Brunswick Financial Table
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Brunswick Technologies, Inc.
Summary Financial Information
(in thousands except per share data)
For the Three Months Ending For the Nine Months Ending
September 30, September 30,
1999 1998 1999 1998
(Unaudited) (Unaudited)
Net sales $10,636 100.0% $10,309 100.0% $34,222 100.0% $30,325 100.0%
Cost of
goods
sold 8,201 77.1% 8,158 79.1% 26,414 77.2% 23,458 77.4%
Gross
profit 2,435 22.9% 2,151 20.9% 7,808 22.8% 6,867 22.6%
Selling,
general and
administrative
expenses 1,708 16.1% 1,714 16.6% 5,312 15.5% 4,882 16.1%
Research
and
development
expenses 190 1.8% 138 1.3% 585 1.7% 437 1.4%
Operating
income 537 5.0% 299 2.9% 1,911 5.6% 1,548 5.1%
Other income
(expense):
Interest
income 21 0.2% 14 0.1% 51 0.1% 77 0.3%
Interest
expense (6) -0.1% -- 0.0% (21) -0.1% -- 0.0%
Miscellaneous,
net 110 1.0% 99 1.0% 140 0.4% 238 0.8%
125 1.2% 113 1.1% 170 0.5% 315 1.0%
Income
before
income tax 662 6.2% 412 4.0% 2,081 6.1% 1,863 6.1%
Income tax
expense 241 2.3% 152 1.5% 749 2.2% 667 2.2%
Net income 421 4.0% 260 2.5% 1,332 3.9% 1,196 3.9%
Basic:
Earnings
per share $0.08 $0.05 $0.26 $0.23
Weighted
average
common
shares
out-
standing 5,204 5,161 5,195 5,156
Diluted:
Earnings
per share $0.08 $0.05 $0.25 $0.22
Weighted
average
common
shares
out-
standing 5,425 5,423 5,425 5,447
The notes to the financial statements can be found in the company's
Quarterly 10-Q and Annual 10-K reports filed with the SEC
Brunswick Technologies, Inc.
Summary Financial Information
(in thousands except per share data)
September 30, December 31,
1999 1998
ASSETS
Current assets: (Unaudited)
Cash $1,020 $796
Accounts receivable, net of
allowance for doubtful
accounts of $149 in 1999
and $130 in 1998 6,074 6,056
Inventories 5,704 4,807
Refundable Income Taxes -- 27
Deferred income taxes 274 274
Other current assets 346 531
Total current assets 13,418 12,491
Property, plant and equipment
Land and building 1,107 974
Furniture and fixtures 617 535
Leasehold improvements 126 116
Machinery and equipment 12,324 10,284
Machine under construction 239 280
Vehicles 92 92
Management information system 508 395
15,013 12,676
Less accumulated depreciation
and amortization (3,722) (2,877)
Net property, plant and equipment 11,291 9,799
Due from shareholder 112 111
Investment in European technology,
net of accumulated amortization
of $248 in 1999
and $128 in 1998 2,067 2,182
Goodwill, net of accumulated amortization
of $794 in 1999 and $581 in 1998 4,843 5,056
Total assets $31,731 $29,639
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Bank Overdraft $-- $474
Note Payable - Bank -- 261
Current installments of long-term debt 107 111
Accounts payable stockholder 332 226
Accounts payable 2,335 1,876
Accrued expenses 1,161 580
Income taxes payable 311 --
Total current liabilities 4,246 3,528
Long-term debt, excluding
current installments 135 139
Deferred income taxes 1,024 1,034
Shareholders' equity:
Common stock, $0.0001 par value;
20,000,000 shares authorized,
5,209,077 outstanding in 1999
and 5,186,889 outstanding in 1998 1 1
Additional paid in capital 24,923 24,837
Treasury stock at cost; 3,300
shares in 1999 and 1998 (5) (5)
Cumulative translation adjustment 11 41
Retained Earnings 1,396 64
Total shareholders' equity 26,326 24,938
Total liabilities and
shareholders' equity $31,731 $29,639
The notes to the financial statements can be found in the company's
Quarterly 10-Q and Annual 10-K reports filed with the SEC.
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