SOLA International Announces Fiscal 2002 Second Quarter Results; Adjusted Earnings Per Share Increases 17.2% Over the Prior Year.Business Editors SUNNYVALE Sunnyvale, city (1990 pop. 117,229), Santa Clara co., W Calif., near San Francisco; settled 1849, inc. 1912. A city in Silicon Valley, its many manufactures include semiconductors; machinery and instruments; electrical, electronic, and aerospace products; , Calif.--(BUSINESS WIRE)--Nov. 6, 2001 SOLA International Inc. (NYSE NYSE See: New York Stock Exchange :SOL), a global designer, manufacturer and distributor of spectacle Spectacle Speed (See SWIFTNESS.) Aïda opera renowned for its scenic grandeur; sometimes played with on-stage elephants. [Ital. lenses, today announced that fiscal year 2002 second quarter adjusted net income was $8.3 million, or $0.34 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, versus adjusted net income of $7.0 million, or $0.29 per diluted share, in the year ago quarter, an increase of 17.2%. Excluding the benefit associated with a lower effective tax rate recognized during the second quarter, adjusted net income was $7.5 million, or $0.31 per diluted share. Adjusted net income excludes special charges, transition costs, goodwill amortization, inventory write-offs and unrealized net currency losses on long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. notes. Jeremy Jeremy (jĕr`ĭmē), English form of Jeremiah. The Epistle of Jeremy is a title given to the sixth chapter of Baruch. C. Bishop, President and Chief Executive Officer of SOLA commented, "For the sixth successive quarter we have achieved financial results that have matched or exceeded investment community expectations. This strong performance reflects the quality of our core strategies and the actions initiated eighteen months ago." "The tragic events of September September: see month. 11th resulted in reduced sales in the second quarter, particularly 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. , but our focus on value-added val·ue-add·ed adj. Of or relating to the estimated value that is added to a product or material at each stage of its manufacture or distribution: products, which now represent 77% of our ophthalmic ophthalmic /oph·thal·mic/ (of-thal´mik) ocular (1). oph·thal·mic adj. Of or relating to the eye; ocular. Ophthalmic Pertaining to the eye. lens sales, continues to be effective and demonstrates that during times of economic uncertainty our sales mix sales mix See product mix. tends to improve. I am also delighted to report that the Optical Laboratories Association (OLA Noun 1. ola - leaf or strip from a leaf of the talipot palm used in India for writing paper olla Corypha umbraculifera, talipot, talipot palm - tall palm of southern India and Sri Lanka with gigantic leaves used as umbrellas and fans or cut into strips for ) of North America honored hon·or n. 1. High respect, as that shown for special merit; esteem: the honor shown to a Nobel laureate. 2. a. Good name; reputation. b. SOLA with two awards during their 51st annual meeting held in New Orleans New Orleans (ôr`lēənz –lənz, ôrlēnz`), city (2006 pop. 187,525), coextensive with Orleans parish, SE La., between the Mississippi River and Lake Pontchartrain, 107 mi (172 km) by water from the river mouth; founded on November November: see month. 3rd. The first, "Award of Excellence" was given to SOLAMax in the category "Best in Lenses." The second award recognized the superior photochromic Pho`to`chro´mic a. 1. Of or pertaining to photochromy; produced by photochromy. performance of Spectralite Velocity Transitions, which was awarded "Best in Lens Treatments." I am encouraged that the work of product development teams should be recognized by their industry peers, both customers and competitors COMPETITORS, French law. Persons who compete or aspire to the same office, rank or employment. As an English word in common use, it has a much wider application. Ferriere, Dict. de Dr. h.t. ." "Our investment in polycarbonate A category of plastic materials used to make a myriad of products, including CDs and CD-ROMs. manufacturing capacity continues to be fully validated val·i·date tr.v. val·i·dat·ed, val·i·dat·ing, val·i·dates 1. To declare or make legally valid. 2. To mark with an indication of official sanction. 3. . Unit sales unit sales Sales measured in terms of physical units rather than dollars. Unit sales data are often used by financial analysts when evaluating the health of a company. of polycarbonate increased by close to 50% over the year ago quarter and average selling prices The average sales price of goods or commodities. Especially used in the retail sector and technology distribution. improved from the first quarter of the current fiscal year. We continue to invest in this area as demand for our polycarbonate products continues to exceed current capacity." "As expected, I can report that the strategic manufacturing and logistical lo·gis·tic also lo·gis·ti·cal adj. 1. Of or relating to symbolic logic. 