CANNONDALE CORPORATION AND SUBSIDIARIES
Condensed Consolidated Statements of Operations
(In thousands, except per share data)
Third Quarter
Fiscal
2001
(Unaudited)
Third Quarter
Fiscal
2000
(Unaudited)
Nine Months
Fiscal
2001
(Unaudited)
Nine Months
Fiscal
2000
(Unaudited)
Net sales..................................................
$ 32,636
$ 40,308
$ 104,010
$ 118,393
Cost of sales.............................................
25,895
27,233
77,089
81,631
Gross profit..............................................
6,741
13,075
26,921
36,762
Expenses:
Selling, general and administrative........
9,005
10,607
27,275
30,484
Research and development..................
1,500
2,432
5,417
6,621
10,505
13,039
32,692
37,105
Operating income (loss) ..........................
(3,764)
36
(5,771)
(343)
Other income (expense):
Interest
expense................................
(1,486) (1,901) (5,036) (4,305)
Other income (expense)....................
(199)
531
192
1,265
(1,685)
(1,370)
(4,844)
(3,040)
Pretax loss ............................................
(5,449)
(1,334)
(10,615)
(3,383)
Income tax benefit .................................
2,385
572
4,508
1,790
Loss before provision for deferred tax asset
valuation and extraordinary item ................
(3,064)
(762)
(6,107)
(1,593)
Deferred tax asset valuation provision ..........
(2,287)
-
(10,890)
-
Loss before extraordinary item......................
(5,351)
(762)
(16,997)
(1,593)
Extraordinary loss, net of $0 tax benefit .........
-
-
(552)
-
Net loss ..............................................
$ ( 5,351)
$ (762)
$ (17,549)
$ (1,593)
Basic and diluted loss per share before
extraordinary item ...................................
$ (0.71)
$ ( 0.10)
$ (2.26)
$ (0.21)
Extraordinary loss per share ........................
-
-
( 0.07)
-
Basic and diluted loss per share.....................
$ (0.71)
$ (0.10)
$ (2.33)
$ (0.21)
Weighted-average common shares outstanding ..
7,529
7,503
7,520
7,495
