Del Global Technologies Announces Operating Results for Its Fiscal 2002 First Quarter Ended October 27, 2001 and for Its Second Quarter and Six Month Period Ended January 26, 2002.Business Editors VALHALLA Valhalla or Walhalla (both: vălhäl`ə, –hăl`ə), in Norse mythology, Odin's hall for slain heroes. This martial paradise was one of the most beautiful halls of Asgard. , N.Y.--(BUSINESS WIRE)--May 8, 2002 Del Global Technologies: Provides Summary Balance Sheet Data as of January January: see month. 26, 2002 Highlights -- Quarterly Gross Margins Stable to Improved Sequentially and Year-Over-Year -- Reports Net Loss of ($0.02) Per Share in Q2 2002, Net Loss of ($0.20) in Q1 2002 and Net Loss of ($0.22) for the Six Month Period -- Company Reiterates Revenue Projection for FY 2002 of $97-$100 Million and Guidance for Steady to Improved Gross Margins in Second Half of FY 2002 -- Expects Net Loss for FY 2002 Due Principally to Unusual Non-cash Charges of $7 million in Q3 (ended April 27, 2002) Associated with Final Settlement of Class Action Lawsuit -- Announces Important New Contracts for Medical Imaging Business, including Contracts with Department of Defense, and Explosives Detection Systems (EDS) Contracts for its Power Conversion Group Del Global Technologies Corp. (DGTC) ("Del") today announced operating results for its Fiscal 2002 first Quarter ended October October: see month. 27, 2001 and for its Fiscal 2002 second Quarter and six month period ended January 26, 2002. The Company also provided summary balance sheet data as of January 26, 2002. Samuel Samuel, two books of the Bible, originally a single work, called First and Second Samuel in modern Bibles, and First and Second Kingdoms in the Septuagint. They are considered part of "Deuteronomistic history," in which the book of Deuteronomy functions as the E. Park, President and Chief Executive Officer of Del, commented, "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 in the first Half of Fiscal 2002 met our previously announced projections. Also, as anticipated and announced in April 2002, gross margins improved for the Fiscal 2002 six month period, from 19% in last year's first Half to 23% in this year. This improvement in margins was primarily due to the initiatives put in place at our Medical Imaging Systems group, the change of pricing on certain products to reflect current market conditions, and somewhat to the effects of the closing and integration of our Dynarad facility. The unusually high audit 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. accounting fees that Del incurred during the first Half of Fiscal 2002 are essentially behind us. These fees, which approximated $3 million and were related principally to the audit for Fiscal 2001 and of prior years, are expected to decline substantially in the second Half of Fiscal 2002 and in Fiscal 2003." Thomas (language) Thomas - A language compatible with the language Dylan(TM). Thomas is NOT Dylan(TM). The first public release of a translator to Scheme by Matt Birkholz, Jim Miller, and Ron Weiss, written at Digital Equipment Corporation's Cambridge Research Laboratory runs Gilboy, Del's Chief Financial Officer, said, "While some unusually high operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. absorbed by Del in the first Half of Fiscal 2002 are expected to decline, it is important to note that, in connection with the settlement of the shareholder class action lawsuit class action lawsuit A lawsuit in which one party or a limited number of parties sue on behalf of a larger group to which the parties belong. For example, investors may bring a class action lawsuit against a brokerage firm that has actively promoted a tax , Del will issue 2.5 million shares and warrants to purchase an additional one million shares of Del stock at $2 per share. The issuance of the shares and warrants will also result in Del incurring in·cur tr.v. in·curred, in·cur·ring, in·curs 1. To acquire or come into (something usually undesirable); sustain: incurred substantial losses during the stock market crash. 