Exhibit 13.1
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selected consolidated financial data 20
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Selected Consolidated Financial Data - The following table sets forth selected
consolidated financial information of the company for the five years in the
period ended July 31, 1996. This selected financial information should be read
in conjunction with the company's Consolidated Financial Statements and related
Notes.
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(in thousands, except per share data)
Years Ended July 31,
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1996 1995 1994 1993 1992
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Consolidated Statement of Operations Data:
Net sales $ 28,485 $ 22,293 $ 19,388 $ 16,548 $ 13,827
Cost of sales 19,437 13,014 11,329 10,028 9,025
Research and development expenses 6,971 -- -- -- --
In-process research and development expenses 2,691 -- -- -- --
Selling, general and administrative expenses 19,960 6,387 4,792 4,225 3,773
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Operating income (loss) (20,574) 2,892 3,267 2,295 1,029
Interest income (expenses), net 2,691 225 (96) (323) (383)
Gain on sale of available-for-sale securities 30,049 4,781 -- -- --
Gain on issuance of stock by subsidiary 19,575 -- -- -- --
Other income (expense), net (746) (292) -- (139) 18
Income tax expense (16,673) (2,844) (1,211) (627) (279)
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Income from continuing operations 14,322 4,762 1,960 1,206 385
Gain from discontinued operations -- 23,453 (159) -- --
Cumulative effect of change in method of
accounting for income taxes -- -- -- -- 463
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Net income $ 14,322 $ 28,215 $ 1,801 $ 1,206 $ 848
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Fully diluted earnings per share:
Income from continuing operations before
cumulative effect of change
in method of accounting for income taxes $ 1.45 $ 0.49 $ 0.25 $ 0.19 $ 0.06
Discontinued operations -- 2.41 (0.02) -- --
Cumulative effect of change in accounting
principle -- -- -- -- 0.07
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Net income $ 1.45 $ 2.90 $ 0.23 $ 0.19 $ 0.13
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Weighted average shares outstanding-fully
diluted 9,898 9,744 7,801 6,310 6,226
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Consolidated Balance Sheet Data:
Working capital $ 72,009 $ 47,729 $ 5,925 $ (1,441) $ (2,075)
Total assets 109,503 80,486 12,740 7,260 6,835
Long-term obligations 555 508 165 931 1,425
Redeemable convertible preferred stock -- -- -- 250 250
Stockholders' equity (deficit) 53,992 55,490 8,867 174 (1,015)
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