CORRECTING and REPLACING BMC Industries, Inc. Reports Third-Quarter 2003 Results.Business Editors CORRECTION...by BMC (BMC Software, Inc., Houston, TX, www.bmc.com) A leading supplier of software that supports and improves the availability, performance, and recovery of applications in complex computing environments. Industries, Inc. MINNEAPOLIS--(BUSINESS WIRE)--Nov. 13, 2003 In BW5323 issued Nov. 13, 2003: Please replace the release with the following corrected version. The changes are in the 5th paragraph beginning, "For the nine months ended September September: see month. 30, 2003," and in the 2nd table, "BMC INDUSTRIES, INC. RECONCILIATION OF ADJUSTED LOSS TO RESULTS AS REPORTED (Unaudited) (in thousands, except per share amounts)." The corrected release reads: BMC INDUSTRIES, INC. REPORTS THIRD-QUARTER 2003 RESULTS -- Company continues steps to restructure operations -- Company working with lenders through waivers on covenant non-compliance and payment deferral deferral - Waiting for quiet on the Ethernet. BMC Industries, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :BMMI) today announced consolidated revenues from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the of $40.8 million for the third-quarter ended September 30, 2003, compared to $42.5 million in the year-ago period. The company reported a consolidated net loss of $12.2 million, or $0.45 per share, for third quarter 2003, versus a consolidated net loss of $4.2 million, or $0.16 per share, in third quarter 2002. BMC incurred a net loss from continuing operations of $12.5 million, or $0.46 per share, during the third-quarter 2003, versus a net loss from continuing operations of $3.2 million, or $0.12 per share, in the prior-year quarter. "It clearly remains a difficult time for the company, as we continue to restructure our two businesses," said Douglas Douglas, city, Isle of Man Douglas, city (1991 pop. 19,950), capital of the Isle of Man, Great Britain. It is a popular resort, connected by rail to Ramsey and Port Erin, on the Irish Sea. Tourism is the chief industry. C. Hepper, chairman and chief executive officer of BMC Industries. "We are taking actions to improve efficiency, reduce costs, conserve cash and divest To deprive or take away. Divest is usually used in reference to the relinquishment of authority, power, property, or title. If, for example, an individual is disinherited, he or she is divested of the right to inherit money. non-core assets." "As we continue restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). , we remain firmly committed to the growth of Vision-Ease Lens, and are working closely with our financial advisors to maximize cash flow from our mask operations, in order to produce the best outcome for our stakeholders Stakeholders All parties that have an interest, financial or otherwise, in a firm-stockholders, creditors, bondholders, employees, customers, management, the community, and the government. under very difficult circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or ," said Hepper. For the nine months ended September 30, 2003, BMC announced consolidated revenues from continuing operations of $124.6 million, compared to $140.6 million in the same period of 2002. BMC reported a consolidated net loss of $106.7 million, or $3.96 per share, for the first nine-months of 2003, versus a consolidated net loss of $61.4 million, or $2.28 per share, for the same period in 2002. The loss includes $75.6 million of charges against asset valuations taken in the second quarter of 2003. Excluding these charges, the company recorded an adjusted net loss from continuing operations of $25.5 million, or $0.95 per share, for the first nine-months of 2003, compared to an adjusted net loss of $12.3 million, or $0.46 per share, in the first nine-months of 2002. A reconciliation of these adjusted results to the reported net loss is attached. Optical Products Group Operations Third-quarter revenues for the Optical Products group totaled $24.8 million, compared to $25.1 million in the prior-year quarter. Sales of polycarbonate A category of plastic materials used to make a myriad of products, including CDs and CD-ROMs. lenses increased $1.6 million versus the year-ago period. Vision-Ease Lens has implemented promotional programs and price changes, supported by lower manufacturing costs in Jakarta Jakarta or Djakarta (both: jəkär`tə, jäkär`tä), city and special district (1990 pop. 8,227,746), capital and largest city of Indonesia, NW Java, at the mouth of the canalized Ciliwung River, on Jakarta , in an effort to increase sales in the highly price sensitive commodity polycarbonate sector of the market. Lower-margin, plastic lens sales were down $0.9 million versus the third quarter 2002. Glass lens sales decreased $0.8 million compared to last year's third quarter. Although this product line remains profitable, glass as a percentage of the overall lens market has been declining as the market shifts to