Exhibit 99.1
Full Rise Electronics Company Ltd.
Consolidated Balance Sheet - Unaudited
August 31, 2004
(In Thousands of U.S. Dollars)
Assets
Cash & Cash Equivalents $ 11,748
Trade Receivables - Net 10,278
Other Receivables 407
Raw Materials - Net 764
Work in Process - Net 3,119
Finished Goods - Net 1,420
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Inventory - Net 5,303
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Prepaid & Other Current Assets 1,404
Deferred Taxes - Short Term 122
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Total Current Assets 29,262
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Intercompany Receivables 2,502
Land 918
Building 5,577
Machinery & Equipment 11,976
Office Furniture & Fixture 934
Automobiles 329
Construction in Process 1,476
Others 1,616
Leasehold Improvements 0
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Fixed Assets - Gross 22,826
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Accumulated Depreciation (4,245)
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Total Fixed Assets - Net 18,581
Goodwill & Intangibles - Gross 1,719
Total Accum. Amortization Goodwill & Intangibles 0
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Goodwill & Intangibles - Net 1,719
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Minority Owned Investment 0
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Total Long Term Assets 22,909
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Total Assets $ 52,171
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Liabilities
Accounts Payable $ 6,113
Notes Payable to Banks 2,482
Current Portion of L/T Debt 104
Short-term loans 5,538
Accrued expenses 2,596
Accrued Income Taxes 702
Other Current Liabilities 75
Other Accrued Liabilities 731
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Total Current Liabilities 18,341
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Accrued Pension Liabilities 384
Other Long Term Liabilities 3,908
Long Term Debt 1,036
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Total Liabilities $ 23,669
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Stockholders' Equity
Common Stock $ 13,432
APIC 27,271
Retained Earnings - Beginning Balance (10,165)
Dividends (5,695)
Current Year Earnings 2,703
Cumulated translation adjustment 956
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Retained Earnings - Ending Balance (13,157)
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Total Equity 28,502
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Total Liabilities & Equity $ 52,171
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Exhibit 99.1 - continued
Full Rise Electronics Company Ltd.
Consolidated Statement of Income - Unaudited
Eight Months Ended August 31, 2004
(In Thousands of U.S. Dollars)
Nonprecious Metal $ 29,067
Precious Metal 0
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Net Sales 29,067
Labor 2,407
Materials - Non-Precious Metals 13,184
Materials - Precious Metals 0
Overhead 6,067
Inventory (Increase) Decrease (1,887)
Intercompany Profit Elimination 0
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Cost of Goods Sold 19,771
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Gross Profit 9,296
Gross Profit % of Sales 31.98%
R & D, Engineering 1,179
General and Administrative Expense 2,182
Intangible Amortization 189
Selling Expense 1,687
Interest on Consigned Metal 0
Corporate Charge 0
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Total 5,237
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Operating Profit Before Incentives 4,059
Segment Incentives 0
Stock Plan Expenses 0
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Net Operating Profit 4,059
NOP % of Sales 13.96%
Corporate Charge Variance (Income) Expense 0
Interest (Income) (23)
Interest Expense 164
Foreign Currency (Gain) Loss (10)
Other (Income) Expense (104)
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Net Profit Before Tax 4,032
Estimated Taxes 1,329
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Effective Tax Rate 32.96%
Net Income $ 2,703
Net Income % of Sales 9.30%
Exhibit 99.1 - continued
Full Rise Electronics Company Ltd.
Statement of Cash Flows - Unaudited
Eight Months Ended August 31, 2004
(In Thousands of U.S. Dollars)
CASH FLOW FROM OPERATING ACTIVITIES:
Net Profit (Loss) after State Taxes $ 2,703
Plus Depreciation of Fixed Assets 1,212
Gain on disposal of property, plant, and equipment --
Plus Amortization of Intangibles 189
Plus Amortization of Restricted Stock Plan --
Plus employee stock bonus 1,154
Plus Other Amortization (specify) --
(Increase) Decrease in Total (Net) Accounts Receivable
(Excluding Intercompany) (1,205)
(Increase) Decrease in Inventories (636)
(Increase) Decrease in Prepaid Income Taxes --
(Increase) Decrease in Prepaid & Other Current Assets
(Excluding Marketable Securities) 1,100
(Increase) Decrease in Other Non-Current Assets 884
(Increase) Decrease in Intercompany Receivables (642)
Increase (Decrease) in Accounts Payable
(Excluding Intercompany) 1,926
Increase (Decrease) in Accrued Expenses other than Income Taxes (2,180)
Increase (Decrease) in Current Income Taxes Payable 464
Increase (Decrease) in Intercompany Payables --
Increase (Decrease) in Other Current Liabilities (305)
Increase (Decrease) in Deferred Income Taxes Payable 1,368
Increase (Decrease) in Other Long-Term Liabilities 59
Other Cash Changes caused by Operating Activities:
- (Gain) Loss on Sales of Property, Plant or Equipment to outside
parties 3
- (Gain) Loss on Sales of Property, Plant or Equipment to Intercompanies --
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Net Cash Change caused by Operating Activities 6,094
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CASH FLOW FROM INVESTING ACTIVITIES:
Net (increase) decrease in Marketable Securities 682
Capital Expenditures (3,791)
Proceeds of sale of Property, Plant & Equipment to outside --
parties 188
Increase in Goodwill & Intangibles (1,217)
Proceeds of sale of Property, Plant & Equipment to Intercompanies --
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Net Cash Change caused by Investing Activities (4,138)
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CASH FLOW FROM FINANCING ACTIVITIES:
Proceeds from Long-Term Debt
Principal Payments of Long-Term Debt (315)
Net Borrowings (Repayment) of Short-Term Debt 1,193
Dividends paid (1,519)
Proceeds from capital contribution 5,326
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Net Cash Change caused by Financing Activities 4,685
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Effect of exchange rate changes on cash (127)
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Net Increase (decrease) in Cash & C/D's 6,514
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Cash & C/D's at Beginning of Year 5,234
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Cash & C/D's at End of Year $ 11,748
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