-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, izyYa2qOKf7+q3lFbJoiZ7zLa1ldLvIMIKzqQo6k+AZ0YEIU0VQAxNYkB9QqH5Ai cw924pmkwx0pz4DzDbx65g== 0000046709-95-000002.txt : 19950426 0000046709-95-000002.hdr.sgml : 19950426 ACCESSION NUMBER: 0000046709-95-000002 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19950331 FILED AS OF DATE: 19950418 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: HELIX TECHNOLOGY CORP CENTRAL INDEX KEY: 0000046709 STANDARD INDUSTRIAL CLASSIFICATION: 3559 IRS NUMBER: 042423640 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-06866 FILM NUMBER: 95529406 BUSINESS ADDRESS: STREET 1: NINE HAMPSHIRE STREET STREET 2: NINE HAMPSHIRE ST CITY: MANSFIELD STATE: MA ZIP: 02048 BUSINESS PHONE: 5083375111 MAIL ADDRESS: STREET 1: NINE HAMPSHIRE STREET CITY: MANSFIELD STATE: MA ZIP: 02048 FORMER COMPANY: FORMER CONFORMED NAME: CRYOGENIC TECHNOLOGY INC DATE OF NAME CHANGE: 19760707 10-Q 1 FORM 10-Q SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 ___________________________ /X/ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the Quarter Ended March 31, 1995. OR / / TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the transition period from_______ to _______ Commission File Number 0-6866 HELIX TECHNOLOGY CORPORATION (Exact name of registrant as specified in its charter) Delaware 04-2423640 (State of incorporation) (IRS Employer Identification No.) Mansfield Corporate Center Nine Hampshire Street Mansfield, Massachusetts 02048-9171 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (508) 337-5111 _______________________________ Indicate by checkmark 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 ninety days. Yes /X/ No / / Indicate the number of shares outstanding of each of the Registrant's classes of Common Stock as of the latest practicable date. Class of Common Stock Outstanding at March 31, 1995 $1.00 par value 9,670,842 Shares HELIX TECHNOLOGY CORPORATION Form 10-Q INDEX Page Part I. FINANCIAL INFORMATION Item 1. Financial Statements.......................................7 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations..............8 Part II. OTHER INFORMATION Item 4 (a). Date of Annual Meeting of Stockholders.................9 Item 6 (a). Exhibits...............................................9 Item 6 (b). Reports on Form 8-K....................................9 Signatures..............................................................10 HELIX TECHNOLOGY CORPORATION CONSOLIDATED BALANCE SHEETS
Mar. 31, 1995 Dec. 31, 1994 (in thousands) Notes (unaudited) (audited) ASSETS Current: Cash and cash equivalents $12,595 $ 8,050 Receivables - net of allowances 13,671 12,219 Inventories - net of progress payments 4 11,122 9,556 Deferred income taxes 3 2,460 2,460 Other current assets 604 586 Total Current Assets 40,452 32,871 Property, plant and equipment at cost 23,481 22,750 Less: accumulated depreciation (15,468) (14,913) Net property, plant and equipment 8,013 7,837 Other assets 4,984 4,678 TOTAL ASSETS $53,449 $45,386 LIABILITIES AND STOCKHOLDERS' EQUITY Current: Accounts payable $ 6,588 $ 4,896 Payroll and compensation 1,590 3,305 Retirement costs 747 610 Income taxes 3,730 1,182 Other accrued liabilities 376 450 Total Current Liabilities 13,031 10,443 Deferred income taxes 3 562 562 Capitalized lease obligations 24 36 Preferred stock, $1 par value; authorized 2,000,000 shares; issued and outstanding: none - - Common stock, $1 par value; authorized 10,000,000 shares; issued and outstanding: 9,670,842 in 1995 and 9,667,642 in 1994 9,671 9,668 Capital in excess of par value 4,211 2,157 Currency translation adjustment 1,201 1,043 Retained earnings 24,749 21,477 Total Stockholders' Equity 39,832 34,345 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $53,449 $45,386
The accompanying notes are an integral part of these financial statements. Page 3 HELIX TECHNOLOGY CORPORATION CONSOLIDATED STATEMENT OF OPERATIONS AND RETAINED EARNINGS (unaudited)
For the 13 weeks ended (in thousands except per share data) Notes Mar. 31, 1995 Apr. 1, 1994 Net Sales $27,154 $18,785 Costs and expenses: Cost of sales 15,070 12,009 Research and development 1,122 952 Selling, general and administrative 4,678 3,184 20,870 16,145 Operating income 6,284 2,640 Interest expense - - Joint venture income 508 72 Other 90 (9) Income before taxes 6,882 2,703 Income taxes 3 2,546 946 Net income $ 4,336 $ 1,757 Net income per common share $ 0.43 $ 0.18 Weighted average shares 9,990 9,722