other lens materials. The Optical Products group reported a 2003 third-quarter operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. of $2.0 million. This compares to a slight operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. in the year-ago period of $449,000. Operating margins Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: were negatively impacted by higher production costs in our Ramsey Ramsey, residential borough (1990 pop. 13,228), Bergen co., NE N.J.; settled 1846, inc. 1908. Dairy and truck farms are in the area. , Minn., plant in previous periods that were reflected in costs of products sold during the third quarter 2003. Also, additional inventory and other valuation reserves were adjusted totaling approximately $1.4 million during the third quarter 2003 as the group continues its restructuring efforts and cash flow initiatives. The group's initiatives have succeeded in reducing overall inventory and increasing supply chain efficiency, while maintaining high service levels. Since the end of the first quarter 2003, Vision-Ease Lens inventories have decreased by roughly $9.0 million. As a result of a review of the company's French lab subsidiary performed during the third quarter 2003, the company decided to discontinue dis·con·tin·ue v. dis·con·tin·ued, dis·con·tin·u·ing, dis·con·tin·ues v.tr. 1. To stop doing or providing (something); end or abandon: operating this subsidiary. In October October: see month. 2003, this French subsidiary filed for insolvency insolvency Condition in which liabilities exceed assets so that creditors cannot be paid. It is a financial condition that often precedes bankruptcy. In the context of equity, insolvency is the inability to pay debts as they become due; insolvency under the balance-sheet with a local court. As of November November: see month. 5, 2003, the company has ceased all funding of this business but will work with the administrator to assist in continuing service to customers, including supplying lenses on cash-in-advance terms. Vision-Ease France operating results have been reclassified as results from discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. . In October, the group completed the sale of one of its two former manufacturing plant buildings in Azusa Azusa (əz  `sə), city (1990 pop. 41,333), Los Angeles co., S Calif., in the San Gabriel valley; inc. 1898. It is a residential and industrial city in a citrus-fruit growing area. , Calif. receiving proceeds of
approximately $1.7 million. Net sales Net SalesThe amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight proceeds from the sale were used to pay deferred interest expense. Optical Products also has signed a purchase agreement with an interested party for the sale of the second Azusa building; this transaction is expected to be completed by year-end. The group also completed the sale of two non-essential optical lens coaters. Buckbee-Mears Group Operations For the Buckbee-Mears group (BMG BMG Bundesministerium für Gesundheit (Germand: Federal Ministry for Health) BMG Be My Girl BMG Blue Man Group BMG Bertelsmann Music Group BMG Be My Guest BMG Browning Machine Gun BMG Bulk Metallic Glass ), third-quarter 2003 revenues from continuing operations totaled $16.0 million compared to $17.4 million in the third quarter of 2002. The movement of picture tube production away from the group's home markets, North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. and Europe, to Asian manufacturers continued to adversely affect sales, in terms of mix, price and volume. With worldwide aperture An orifice. It often refers to an opening in which light is allowed to pass in optical systems such as cameras and lasers. See f-stop and numerical aperture. mask capacity continuing to exceed demand, aperture mask prices remain under pressure. Although entertainment mask sales were slightly higher than the same quarter last year, there was a dramatic shift toward higher-cost, lower-margin invar products in Asia. The discontinuing of several product lines since last year also impacted the group's year-over-year revenue comparison; including computer monitor masks and the non-mask, sheet-etching business. BMG reported an operating loss from continuing operations of $2.5 million during the third quarter 2003, versus operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. of $1.2 million in the prior-year quarter. The group's profitability was negatively impacted by several factors. Low production volumes during the 2003 third quarter resulted in $1.1 million of unabsorbed costs expensed in the period. The group also recorded severance The act of dividing, or the state of being divided. The term severance has unique meanings in different branches of the law. Courts use the term in both civil and criminal litigation in two ways: first, when dividing a lawsuit into two or more parts, and second, when and other one-time charges of $0.9 million during the third quarter. Price erosion