2. a non-cash charge Non-Cash Charge A charge off, made by a company against earnings, that does not require an initial outlay of cash. Notes: Non-cash charges are typically against the depreciation, amortization, and depletion accounts on a company's balance sheet. of approximately $7 million in the third Quarter of Fiscal 2002." Mr. Gilboy noted that, although the Company announced full year Fiscal 2001 financial results in April 2002, this is the first reporting of financial results for the first and second Quarters of Fiscal 2001. Operating Results for Fiscal 2002 First Quarter Ended October 27, 2001 Del's Net sales for Q1 of Fiscal 2002 were $19.5 million, versus $22.1 million in the prior year's first Quarter, a decline of $2.6 million, or 12%. Del's Medical Imaging business accounted for most of that year on year quarterly sales decline, primarily in Del's North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. Medical Imaging business. This quarterly sales decline at Del's North American Medical Imaging business was caused by the uncertainty amongst Del's distributors regarding Del, as a result of the unfavorable press Del received in trade publications regarding Del's accounting irregularities and management changes. This uncertainty was further exacerbated by a major 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). at one of Del's larger distributors, and that customer holding back some orders in Q1 of Fiscal 2002. These uncertainties regarding Del, and the reorganization of this one particular distributor, were substantially resolved by the second Quarter of 2002. The resolution of these uncertainties, and the withdrawal of a major competitor from the market, contributed to a rebound rebound (rē´bownd), n/v 1. a recovery from illness. n 2. an outbreak of fresh reflex activity after withdrawal of a stimulus rebound adjective of orders by Del Medical Imaging in 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. in Q2 of Fiscal 2002, and a further increase in orders and sales in Q3 of Fiscal 2002. Del's Power Conversion Group sales Group sales Block sale (of large amounts) of securities to institutional investors. group sales The distribution of a new security issue to institutional clients. were approximately the same in Q1 of Fiscal 2002 as compared to Q1 of Fiscal 2001. Gross Margins in Q1 of Fiscal 2002 versus 2001 were flat at approximately 19%. Gross Margins in the Medical Imaging business increased year over year due to higher pricing imposed by Del Medical Imaging in North America. Gross Margins in the Power Conversion Group declined due to the inefficiencies associated with the wind down of operations at the Company's Dynarad facility and the start up of those product lines at Del's other facilities. Operating expenses increased in Q1 of Fiscal 2002 versus Q1 of Fiscal 2001, driven largely by higher audit and specialized accounting fees. In addition, in Q1 of Fiscal 2002, the Company recognized a recovery from insurance of $258,000 for legal costs from the class action litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. , and $42,000 of additional facilities reorganization costs from the finalization Writing the table of contents (TOC) on a recordable CD or DVD disc. The finalization process ensures that the disc can be played back on most CD and DVD players. See disc-at-once. of 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 arrangements from the shutdown shut·down n. A cessation of operations or activity, as at a factory. shutdown Noun the closing of a factory, shop, or other business Verb shut down of Dynarad. As a result of the above, Del's net loss for the first Quarter of Fiscal 2002 was $1.5 million, or $(0.20) per share, compared to a loss of $376,000, or $(0.05) per share in Fiscal 2001. Del's first Quarter (which ends at the end of October) is typically its weakest Quarter, as several of its operations have a practice of suspending operations for vacation periods in August. Operating Results for Fiscal 2002 Second Quarter Ended January 26, 2002 Del's Net sales for Q2 of Fiscal 2002 were $24.4 million, versus $23.2 million in the prior year's second Quarter, an increase of $1.2 million, or 5%. Del's Medical Imaging business accounted for all of that year on year one Quarter sales increase (up $2.6 million versus the previous year's Q2), offset by a decline in sales at Del's Power Conversion Group. This quarterly sales increase at Del's medical imaging business was principally at Villa, Del's 80% owned subsidiary, in connection with deliveries on a major contract in Eastern Europe Eastern Europe The countries of eastern Europe, especially those that were allied with the USSR in the Warsaw Pact, which was established in 1955 and dissolved in 1991. . In the Power Conversion Group, the year on year $1.4 million sales decline was partly offset by a sales increase at RFI (Radio Frequency Interference) High-frequency electromagnetic waves that emanate from electronic devices such as chips. RFI - Radio Frequency Interference , the Power Conversion Group's most consistently profitable subsidiary. The Q2 sales decline versus prior year in the Power Conversion Group's other product lines was a combination of product mix changes (eliminating unprofitable product lines), and the transfer of the portable X-ray X-ray Electromagnetic radiation of extremely short wavelength (100 nanometres