Aldila Financial Table
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ALDILA, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
December 31, December 31,
1998 1997
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ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 1,972 $ 3,046
Accounts receivable 3,421 4,640
Income taxes receivable -- 14
Inventories 17,326 13,186
Deferred tax assets 5,126 2,902
Prepaid expenses and other current assets 1,006 734
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Total current assets 28,851 24,522
PROPERTY, PLANT AND EQUIPMENT 27,649 26,170
TRADEMARKS AND PATENTS 14,268 14,704
GOODWILL 46,198 47,625
DEFERRED FINANCING FEES 68 107
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TOTAL ASSETS $117,034 $113,128
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LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable $ 3,658 $ 4,051
Accrued expenses 3,897 3,696
Income taxes payable 1,565 --
Long-term debt, current portion 4,000 --
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Total current liabilities 13,120 7,747
LONG-TERM LIABILITIES:
Long-term debt 16,000 20,000
Deferred tax liabilities 7,143 7,487
Deferred rent liabilities 517 611
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Total liabilities 36,780 35,845
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COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY:
Preferred stock, $.01 par value;
authorized 5,000,000 shares;
no shares issued
Common stock, $.01 par value;
authorized 30,000,000 shares;
issued and outstanding
15,462,204 and 15,428,871 shares 155 154
Additional paid-in capital 42,627 42,456
Retained earnings 37,472 34,673
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Total stockholders' equity 80,254 77,283
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TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $117,034 $113,128
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ALDILA, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share data)
Three months ended Twelve months ended
December 31, December 31,
-------------------- --------------------
1998 1997 1998 1997
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NET SALES $ 8,608 $ 11,255 $ 62,487 $ 55,636
COST OF SALES 6,737 8,810 44,689 38,742
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Gross profit 1,871 2,445 17,798 16,894
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SELLING, GENERAL AND
ADMINISTRATIVE 1,439 2,879 9,005 10,255
AMORTIZATION OF GOODWILL 356 357 1,427 1,428
PLANT CONSOLIDATION 1,200 1,500 1,200 1,500
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Operating income (loss) (1,124) (2,291) 6,166 3,711
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OTHER:
Interest expense 324 246 1,285 1,040
Other (income), net (36) (41) (218) (418)
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INCOME (LOSS) BEFORE
INCOME TAXES (1,412) (2,496) 5,099 3,089
PROVISION (BENEFIT) FOR
INCOME TAXES (751) (935) 2,300 1,550
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NET INCOME (LOSS) ($ 661) ($ 1,561) $ 2,799 $ 1,539
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NET INCOME (LOSS) PER
COMMON SHARE ($ 0.04) ($ 0.10) $ 0.18 $ 0.10
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NET INCOME (LOSS) PER
COMMON SHARE,
ASSUMING DILUTION ($ 0.04) ($ 0.10) $ 0.18 $ 0.10
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ALDILA, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
Twelve months ended
December 31,
--------------------
1998 1997
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CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 2,799 $ 1,539
Depreciation and amortization 5,996 5,373
Changes in working capital items, net (4,468) (5,702)
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Net cash provided by operating activities 4,327 1,210
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CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment, net (5,886) (14,791)
Other 313 33
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Net cash used for investing activities (5,573) (14,758)
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CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common stock 156 71
Repurchases of common stock -- (3,165)
Other, net 16 12
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Net cash provided by (used for)
financing activities 172 (3,082)
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NET DECREASE IN CASH AND CASH EQUIVALENTS (1,074) (16,630)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 3,046 19,676
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CASH AND CASH EQUIVALENTS, END OF PERIOD $ 1,972 $ 3,046
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