-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, RuT80Var7pHp4uNC7TK7/7L+ooElz6PLYGNM8a5JU5kJ0qg+bMwfLi66yJL4hCHV 5KbAjcnyBhxyGwsGxENtlA== 0001030054-97-000003.txt : 19971105 0001030054-97-000003.hdr.sgml : 19971105 ACCESSION NUMBER: 0001030054-97-000003 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19970927 FILED AS OF DATE: 19971104 SROS: AMEX FILER: COMPANY DATA: COMPANY CONFORMED NAME: METRIKA SYSTEMS CORP CENTRAL INDEX KEY: 0001030054 STANDARD INDUSTRIAL CLASSIFICATION: INDUSTRIAL INSTRUMENTS FOR MEASUREMENT, DISPLAY, AND CONTROL [3823] IRS NUMBER: 330733537 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 001-13085 FILM NUMBER: 97707477 BUSINESS ADDRESS: STREET 1: 5788 PACIFIC CENTER BLVD CITY: SAN DIEGO STATE: CA ZIP: 92121 BUSINESS PHONE: 6194509811 MAIL ADDRESS: STREET 1: 5788 PACIFIC CENTER BLVD STREET 2: 5788 PACIFIC CENTER BLVD CITY: SAN DIEGO STATE: CA ZIP: 92121 10-Q 1 SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 ------------------------------------------- FORM 10-Q (mark one) [ X ] Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the Quarter Ended September 27, 1997. [ ] Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. Commission File Number 1-13085 METRIKA SYSTEMS CORPORATION (Exact name of Registrant as specified in its charter) Delaware 33-0733537 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 5788 Pacific Center Boulevard San Diego, California 92121 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (617) 622-1000 Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [ X ] No [ ] Indicate the number of shares outstanding of each of the issuer's classes of Common Stock, as of the latest practicable date. Class Outstanding at September 27, 1997 ---------------------------- --------------------------------- Common Stock, $.01 par value 8,267,828 PAGE PART I - FINANCIAL INFORMATION Item 1 - Financial Statements METRIKA SYSTEMS CORPORATION Consolidated Balance Sheet (Unaudited) Assets September 27, December 28, (In thousands) 1997 1996 ------------------------------------------------------------------------ Current Assets: Cash and cash equivalents $ 43,626 $ 20,229 Available-for-sale investments, at quoted market value (amortized cost of $9,269) 9,286 - Accounts receivable, less allowances of $819 and $440 12,752 10,896 Unbilled contract costs and fees 5,095 1,706 Inventories: Raw materials and supplies 3,540 4,207 Work in process 2,540 1,230 Finished goods 992 910 Prepaid income taxes and other current assets 2,236 1,457 -------- -------- 80,067 40,635 -------- -------- Property, Plant, and Equipment, at Cost 14,763 15,956 Less: Accumulated depreciation and amortization 4,254 3,856 -------- -------- 10,509 12,100 -------- -------- Other Assets 777 926 -------- -------- Cost in Excess of Net Assets of Acquired Companies (Note 2) 13,065 13,105 -------- -------- $104,418 $ 66,766 ======== ======== 2PAGE METRIKA SYSTEMS CORPORATION Consolidated Balance Sheet (continued) (Unaudited) Liabilities and Shareholders' Investment September 27, December 28, (In thousands except share amounts) 1997 1996 ------------------------------------------------------------------------ Current Liabilities: Notes payable and current maturities of long-term obligation $ 11,902 $ 11,578 Accounts payable 2,632 2,463 Accrued payroll and employee benefits 2,783 2,225 Accrued income taxes 2,399 597 Customer deposits 3,495 3,377 Accrued installation and warranty costs 2,290 1,350 Other accrued expenses 4,051 3,023 Due to parent company and affiliated companies 3,929 7,317 -------- -------- 33,481 31,930 -------- -------- Accrued Pension Costs 4,435 4,752 -------- -------- Long-term Obligation 4,110 5,223 -------- -------- Shareholders' Investment (Note 3): Common stock, $.01 par value, 25,000,000 shares authorized; 8,267,828 and 5,967,828 shares issued and outstanding 83 60 Capital in excess of par value 58,555 26,050 Retained earnings 4,083 298 Cumulative translation adjustment (339) (1,547) Net unrealized gain on available-for-sale investments 10 - -------- -------- 62,392 24,861 -------- -------- $104,418 $ 66,766 ======== ======== The accompanying notes are an integral part of these consolidated financial statements. 3PAGE METRIKA SYSTEMS CORPORATION Consolidated Statement of Income (Unaudited) Three Months Ended ------------------------------ September 27, September 28, (In thousands except per share amounts) 1997 1996 ------------------------------------------------------------------------ Revenues $14,886 $13,584 ------- ------- Costs and Operating Expenses: Cost of revenues 7,618 7,382 Selling, general, and administrative expenses 3,837 3,267 Research and development expenses 953 752 ------- ------- 12,408 11,401 ------- ------- Operating Income 2,478 2,183 Interest Income 770 1 Interest Expense (165) (274) ------- ------- Income Before Provision for Income Taxes 3,083 1,910 Provision for Income Taxes 1,240 764 ------- ------- Net Income $ 1,843 $ 1,146 ======= ======= Earnings per Share $ .22 $ .22 ======= ======= Weighted Average Shares 8,268 5,193 ======= ======= The accompanying notes are an integral part of these consolidated financial statements. 