to 0.001 nanometre) produced by the deceleration of charged particles or the transitions of electrons in atoms. product from Dynarad (which had been part of the Power Conversion Group) to Del Medical Imaging, representing approximately $700,000 of sales in Q2 of Fiscal 2001. Gross Margins in Q2 of Fiscal 2002 versus 2001 improved to 26% from 19.5%. Gross Margin improvements were achieved at both the Power Conversion Group and the Medical Imaging Group. The improvement in the Power Conversion Group resulted from product mix improvements, despite a sales decline. The Gross Margin improvements in the Medical Imaging Group were achieved both in North America (principally due to improved pricing) and in Villa (principally due to increased volume.) Operating expenses, excluding Litigation Settlement and Facilities Reorganization costs, increased approximately $0.7 million in Q2 of Fiscal 2002 versus Q2 of Fiscal 2001, driven largely by higher audit and specialized accounting fees, offset by other reductions. Although Del recognized no Litigation Settlement costs in Fiscal 2002's second Quarter, the Company did recognize $1 million of Litigation Settlement costs in the prior year's Q2, contributing to a substantial loss in that Quarter. In Del's third Quarter of Fiscal 2002 (ended April) the Company will recognize a $7 million non cash charge associated with the finalization of the class action litigation settlement in Q2 of Fiscal 2002. As a result of the above, Del's net loss for the second Quarter of Fiscal 2002 was $171,000, or $(0.02) per share, compared to a loss of $1,466,000, or $(0.19) per share in Fiscal 2001. Financial Condition At January 26, 2002 Del's balance sheet at January 26, 2002 reflected a current ratio of approximately 1.7:1, working capital of $20.3 million, shareholders' equity Shareholders' Equity A firms' total assets minus its total liabilities. Equivalently, it is share capital plus retained earnings minus treasury shares. Shareholders' equity is the amount by which a company is financed through common and preferred shares. of $40.3 million and a book value of $5.14 per share. Pro Forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma book value per share after taking into account the 2.5 million shares that will be issued in the class action settlement would be approximately $3.89 per share. As previously announced, the Company signed a commitment letter for a new $10 million senior revolving credit Revolving Credit A line of credit where the customer pays a commitment fee and is then allowed to use the funds when they are needed. It is usually used for operating purposes, fluctuating each month depending on the customers current cash flow needs. facility. The closing of this credit facility is progressing as planned, and management expects that the agreement will be consummated con·sum·mate tr.v. con·sum·mat·ed, con·sum·mat·ing, con·sum·mates 1. a. To bring to completion or fruition; conclude: consummate a business transaction. b. during Del's FY 2002 fourth Quarter ending August 3, 2002. Status of Financial Statements Since the appointment of Del's new management team in February February: see month. 2001, the Company has announced operating results for Fiscal 2001; has filed audited financial statements for Fiscal year 2001 on a Form 8-K Form 8-K The form required by the SEC when a publicly held company incurs any event that might affect its financial situation or the share value of its stock. Form 8-K See 8-K. with the SEC; and today has announced the first and second Quarters of Fiscal 2002 and the first and second Quarters of Fiscal 2001, as well as balance sheet data at January 26, 2002. The Company anticipates that it shortly will file Form 10-Qs Form 10-Q See 10-Q. for the first and second Quarters of Fiscal year 2002, and anticipates that it will announce operating results for the third Quarter of Fiscal 2002 ended April 27, 2002 and file a Form 10-Q for that Quarter in June June: see month. of 2002. As disclosed in Del's April 1, 2002 press release, during the fourth calendar Quarter of 2002 the Company expects to file a Form 10K for Fiscal 2002. This filing will include operating results for Fiscal 2002 and 2001, and the Company will attempt to include operating results for Fiscal 2000, and a restatement Restatement A revision in a company's earlier financial statements. Notes: The need for restating financial figures can result from fraud, misrepresentation, or a simple clerical error. of operating results for Fiscal 1997 through 1999. No assurance can be given that the Company will be successful in this effort to complete financial statements for the Fiscal 2000 period, or the restatement of past periods. Outlook for Third