CYGNUS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
MARCH 31, December 31,
1999 1998
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ASSETS:
CURRENT ASSETS:
Cash and cash equivalents $ 8,480 $ 10,219
Short-term investments 13,961 14,982
Trade accounts receivable, net of allowance 1,122 876
Inventories ---- 771
Prepaid expenses and other current assets 782 695
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Total current assets 24,345 27,543
EQUIPMENT AND IMPROVEMENTS:
Equipment and improvements, at cost 20,873 19,541
Less accumulated depreciation and amortization (13,549) (13,077)
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Net equipment and improvements 7,324 6,464
Long-term investments 3,586 3,622
Deferred compensation and other assets 1,609 5,825
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Total Assets $ 36,864 $ 43,454
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LIABILITIES AND NET CAPITAL DEFICIENCY:
CURRENT LIABILITIES:
Accounts payable $ 6,467 $ 4,459
Accrued compensation 4,492 4,593
Accrued professional services 745 729
Other accrued liabilities 936 943
Customer advances 182 207
Current portion of arbitration obligation 157 60
Current portion of deferred revenue 2,462 1,153
Current portion of long-term debt 3,436 3,415
Current portion of capital lease obligations 442 442
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Total current liabilities 19,319 16,001
Long-term portion of arbitration obligation 23,909 24,158
Long-term portion of debt 7,385 8,252
Long-term portion of capital lease obligations 475 581
Senior Subordinated Convertible Notes 18,500 22,563
Deferred compensation and other long-term liabilities 523 4,666
STOCKHOLDERS' NET CAPITAL DEFICIENCY:
Common stock 22 21
Additional paid-in-capital 149,500 143,155
Accumulated deficit (182,771) (175,955)
Accumulated other comprehensive income 2 12
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Net capital deficiency (33,247) (32,767)
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Total liabilities and stockholders' net
capital deficiency $ 36,864 $ 43,454
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Note: The condensed consolidated balance sheet at December 31, 1998 has been
derived from the audited financial statements at that date but does not include
all of the information and footnotes required by generally accepted accounting
principles for complete financial statements.
(See accompanying notes.)
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