EXHIBIT 99.2
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CONCEPTUAL DESIGN AND RENDERING SYSTEM
OPERATIONS OF EVANS & SUTHERLAND COMPUTER CORPORATION
INTERIM FINANCIAL STATEMENTS
FOR THE THREE MONTHS ENDED MARCH 31, 1995
(UNAUDITED)
CONCEPTUAL DESIGN AND RENDERING SYSTEM
OPERATIONS OF EVANS & SUTHERLAND COMPUTER CORPORATION
BALANCE SHEET
Assets March 31, 1995
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(Unaudited)
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Current assets:
Accounts receivable $ 1,014,948
Inventories 87,829
Prepaid expenses 65,349
Deferred tax assets 68,923
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Total current assets 1,237,049
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Property and equipment, net 1,246,943
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$ 2,483,992
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Liabilities and Parent's Equity
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Current liabilities:
Accounts payable $ 358,678
Accrued expenses 181,641
Deferred revenue 792,056
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Total current liabilities 1,332,375
Deferred tax liability 68,923
Parent's equity 1,082,694
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$ 2,483,992
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See accompanying notes to unaudited financial statements.
CONCEPTUAL DESIGN AND RENDERING SYSTEM
OPERATIONS OF EVANS & SUTHERLAND COMPUTER CORPORATION
STATEMENT OF OPERATIONS
(UNAUDITED)
Three months ended March 31,
1994 1995
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Net sales:
Software licenses $ 1,315,861 $ 432,559
Maintenance and support 337,683 289,625
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Total net sales 1,653,544 722,184
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Cost of sales:
Software licenses 19,917 4,910
Maintenance and support 140,887 69,830
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Total cost of sales 160,804 74,740
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Gross profit 1,492,740 647,444
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Sales and marketing 814,881 1,218,914
Research and development 486,701 695,450
General and administrative 140,701 305,685
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1,442,283 2,220,049
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Income (loss) before income taxes 50,457 (1,572,605)
Income tax expense (benefit) 300,000 (360,000)
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Net loss $ (249,543) $(1,212,605)
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See accompanying notes to unaudited financial statements.
CONCEPTUAL DESIGN AND RENDERING SYSTEM
OPERATIONS OF EVANS & SUTHERLAND COMPUTER CORPORATION
STATEMENT OF CASH FLOWS
(UNAUDITED)
Three months ended March 31,
1994 1995
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Cash flows from operating activities:
Net loss $ (249,543) $ (1,212,605)
Adjustments to reconcile net loss to net cash
provided by operating activities:
Depreciation on property and equipment 130,386 216,458
Tax expense (benefit) offset to parent's equity 300,000 (360,000)
Change in operating assets and liabilities:
Accounts receivable (2,031,639) 505,090
Inventories 182,049 8,613
Prepaid expenses (18,880) (33,291)
Accounts payable and accrued expenses 80,259 139,124
Deferred revenue 516,952 111,993
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Net cash used by operating activities (1,090,416) (624,618)
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Cash used in investing activities - purchases of property and equipment (171,318) (142,665)
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Cash provided by financing activities - capital contribution from parent 1,261,734 767,283
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Net change in cash - -
Cash at beginning of year - -
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Cash at end of year $ - $ -
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See accompanying notes to unaudited financial statements.
CONCEPTUAL DESIGN AND RENDERING SYSTEM
OPERATIONS OF EVANS & SUTHERLAND COMPUTER CORPORATION
NOTES TO FINANCIAL STATEMENTS
(1) Basis of Presentation
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The accompanying unaudited financial statements include the accounts of
the Conceptual Design and Rendering System ("CDRS") Operations of Evans &
Sutherland Computer Corporation (the "Parent"), and have been prepared by CDRS
in accordance with generally accepted accounting principles. In the opinion of
management, the accompanying unaudited financial statements contain all
adjustments, consisting only of those of a normal recurring nature necessary for
a fair presentation of the financial position, results of operations and cash
flows of CDRS at the dates and for the periods indicated. While CDRS believes
that the disclosures presented are adequate to make the information not
misleading, these financial statements should be read in conjunction with the
audited financial statements of CDRS for the year ended December 30, 1994
included elsewhere in this Form 8-K/A.
(2) Subsequent Event
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On April 12, 1995, the Parent completed the sale of CDRS to Parametric
Technology Corporation for cash consideration of approximately $34,500,000.