Quarter and Fiscal Year 2002 Mr. Park stated, "For the third Quarter ended April 27, 2002, we expect to report Net sales of $27 million, approximately a 4% increase from what we will be reporting for the third Quarter of the previous year. Del Medical Imaging Group's sales increased in Q3 versus the prior year. In Q3, our Power Conversion Group's sales declined versus the prior year, but increased more than 10% versus Q2 of Fiscal 2002. The decline in Power Conversion Group sales in Q3 versus the prior year is consistent with our ongoing efforts to shift our focus to higher margin products and projects, and to eliminate those products and projects deemed to be unprofitable or with limited market acceptance. Mr. Park continued, "We are also reiterating our revenue guidance for the full year of Fiscal 2002 of between $97 and $100 million. Our backlog Backlog The total value of sales orders waiting to be fulfilled. Notes: This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings. at April 26, 2002 is approximately $37 million, which gives us some visibility on the Fiscal year, and a good start on Fiscal 2003. Margins are anticipated to continue to improve in the second Half of Fiscal 2002 due to higher sales at Del Medical Imaging, the acceleration of Explosives Detection Systems ("EDS (Electronic Data Systems, Plano, TX, www.eds.com) Founded in 1962 by H. Ross Perot (independent candidate for the President of the U.S. in 1992), EDS is the largest outsourcing and data processing services organization in the country. ") orders at the Power Conversion business and the positive impact of the closure of our Dynarad facility. Our Q3 Gross Margins should be in the range of what we saw in the first Half, with more improvements in Gross Margins expected in Q4. However, there can be no assurances that Del will achieve these expected operating results. "We again point out that we expect to incur To become subject to and liable for; to have liabilities imposed by act or operation of law. Expenses are incurred, for example, when the legal obligation to pay them arises. An individual incurs a liability when a money judgment is rendered against him or her by a court. a non-cash charge of approximately $7 million in the third Quarter of Fiscal 2002 related to shares and warrants issued in the litigation settlement. The Litigation Settlement charge will adversely affect net income for the Fiscal 2002 third Quarter and year, resulting in a net loss for these periods." Mr. Park continued by stating that Del has maintained its reputation for quality products and service, and continues to enjoy solid relationships with its customers. He illustrated this claim by announcing important new contract developments at the Company's Medical Imaging Group and Power Conversion Group. Del's Medical Imaging Group recently signed an agreement with AmeriNet, Inc., the nation's largest membership based healthcare group purchasing organization A group purchasing organization is an entity that leverages the purchasing power of a group of businesses to obtain discounts from vendors based on the collective buying power of the GPO members. Many GPOs are funded by administrative fees that are actually paid by the vendors. . The agreement allows AmeriNet's 14,600 members in 50 states the opportunity to purchase general purpose radiographic equipment This is a page devoted to the equipment used for radiographic work, both medical and industrial. Photon sources[1] X-ray sources A high energy X-ray machine can be used for industrial radiography while for medical radiography a lower voltage can be from Del. AmeriNet's member-facilities include hospitals, nursing homes, medical group practices, surgery centers and managed care organizations. Del was also awarded a one-year contract, with a four-year add-on A purchase of additional goods before payment is made for goods already purchased. An add-on may be covered by a clause in an installment payment contract that allows the seller to hold a security interest in the earlier goods until full payment is made on the later goods. option, from the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. Department of Defense to supply x-ray systems and sub systems, components and accessories to military hospitals and clinics around the world. Del has supplied more than 1,000 portable x-ray units x-ray unit, n See unit, radiographic. to the United States Army United States Army Major branch of the U.S. military forces, charged with preserving peace and security and defending the nation. The first regular U.S. fighting force, the Continental Army, was organized by the Continental Congress on June 14, 1775, to supplement local and the United States Navy United States Navy