Aldila Financial Table
Return to story
ALDILA, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
June 30, December 31,
1999 1998
-------- -----------
-------------------- --------------------
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $485 $1,972
Accounts receivable 7,087 3,421
Inventories 15,056 17,326
Deferred tax assets 4,891 5,126
Prepaid expenses and other
current assets 1,080 1,006
--------- ---------
Total current assets 28,599 28,851
PROPERTY, PLANT AND EQUIPMENT 26,202 27,649
TRADEMARKS AND PATENTS 14,050 14,268
GOODWILL 45,484 46,198
DEFERRED FINANCING FEES 49 68
--------- ---------
TOTAL ASSETS $114,384 $117,034
========= =========
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable $2,519 $3,658
Accrued expenses 3,321 3,897
Income taxes payable 1,173 1,565
Long-term debt, current portion 8,000 4,000
--------- ---------
Total current liabilities 15,013 13,120
LONG-TERM LIABILITIES:
Long-term debt 12,000 16,000
Deferred tax liabilities 7,039 7,143
Deferred rent liabilities 457 517
--------- ---------
34,509 36,780
--------- ---------
Total liabilities
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 37,093 37,472
--------- ---------
Total stockholders' equity 79,875 80,254
--------- ---------
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $114,384 $117,034
========= =========
ALDILA, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share data)
Three months ended Six months ended
June 30, June 30,
----------------------------------------
1999 1998 1999 1998
-------- -------------------- -------
NET SALES $ 12,612 $ 21,153 $ 23,175 $ 40,270
COST OF SALES 9,956 15,177 18,230 28,454
-------- -------- -------- --------
Gross profit 2,656 5,976 4,945 11,816
-------- -------- -------- --------
SELLING, GENERAL
AND ADMINISTRATIVE 1,831 2,419 3,696 5,487
AMORTIZATION OF GOODWILL 357 357 714 714
-------- -------- -------- --------
Operating income 468 3,200 535 5,615
-------- -------- -------- --------
OTHER:
Interest expense 344 323 678 639
Other expense (income), net 6 (54) 13 (101)
-------- -------- -------- --------
INCOME (LOSS ) BEFORE
INCOME TAXES 118 2,931 (156) 5,077
PROVISION FOR INCOME TAXES 190 1,367 223 2,372
-------- -------- -------- --------
NET INCOME (LOSS) ($ 72) $ 1,564 ($ 379) $ 2,705
======== ======== ======== ========
NET INCOME (LOSS)
PER COMMON SHARE $ 0.00 $ 0.10 ($ 0.02) $ 0.18
======== ======== ======== ========
NET INCOME (LOSS) PER
COMMON SHARE,
ASSUMING DILUTION $ 0.00 $ 0.10 ($ 0.02) $ 0.17
======== ======== ======== ========
WEIGHTED AVERAGE
NUMBER OF COMMON
SHARES OUTSTANDING 15,462 15,451 15,462 15,441
======== ======== ======== ========
WEIGHTED AVERAGE
NUMBER OF COMMON
AND COMMON EQUIVALENT
SHARES 15,462 15,893 15,462 15,700
======== ======== ======== ========
ALDILA, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
Six months ended
June 30,
-------------------
1999 1998
--------------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) ($ 379) $ 2,705
Depreciation and amortization 3,133 2,896
Loss on disposal of fixed assets 9 23
Changes in working capital items, net (3,506) (933)
------- -------
Net cash provided by
(used for) operating
activities (743) 4,691
------- -------
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and
equipment, net (744) (2,317)
------- -------
Net cash used for
investing activities (744) (2,317)
------- -------
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings under line of credit 1,700 --
Payments under line of credit (1,700) --
Proceeds from issuance
of common stock -- 156
Other, net -- 16
------- -------
Net cash provided by
financing activities -- 172
------- -------
NET INCREASE (DECREASE)
IN CASH AND CASH EQUIVALENTS (1,487) 2,546
CASH AND CASH EQUIVALENTS,
BEGINNING OF PERIOD 1,972 3,046
------- -------
CASH AND CASH EQUIVALENTS,
END OF PERIOD $ 485 $ 5,592
======= =======
Return to story
