Clare Announces Second Quarter Fiscal 2002 Results.Business/Technology Editors BEVERLY Beverly, city (1990 pop. 38,195), Essex co., NE Mass., on Massachusetts Bay; inc. as a city 1894. Its chief manufactures are electronic and scientific equipment, consumer goods, and chemicals. , Mass.--(BUSINESS WIRE)--Oct. 25, 2001 Clare Clare, county (1991 pop. 90,918), 1,231 sq mi (3,188 sq km), W Republic of Ireland, between Galway Bay and the Shannon River. The county and Roman Catholic seat is Ennis. The terrain is broken and hilly, with many bogs and lakes; the coastline is especially rugged. , Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :CPCL CPCL Chennai Petroleum Corporation Limited CPCL Computer Program Change Library CPCL Computer Program Control Library CPCL Component Prioritized Collection List ) announced today 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 $10.0 million and a loss of $0.62 per share for the second quarter of fiscal 2002. For the quarter ended September September: see month. 23, 2001, net sales Net Sales The 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 from continuing operations were $10.0 million compared with $17.2 million for the quarter ended September 24, 2000. For the quarter ended September 23, 2001, the Company had a net loss from continuing operations of $6.1 million ($0.62 per share) compared with a net loss of $2.2 million ($0.23 per share) for the same period last year. Including discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. , the net loss totaled $7.5 million ($0.77 per share) for the quarter ended September 23, 2001 compared with $3.9 million ($0.40 per share) for the same quarter in the prior year. Discontinued operations comprised the Company's reed switch The reed switch is an electrical switch operated by an applied magnetic field. It was invented at Bell Telephone Laboratories in 1936 by W. B. Elwood. It consists of a pair of contacts on ferrous metal reeds in a hermetically sealed glass envelope. business that was sold to Sumida Sumida can refer to:
For the six months ended September 23, 2001, net sales from continuing operations were $23.1 million compared with $33.4 million for the six months ended September 24, 2000. For the six months ended September 23, 2001, the Company had a net loss from continuing operations of $9.2 million ($0.94 per share) compared with a net loss of $4.6 million ($0.48 per share) for the same period last year. Including discontinued operations, the net loss totaled $11.8 million ($1.20 per share) for the six months ended September 23, 2001 compared with $5.8 million ($0.61 per share) for the comparable period in the prior year. "Like most suppliers of electronic devices to the large telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. manufacturers and distributors, our revenue levels decreased significantly in this quarter," stated Larry Lar´ry n. 1. Same as Lorry, or Lorrie. Mihalchik, President and Chief Executive Officer. "The Company had a book-to-bill ratio Book-to-Bill Ratio The technology industry's demand-to-supply ratio for orders on a "firm's book" to number of orders filled. Notes: This ratio tells whether the company has more orders than it can deliver (if greater than 1), has the same amount of orders that it can of greater than 1 to 1 during the quarter driven by new orders from satellite set-top box The cable TV box that sits on "top" of the TV "set," although it is often located several feet away in an equipment rack. The set-top box descrambles the premium channels and provides a tuner for the higher cable numbers that very old TVs did not support. manufacturers for the Company's DAA DAA - Distributed Application Architecture: under design by Hewlett-Packard and Sun. A distributed object management environment that will allow applications to be developed independent of operating system, network or windowing system. (data access arrangement) products. Given the uncertainty of the markets we serve, we have recently reduced our costs primarily through staff reductions with the objective not impacting our product design, sales applications, and delivery capabilities. We are fortunate to have a strong balance sheet but must reduce our cash usage to help us persevere per·se·vere intr.v. per·se·vered, per·se·ver·ing, per·se·veres To persist in or remain constant to a purpose, idea, or task in the face of obstacles or discouragement. through these difficult times." Clare is a leader in the design and manufacture of high-voltage adj. 1. having, operating on, or powered by high voltage; as, a high-voltage generator; a high-voltage line s>. 2. same as high-powered. Adj. 1. analog circuits analog circuit, electronic circuit that operates with currents and voltages that vary continuously with time and have no abrupt transitions between levels. Generally speaking, analog circuits are contrasted with digital circuits, which function as though currents or . The Company's products enable communications by providing the critical interface between high-voltage electrical signals and the low-voltage adj. 1. (Electricity) subjected to or capable of operating under relative low voltage, usually considered as no greater than 250 volts. Contrasted with high-voltage nt>. Adj. 1. electronics that process those signals. Leading manufacturers of data communications data communications, application of telecommunications technology to the problem of transmitting data, especially to, from, or between computers. In popular usage, it is said that data communications make it possible for one computer to "talk" with another. , telecommunications, and industrial equipment around the world rely on Clare for semiconductors and specialized spe·cial·ize v. spe·cial·ized, spe·cial·iz·ing, spe·cial·iz·es v.intr. 1. To pursue a special activity, occupation, or field of study. 2. electronic components. Additional information about Clare can be found at www.clare.com. Except for historical information contained herein, the matters set forth in this news release are 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. as defined under the federal securities laws. Actual results could differ materially from the information set forth herein and there is no assurance that any anticipated future results will be achieved.
