Denali Financial Table
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Denali Incorporated
Consolidated Statements of Operations
(Unaudited)
Three months ended Nine months ended
March 27, March 28, March 27, March 28,
1999 1998 1999 1998
(In thousands, except per share amounts)
-------- -------- -------- --------
Net sales $36,328 $21,587 $110,216 $68,480
Cost of sales 27,667 17,302 82,649 53,634
-------- -------- -------- --------
Gross profit 8,661 4,285 27,567 14,846
Selling, general and
administrative expenses 7,065 3,972 20,571 12,218
Non-recurring compensation
expense -- -- 682 2,312
-------- -------- -------- --------
Operating income 1,596 313 6,314 316
Interest expense 925 209 2,210 1,302
Interest income (23) (58) (35) (105)
Other income, net (66) (52) (173) (278)
-------- -------- -------- --------
Income (loss) before
income taxes 760 214 4,312 (603)
Income tax expense 284 79 1,635 647
-------- -------- -------- --------
Net income (loss) before
extraordinary item 476 135 2,677 (1,250)
Extraordinary income (loss)
on early extinguishment
of debt, net of income tax (281) 238 (281) 219
-------- -------- -------- --------
Net income (loss) 195 373 2,396 (1,031)
Dividends on Series A
Preferred Stock -- -- -- (30)
-------- -------- -------- --------
Net income (loss)
attributable to
common stock $195 $373 $2,396 $(1,061)
======== ======== ======== ========
Net income (loss) per
common share:
Income (loss) before
extraordinary item $0.10 $0.03 $0.55 $(0.38)
Extraordinary item (0.06) 0.05 (0.06) 0.07
-------- -------- -------- --------
Net income (loss) per
common share $0.04 $0.08 $0.49 $(0.31)
======== ======== ======== ========
Net income (loss) per
common share assuming
dilution:
Income (loss) before
extraordinary item $0.10 $0.03 $0.55 $(0.38)
Extraordinary item (0.06) 0.05 (0.06) 0.07
-------- -------- -------- --------
Net income (loss) per
common share assuming
dilution $0.04 $0.08 $0.49 $(0.31)
======== ======== ======== ========
Net income (loss) per
common share assuming
dilution and excluding
(1) non-recurring
compensation expense
associated with the
exchange of certain employee
stock options in fiscal year
1998, (2) the salary
continuation agreement in
fiscal year 1999, and (3)
extraordinary income (loss)
on early extinguishment of
debt net of income tax: $0.10 $0.03 $0.64 $0.30
======== ======== ======== ========
Denali Incorporated
CONSOLIDATED BALANCE SHEET
March 27, 1999
($ Thousands)
(Unaudited)
March 27,
1999
--------
Assets:
Cash & S-T Investments 107
Net Receivables 24,219
Net Inventory 15,665
Other Current 3,378
--------
Current Assets 43,369
Net PP&E 21,917
Assets Held for Sale 449
Goodwill 25,835
Other Long-term Assets 4,893
--------
Total Assets 96,463
========
Liabilities & Equity:
Accounts Payable 13,323
Accrued Liabilities/Taxes 10,073
Notes Payable/Current Maturities of L-T Debt 4,000
--------
Current Liabilities 27,396
Long-term Debt 36,160
Other Long-term Liabilities 728
Preferred Stock 0
--------
Total Liabilities 64,284
Total Equity 32,179
--------
Total Liabilities and Equity 96,463
========
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