4PAGE METRIKA SYSTEMS CORPORATION Consolidated Statement of Income (Unaudited) Nine Months Ended ----------------------------- September 27, September 28, (In thousands except per share amounts) 1997 1996 ------------------------------------------------------------------------ Revenues $41,611 $37,767 ------- ------- Costs and Operating Expenses: Cost of revenues 22,283 21,322 Selling, general, and administrative expenses 10,632 9,651 Research and development expenses 3,013 2,157 ------- ------- 35,928 33,130 ------- ------- Operating Income 5,683 4,637 Interest Income 1,243 3 Interest Expense (605) (599) ------- ------- Income Before Provision for Income Taxes 6,321 4,041 Provision for Income Taxes 2,536 1,616 ------- ------- Net Income $ 3,785 $ 2,425 ======= ======= Earnings per Share $ .56 $ .47 ======= ======= Weighted Average Shares 6,770 5,193 ======= ======= The accompanying notes are an integral part of these consolidated financial statements. 5PAGE METRIKA SYSTEMS CORPORATION Consolidated Statement of Cash Flows (Unaudited) Nine Months Ended ----------------------------- September 27, September 28, (In thousands) 1997 1996 ------------------------------------------------------------------------ Operating Activities: Net income $ 3,785 $ 2,425 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 1,237 1,344 Provision for losses on accounts receivable 274 - Other noncash items 87 411 Changes in current accounts, excluding the effects of acquisition: Accounts receivable (1,843) (1,328) Inventories and unbilled contract costs and fees (3,857) 1,345 Other current assets (1,021) 417 Accounts payable 161 1,103 Other current liabilities 3,917 (1,109) -------- -------- Net cash provided by operating activities 2,740 4,608 -------- -------- Investing Activities: Acquisition (Note 2) (1,347) - Purchases of available-for-sale investments (9,122) - Purchases of property, plant, and equipment (358) (459) Other 57 25 -------- -------- Net cash used in investing activities (10,770) (434) -------- -------- Financing Activities: Net proceeds from issuance of Company common stock (Note 3) 32,528 - Net transfers to parent company prior to the capitalization of the Company - (1,120) Decrease in due to parent company and affiliated companies (2,274) (400) Increase (decrease) in short-term obligations 1,135 (1,889) Repayment of long-term obligation (169) (593) -------- -------- Net cash provided by (used in) financing activities $ 31,220 $ (4,002) -------- -------- 6PAGE METRIKA SYSTEMS CORPORATION Consolidated Statement of Cash Flows (continued) (Unaudited) Nine Months Ended ----------------------------- September 27, September 28, (In thousands) 1997 1996 ------------------------------------------------------------------------ Exchange Rate Effect on Cash $ 207 $ (254) -------- -------- Increase (Decrease) in Cash and Cash Equivalents 23,397 (82) Cash and Cash Equivalents at Beginning of Period 20,229 1,302 -------- -------- Cash and Cash Equivalents at End of Period $ 43,626 $ 1,220 ======== ======== Noncash Activities: Fair value of assets of acquired company $ 2,380 $ - Cash paid for acquired company (1,347) - -------- -------- Liabilities assumed of acquired company $ 1,033 $ - ======== ======== The accompanying notes are an integral part of these consolidated financial statements. 7PAGE METRIKA SYSTEMS CORPORATION Notes to Consolidated Financial Statements 1. General The interim consolidated financial statements presented have been prepared by Metrika Systems Corporation (the Company) without audit and, in the opinion of management, reflect all adjustments of a normal recurring nature necessary for a fair statement of the financial position at September 27, 1997, the results of operations for the three- and nine-month periods ended September 27, 1997, and September 28, 1996, and the cash flows for the nine-month periods ended September 27, 1997, and September 28, 1996. Interim results are not necessarily indicative of results for a full year. The consolidated balance sheet presented as of December 28, 1996, has been derived from the consolidated financial statements that have been audited by the Company's independent public accountants. The consolidated financial statements and notes are presented as permitted by Form 10-Q and do not contain certain information included in the annual financial statements and notes of the Company. The consolidated financial statements and notes included herein should be read in conjunction with the financial statements and notes included in the Company's Registration Statement on Form S-1 (File No. 333-38371), filed with the Securities and Exchange Commission. 