CANNONDALE CORPORATION AND SUBSIDIARIES
Condensed Consolidated Statements of Operations
(In thousands, except per share data)
Third Quarter
Fiscal
2002
(Unaudited)
Third Quarter
Fiscal
2001
(Unaudited)
Nine
Months
Fiscal
2002
(Unaudited)
Nine Months
Fiscal
2001
(Unaudited)
Net sales...............................................
$ 39,167
$ 32,636
$ 111,104
$ 104,010
Cost of sales.........................................
30,682
25,895
86,479
77,089
Gross profit..........................................
8,485
6,741
24,625
26,921
Expenses:
Selling, general and administrative.
9,689
9,005
28,550
27,275
Research and development..............
1,616
1,500
4,261
5,417
11,305
10,505
32,811
32,692
Operating loss.............. .....................
(2,820)
(3,764)
(8,186)
(5,771)
Other income (expense):
Interest expense.............................
(1,301)
(1,486)
(3,601)
(5,036)
Other income (expense) ................
(115)
(199)
(47)
192
(1,416)
(1,685)
(3,648)
(4,844)
Loss before income taxes and extraordinary
item ..........................................
(4,236)
(5,449)
(11,834)
(10,615)
Income tax (expense) benefit...............
1,991
98
2,060
(6,382)
Loss before extraordinary item ..........
(2,245)
(5,351)
(9,774)
(16,997)
Extraordinary loss from early extinguishment
of debt ...................
-
-
-
(552)
Net loss .....................................
$ (2,245)
$ (5,351)
$ (9,774)
$ (17,549)
Basic and diluted loss per share before
extraordinary item.........................
$ (0.30)
$ (0.71)
$ (1.29)
$ (2.26)
Extraordinary loss per share ............
-
-
-
(0.07)
Basic and diluted loss per share ......
$ (0.30)
$ (0.71)
$ (1.29)
$ (2.33)
Weighted-average common shares outstanding
................................
7,560
7,529
7,549
7,520
Net sales:
Bicycles.................................
$ 30,984
$ 30,899
$ 96,601
$ 100,830
Motorsports............................
8,183
1,737
14,503
3,180
$ 39,167
$ 32,636
$ 111,104
$ 104,010
Pretax income (loss):
Bicycles.................................
$ 1,632
$ 559
$ 7,652
$ 4,548
Motorsports.............................
(5,868)
(6,008)
(19,486)
(15,163)
