263 | 281 | ||||
Accrued warranty expense | 31 | 30 | ||||
Deferred profit | - | 51 | ||||
Loan payable to shareholders | 970 | 943 | ||||
Income taxes payable | - | 72 | ||||
Other current liabilities | - | 12 | ||||
Total current liabilities | 2,439 | 2,485 | ||||
Long-Term Obligations | 80 | - | ||||
Total liabilities | 2,519 | 2,485 | ||||
Commitments and Contingencies | ||||||
Stockholders' Equity | ||||||
Common stock | 118 | 118 | ||||
Additional paid-in capital | 12 | 12 | ||||
Accumulated other comprehensive income (loss) | 322 | 295 | ||||
Retained Earnings | 920 | 750 | ||||
Total stockholders' equity | 1,372 | 1,175 | ||||
Total Liabilities and Stockholders' Equity | $ | 3,891 | $ | 3,660 |
The accompanying notes are an integral part of these condensed financial statements.
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R2D INGÉNIÉRIE SAS
Statements of Operations
For the six months ended June 30, 2007 and 2006
Unaudited
($ in thousands)
Six Months Ended June 30, | ||||||||
2007 | 2006 | |||||||
Revenues, net of returns and allowances | $ | 2,165 | $ | 2,337 | ||||
Cost of sales | 1,454 | 1,516 | ||||||
Gross profit | 711 | 821 | ||||||
Selling expenses | 283 | 236 | ||||||
General and Administrative expenses | 183 | 106 | ||||||
Operating income | 245 | 479 | ||||||
Interest and other income (expense), net | (5 | ) | (111 | ) | ||||
Income before income taxes | 240 | 368 | ||||||
Income tax provision | 69 | 101 | ||||||
Net income | $ | 171 | $ | 267 |
The accompanying notes are an integral part of these condensed financial statements.
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R2D INGÉNIÉRIE SAS
Statements of Cash Flows
For the six months ended June 30, 2007 and 2006
Unaudited
($ in thousands)
Six months ended June 30, | ||||||||
2007 | 2006 | |||||||
Operating Activities | ||||||||
Net income | $ | 171 | $ | 267 | ||||
Adjustments to reconcile net income to net cash provided by (used in) operating | ||||||||
activities: | ||||||||
Depreciation and amortization | 36 | 9 | ||||||
Deferred income taxes | (15 | ) | 3 | |||||
Changes in operating assets and liabilities: | ||||||||
Accounts receivable | 162 | (734 | ) | |||||
Inventories | (880 | ) | 48 | |||||
Accrued income taxes | (128 | ) | (48 | ) | ||||
Prepaid expenses and other assets | (84 | ) | 216 | |||||
Accounts payable | 89 | (126 | ) | |||||
Accrued liabilities and customer deposits | (14 | ) | (141 | ) | ||||
Deferred profit | (52 | ) | 28 | |||||
Net cash used in operating activities | (715 | ) | (478 | ) | ||||
Investing Activities | ||||||||
Purchases of property, plant and equipment | (118 | ) | 0 | |||||
Net cash used in investing activities | (118 | ) | 0 | |||||
Financing Activities | ||||||||
Payments on long-term obligations | (2 | ) | - | |||||
Borrowings on long-term obligations | 101 | - | ||||||
Net short-term borrowings | (55 | ) | 5 | |||||
Net cash provided by financing activities | 44 | 5 | ||||||
Effect of Exchange Rate Changes on Cash | 6 | 62 | ||||||
Net Increase (Decrease) in Cash and Cash Equivalents | (783 | ) | (411 | ) | ||||
Cash and Cash Equivalents, Beginning of Period | 835 | 1,214 | ||||||
Cash and Cash Equivalents, End of Period | $ | 52 | $ | 803 |
The accompanying notes are an integral part of these condensed financial statements.
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R2D INGÉNIÉRIE SAS
Notes to the Condensed Financial Statements
For the six months ended June 30, 2007 and 2006
1. | Summary of Significant Accounting Policies | ||
Nature of operations and basis of presentation—SAS R2D Ingenierie (the “Company”) manufactures robotic systems for the semiconductor and the solar industries. The Company sells these products to manufacturers of silicon wafers, semiconductors and solar cells worldwide. In addition, the Company provides semiconductor manufacturing support services. | |||
Use of Estimates—The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. In the opinion of management, the accompanying unaudited interim condensed financial statements contain all adjustments necessary, all of which are of a normal recurring nature, to present fairly the Company’s financial position, results of operations and cash flows. These condensed financial statements should be read in conjunction with the audited financial statements and notes thereto included elsewhere in this Form 8-K/A. | |||
2. | Inventories—Inventories are stated at the lower of cost (first-in, first-out method) or net realizable value. The components of inventories are as follows: |
June 30, | December 31, | |||||
2007 | 2006 | |||||
(dollars in thousands) | ||||||
Purchased parts and raw materials | $ | 949 | $ | 400 | ||
Work-in-process | $ | 449 | 363 | |||
Finished goods | $ | 429 | 132 | |||
$ | 1,827 | $ | 895 |
3. | Equipment financing—The Company entered into a secured financing arrangement for manufacturing equipment in May, 2007. The arrangement includes the obligation to pay 60 equal monthly payments of approximately $2,000 with the financing secured by the equipment. The financing arrangement is accounted for as a capital lease. The outstanding principal balance of the liability was approximately $96,000 as of June 30, 2007. |
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