CLARE CORPORATION AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS(dollars in thousands)
(Unaudited)
ASSETS Sept. 23, Sept. 24,
2001 2000
Current assets:
Cash, cash equivalents and investments $24,419 $25,858
Accounts receivable, less allowance
for doubtful accounts 6,688 11,459
Inventories 11,458 13,166
Other current assets 4,025 4,134
Net assets from discontinued operations 8,270
Total current assets 46,590 62,887
Property, plant and equipment, net 16,656 21,829
Other assets 9,076 11,156
Total assets $72,322 $95,872
LIABILITIES AND SHAREHOLDERS' EQUITY
Net liabilities from discontinued operations 529
Other current liabilities 7,967 12,356
Total current liabilities 8,496 12,356
Deferred revenue 2,458
Other long-term liabilities 14 217
Total long term liabilities 2,472 217
Total liabilities 10,968 12,573
Stockholders' equity 61,354 83,299
Total liabilities and stockholders' equity $72,322 $95,872
CLARE CORPORATION AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(dollars in thousands except per share amounts)
(Unaudited)
Three Months Ended Six Months Ended
Sept. 23, Sept. 24, Sept. 23, Sept. 24,
2001 2000 2001 2000
Net sales $10,020 $17,159 $23,082 $33,358
Cost of sales 9,440 10,818 19,861 21,095
Gross profit 580 6,341 3,221 12,263
Operating expenses:
Selling, general
and administrative 3,503 5,286 7,076 10,995
Research and
development 3,090 3,610 5,466 6,538
Operating loss (6,013) (2,555) (9,321) (5,270)
Interest income 192 449 431 1,033
Interest expense (19) (91) (30) (131)
Other expense, net (211) -- (283) (225)
Net loss from
continuing
operations ($6,051) ($2,197) ($9,203) ($4,593)
Loss from
discontinued
operations (1,280) (1,681) (2,368) (1,229)
Loss on sale of
discontinued
operations (218) (218)
Net loss ($7,549) ($3,878) ($11,789) ($5,822)
Basic and diluted
loss per share
from continuing
operations (0.62) (0.23) (0.94) (0.48)
Basic and diluted
loss per share
from discontinued
operations (0.15) (0.17) (0.26) (0.13)
Basic and diluted
net loss per share (0.77) (0.40) (1.20) (0.61)
Weighted average
number of common
shares outstanding:
Basic and diluted 9,815,935 9,623,775 9,797,605 9,609,068
CLARE CORPORATION AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS(dollars in thousands)
(Unaudited)
ASSETS June 24, March 25, June 25,
2001 2001 2000
Current assets:
Cash, cash equivalents
and investments $20,599 $22,968 $32,456
Accounts receivable,
less allowance for
doubtful accounts 7,724 8,791 10,655
Inventories 14,492 14,915 14,163
Other current assets 4,491 4,529 4,134
Total current assets 47,306 51,203 61,408
Property, plant and
equipment, net 23,540 25,006 26,730
Other assets (1) 9,576 9,811 9,934
Total assets $80,422 $86,020 $98,072
LIABILITIES AND SHAREHOLDERS'
EQUITY
Current liabilities 11,566 12,928 10,507
Long-term liabilities 39 42 113
Total liabilities 11,605 12,970 10,620
Stockholders' equity 68,817 73,050 87,452
Total liabilities and
stockholders' equity $80,422 $86,020 $98,072
CLARE CORPORATION AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(dollars in thousands except per share amounts)
(Unaudited)
Three Months Ended
June 24, March 25, June 25,
2001 2001 2000
Net Sales $15,278 $14,079 $21,470
Cost of Sales 13,204 11,412 14,559
Gross profit 2,074 2,667 6,911
Operating expenses:
Selling, general and
administrative (1) 4,096 5,769 6,131
Research and development 2,375 4,146 3,044
Restructuring costs 723
Operating loss (4,397) (7,971) (2,264)
Interest income 239 316 584
Interest expense (10) (8) (40)
Other (expense) income, net (71) 73 (225)
Loss before provision for
income taxes (4,239) (7,590) (1,945)
Net loss ($4,239) ($7,590) ($1,945)
Basic and diluted loss per share (0.43) (0.78) (0.20)
Weighted average number of
common shares outstanding:
Basic and diluted 9,779,275 9,731,767 9,594,361
(1) In this quarter, the company adopted SFAS 142 "Goodwill and Other
Intangible Assets". As a result, the amortization expense is
approximately $300 lower than prior quarters shown.
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