negatively impacted margins by $0.6 million, and the shift toward lower-margin invar mask products in Asia further reduced margins by $0.6 million. On October 30, 2003, BMG announced the completion of the sale of its non-mask, hybrid-manufacturing line and related inventory to Tech-Etch, Inc., of Plymouth, Mass., for proceeds totaling $1.0 million. The hybrid-manufacturing line, part of BMG's recently discontinued dis·con·tin·ue v. dis·con·tin·ued, dis·con·tin·u·ing, dis·con·tin·ues v.tr. 1. To stop doing or providing (something); end or abandon: non-mask operations in Cortland, N.Y., produced mid- mid- pref. Middle: midbrain. to high-volume precision photo-etched components used in a variety of applications including parts for the medical, automotive, electronics and filtration filtration: see sewerage; water supply. Filtration The separation of solid particles from a fluidsolids suspension of which they are a part by passage of most of the fluid through a septum or membrane that retains most of the solids markets. BMC used the net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). from the sale to pay deferred interest expense. BMC continues to assess its remaining mask operation's prospects. Once concluded, asset values will be reassessed, and the company expects that additional impairment Impairment 1. A reduction in a company's stated capital. 2. The total capital that is less than the par value of the company's capital stock. Notes: 1. This is usually reduced because of poorly estimated losses or gains. 2. charges may be recognized. Other Items Administrative expense for the third quarter 2003 was $5.8 million, compared to $1.5 million in the third quarter 2002. The increase was primarily the result of additional financial and legal advisory fees incurred by BMC in connection with the company's restructuring activities. Debt and Liquidity Total debt at September 30, 2003, was $130.7 million, equal to the $130.7 million in total debt at June 30, 2003, and up from $112.3 million at December 31, 2002. BMC's cash and cash equivalents balance at September 30, 2003, was $5.0 million, down slightly from $5.6 million at June 30, 2003, and up from $1.6 million at December 31, 2002. Since June 30, 2003, the company has been unable to borrow further funds under its bank credit facility. As of September 30, 2003, BMC did not comply with several covenants in its bank credit agreement, including failure to make scheduled principal payments of $3.5 million per quarter on both June 30, 2003 and September 30, 2003. The company also continues to defer de·fer 1 v. de·ferred, de·fer·ring, de·fers v.tr. 1. To put off; postpone. 2. To postpone the induction of (one eligible for the military draft). v.intr. $1.0 million in scheduled fees, which were due to the banks on July 1, 2003. The company also failed to meet a total debt to trailing 12-month EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become ratio, which was a covenant not to exceed 3.25 times at quarter end September 30, 2003. As a result of non-compliance with its credit agreement, the company's banks granted an initial two-week waiver The voluntary surrender of a known right; conduct supporting an inference that a particular right has been relinquished. The term waiver is used in many legal contexts. to BMC on June 30, 2003, a subsequent 60-day waiver on July 15, 2003, and a further 60-day waiver on September 16, 2003. The last waiver extended the time period for BMC to make its scheduled principal and fee payments, and limited the company's obligation to make interest payment until November 14, 2003. The current agreement defers all unpaid, accrued interest Accrued Interest The interest that has accumulated on a bond since the last interest payment up to but not including the settlement date. There are two methods for calculating accrued interest: 1) 360-day year method, used for corporate and municipal bonds. totaling approximately $0.8 million. The company continues to work with its lenders and advisors to secure a longer-term alternative to BMC's existing financing arrangement or another agreement for the restructuring of outstanding debt, including relief from these covenants and deferral of payments due to the banks. If BMC is unable to achieve additional waivers or other relief from covenants, payment obligations and other requirements under its credit agreement, the company will be in default as of November 14, 2003. Given the current market environment, it is unlikely that BMC will be able to negotiate alternative financing before that date. The failure to maintain compliance with all covenants under the credit agreement would result in a default, which would give lenders the ability to accelerate all outstanding debt. If this occurs, BMC would need to refinance Refinance 1. When a business or person revises their payment schedule for repaying debt. 2. Replacing an older loan with a new loan offering better terms. Notes: When a