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Exhibit 99.1
UNAUDITED PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET
AS OF MARCH 31, 2003
(In thousands)
Net
Historical (a) (b) (c) Adjustment Pro forma
---------- ------ ------- ------ ---------- ---------
ASSETS
Current Assets:
Cash and cash equivalents $ 8,801 $ 14,081 $(13,081) $(1,079) $ (79) $ 8,722
Short-term investments 38,354 - - - - 38,354
Accounts receivable, net 1,817 - - - - 1,817
Inventories 4,753 (1,700) - - (1,700) 3,053
Other current assets 1,619 - - - - 1,619
------ ------ ------- ------ ------ ------
Total current assets 55,344 12,381 (13,081) (1,079) (1,779) 53,565
Property and equipment, net 3,015 (100) - - (100) 2,915
Long-term investments and other 8,319 - 9,370 - 9,370 17,689
Other long-term assets 344 - - - - 344
------ ------ ------- ------ ------ ------
Total assets $ 67,022 $ 12,281 $ (3,711) $(1,079) $ 7,491 $ 74,513
====== ====== ======= ====== ====== ======
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 6,366 $ - $ - $ - $ - $ 6,366
Other current liabilities 9,944 - - - - 9,944
Income tax payable 1,385 - - - - 1,385
------ ------ ------- ------ ------ ------
Total current liabilities 17,695 - - - - 17,695
------ ------ ------- ------ ------ ------
Total liabilities 17,695 - - - - 17,695
------ ------ ------- ------ ------ ------
Stockholders' equity
Common stock and additional paid-in
capital 56,591 - - - - 56,591
Treasury stock (17,952) - - - - (17,952)
Other comprehensive loss (8,482) - - - - (8,482)
Retained earnings 19,170 12,281 (3,711) (1,079) 7,491 26,661
------ ------ ------- ------ ------ ------
Total stockholders' equity 49,327 12,281 (3,711) (1,079) 7,491 56,818
------ ------ ------- ------ ------ ------
Total liabilities and stockholders'
equity $ 67,022 $12,281 $ (3,711) $(1,079) $ 7,491 $74,513
====== ====== ======= ====== ====== ======
(a) To record the sales of assets of the Graphics Division
(b) To record the investment in XGI Technology, Inc. at NT$450 million.
(c) To record the estimated cost of the transaction related primarily to
professional fees of approximately $1.1 million.
UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
FOR THE NINE MONTHS ENDED MARCH 31, 2003
(In thousands, except per share amounts)
Net
Historical (d) (e) Adjustment Pro forma
---------- --------- -------- ---------- ---------
Net sales $ 38,132 $ (17,643) $ - $ (17,643) $ 20,489
Cost of sales 25,990 (15,277) - (15,277) 10,713
--------- --------- -------- --------- ---------
Gross profit 12,142 (2,366) - (2,366) 9,776
Operating expenses:
Research and development 17,034 - (9,963) (9,963) 7,071
Sales, general and administrative 9,100 - (4,820) (4,820) 4,280
--------- --------- -------- --------- ---------
Loss from operations (13,992) (2,366) 14,783 12,417 (1,575)
Loss on investments, net (4,787) - - - (4,787)
Interest and other expense, net (350) - - - (350)
--------- --------- -------- --------- ---------
Loss before income taxes (19,129) (2,366) 14,783 12,417 (6,712)
Provision for income taxes 1,046 - - - 1,046
--------- --------- -------- --------- ---------
Net loss $ (20,175) $ (2,366) $ 14,783 $ 12,417 $ (7,758)
========= ========= ======== ========= =========
Basic and diluted net loss per share $ (1.48) $ (0.57)
========= =========
Shares used to compute basic and diluted net loss per share 13,651 13,651
========= =========
(d) To eliminate net sales and cost of sales of the Graphics Division.
(e) To eliminate research and development, sales, general and administrative
expenses of the Graphics Division.
UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
FOR THE YEAR ENDED JUNE 30, 2002
(In thousands, except per share amounts)
Net
Historical (d) (e) Adjustment Pro forma
---------- --------- -------- ---------- ---------
Net sales $ 105,766 $ (98,788) $ - $ (98,788) $ 6,978
Cost of sales 82,970 (79,213) - (79,213) 3,757
---------- --------- -------- --------- ---------
Gross profit 22,796 (19,575) - (19,575) 3,221
Operating expenses:
Research and development 22,218 - (14,222) (14,222) 7,996
Sales, general and administrative 13,584 - (10,231) (10,231) 3,353
---------- --------- -------- --------- ---------
Loss from operations (13,006) (19,575) 24,453 4,878 (8,128)
Loss on investments, net (42,715) - - - (42,715)
Interest and other income, net 486 - - - 486
---------- --------- -------- --------- ---------
Loss before income taxes (55,235) (19,575) 24,453 4,878 (50,357)
Benefit for income taxes (19,584) - - - (19,584)
---------- --------- -------- --------- ---------
Net loss $ (35,651) $ (19,575) $ 24,453 $ 4,878 $ (30,773)
========== ========= ======== ========= =========
Basic and diluted net loss per share $ (2.66) $ (2.29)
========== =========
Shares used to compute basic and diluted net loss per share 13,419 13,419
========== =========
(d) To eliminate net sales and cost of sales of the Graphics Division.
(e) To eliminate research and development, sales, general and administrative
expenses of the Graphics Division.