Major branch of the U.S. military forces, charged with defending the nation at sea and maintaining security on the seas wherever U.S. interests extend. The Continental Navy was established by the Continental Congress in 1775. over the years. The Company forecasts that these opportunities will produce approximately $5 million in aggregate annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. sales. Del's Power Conversion Group has been selected as a supplier of high voltage The term high voltage characterizes electrical circuits, in which the voltage used is the cause of particular safety concerns and insulation requirements. High voltage is used in electrical power distribution, in cathode ray tubes, to generate X-rays and particle beams, to power systems by the two FAA qualified manufacturers of EDS for checked baggage This article or section may contain original research or unverified claims. Please help Wikipedia by adding references. See the for details. This article has been tagged since September 2007. . These manufacturers have received orders for EDS from the Transportation Safety Administration in support of the year-end deadline for the screening of checked baggage for explosives. Del has, in turn, received orders with a value of approximately $10 million for delivery by the end of calendar 2002. Modest shipments of the power systems began in the second quarter and production capability has been enhanced to meet the increased delivery requirements The stipulation that requires that an item of materiel must be delivered in the total quantity required by the date required. for the remainder of the calendar year. Investor Conference Call Samuel Park and Thomas Gilboy will host a conference call on Thursday May 9, 2002 at 11:00 A.M. Eastern Daylight Savings Time, to discuss this news release. The telephone number to join this conference call is (973) 321-1100. A taped replay of the call will be available through 5:00 P.M. Eastern Daylight Savings Time, May 10, 2002. Please dial (973) 341-3080 and enter the number 3270831. In addition, the conference call will be broadcast live over the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the via the Webcast section of Del's web site at www.delglobaltech.com. To listen to the live call on the Internet, go to the web site at least 15 minutes early to register, download To receive a file transmitted over a network. In any communications session, "download" means receive, and "upload" means send. The download/upload often implies a big/little scenario, in which data is being downloaded from the "big" server into the "little" user's computer. and install any necessary audio software. If you are unable to participate in the live call, the conference call will be archived and can be accessed on the Company's website for approximately five business days. Del Global Technologies Corp. is primarily engaged in the design, manufacture and marketing of cost-effective cost-effective, n the minimal expenditure of dollars, time, and other elements necessary to achieve the health care result deemed necessary and appropriate. medical imaging and diagnostic systems consisting of stationary Stationary can mean:
pertaining to or emanating from analysis. analytical control control of confounding by analysis of the results of a trial or test. instrumentation instrumentation, in music: see orchestra and orchestration. instrumentation In technology, the development and use of precise measuring, analysis, and control equipment. , semiconductor capital equipment and energy exploration. Statements about future results made in this release may constitute 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. within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. These statements are based on current expectations and the current economic environment. The Company cautions that these statements are not guarantees of future performance. They involve a number of risks and uncertainties that are difficult to predict including, but not limited to, the ability of the Company to implement its business plan, management changes, changing industry and competitive conditions, obtaining anticipated operating efficiencies, securing necessary capital facilities, favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. determinations in various legal and regulatory matters and favorable general economic conditions. Actual results could differ materially from those expressed or implied in the forward-looking statements. Important assumptions and other important factors that could cause actual results to differ materially from those in the forward-looking statements are specified in the Company's filings with the Securities and Exchange Commission.
