| Quarter Ended | Quarter Ended | |||||||
| March 31, 2006 | March 31, 2005 | |||||||
| (in thousands) | (Unaudited) | (Unaudited) | ||||||
Net sales |
$ | 70,779 | $ | 60,578 | ||||
Cost of goods sold |
35,082 | 29,174 | ||||||
Gross profit |
35,697 | 31,404 | ||||||
S,G&A expenses |
19,466 | 18,541 | ||||||
Restructuring charges |
1,183 | | ||||||
Research and development |
4,894 | 4,412 | ||||||
Operating income |
10,154 | 8,451 | ||||||
Interest expense, net |
(4,561 | ) | (4,578 | ) | ||||
Other (expense) income, net |
(22 | ) | (367 | ) | ||||
Income before taxes |
5,571 | 3,506 | ||||||
Income tax expense |
(3,611 | ) | (1,764 | ) | ||||
Net income |
$ | 1,960 | $ | 1,742 | ||||
| March 31, | December 31, | |||||||
| 2006 | 2005 | |||||||
| (in thousands) | (Unaudited) | (Historical) | ||||||
ASSETS |
||||||||
Cash |
$ | 37,611 | $ | 40,968 | ||||
Accounts receivable |
55,883 | 53,972 | ||||||
Inventory |
14,393 | 13,132 | ||||||
Property, plant and equipment |
25,739 | 25,669 | ||||||
Goodwill, net |
39,433 | 39,433 | ||||||
Other assets |
12,601 | 11,278 | ||||||
Total assets |
$ | 185,660 | $ | 184,452 | ||||
LIABILITIES, MINORITY INTEREST AND
STOCKHOLDERS DEFICIT |
||||||||
Accounts payable |
24,473 | 26,292 | ||||||
Accrued expenses |
22,356 | 30,079 | ||||||
Bank debt and capital leases |
12,520 | 12,704 | ||||||
12 3/4% senior subordinated notes |
122,938 | 122,687 | ||||||
Deferred revenue |
51,082 | 44,858 | ||||||
Accrued taxes |
10,597 | 8,345 | ||||||
Deferred taxes |
141 | 187 | ||||||
Total liabilities |
244,107 | 245,152 | ||||||
Minority interest in consolidated
subsidiaries |
585 | 585 | ||||||
Preferred stock |
| | ||||||
Common stock |
| | ||||||
Warrants |
3,764 | 3,764 | ||||||
Additional paid in capital |
188,007 | 188,007 | ||||||
Cumulative translation
Adjustment |
(2,283 | ) | (2,576 | ) | ||||
Accumulated Deficit |
(248,520 | ) | (250,480 | ) | ||||
Total stockholders deficit |
(59,032 | ) | (61,285 | ) | ||||
Total liabilities, minority
interest and stockholders deficit |
$ | 185,660 | $ | 184,452 | ||||
| Quarter Ended | Quarter Ended | |||||||
| Mar 31, | Mar 31, | |||||||
| 2006 | 2005 | |||||||
| (in thousands) | (Unaudited) | (Historical) | ||||||
Net Income |
$ | 1,960 | $ | 1,742 | ||||
Depreciation |
1,585 | 1,768 | ||||||
Amortization and accretion |
670 | 715 | ||||||
Accounts receivable |
(1,483 | ) | 3,047 | |||||
Inventories |
(1,147 | ) | 928 | |||||
Accounts payable |
(2,028 | ) | (2,562 | ) | ||||
Deferred revenue |
5,924 | 3,717 | ||||||
Accrued expenses and other current liabilities |
(9,078 | ) | (8,333 | ) | ||||
Other operating cash flows |
1,709 | (103 | ) | |||||
Total cash flows from operations |
(1,888 | ) | 919 | |||||
Purchase of property, plant and equipment |
(1,153 | ) | (901 | ) | ||||
Proceeds from sale of property |
36 | 29 | ||||||
Total cash flows from investing activities |
(1,117 | ) | (872 | ) | ||||
Advances (repayments) under line of credit |
(113 | ) | 452 | |||||
Advances under other debt obligations |
| 547 | ||||||
Repayments other debt obligations |
(493 | ) | (642 | ) | ||||
Cash flows from financing activities |
(606 | ) | 357 | |||||
Foreign exchange effect |
254 | (381 | ) | |||||
Net increase (decrease) in cash |
(3,357 | ) | 23 | |||||
Cash at beginning of year |
40,968 | 28,312 | ||||||
Cash at end of year |
$ | 37,611 | $ | 28,335 | ||||