business refinances they typically extend the maturity date. or restructure the company's debt and, if unsuccessful in these efforts, to consider all other options, including seeking protection under bankruptcy bankruptcy, in law, settlement of the liabilities of a person or organization wholly or partially unable to meet financial obligations. The purposes are to distribute, through a court-appointed receiver, the bankrupt's assets equitably among creditors and, in most laws. Over-The-Counter Bulletin Board In late August, the company's common stock began trading on the Over-The-Counter Bulletin Board (OTCBB) under the new symbol "BMMI" as a result of the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. (NYSE NYSE See: New York Stock Exchange ) delisting Delisting When the stock of a company is removed from a stock exchange. Notes: Reasons for delisting include violating regulations and/or failure to meet financial specifications set out by the stock exchange. process, which was affected on August 19, 2003. The change in trading venue has not had any material impact on the company's current operations or financial performance. The OTCBB is a regulated quotation QUOTATION, practice. The allegation of some authority or case, or passage of some law, in support of a position which it is desired to establish. 2. Quotations when properly made, assist the reader, but when misplaced, they are inconvenient. service that displays real-time 1. real-time - Describes an application which requires a program to respond to stimuli within some small upper limit of response time (typically milli- or microseconds). Process control at a chemical plant is the classic example. quotes, last-sale prices and volume information in over-the-counter equity securities. Investors should be aware that trading in BMC's common stock through market makers and quotation on the OTCBB and the "pink sheets" may involve risk, such as trades not being executed as quickly as when the common stock was listed on the NYSE. Investor Conference Call Information ------------------------------------ Thursday, November 13, 2003 10:00 a.m. Central Time (11:00 a.m. Eastern Time) Call-in Number: 888-273-9891 (U.S.) or 612-332-0418 (International) Replay Number: 800-475-6701 (U.S.) or 320-365-3844 (International) Replay Access Code: 704389 A rebroadcast of the call will be available beginning at 3:15 p.m. Central Time, November 13, 2003 until 11:59 p.m. Central Time, November 20, 2003. The conference call will also be offered live, through a simulcast offered by CCBN CCBN Central Coast Bancorp CCBN Charles County Business Network .com and StreetEvents.com. To access this Webcast, go to the "Investor Relations Investor relations The process by which the corporation communicates with its investors. " portion of the company's Web site, www.bmcind.com, click on "Conference Calls" and then click on the CCBN icon. About BMC Industries BMC Industries, Inc., founded in 1907, is comprised of two business segments: Optical Products and Buckbee-Mears. The Optical Products group, operating under the Vision-Ease Lens trade name, is a leading designer, manufacturer and distributor of polycarbonate and glass eyewear eye·wear n. 1. Eyeglasses, goggles, or other objects worn over the eyes. 2. Fashionable eyeglasses. lenses. Vision-Ease Lens also distributes plastic eyewear lenses. Vision-Ease Lens is a technology and a market share leader in the polycarbonate lens segment of the market. Polycarbonate lenses are thinner and lighter than lenses made of other materials, while providing inherent ultraviolet An invisible band of radiation at the upper end of the visible light spectrum. With wavelengths from 10 to 400 nm, ultraviolet starts at the end of visible light and ends at the beginning of X-rays. The primary source of ultraviolet light is the sun. (UV) filtering and impact resistant characteristics. The Buckbee-Mears group is the only North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. manufacturer of aperture masks, a key component in color television picture tubes. For more information about BMC Industries, Inc., visit the company's web site at www.bmcind.com. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. for Forward-Looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. This news release contains various "Forward-Looking Statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 that are intended to be covered by the safe harbors created thereby. Statements made in this news release that are not statements of historical facts, including statements regarding future performance, are Forward-Looking Statements. Such statements are subject to a number of risks and uncertainties that could cause, and in certain instances have caused, actual results or outcomes to differ materially from those projected, including, among others, our ability to obtain a waiver or other relief from our lenders beyond November 14, 2003; ability to negotiate financing