2. Of or relating to logistics. [Medieval Latin logisticus, of calculation initiatives announced in February February: see month. are proceeding as planned. Transition costs of $7.1 million in the current quarter were less than our expectations and will continue to decrease sequentially se·quen·tial adj. 1. Forming or characterized by a sequence, as of units or musical notes. 2. Sequent. se·quen throughout the fiscal year." "In addition, the significant reduction in recurring re·cur intr.v. re·curred, re·cur·ring, re·curs 1. To happen, come up, or show up again or repeatedly. 2. To return to one's attention or memory. 3. To return in thought or discourse. 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. , which decreased approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $2.3 million compared with the year ago quarter and $1.4 million compared with the first quarter of this year, is evidence of our continued vigorous pursuit of cost control across the Company." Added Mr. Bishop, "I am also particularly encouraged by the results of our strengthened focus on cash flow. Cash collections on accounts receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying continue to improve and resulted in a three-day reduction in our days' sales outstanding Days' sales outstanding Average collection period. compared with the year ago quarter. Also, inventory decreased $1.2 million from the first quarter of this year and $10.4 million, excluding inventory write-offs, compared with the year ago quarter as the benefits of our product migration efforts and streamlining of logistics logistics In military science, all the activities of armed-force units in support of combat units, including transport, supply, communications, and medical aid. The term, first used by Henri Jomini, Alfred Thayer Mahan, and others, was adopted by the U.S. are realized. The net impact of these actions is that total debt, net of cash and cash equivalents and excluding the impact of currency rates on the Company's Euro-denominated debt, decreased $4.8 million in the quarter." Consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: 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 second quarter, on a constant currency and comparable basis, decreased 1.8%, with Europe Europe (y  r`əp), 6th largest continent, c.4,000,000 sq mi (10,360,000 sq km) including adjacent islands (1992 est. pop. 512,000,000). increasing
6.9% and North America and Rest of World decreasing 6.6% and 3.9%,
respectively. Including the impact of currency, net sales in the quarter
were $129.4 million compared with $134.8 million in the year ago
quarter, a decrease of 4.0%.Net loss in the quarter, including special charges, transition costs, inventory write-offs, goodwill amortization and unrealized net currency losses on long-term notes was $4.0 million, or $0.17 per share, compared with net income of $1.2 million, or $0.05 per diluted share in the second quarter of fiscal 2001. Year-to-Date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. Results Net sales for the first six months of fiscal 2002 were $265.4 million compared with $276.8 million in the same period a year ago. On a constant currency and comparable basis, net sales for the first six months of fiscal 2002 decreased 0.8 percent. Adjusted net income for the first six months of fiscal 2002, was $16.0 million, or $0.66 per share, compared with adjusted net income of $13.4 million, or $0.55 per share, in the first six months of fiscal 2001. Fiscal 2002 Second Half Outlook Commenting on the second half of fiscal 2002, Mr. Bishop stated, " We anticipate that sales in North America and our Sunlens business will continue to be slightly depressed Depressed A description of a market, security, or product that is experiencing weak demand and lowering prices. Notes: A depressed market, security, or product implies that prices and volume are low. There are many reasons for a depressed market, security, or product. , however, the geographical ge·o·graph·ic also ge·o·graph·i·cal adj. 1. Of or relating to geography. 2. Concerning the topography of a specific region. ge diversity of SOLA, combined with the strength of its products, brands and customer relationships indicate that any impact will be manageable. As such, and recognizing our strong performance in the first 2 quarters, we are not changing our earnings per share expectations and remain comfortable with First Call earnings per share estimates of $0.28 to $0.29 for the third quarter fiscal 2002 and $0.42 to $0.45 for the fourth quarter fiscal 2002. Other Developments Separately, the Company announced today that Mr. Stuart Redsun has been appointed ap·point tr.v. ap·point·ed, ap·point·ing, ap·points 1. To select or designate to fill an office or a position: appointed her the chief operating officer of the company. 2. to the position of Vice President, Global Marketing reporting to President and Chief Executive Officer, Jeremy C. Bishop. Prior to joining SOLA, Mr. Redsun held the position of Vice President, Advertising and Promotions at Gateway Computers from 2000 to 2001 and held senior marketing positions at NIKE Nike (nī`kē), in Greek religion and mythology, goddess of victory, daughter of Pallas and Styx. Often an attendant of Zeus or Athena, she also presided over all contests, athletic as well as military. from 1989 to 2000. Conference Call Information The Company will host a conference call on Wednesday Wednesday: see week. , November 7, 2001 at 11:00 a.m. Eastern Standard Time (8:00 a.m. Pacific Standard Time) to discuss today's announcement. In addition, investors and interested parties may listen to the call via webcast at www.Sola.com or www.streetfusion.com Company Description SOLA International Inc. designs, manufactures and distributes a broad range of eyeglass eye·glass n. 1. eyeglasses Glasses for the eyes. 2. A single lens in a pair of glasses; a monocle. 3. See eyepiece. 4. See eyecup. lenses, primarily focusing on the faster-growing plastic lens segment of the global lens market, and particularly on higher-margin value-added products. SOLA's strong global presence includes manufacturing and distribution sites in three major regions: North America, Europe and Rest of World (primarily Australia Australia (ôstrāl`yə), smallest continent, between the Indian and Pacific oceans. With the island state of Tasmania to the south, the continent makes up the Commonwealth of Australia, a federal parliamentary state (2005 est. pop. , Asia and South America South America, fourth largest continent (1991 est. pop. 299,150,000), c.6,880,000 sq mi (17,819,000 sq km), the southern of the two continents of the Western Hemisphere. ) and approximately 7,000 employees in 30 countries servicing customers in over 50 markets worldwide. For additional information, visit the Company's web site at www.Sola.com. Safe-Harbor This press release includes 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 Section 21E of the Securities Exchange Act of 1934, including statements relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc SOLA's potential growth prospects. Such forward-looking statements are subject to various risks and uncertainties, many of which are beyond the control of SOLA. Actual results could differ materially from the forward-looking statements as a result of, among other things, the impact of events resulting from the September 11, 2001 terrorist attacks; the highly competitive nature of the eyeglass lens and coating industry; SOLA's need to develop new products; potential adverse developments in the domestic and foreign economic and political environment, including exchange rates, tariffs This is a list of tariffs and trade legislation:
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 fiscal year ended March 31, 2001. The words "believe," "expect," "anticipate," "estimate" and similar expressions identify forward-looking statements. SOLA undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Sola International Inc.
Unaudited Statements of Operations
(Amounts in thousands, except per share data)
Second Second
Quarter Quarter
2002 2001
--------- ---------
Net sales $ 129,444 $ 134,846
Cost of sales 78,356 80,202
--------- ---------
Gross profit 51,088 54,644
--------- ---------
Research and development expenses 3,350 3,871
Selling and marketing expenses 25,263 25,220
General and administrative expenses 12,367 11,660
Goodwill amortization 11 1,583
Special charges -- 4,827
--------- ---------
Operating expenses 40,991 47,161
--------- ---------
Operating income 10,097 7,483
Interest income 760 375
Interest expense (7,711) (6,291)
Foreign currency (loss)/gain (9,215) 302
--------- ---------
Income before provision for income
taxes, minority interest and
extraordinary item (6,069) 1,869
Provision for income taxes 2,093 (625)
Minority interest income/(loss) (27) (10)
--------- ---------
Income before extraordinary item (4,003) 1,234
Extraordinary item, net of tax -- --
--------- ---------
Net Income/(Loss) $ (4,003) $ 1,234
========= =========
Earnings per share - basic:
Before extraordinary item $ (0.17) $ 0.05
Extraordinary item -- --
--------- ---------
Earnings per share - basic: $ (0.17) $ 0.05
========= =========
Weighted average common shares outstanding 23,901 23,966
========= =========
Earnings per share - diluted:
Before extraordinary item $ (0.17) $ 0.05
Extraordinary item -- --
--------- ---------
Earnings per share - diluted: $ (0.17) $ 0.05
========= =========
Weighted average common shares and
dilutive securities outstanding 23,901 24,084
========= =========
Note:
Net income excluding special charges,
related inventory write-offs,
transition costs, goodwill amortization
and unrealized net currency losses
on long-term notes $ 8,307 $ 6,993
Earnings per share excluding special
charges, related inventory write-offs,
transition costs, goodwill amortization
and unrealized net currency losses on
long-term notes $ 0.34 $ 0.29
Sola International Inc.
Unaudited Statements of Operations-reconciled for transition
and foreign exchange costs
(Amounts in thousands, except per share data)
Transition and
Q2 2002 foreign Q2 2002
As reported exch. costs Adjusted
--------- --------- ---------
Net sales $ 129,444 $ -- $ 129,444
Cost of sales 78,356 (4,509) 73,847
--------- --------- ---------
Gross profit 51,088 4,509 55,597
--------- --------- ---------
Research and
development expenses 3,350 (200) 3,150
Selling and marketing
expenses 25,263 (945) 24,318
General and administrative
expenses 12,367 (1,419) 10,948
Goodwill amortization 11 -- 11
Special charges -- -- --
--------- --------- ---------
Operating expenses 40,991 (2,564) 38,427
--------- --------- ---------
Operating income 10,097 7,073 17,170
Interest income 760 -- 760
Interest expense (7,711) -- (7,711)
Foreign currency (loss)/gain (9,215) 10,024 809
--------- --------- ---------
Income before provision for
income taxes, minority
interest and
extraordinary item (6,069) 17,097 11,028
Provision for income taxes 2,093 (4,787) (2,694)
Minority interest income/(loss) (27) -- (27)
--------- --------- ---------
Income before
extraordinary item (4,003) 12,310 8,307
Extraordinary item, net of tax -- -- --
--------- --------- ---------
Net Income/(Loss) $ (4,003) $ 12,310 $ 8,307
========= ========= =========
Earnings per share - diluted:
Before extraordinary item $ (0.17) $ 0.34
Extraordinary item -- --
--------- ---------
Earnings per share - basic: $ (0.17) $ 0.34
========= =========
Weighted average common
shares outstanding 23,901 24,427(a)
========= =========
(a) The effect of adjusting Q2 2002 for transition and foreign
exchange costs resulted in a net income position for the Company.
Accordingly, fully diluted EPS calculation, as adjusted, includes
the dilutive effect of stock options excluded from "As Reported"
results.
Sola International Inc.
Unaudited Statements of Operations-reconciled for
special charges and goodwill
(Amounts in thousands, except per share data)
Q2 2001 Special charges Q2 2001
As reported and goodwill Adjusted
--------- --------- ---------
Net sales $ 134,846 $ -- $ 134,846
Cost of sales 80,202 (2,332) 77,870
--------- --------- ---------
Gross profit 54,644 2,332 56,976
--------- --------- ---------
Research and development
expenses 3,871 -- 3,871
Selling and marketing expenses 25,220 -- 25,220
General and administrative
expenses 11,660 -- 11,660
Goodwill amortization 1,583 (1,583) --
Special charges 4,827 (4,827) --
--------- --------- ---------
Operating expenses 47,161 (6,410) 40,751
--------- --------- ---------
Operating income 7,483 8,742 16,225
Interest income 375 -- 375
Interest expense (6,291) -- (6,291)
Foreign currency (loss)/gain 302 -- 302
--------- --------- ---------
Income before provision for
income taxes, minority
interest and extraordinary item 1,869 8,742 10,611
Provision for income taxes (625) (2,983) (3,608)
Minority interest income/(loss) (10) -- (10)
--------- --------- ---------
Income before extraordinary item 1,234 5,759 6,993
Extraordinary item, net of tax -- -- --
--------- --------- ---------
Net Income/(Loss) $ 1,234 $ 5,759 $ 6,993
========= ========= =========
Earnings per share - diluted:
Before extraordinary item $ 0.05 $ 0.29
Extraordinary item -- --
--------- ---------
Earnings per share - basic: $ 0.05 $ 0.29
========= =========
Weighted average common shares
outstanding 24,084 24,084
========= =========
Sola International Inc.
Unaudited Statements of Operations
(Amounts in thousands, except per share data)
First Half First Half
2002 2001
--------- ---------
Net sales $ 265,400 $ 276,837
Cost of sales 159,503 162,949
--------- ---------
Gross profit 105,897 113,888
Research and development expenses 6,394 7,900
Selling and marketing expenses 52,050 51,782
General and administrative expenses 25,377 25,452
Goodwill amortization 22 3,168
Special charges -- 10,915
--------- ---------
Operating expenses 83,843 99,217
--------- ---------
Operating income 22,054 14,671
Interest income 1,201 925
Interest expense (15,347) (12,333)
Foreign currency (loss)/gain (4,127) (54)
--------- ---------
Income before provision for income
taxes and minority interest 3,781 3,209
Provision for income taxes (1,059) (1,080)
Minority interest income/(loss) (47) (13)
--------- ---------
Income before extraordinary item 2,675 2,116
Extraordinary item, net of tax -- 1,471
--------- ---------
Net income $ 2,675 $ 3,587
========= =========
Earnings per share - basic:
Before extraordinary item $ 0.11 $ 0.09
Extraordinary item -- 0.06
--------- ---------
Earnings per share - basic: $ 0.11 $ 0.15
========= =========
Weighted average common shares outstanding 23,823 24,403
========= =========
Earnings per share - diluted:
Before extraordinary item $ 0.11 $ 0.09
Extraordinary item -- 0.06
--------- ---------
Earnings per share - diluted: $ 0.11 $ 0.15
========= =========
Weighted average common shares and
dilutive securities outstanding 24,302 24,452
========= =========
Note:
Net income excluding special charges,
related inventory write-offs,
transition costs, goodwill amortization
and unrealized net currency
losses on long-term notes $ 15,977 $ 13,430
Earnings per share excluding special
charges, related inventory write-offs,
transition costs, goodwill amortization
and unrealized net currency
losses on long-term notes $ 0.66 $ 0.55
Sola International Inc.
Unaudited Statements of Operations-reconciled for transition
and foreign exchange costs
(Amounts in thousands, except per share data)
First Transition First
Half 2002 and foreign Half 2002
As reported exch. costs Adjusted
--------- --------- ---------
Net sales $ 265,400 $ -- $ 265,400
Cost of sales 159,503 (8,432) 151,071
--------- --------- ---------
Gross profit 105,897 8,432 114,329
--------- --------- ---------
Research and development expenses 6,394 (450) 5,944
Selling and marketing expenses 52,050 (1,867) 50,183
General and administrative
expenses 25,377 (3,319) 22,058
Goodwill amortization 22 -- 22
Special charges -- -- --
--------- --------- ---------
Operating expenses 83,843 (5,636) 78,207
--------- --------- ---------
Operating income 22,054 14,068 36,122
Interest income 1,201 -- 1,201
Interest expense (15,347) -- (15,347)
Foreign currency (loss)/gain (4,127) 4,488 361
--------- --------- ---------
Income before provision for
income taxes, minority interest
and extraordinary item 3,781 18,556 22,337
Provision for income taxes (1,059) (5,254) (6,313)
Minority interest income/(loss) (47) -- (47)
--------- --------- ---------
Income before extraordinary item 2,675 13,302 15,977
Extraordinary item, net of tax -- -- --
--------- --------- ---------
Net Income/(Loss) $ 2,675 13,302 $ 15,977
========= ========= =========
Earnings per share - diluted:
Before extraordinary item $ 0.11 $ 0.66
Extraordinary item -- --
--------- ---------
Earnings per share - basic: $ 0.11 $ 0.66
========= =========
Weighted average common shares
outstanding 24,302 24,302
========= =========
Sola International Inc.
Unaudited Statements of Operations-reconciled for
special charges and goodwill
(Amounts in thousands, except per share data)
First Half First Half
2001 Special charges 2001
As reported and goodwill Adjusted
--------- --------- ---------
Net sales $ 276,837 $ -- $ 276,837
Cost of sales 162,949 (3,076) 159,873
--------- --------- ---------
Gross profit 113,888 3,076 116,964
--------- --------- ---------
Research and development
expenses 7,900 -- 7,900
Selling and marketing expenses 51,782 -- 51,782
General and administrative
expenses 25,452 -- 25,452
Goodwill amortization 3,168 (3,168) --
Special charges 10,915 (10,915) --
--------- --------- ---------
Operating expenses 99,217 (14,083) 85,134
--------- --------- ---------
Operating income 14,671 17,159 31,830
Interest income 925 -- 925
Interest expense (12,333) -- (12,333)
Foreign currency (loss)/gain (54) -- (54)
--------- --------- ---------
Income before provision for
income taxes, minority interest
and extraordinary item 3,209 17,159 20,368
Provision for income taxes (1,080) (5,845) (6,925)
Minority interest income/(loss) (13) -- (13)
--------- --------- ---------
Income before extraordinary item 2,116 11,314 13,430
Extraordinary item, net of tax 1,471 -- --
--------- --------- ---------
Net Income/(Loss) $ 3,587 $ 11,314 $ 13,430
========= ========= =========
Earnings per share - diluted:
Before extraordinary item $ 0.09 $ 0.55
Extraordinary item 0.06 --
--------- ---------
Earnings per share - basic: $ 0.15 $ 0.55
========= =========
Weighted average common shares
outstanding 24,452 24,452
========= =========
Sola International Inc.
Balance Sheet Data
(Amounts in thousands)
(Unaudited)
September March September
30, 31, 30,
2001 2001 2000
-------- -------- --------
Cash and cash equivalents $ 55,276 $ 26,149 $ 23,395
Trade accounts receivable, net 105,624 123,478 121,153
Inventories 102,689 94,741 138,728
Other assets 435,164 418,007 438,515
-------- -------- --------
Total assets $698,753 $662,375 $721,791
======== ======== ========
Trade payables, accruals and
other current liabilities $145,300 $144,738 $133,608
Notes payable to bank and
short-term debt 1,715 4,478 156,369
Long-term debt 293,258 254,910 95,990
Other liabilities 22,432 22,874 23,691
-------- -------- --------
Total liabilities 462,705 427,000 409,658
Shareholders' equity 236,048 235,375 312,133
-------- -------- --------
Total liabilities and
shareholders' equity $698,753 $662,375 $721,791
======== ======== ========
Sola International Inc.
Cash Flow Data
(Amounts in thousands)
(Unaudited)
Second Second
Quarter Quarter
2002 2001
-------- --------
Net Income $ (4,003) $ 1,234
Depreciation and amortization 4,734 6,818
Changes in trading assets and liabilities (5,445) 3,990
-------- --------
Net cash provided by (used in) operating
activities (4,714) 12,042
-------- --------
Purchases of businesses -- --
Trade investments and joint ventures 1,425 (562)
Capital expenditures (3,063) (6,406)
Other 47 80
-------- --------
Net cash used in investing activities (1,591) (6,888)
Net cash provided by (used in) financing
activities 11,632 (1,859)
Effect of exchange rates 202 (665)
-------- --------
Net increase in cash and equivalents $ 5,529 $ 2,630
======== ========
Note:
Net cash provided by operating activities
excluding special charges, related inventory
write-offs, transition costs, unrealized net
currency losses on long-term notes and
deferred financing costs $ 15,972 $ 15,812
======== ========
Sola International Inc.
Cash Flow Data
(Amounts in thousands)
(Unaudited)
First Half First Half
2002 2001
-------- --------
Net Income $ 2,675 $ 3,587
Depreciation and amortization 11,064 13,815
Changes in trading assets and liabilities (10,937) (5,974)
-------- --------
Net cash provided by (used in) operating
activities 2,802 11,428
-------- --------
Purchases of businesses -- (2,480)
Trade investments and joint ventures 1,409 (1,313)
Capital expenditures (9,801) (12,586)
Other 90 32
-------- --------
Net cash used in investing activities (8,302) (16,347)
Net cash provided by financing activities 34,554 10,251
Effect of exchange rates 73 (789)
-------- --------
Net increase in cash and equivalents $ 29,127 $ 4,543
======== ========
Note:
Net cash provided by operating activities
excluding special charges, related inventory
write-offs, transition costs, unrealized net
currency losses on long-term notes and
deferred financing costs $ 38,995 $ 17,787
======== ========
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