Aldila Financial Table
ALDILA, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
March 31, Dec. 31,
1999 1998
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ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 397 $ 1,972
Accounts receivable 5,905 3,421
Inventories 17,353 17,326
Deferred tax assets 4,891 5,126
Prepaid expenses and other
current assets 966 1,006
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Total current assets 29,512 28,851
PROPERTY, PLANT AND
EQUIPMENT 27,171 27,649
TRADEMARKS AND PATENTS 14,159 14,268
GOODWILL 45,841 46,198
DEFERRED FINANCING FEES 59 68
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TOTAL ASSETS $ 116,742 $ 117,034
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LIABILITIES AND
STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable $ 3,381 $ 3,658
Accrued expenses 3,194 3,897
Income taxes payable 942 1,565
Line of credit 1,700 --
Long-term debt, current
portion 8,000 4,000
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Total current liabilities 17,217 13,120
LONG-TERM LIABILITIES:
Long-term debt 12,000 16,000
Deferred tax liabilities 7,091 7,143
Deferred rent liabilities 487 517
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Total liabilities 36,795 36,780
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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 shares 155 155
Additional paid-in capital 42,627 42,627
Retained earnings 37,165 37,472
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Total stockholders' equity 79,947 80,254
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TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $ 116,742 $ 117,034
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ALDILA, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share data)
Three months ended
March 31,
-------------------------
1999 1998
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NET SALES $ 10,563 $ 19,117
COST OF SALES 8,274 13,277
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Gross profit 2,289 5,840
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SELLING, GENERAL AND
ADMINISTRATIVE 1,865 3,068
AMORTIZATION OF GOODWILL 357 357
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Operating income 67 2,415
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OTHER:
Interest expense 334 316
Other expense (income), net 7 (47)
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INCOME (LOSS) BEFORE INCOME TAXES (274) 2,146
PROVISION FOR INCOME TAXES 33 1,005
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NET INCOME (LOSS) ($ 307) $ 1,141
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NET INCOME (LOSS) PER COMMON
SHARE ($ 0.02) $ 0.07
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NET INCOME (LOSS) PER COMMON
SHARE, ASSUMING DILUTION ($ 0.02) $ 0.07
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WEIGHTED AVERAGE NUMBER OF
COMMON SHARES OUTSTANDING 15,462 15,432
WEIGHTED AVERAGE NUMBER OF
COMMON AND COMMON EQUIVALENT
SHARES 15,462 15,482
ALDILA, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
Three months ended
March 31,
-------------------------
1999 1998
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CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) ($307) $1,141
Depreciation and amortization 1,585 1,353
Changes in working capital items,
net (3,921) (2,185)
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Net cash provided by (used for)
operating activities (2,643) 309
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CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment,
net (641) (1,093)
Other 9 (3)
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Net cash used for investing
activities (632) (1,096)
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CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings under line of credit 1,700 --
Proceeds from issuance of common
stock -- 93
Other, net -- 6
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Net cash provided by financing
activities 1,700 99
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NET DECREASE IN CASH AND CASH
EQUIVALENTS (1,575) (688)
CASH AND CASH EQUIVALENTS,
BEGINNING OF PERIOD 1,972 3,046
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CASH AND CASH EQUIVALENTS, END OF
PERIOD $397 $2,358
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