arrangements or other solutions in replacement of our existing credit facility; our ability to generate sufficient cash flow to meet obligations during any future waiver periods and future availability of borrowing capacity to the company; the ability to meet future financial covenants under our credit agreement or other financing documents; ability to maintain credit terms Credit Terms The conditions under which credit will be extended to a customer. The components of credit terms are: cash discount, credit period, net period. with vendors; ability to manage working capital and align align (  līn),v to move the teeth into their proper positions to conform to the line of occlusion. costs with market conditions; ability to achieve higher yields at Vision-Ease Lens; ability to reduce inventories while maintaining consistently high customer service levels and product fill rates; ability to increase sales of products at both Vision-Ease Lens and Buckbee-Mears, in particular our ability to replace lost NAFTA NAFTA in full North American Free Trade Agreement Trade pact signed by Canada, the U.S., and Mexico in 1992, which took effect in 1994. Inspired by the success of the European Community in reducing trade barriers among its members, NAFTA created the world's and European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. aperture mask sales with sales in Asia and other areas of the world; further aperture mask price declines; slowdown For articles with similar titles, see Slow Down (disambiguation). A slowdown is an industrial action in which employees perform their duties but seek to reduce productivity or efficiency in their performance of these duties. in growth of, or price reductions in, high-end optical lens products; fluctuations in currency exchange rates; rising raw material costs; ability to successfully complete the restructuring of our European operations; availability of acceptable terms with our trade creditors; and the effect of ongoing economic uncertainty on the company's operations. These and other risks and uncertainties are discussed in further detail in BMC's Annual Report and Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended December 31, 2002 and other documents filed with the Securities and Exchange Commission.
BMC INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(in thousands, except per share amounts)
Three Months Ended Nine Months Ended
September 30 September 30
--------------------------------------
2003 2002 2003 2002
----------------------------------------------------------------------
Revenues $ 40,784 $ 42,500 $ 124,578 $140,642
Cost of products sold 42,519 38,097 125,043 130,315
----------------------------------------------------------------------
Gross margin (1,735) 4,403 (465) 10,327
Selling expense 2,792 2,741 8,375 8,919
Administrative expense 5,834 1,484 9,027 4,736
Impairment of long-lived assets - - 45,036 -
Restructuring charges - - - 2,800
----------------------------------------------------------------------
Loss from operations (10,361) 178 (62,903) (6,128)
----------------------------------------------------------------------
Other income and (expense)
Interest expense (2,585) (2,427) (8,159) (7,626)
Interest income 2 67 6 172
Other income (expense) 529 (113) 604 2,846
----------------------------------------------------------------------
Loss from continuing operations
before income taxes and
accounting change (12,415) (2,295) (70,452) (10,736)
Income tax (expense) benefit (70) (922) (10,064) (877)
----------------------------------------------------------------------
Loss from continuing operations
before accounting change (12,485) (3,217) (80,516) (11,613)
Cumulative effect of change in
accounting principle - - - (52,704)
----------------------------------------------------------------------
Loss from continuing operations (12,485) (3,217) (80,516) (64,317)
Gain (loss) on discontinued
operations 333 (968) (26,205) 2,945
----------------------------------------------------------------------
Net loss $(12,152)$ (4,185)$(106,721)$(61,372)
======================================================================
Basic and diluted loss per share:
Loss from continuing operations
before accounting change $ (0.46)$ (0.12)$ (2.99)$ (0.43)
Cumulative effect of accounting
change - - - (1.96)
----------------------------------------------------------------------
Loss from continuing operations (0.46) (0.12) (2.99) (2.39)
Discontinued operations 0.01 (0.04) (0.97) 0.11
----------------------------------------------------------------------
Net loss (0.45) (0.16) (3.96) (2.28)
======================================================================
Number of shares included in per
share computation:
Basic and diluted 26,982 26,951 26,982 26,928
======================================================================
Dividends declared per share $ - $ - $ - $ 0.005
======================================================================
BMC INDUSTRIES, INC.
