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Technology Stocks : KVH Industries, Inc. -- Ignore unavailable to you. Want to Upgrade?


To: Roy F who wrote (1473)10/17/2002 7:19:26 AM
From: Sector Investor  Read Replies (2) | Respond to of 6947
 
KVH Financials in SI fixed font.

KVH INDUSTRIES, INC. AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
SEPTEMBER 30, 2002 and DECEMBER 31, 2001

September 30, December 31,
2002 2001
(Unaudited) (Audited)
Assets:
Current assets:
Cash and cash equivalents $7,554,275 11,240,893

Accounts receivable, net 8,626,087 6,026,689

Costs and estimated earnings
in excess of billings on uncompleted contracts 414,059 482,486

Inventories 4,326,041 4,124,203

Prepaid expenses and other deposits 579,535 406,866

Deferred income taxes 551,699 637,799

Total current assets 22,051,696 22,918,936


Property and equipment, net 7,540,962 7,431,287

Other assets, less accumulated amortization 474,381 573,849

Deferred income taxes 2,238,430 2,238,430

Total assets $32,305,469 33,162,502


Liabilities and stockholders' equity:
Current liabilities:
Current portion long-term debt $86,974 86,974

Accounts payable 2,969,588 2,084,507

Accrued expenses 1,624,153 1,143,790

Customer deposits 130,320 903,853

Total current liabilities 4,811,035 4,219,124


Long-term debt 2,635,435 2,697,147

Total liabilities 7,446,470 6,916,271


Stockholders' equity:
Common stock 110,790 109,612

Additional paid-in capital 34,917,840 34,478,002

Accumulated deficit (10,149,947) (8,341,383)
Accumulated other comprehensive loss (19,684) -

Total stockholders' equity 24,858,999 26,246,231

Total liabilities and stockholders' equity $32,305,469 33,162,502


KVH INDUSTRIES, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)

Three months ended Nine months ended
September 30, September 30,
2002 2001 2002 2001


Net sales $12,435,313 7,939,402 34,718,070 23,901,290

Cost of sales 6,837,186 5,126,719 19,515,902 15,143,165

Gross profit 5,598,127 2,812,683 15,202,168 8,758,125


Operating expenses:
Research &
development 2,230,457 1,722,112 6,996,668 5,727,613

Sales & marketing 2,316,560 2,017,777 7,410,575 6,245,013

Administration 850,191 711,309 2,383,123 1,989,354

Income (loss)
from operations 200,919 (1,638,515) (1,588,198) (5,203,855)

Other (expense) income:
Other (expense)
income (16,398) 7,950 (47,054) (28,806)
Interest (expense)
income, net (34,578) 63,321 (87,212) 134,155

Income (loss) before
income taxes 149,943 (1,567,244) (1,722,464) (5,098,506)

Income tax expense - - 86,100 -

Net income (loss) $149,943 (1,567,244) (1,808,564) (5,098,506)

Per share information:
Earnings (loss) per share
Basic $0.01 (0.14) (0.16) (0.51)
Diluted $0.01 (0.14) (0.16) (0.51)

Number of shares used in per share calculation:

Basic 11,056,374 10,924,145 11,017,596 9,964,896

Diluted 11,356,194 10,924,145 11,017,596 9,964,896


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