DEL GLOBAL TECHNOLOGIES AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands except per share amounts)
Three Months Ended
October 27, October 28,
2001 2000
----------- ----------
Net Sales $ 19,481 $ 22,147
Cost of Sales 15,738 17,861
-------- -------
Gross Margin 3,743 4,286
Selling, general and administrative 5,251 3,831
Research and development 581 696
Litigation settlement costs (258) -
Facilities reorganization costs 42 -
-------- -------
Total operating expenses 5,616 4,527
-------- -------
Operating Loss (1,873) (241)
-------- -------
Interest expense, net (462) (267)
Other income (expense) (17) (3)
-------- -------
Loss Before Income Tax Benefit
And Minority Interest
(2,352) (511)
-------- -------
Income tax benefit (829) (193)
-------- -------
Loss Before Minority Interest (1,523) (318)
-------- -------
Minority interest 12 58
-------- -------
Net Loss $ (1,535) $ (376)
======== =======
Basic and Diluted Net Loss Per Share $ (0.20) $ (0.05)
======== =======
Basic shares outstanding 7,848 7,848
======== =======
DEL GLOBAL TECHNOLOGIES AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands except per share amounts)
Three Months Ended
January 26, January 27,
2002 2001
----------- -----------
Net Sales $ 24,401 $ 23,209
Cost of Sales 18,057 18,689
--------- --------
Gross Margin 6,344 4,520
Selling, general and administrative 5,416 4,491
Research and development 625 815
Litigation settlement costs - 1,018
Facilities reorganization costs 35 -
--------- --------
Total operating expenses 6,076 6,324
--------- --------
Operating Income (Loss) 268 (1,804)
--------- --------
Interest expense, net (325) (224)
Other income (expense) 48 (62)
--------- --------
Loss Before Income Tax Benefit And
Minority Interest (9) (2,090)
--------- --------
Income tax benefit (3) (789)
--------- --------
Net Loss Before Minority Interest (6) (1,301)
--------- --------
Minority interest 165 165
--------- --------
Net Loss $ (171) $ (1,466)
========= ========
Basic and Diluted Net Income Per Share $ (0.02) $ (0.19)
========= ========
Basic shares outstanding 7,848 7,848
========= ========
DEL GLOBAL TECHNOLOGIES AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands except per share amounts)
Six Months Ended
January 26, January 27,
2002 2001
----------- ----------
Net Sales $ 43,882 $ 45,356
Cost of Sales 33,795 36,550
------ -------
Gross Margin 10,087 8,806
Selling, general and administrative 10,667 8,322
Research and development 1,206 1,511
Litigation settlement costs (258) 1,018
Facilities reorganization costs 77 -
------ -------
Total operating expenses 11,692 10,851
------ -------
Operating Loss (1,605) (2,045)
------- --------
Interest expense, net (787) (491)
Other income (expense) 31 (65)
------ --------
Loss Before Income Tax Benefit And
Minority Interest (2,361) (2,601)
------- --------
Income tax benefit (832) (982)
------- --------
Net Loss Before Minority Interest (1,529) (1,619)
------- --------
Minority interest 177 223
------ -------
Net Loss $ (1,706) $ (1,842)
========= ========
Basic and Diluted Net Income Per Share $ (0.22) $ (0.24)
========= ========
Basic shares outstanding 7,848 7,848
========= ========
DEL GLOBAL TECHNOLOGIES AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS
(in thousands except per share amounts)
January 26, July 28,
2002 2001
----------- ---------
Current Assets $ 48,780 $ 53,369
Total Assets $ 77,754 $ 81,658
Current Liabilities $ 28,447 $ 31,100
Total Liabilities $ 36,634 $ 39,249
Minority Interest $ 820 $ 618
Shareholders' Equity $ 40,300 $ 41,791
Common Shares Outstanding
End of Period (000) (1) 7,848 7,848
Book Value Per Share $ 5.14 $ 5.33
----------------------------------------------------------------------
Pro Forma After Issuance of 2.5 Million Shares
Related to Litigation Settlement
----------------------------------------------------------------------
Common Shares Outstanding (000) (1) 10,348
----------------------------------------------------------------------
Book Value Per Share $ 3.89
----------------------------------------------------------------------
(1) Net of treasury stock
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