2. Acquisition On December 31, 1996, the Company acquired the assets, subject to certain liabilities, of the Autometrics division of Svedala Industries Inc. (Autometrics), for $1,347,000 in cash. Autometrics is a manufacturer and marketer of on-line analysis instruments for the minerals-processing industry. The acquisition has been accounted for using the purchase method of accounting and its results of operations have been included in the accompanying financial statements from its date of acquisition. The cost of the acquisition exceeded the estimated fair value of the acquired net assets by $400,000, which is being amortized over 40 years. Allocation of the purchase price was based on an estimate of the fair value of the net assets acquired. Based on unaudited data, the following table presents selected financial information for the Company and Autometrics on a pro forma basis, assuming the companies had been combined since the beginning of 1996. Three Months Nine Months Ended Ended ------------- ------------- (In thousands except September 28, September 28, per share amounts) 1996 1996 -------------------------------------------------------------------- Revenues $14,398 $39,421 Net income 1,063 1,847 Earnings per share .20 .36 8PAGE METRIKA SYSTEMS CORPORATION 2. Acquisition (continued) The pro forma results are not necessarily indicative of the actual results that would have occurred had the acquisition of Autometrics been made at the beginning of 1996. 3. Initial Public Offering In June 1997, the Company sold 2,300,000 shares of its common stock in an initial public offering at $15.50 per share for net proceeds of $32,528,000. Following the initial public offering, Thermo Instrument Systems Inc. owned approximately 60% of the Company's outstanding common stock. Item 2 - Management's Discussion and Analysis of Financial Condition and Results of Operations Forward-looking statements, within the meaning of Section 21E of the Securities Exchange Act of 1934, are made throughout this Management's Discussion and Analysis of Financial Condition and Results of Operations. For this purpose, any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the foregoing, the words "believes," "anticipates," "plans," "expects," "seeks," "estimates," and similar expressions are intended to identify forward-looking statements. There are a number of important factors that could cause the results of the Company to differ materially from those indicated by such forward-looking statements, including those detailed under the caption "Risk Factors" included in the Company's Registration Statement on Form S-1 (File No. 333-38371), filed with the Securities and Exchange Commission. Overview The Company develops, manufactures, and markets on-line process optimization systems that employ proprietary ultra high-speed advanced scientific measurement technologies for applications in raw materials analysis and finished materials quality control. The Company is a pioneer in the development of process optimization systems that provide real-time, nondestructive analysis of the composition of raw materials in basic materials production processes, including coal, cement, and minerals. The Company also manufactures advanced systems that are used to measure and control parameters such as material thickness, coating thickness, and coating weight in web-type materials, such as metal strip, rubber, and plastic foils. Customers use these systems to improve product quality and consistency, lower material costs, reduce energy consumption, and minimize waste. The Company intends to supplement its internal growth with strategic acquisitions of complementary businesses. There can be no assurance that such businesses will be available at prices attractive to the Company. On December 31, 1996, the Company acquired the assets, subject to certain liabilities, of the Autometrics division of Svedala Industries Inc. (Autometrics), a manufacturer and marketer of on-line analysis instruments for the minerals-processing industry. 9PAGE METRIKA SYSTEMS CORPORATION Overview (continued) A significant portion of the Company's sales are of large systems, the timing of which can lead to variability in the Company's quarterly revenues and income. In addition, in 1996, approximately 56% of the Company's revenues originated outside the U.S. and approximately 26% of the Company's revenues were exports from the U.S. Revenues originating outside the U.S. represent revenues of the Company's on-line finished materials quality control business. The operations of the on-line finished materials quality control business are located in Germany, the United Kingdom, and France, which principally sell in their local currencies. Exports from the Company's U.S. operation are denominated in U.S. dollars. The Company generally seeks to charge its customers in the same currency as its operating costs. However, the Company's financial performance and competitive position can be affected by currency exchange rate fluctuations. Since the operations of the on-line finished materials quality control business are conducted in Europe, principally Germany, the Company's operating results could be adversely affected by capital spending and economic conditions in Europe. The Company's operating results have been adversely affected by an economic downturn in Germany. The Company's strategy is to expand its on-line finished materials quality control business in geographic areas outside of Europe with particular emphasis in North America, which in turn may reduce the Company's exposure to European market conditions. Results of Operations Third Quarter 1997 Compared With Third Quarter 1996 Revenues increased 10% to $14,886,000 in the third quarter of 1997 from $13,584,000 in the third quarter of 1996, reflecting an increase of $1,049,000 at the on-line raw materials analyzer business, primarily due to increased sales in international markets and the inclusion of $138,000 in revenues from Autometrics, acquired December 31, 1996. Revenues increased at the on-line finished materials quality control business, principally due to an increase in demand in the U.S., which resulted primarily from the strengthening of the U.S. dollar relative to the German deutsche mark, as well as increased sales due to the introduction of new products. The unfavorable effects of currency translation due to a stronger U.S. dollar decreased revenues by $917,000. The future sales growth of the Company will depend in part upon increasing industry acceptance of its on-line raw materials analyzers, as well as the Company's ability to further penetrate the U.S. and Asian markets for its on-line finished materials quality control systems. The gross profit margin increased to 49% in the third quarter of 1997 from 46% in the third quarter of 1996. The gross profit margin at the on-line raw materials analyzer business improved to 55% in 1997 from 51% in 1996 resulting principally from increased volume and a change in product mix, offset in part by the inclusion in 1997 of lower-margin revenues at Autometrics. The gross profit margin at the on-line finished materials quality control business improved to 43% in 1997 from 41% in 1996 due to higher costs incurred in the 1996 period relating to the introduction of new products, and an increase in higher-margin sales in 1997 resulting from the introduction of such new products. 10PAGE METRIKA SYSTEMS CORPORATION Third Quarter 1997 Compared With Third Quarter 1996 (continued) Selling, general, and administrative expenses as a percentage of revenues increased to 26% in the third quarter of 1997 from 24% in the third quarter of 1996, primarily due to an increase in legal expenses in connection with a patent infringement lawsuit initiated by the Company's Gamma-Metrics subsidiary, relating to its on-line raw materials cement analyzer systems. Research and development expenses increased to $953,000 in the third quarter of 1997 from $752,000 in the third quarter of 1996, primarily due to an increase in product development expenses at the on-line raw materials analyzer business. Interest income increased by $769,000 in the third quarter of 1997, primarily due to interest earned on the invested net proceeds from the Company's June 1997 initial public offering and December 1996 private placement. Interest expense decreased to $165,000 in 1997 from $274,000 in 1996, principally due to a decrease in short-term borrowing at foreign divisions, as well as a decrease in applicable interest rates. The effective tax rate was 40% in the third quarter of 1997 and 1996. The effective tax rate exceeded the statutory federal income tax rate primarily due to the impact of state income taxes, nondeductible amortization of cost in excess of net assets of acquired companies, and foreign tax rate and tax law differences. First Nine Months 1997 Compared With First Nine Months 1996 Revenues increased 10% to $41,611,000 in the first nine months of 1997 from $37,767,000 in the first nine months of 1996, reflecting an increase of $4,763,000 at the on-line raw materials analyzer business, primarily due to increased sales in international markets and the inclusion of $1,240,000 in revenues from Autometrics, acquired December 31, 1996. Revenues increased at the on-line finished materials quality control business principally due to the reasons discussed in the results of operations for the third quarter. The unfavorable effects of currency translation due to a stronger U.S. dollar decreased revenues by $1,464,000. The gross profit margin increased to 46% in the first nine months of 1997 from 44% in the first nine months of 1996. The gross profit margin at the on-line raw materials analyzer business increased to 50% in 1997 from 49% in 1996, resulting principally from increased volume and a change in product mix, offset in part by the inclusion in 1997 of lower-margin revenues at Autometrics. The gross profit margin at the on-line finished materials quality control business improved to 42% in 1997 from 39% in 1996 primarily due to the reasons discussed in the results of operations for the third quarter. Selling, general, and administrative expenses as a percentage of revenues was unchanged at 26% in the first nine months of 1997 and 1996. A decrease due to an increase in revenues was offset by an increase in legal expenses for the reason discussed in the results of operations for 11PAGE METRIKA SYSTEMS CORPORATION First Nine Months 1997 Compared With First Nine Months 1996 (continued) the third quarter. Research and development expenses increased to $3,013,000 in the first nine months of 1997 from $2,157,000 in the first nine months of 1996, primarily due to an increase in product development expenses at the on-line raw materials analyzer business. Interest income increased by $1,240,000 in the first nine months of 1997, primarily due to interest earned on the invested net proceeds from the Company's December 1996 private placement and June 1997 initial public offering. The effective tax rate was 40% in the first nine months of 1997 and 1996. The effective tax rate exceeded the statutory federal income tax rate primarily due to the impact of state income taxes, nondeductible amortization of cost in excess of net assets of acquired companies, and foreign tax rate and tax law differences. Liquidity and Capital Resources Consolidated working capital was $46,586,000 at September 27, 1997, compared with $8,705,000 at December 28, 1996. Included in working capital are cash, cash equivalents, and available-for-sale investments of $52,912,000 at September 27, 1997, compared with $20,229,000 at December 28, 1996. Additionally, included in working capital are short-term borrowings and advances from parent company and affiliated companies of $15,831,000 at September 27, 1997, and $18,895,000 at December 28, 1996. During the first nine months of 1997, $2,740,000 of cash was provided by operating activities. Cash provided by the Company's operating results was reduced primarily by a $3,519,000 increase in unbilled contract costs and fees and a $1,843,000 increase in accounts receivable. These uses of cash were offset in part by a $3,917,000 increase in other current liabilities, primarily due to an increase in accrued income taxes and accrued installation expenses. The increase in unbilled contract costs and fees occurred principally at the on-line finished materials quality control business and resulted primarily from the timing of billing on percentage-of-completion contracts. The increase in accounts receivable was principally due to the timing of cash collections. During the first nine months of 1997, the Company's primary investing activities, excluding purchases of available-for-sale investments, included an acquisition and capital expenditures. On December 31, 1996, the Company acquired the assets, subject to certain liabilities, of Autometrics for $1,347,000 in cash (Note 2). The Company expended $358,000 for the purchase of property, plant, and equipment during the first nine months of 1997. In the remainder of 1997, the Company plans to make capital expenditures for property, plant, and equipment of approximately $200,000. The Company's financing activities provided $31,220,000 of cash in the first nine months of 1997. In June 1997, the Company sold 2,300,000 shares of its common stock in an initial public offering for net proceeds of $32,528,000 (Note 3). During the first nine months of 1997, the Company increased its foreign short-term borrowings by $1,135,000 and repaid $169,000 of its long-term obligation. A decrease in "Due to parent company and affiliated companies" used $2,274,000 of cash during the first nine months of 1997. 12PAGE METRIKA SYSTEMS CORPORATION Liquidity and Capital Resources (continued) Although the Company expects to have positive cash flow from its existing operations, the Company may require significant amounts of cash for the acquisition of complementary businesses. The Company expects that it will finance any such acquisitions through a combination of internal funds, additional debt or equity financing from the capital markets, or short-term borrowings from Thermo Instrument Systems Inc. or Thermo Electron Corporation, although it has no agreement with these companies to ensure that funds will be available on acceptable terms, or at all. The Company believes that its existing resources are sufficient to meet the capital requirements of its existing businesses for the foreseeable future. PART II - OTHER INFORMATION Item 2 - Changes in Securities and Use of Proceeds (d) Use of Proceeds The Company sold 2,300,000 shares of common stock, par value $.01 per share, pursuant to a Registration Statement on Form S-1 (File No. 333-25243), which was declared effective by the Securities and Exchange Commission on June 18, 1997. The managing underwriters of the offering were Salomon Brothers, Inc., Lehman Brothers, Smith Barney Inc., and Cazenove & Co. The aggregate gross proceeds of the offering were $35,650,000. The Company's total expenses in connection with the offering were $3,122,000, of which $2,323,000 was for underwriting discounts and commissions and $799,000 was for other expenses paid to persons other than directors or officers of the Company, persons owning more than 10 percent of any class of equity securities of the Company, or affiliates of the Company (collectively, Affiliates). The Company's net proceeds from the offering were $32,528,000. As of September 27, 1997, the Company expended $63,000 of such net proceeds for the purchase of property, plant, and equipment, $953,000 for research and development expenses, and $2,136,000 for working capital. As of September 27, 1997, the Company had expended an aggregate of $3,152,000 of such net proceeds. The Company invested, from time to time, the balance of such net proceeds primarily in investment grade interest or dividend bearing instruments. As of September 27, 1997, the remaining net proceeds of $29,376,000 were invested pursuant to a repurchase agreement with Thermo Electron Corporation. As of September 27, 1997, the Company had $52,912,000 of cash, cash equivalents, and available-for-sale investments. Item 6 - Exhibits See Exhibit Index on the page immediately preceding exhibits. 13PAGE METRIKA SYSTEMS CORPORATION SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized as of the 4th day of November 1997. METRIKA SYSTEMS CORPORATION Paul F. Kelleher --------------------------- Paul F. Kelleher Chief Accounting Officer John N. Hatsopoulos --------------------------- John N. Hatsopoulos Vice President and Chief Financial Officer 14PAGE METRIKA SYSTEMS CORPORATION EXHIBIT INDEX Exhibit Number Description of Exhibit ----------------------------------------------------------------------- 11 Statement re: Computation of Earnings per Share. 27 Financial Data Schedule. EX-11 2 Exhibit 11 METRIKA SYSTEMS CORPORATION Computation of Earnings per Share Three Months Ended Nine Months Ended ------------------------ ------------------------- Sept. 27, Sept. 28, Sept. 27, Sept. 28, 1997 1996 1997 1996 ------------------------------------------------------------------------------ Computation of Primary Earnings per Share: Net Income (a) $ 1,843,000 $ 1,146,000 $ 3,785,000 $ 2,425,000 ----------- ----------- ----------- ----------- Shares: Weighted average shares outstanding 8,267,828 5,000,000 6,768,194 5,000,000 Add: Shares issuable from assumed issuance of private placement shares and the assumed exercise of options (as determined by the application of the treasury stock method) - 193,086 1,923 193,086 ----------- ----------- ----------- ----------- Weighted average shares outstanding, as adjusted (b) 8,267,828 5,193,086 6,770,117 5,193,086 ----------- ----------- ----------- ----------- Primary Earnings per Share (a) / (b) $ .22 $ .22 $ .56 $ .47 =========== =========== =========== =========== EX-27 3
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM METRIKA SYSTEM INC.'S QUARTERLY REPORT ON FORM 10-Q FOR THE QUARTER ENDED SEPTEMBER 27, 1997 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 1,000 9-MOS JAN-03-1998 SEP-27-1997 43,626 9,286 13,571 819 7,072 80,067 14,793 4,254 104,418 33,481 4,110 0 0 83 62,309 104,418 41,611 41,611 22,283 22,283 3,013 274 605 6,321 2,536 3,785 0 0 0 3,785 .56 0
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