RECONCILIATION OF ADJUSTED LOSS
TO RESULTS AS REPORTED
(Unaudited)
(in thousands, except per share amounts)
Three Months Ended Nine Months Ended
September 30 September 30
---------------------------------------
2003 2002 2003 2002
----------------------------------------------------------------------
Reported net loss $(12,152) $(4,185) $(106,721) $(61,372)
SFAS 144 - Impairment of long-
lived assets charge - - 45,036 -
SFAS 142 - Impairment of
goodwill charge - - - 52,704
Restructuring charges - - - 2,800
(Gain)/loss on sale of non-core
assets - - - (3,500)
Tax valuation reserve
adjustments - - 9,940 -
(Gain)/loss on abandonment of
discontinued operations - - 20,556 -
----------------------------------------------------------------------
Subtotal (12,152) (4,185) (31,189) (9,368)
(Income)/loss from discontinued
operations (333) 968 5,649 (2,945)
----------------------------------------------------------------------
Adjusted net loss (12,485) (3,217) (25,540) (12,313)
Number of shares used in per
share computation 26,982 26,951 26,982 26,928
----------------------------------------------------------------------
Adjusted net loss per share $ (0.46) $ (0.12) $ (0.95) $ (0.46)
----------------------------------------------------------------------
Note: Adjusted net loss from continuing operations figures assume no
future tax benefits
BMC INDUSTRIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
(Unaudited)
September 30, December 31,
ASSETS 2003 2002
----------------------------------------------------------------------
Current assets
Cash and cash equivalents $ 5,026 $ 1,635
Trade accounts receivable, net 25,152 27,660
Inventories 39,030 59,736
Deferred income taxes - 9,492
Assets held for sale 4,625 7,080
Other current assets 3,795 6,350
----------------------------------------------------------------------
Total current assets 77,628 111,953
----------------------------------------------------------------------
Property, plant and equipment 163,265 272,051
Less accumulated depreciation 113,595 157,797
----------------------------------------------------------------------
Property, plant and equipment, net 49,670 114,254
----------------------------------------------------------------------
Deferred income taxes - 3,083
Intangibles assets, net 10,531 12,141
Other assets 1,790 5,928
----------------------------------------------------------------------
Total assets $ 139,619 $ 247,359
======================================================================
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
----------------------------------------------------------------------
Current liabilities
Short-term borrowings $ 603 $ 747
Current portion of long-term debt 130,110 14,010
Accounts payable 12,694 25,113
Deferred income taxes - 88
Accrued expenses and other current
liabilities 23,717 20,775
----------------------------------------------------------------------
Total current liabilities 167,124 60,733
----------------------------------------------------------------------
Long-term debt 22 97,529
Other liabilities 15,819 28,463
Deferred income taxes 1,390 1,155
Stockholders' equity (deficit)
Common stock 47,408 46,949
Retained earnings (deficit) (86,764) 19,957
Accumulated other comprehensive loss (5,311) (7,358)
Other (69) (69)
----------------------------------------------------------------------
Total stockholders' equity (deficit) (44,736) 59,479
----------------------------------------------------------------------
Total liabilities and stockholders' equity
(deficit) $ 139,619 $ 247,359
======================================================================
BMC INDUSTRIES, INC.
SEGMENT INFORMATION
(Unaudited)
(in thousands, except percentages)
Three Months Ended September 30,
------------------------------------------------------
Buckbee-Mears Optical Products Consolidated
------------------------------------------------------
2003 2002 2003 2002 2003 2002
----------------------------------------------------------------------
Revenues $16,005 $17,387 $24,779 $25,113 $ 40,784 $42,500
Cost of products
sold 17,892 15,615 24,627 22,482 42,519 38,097
----------------------------------------------------------------------
Gross margin (1,887) 1,772 152 2,631 (1,735) 4,403
Gross margin % (11.8)% 10.2% 0.6% 10.5% (4.3)% 10.4%
Selling expense 598 559 2,194 2,182 2,792 2,741
Impairment of
long-lived
assets - - - - - -
Restructuring
charges - - - - - -
Unallocated
corporate
administration
expense - - - - 5,834 1,484
----------------------------------------------------------------------
Income (loss)
from
operations $(2,485) $ 1,213 $(2,042) $ 449 $(10,361) $ 178
======================================================================
Income (loss)
from operations
% (15.5)% 7.0% (8.2)% 1.8% (25.4)% 0.4%
Capital spending $ 1,678 $ 1,827
Depreciation and
amortization $ 3,116 $ 5,086
|
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion