SOLA International Announces Fiscal 2002 Third Quarter Results.Business Editors SAN DIEGO--(BUSINESS WIRE)--Feb. 6, 2002 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 third quarter adjusted net income was $6.9 million, or $0.28 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 $8.0 million, or $0.34 per diluted share, in the year ago quarter. Adjusted net income for the three and nine month periods excludes special charges, transition costs, goodwill amortization, currency devaluation Currency devaluation A deliberate downward adjustment in the official exchange rates established, or pegged, by a government against a specified standard, such as another currency or gold. , inventory write-offs and the unrealized net currency impact 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 seventh successive quarter we have achieved our principal objectives and have matched or exceeded investment community expectations. This performance reflects the quality of our core strategies and was achieved in unfavorable market conditions." "Our Rx laboratory network in 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). and 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. continues
to grow sales, profits and cash flow; our Sunlens business also
performed well in an uncertain market. Sales of our newer products
continued to grow and manufacturing performed strongly as our primary
factories adjusted production levels to decreased demand and a changed
product mix. Sales 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. , which continues to be our largest
single commercial activity and one of our most profitable businesses,
remained strong for polycarbonate A category of plastic materials used to make a myriad of products, including CDs and CD-ROMs. products but declined overall in
response to reduced demand in the market place."
"During the quarter, we 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: our corporate offices in San Diego San Diego (săn dēā`gō), city (1990 pop. 1,110,549), seat of San Diego co., S Calif., on San Diego Bay; inc. 1850. San Diego includes the unincorporated communities of La Jolla and Spring Valley. Coronado is across the bay. and our North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. commercial offices in Petaluma Petaluma (pĕtəl  `mə), city (1990 pop. 43,184), Sonoma co., W Calif.; inc. 1858. ,
launched a new generation of Transitions photochromic Pho`to`chro´mica. 1. Of or pertaining to photochromy; produced by photochromy. products to our North American customers, continued our investments in expanding polycarbonate manufacturing capacity and cancelled can·cel v. can·celed also can·celled, can·cel·ing also can·cel·ling, can·cels also can·cels v.tr. 1. To cross out with lines or other markings. See Synonyms at erase. 2. our exclusive marketing agreement with Safilo USA for Contour Optics optics, scientific study of light. Physical optics is concerned with the genesis, nature, and properties of light; physiological optics with the part light plays in vision; and geometrical optics with the reflection and refraction of light as encountered in the study . As a consequence of these activities, we reduced previously recognized spending commitments, which resulted in pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta income including a favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. impact of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $5.6 million, or $0.16 per diluted share, in the quarter." "At the end of the quarter and as previously announced, I placed the leadership of our American American, river, 30 mi (48 km) long, rising in N central Calif. in the Sierra Nevada and flowing SW into the Sacramento River at Sacramento. The discovery of gold at Sutter's Mill (see Sutter, John Augustus) along the river in 1848 led to the California gold rush of commercial activities under Mark Ashcroft Ash·croft , Dame Peggy Originally Edith Margaret Emily Ashcroft. 1907-1991. British actress who won an Academy Award for A Passage to India (1984). . Our corporate staff is now working with Mark to refine our business plan and marketing model for North America with the intent of returning this region to sustainable growth." "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 78% 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. In addition, our investment in polycarbonate 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. , as reflected in 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 increasing by approximately 80% 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. improving from the second quarter of the current fiscal year. We continue to invest in this area as demand for our polycarbonate products continues to exceed current capacity." Commenting on the Company's expectations for the remainder of fiscal 2002, Mr. Bishop stated, "The fourth quarter is historically our strongest quarter but we continue to operate in a period of economic uncertainty in North America. We anticipate that consolidated 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 , excluding the impact of currency, will approximate ap·prox·i·mate v. To bring together, as cut edges of tissue. adj. 1. Relating to the contact surfaces, either proximal or distal, of two adjacent teeth; proximate. 2. Close together. the year ago quarter and that adjusted net income will be in the range of $8.2 million to $9.4 million, or $0.33 to $0.38 per diluted share. Despite this challenging operating environment In computing, an operating environment is the environment in which users run programs, whether in a command line interface, such as in MS-DOS or the Unix shell, or in a graphical user interface, such as in the Macintosh operating system. , I am encouraged by the continued improvement in the quality of our earnings, as fourth quarter transition costs are expected to be approximately $7.0 million below last year, and I remain confident that we have the appropriate financial and operating strategies to create long-term sales and profit growth." Steven Ste´ven n. 1. Voice; speech; language. Ye have as merry a steven As any angel hath that is in heaven. - Chaucer. 2. An outcry; a loud call; a clamor. To set steven to make an appointment. M. Neil, Executive Vice President and Chief Financial Officer at SOLA, stated, "I am pleased to 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. 2001 are proceeding as planned. Transition costs of $4.6 million in the current quarter were consistent with our expectations and will continue to decrease." "I am also particularly encouraged by the results of our 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 seven day reduction in our days' sales outstanding Days' sales outstanding Average collection period. compared with the year ago quarter. Also, inventory decreased $5.9 million from the second quarter of this year 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. continue to be 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 $4.2 million in the quarter." Consolidated net sales in the third quarter, on a constant currency and comparable basis, decreased 0.3%, with Europe increasing 3.4% and North America and Rest of World decreasing 1.4% and 3.8%, respectively. Including the impact of currency, net sales in the quarter were $126.3 million compared with $127.3 million in the year ago quarter, a decrease of 0.7%. Net income in the quarter as reported was $7.3 million, or $0.29 per diluted share, compared with a reported net loss of $67.7 million, or $2.86 per share in the third 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 nine months of fiscal 2002 were $391.7 million compared with $404.1 million in the same period a year ago, a decrease of 3.1%. On a constant currency and comparable basis, net sales for the first nine months of fiscal 2002 decreased 0.6%. Adjusted net income for the first nine months of fiscal 2002, was $22.9 million, or $0.94 per diluted share, compared with adjusted net income of $21.7 million, or $0.90 per diluted share, in the first nine months of fiscal 2001. Conference Call Information The Company will host a conference call on Thursday Thursday: see week. , February 7, 2002 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.companyboardroom.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, 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 September: see month. 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)
Third Quarter Third Quarter
2002 2001
----- ----
Net sales $ 126,330 $ 127,263
Cost of sales 74,652 98,525
--------- ---------
Gross profit 51,678 28,738
--------- ---------
Research and development expenses 3,442 3,373
Selling and marketing expenses 24,207 26,851
General and administrative expenses 11,325 13,040
Amortization 11 1,585
Special charges -- 75,749
--------- ---------
Operating expenses 38,985 120,598
--------- ---------
Operating income/(loss) 12,693 (91,860)
Interest income 440 443
Interest expense (8,063) (6,043)
Foreign currency (loss)/gain 4,762 (2,777)
Income/(loss) before
(provision)/benefit
for income
taxes and minority
interest 9,832 (100,237)
--------- ---------
(Provision)/benefit for
income taxes (2,751) 32,490
Minority interest 191 62
--------- ---------
Net Income/(Loss) $ 7,272 $ (67,685)
========= =========
Earnings/(loss)
per share - basic $ 0.30 $ (2.86)
========= =========
Weighted average
common shares outstanding 24,160 23,693
========= =========
Earnings/(loss) per
share - diluted $ 0.29 $ (2.86)
========= =========
Weighted average
common shares and
dilutive securities
outstanding 24,788 23,693
========= =========
Sola International Inc.
Unaudited Statements of Operations-with adjustments
(Amounts in thousands, except per share data)
Q3 2002 Q3 2002
As reported Adjustments(a) As adjusted
--------- --------- ---------
Net sales $ 126,330 $ -- $ 126,330
Cost of sales 74,652 (2,718) 71,934
--------- --------- ---------
Gross profit (b) 51,678 2,718 54,396
--------- --------- ---------
Research and
development expenses 3,442 (150) 3,292
Selling and marketing
expenses (c) 24,207 (865) 23,342
General and administrative
expenses (d) 11,325 (890) 10,435
Amortization 11 -- 11
--------- --------- ---------
Operating expenses 38,985 (1,905) 37,080
--------- --------- ---------
Operating income 12,693 4,623 17,316
Interest income 440 -- 440
Interest expense (8,063) -- (8,063)
Foreign currency (loss)/gain 4,762 (5,219) (457)
Income before provision
for income
taxes and minority
interest 9,832 (596) 9,236
--------- --------- ---------
Provision for income taxes (2,751) 225 (2,526)
Minority interest 191 -- 191
--------- --------- ---------
Net Income/(Loss) $ 7,272 $ (371) $ 6,901
========= ========= =========
Earnings per
share - diluted $ 0.29 $ 0.28
========= =========
Weighted average
common shares and
dilutive securities outstanding 24,788 24,788
========= =========
(a) Adjustments includes transition costs of $4,623 and unrealized net
currency gains on long-term notes of $5,219. Transition costs
relate to: (1) expenditures to execute the strategic actions
(e.g., certain employee and facility costs) and (2) expenses
incurred that will be eliminated upon completion of the strategic
actions (e.g., manufacturing variances associated with the
implementation of the strategic initiatives).
(b) Includes $2,514 favorable adjustment related to better than
expected inventory realization associated with the launch of a new
generation of photochromic product.
(c) Includes $1,250 favorable adjustment associated with the
cancellation of a marketing agreement related to Contour Optics.
(d) Includes $1,781 favorable adjustment primarily related to lower
than originally expected facility cost exposures following the
consolidation of corporate offices in San Diego, California and
North American commercial offices in Petaluma, California.
Sola International Inc.
Unaudited Statements of Operations-with adjustments
(Amounts in thousands, except per share data)
Q3 2001 Q3 2001
As reported Adjustments(a)As adjusted
--------- --------- ---------
Net sales $ 127,263 $ -- $ 127,263
Cost of sales 98,525 (26,478) 72,047
--------- --------- ---------
Gross profit 28,738 26,478 55,216
--------- --------- ---------
Research and development
expenses 3,373 (500) 2,873
Selling and marketing
expenses 26,851 (1,029) 25,822
General and administrative
expenses 13,040 (2,584) 10,456
Amortization 1,585 (1,585) --
Special charges 75,749 (75,749) --
--------- --------- ---------
Operating expenses 120,598 (81,447) 39,151
--------- --------- ---------
Operating income/(loss) (91,860) 107,925 16,065
Interest income 443 -- 443
Interest expense (6,043) -- (6,043)
Foreign currency (loss)/gain (2,777) 3,116 339
Income/(loss) before
(provision)/benefit
for income
taxes and minority
interest (100,237) 111,041 10,804
--------- --------- ---------
(Provision)/benefit for
income taxes 32,490 (35,364) (2,874)
Minority interest 62 -- 62
--------- --------- ---------
Net Income/(Loss) $ (67,685) $ 75,677 $ 7,992
========= ========= =========
Earnings/(loss) per
share - diluted $ (2.86) $ 0.34
========= =========
Weighted average common
shares and dilutive
securities outstanding 23,693 23,700 (b)
========= =========
(a) Adjustments includes special charges of $75,749, transition costs
of $8,819 , goodwill amortization of $1,585 , Brazilian Real
devaluation of $3,116 and inventory writeoff of $21,772.
Transition costs relate to: (1) expenditures to execute the
strategic actions (e.g., certain employee and facility costs) and
(2) expenses incurred that will be eliminated upon completion of
the strategic actions (e.g., manufacturing variances associated
with the implementation of the strategic initiatives).
(b) The effect of adjusting for the adjustments 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
(Amounts in thousands, except per share data)
Year to date Year to Date
2002 2001
--------- ---------
Net sales $ 391,730 $ 404,100
Cost of sales 234,155 261,474
--------- ---------
Gross profit 157,575 142,626
Research and development
expenses 9,836 11,273
Selling and marketing
expenses 76,257 78,633
General and administrative
expenses 36,702 38,492
Amortization 33 4,753
Special charges -- 86,664
--------- ---------
Operating expenses 122,828 219,815
--------- ---------
Operating income/(loss) 34,747 (77,189)
Interest income 1,641 1,368
Interest expense (23,410) (18,376)
Foreign currency (loss)/gain 635 (2,831)
--------- ---------
Income/(loss) before
(provision)/benefit for income
taxes, minority interest and
extraordinary item 13,613 (97,028)
(Provision)/benefit for income taxes (3,810) 31,410
Minority interest 144 49
--------- ---------
Income/(loss) before
extraordinary item 9,947 (65,569)
Extraordinary item,
net of tax -- 1,471
--------- ---------
Net income/(loss) $ 9,947 $ (64,098)
========= =========
Earnings/(loss) per share - basic:
Before extraordinary item $ 0.42 $ (2.71)
Extraordinary item -- 0.06
--------- ---------
Earnings per share - basic: $ 0.42 $ (2.65)
========= =========
Weighted average common shares outstanding 23,935 24,166
========= =========
Earnings/(loss) per share
- diluted:
Before extraordinary item $ 0.41 $ (2.71)
Extraordinary item -- 0.06
--------- ---------
Earnings per share
- diluted: $ 0.41 $ (2.65)
========= =========
Weighted average common
shares and dilutive
securities outstanding 24,464 24,166
========= =========
Sola International Inc.
Unaudited Statements of Operations-with adjustments
(Amounts in thousands, except per share data)
Year to Date 2002 Year to Date 2002
As reported Adjustments (a) As adjusted
--------- --------- ---------
Net sales $ 391,730 $ -- $ 391,730
Cost of sales 234,155 (11,150) 223,005
--------- --------- ---------
Gross profit 157,575 11,150 168,725
--------- --------- ---------
Research and development
expenses 9,836 (600) 9,236
Selling and marketing
expenses 76,257 (2,732) 73,525
General and administrative
expenses 36,702 (4,209) 32,493
Amortization 33 -- 33
--------- --------- ---------
Operating expenses 122,828 (7,541) 115,287
--------- --------- ---------
Operating income (b) 34,747 18,691 53,438
Interest income 1,641 -- 1,641
Interest expense (23,410) -- (23,410)
Foreign currency
(loss)/gain 635 (731) (96)
--------- --------- ---------
Income before
provision for income
taxes and minority
interest 13,613 17,960 31,573
Provision for income
taxes (3,810) (5,029) (8,839)
Minority interest 144 -- 144
--------- --------- ---------
Net Income $ 9,947 $ 12,931 $ 22,878
========= ========= =========
Earnings per share
- diluted $ 0.41 $ 0.94
========= =========
Weighted average
common shares and
dilutive securities
outstanding 24,464 24,464
========= =========
(a) Adjustments includes transition costs of $18,691 and unrealized
net currency gains on long-term notes of $731. Transition costs
relate to: (1) expenditures to execute the strategic actions
(e.g., certain employee and facility costs) and (2) expenses
incurred that will be eliminated upon completion of the strategic
actions (e.g., manufacturing variances associated with the
implementation of the strategic initiatives).
(b) No significant impact on year-to-date operating income as a result
of the favorable adjustments recognized in the third quarter.
Sola International Inc.
Unaudited Statements of Operations-with adjustments
(Amounts in thousands, except per share data)
Year to Date 2001 Year to Date 2001
As reported Adjustments (a) As adjusted
--------- --------- ---------
Net sales $ 404,100 $ -- $ 404,100
Cost of sales 261,474 (29,554) 231,920
--------- --------- ---------
Gross profit 142,626 29,554 172,180
--------- --------- ---------
Research and development
expenses 11,273 (500) 10,773
Selling and marketing
expenses 78,633 (1,029) 77,604
General and
administrative
expenses 38,492 (2,584) 35,908
Amortization 4,753 (4,753) --
Special charges 86,664 (86,664) --
--------- --------- ---------
Operating expenses 219,815 (95,530) 124,285
--------- --------- ---------
Operating income/(loss) (77,189) 125,084 47,895
Interest income 1,368 -- 1,368
Interest expense (18,376) -- (18,376)
Foreign currency
(loss)/gain (2,831) 3,116 285
--------- --------- ---------
Income/(loss) before
(provision)/benefit
for income taxes,
minority interest and
extraordinary item (97,028) 128,200 31,172
(Provision)/benefit
for income taxes 31,410 (40,908) (9,498)
Minority interest 49 -- 49
--------- --------- ---------
Income/(loss) before
extraordinary item (65,569) 87,292 21,723
Extraordinary item,
net of tax 1,471 (1,471) --
--------- --------- ---------
Net Income/(Loss) $ (64,098) $ 85,821 $ 21,723
========= ========= =========
Earnings/(loss)
per share - diluted:
Before extraordinary
item $ (2.71) $ 0.90
Extraordinary item 0.06 --
--------- ---------
Earnings per share
- diluted $ (2.65) $ 0.90
========= =========
Weighted average common
shares and dilutive
securities outstanding 24,166 24,171 (b)
========= =========
(a) Adjustments includes special charges of $86,664, transition
costs of $8,819 , goodwill amortization of $4,753 , Brazilian
Real devaluation of $3,116 and inventory writeoff of $24,848.
Transition costs relate to: (1) expenditures to execute the
strategic actions (e.g., certain employee and facility costs)
and (2) expenses incurred that will be eliminated upon
completion of the strategic actions (e.g., manufacturing
variances associated with the implementation of the strategic
initiatives).
(b) The effect of adjusting for the adjustments 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.
Balance Sheet Data
(Amounts in thousands)
(Unaudited)
December March December
31, 31, 31,
2001 2001 2000
-------- -------- --------
Cash and cash equivalents $ 53,338 $ 26,149 $ 17,397
Trade accounts receivable, net 106,399 123,478 121,295
Inventories 93,430 91,302 113,507
Other assets 435,776 421,446 411,611
-------- -------- --------
Total assets $688,943 $662,375 $663,810
======== ======== ========
Trade payables, accruals and
other current liabilities $145,951 $144,738 $134,271
Notes payable and other debt 283,201 259,388 251,850
Other liabilities 11,121 22,874 23,644
-------- -------- --------
Total liabilities 440,273 427,000 409,765
Shareholders' equity 248,670 235,375 254,045
-------- -------- --------
Total liabilities and
shareholders' equity $688,943 $662,375 $663,810
======== ======== ========
Sola International Inc.
Cash Flow Data
(Amounts in thousands)
(Unaudited)
Third Third
Quarter Quarter
2002 2001
-------- --------
Net Income/(loss) $ 7,272 $(67,685)
Depreciation and amortization 3,873 6,581
Changes in trading assets and liabilities (1,973) 59,281
-------- --------
Net cash provided by (used in)
operating activities 9,172 (1,823)
-------- --------
Investment in trade investments and joint ventures (164) (24)
Capital expenditures (5,044) (6,600)
Mold expenditures (1,177) (1,301)
Other 9 (18)
-------- --------
Net cash used in investing activities (6,376) (7,943)
-------- --------
Net cash provided by (used in) financing
activities (4,423) 3,527
Effect of exchange rates (311) 241
-------- --------
Net decrease in cash and equivalents $ (1,938) $ (5,998)
======== ========
Sola International Inc.
Cash Flow Data
(Amounts in thousands)
(Unaudited)
Year Year
to Date to Date
2002 2001
-------- --------
Net Income/(loss) $ 9,947 $(64,098)
Depreciation and amortization 14,338 19,738
Changes in trading assets and liabilities (12,311) 53,965
-------- --------
Net cash provided by operating activities 11,974 9,605
-------- --------
Purchases of businesses -- (2,480)
Disposal of/(investment in) trade investments
and joint ventures 1,245 (1,337)
Capital expenditures (11,706) (15,654)
Mold expenditures (4,316) (4,833)
Other 99 14
-------- --------
Net cash used in investing activities (14,678) (24,290)
-------- --------
Net cash provided by financing activities 30,131 13,778
Effect of exchange rates (238) (548)
-------- --------
Net increase/(decrease)
in cash and equivalents $ 27,189 $ (1,455)
======== ========
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