The accompanying notes are an integral part of these financial statements. Page 4 HELIX TECHNOLOGY CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)
For the 13 weeks ended (in thousands) Mar. 31, 1995 Apr. 1, 1994 Cash flows from operating activities: Net income $ 4,336 $1,757 Adjustments to reconcile net income to net cash provided (used) by operating activities: Depreciation and amortization 579 472 Undistributed earnings of joint venture, other (148) 1 Net change in operating assets and liabilities (A) (449) 310 Net cash provided by operating activities 4,318 2,540 Cash flows from investing activities: Capital expenditures net of property sold or retired (755) (389) Net cash used by investing activities (755) (389) Cash flows from financing activities: Net increase/(decrease) in short-term debt - - Decrease in capital lease obligations (11) ( 11) Net cash provided by employee stock plans 2,057 328 Cash dividends paid (1,064) (572) Net cash used by financing activities 982 (255) Increase/(decrease) in cash and cash equivalents 4,545 1,896 Cash and cash equivalents, at the beginning of the period 8,050 1,677 Cash and cash equivalents, at the end of the period $12,595 $3,573 (A)Change in operating assets and liabilities: (Increase)/decrease in accounts receivable $(1,452) $ (407) (Increase)/decrease in inventories (1,566) 149 (Increase)/decrease in other current assets (18) 120 Increase/(decrease) in accounts payable 1,692 638 Increase/(decrease) in other accrued expenses 895 (190) Net change in operating assets and liabilities $ (449) $ 310
The accompanying notes are an integral part of these financial statements. Page 5 HELIX TECHNOLOGY CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Note 1 In the opinion of the Company, the accompanying consolidated financial statements for the periods ending March 31, 1995, and April 1, 1994, contain all adjustments (consisting only of normal recurring adjustments) necessary to present fairly the financial position as of March 31, 1995, and December 31, 1994, and the results of operations and cash flows for the periods ended March 31, 1995 and April 1, 1994. The results of operations for the three-month period ended March 31, 1995, are not necessarily indicative of the results expected for the full year. The condensed financial statements included herein have been prepared by the Company, without audit of the three-month periods ending March 31, 1995, and April 1, 1994, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to present fairly the Company's financial position. These condensed financial statements should be read in conjunction with the financial statements and the notes thereto included in the Company's latest annual report on Form 10-K. Note 2 Net Income Per Common Share Net income per common share is based upon the weighted average number of common shares and common share equivalents outstanding during the periods, as determined by use of the treasury stock method. Primary and fully-diluted net income per common share are essentially the same for the periods presented. Page 6 HELIX TECHNOLOGY CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Note 3 Income Taxes The federal, state and foreign income tax provisions of $2,546,000 and $946,000 for the three-month periods ended March 31, 1995, and April 1, 1994, respectively, reflect the effects of various available tax credits. Tax credits are treated as reductions of income tax provisions in the year in which the credits are realized. The Company does not provide for United States taxes on the undistributed earnings of its wholly owned foreign subsidiaries. A certain level of export income of the Company's Foreign Sales Corporation (FSC) is permanently exempt from federal income tax; accordingly, the income tax provisions for the three-month periods ended March 31, 1995, and April 1, 1994, include the federal tax benefit on export income of the FSC. The effective income tax rate for the three-month periods ended March 31, 1995, and April 1, 1994, was 37.0% and 35.0%, respectively. The major components of deferred tax assets and liabilities are inventory valuation, compensation and depreciation, respectively. Based on past experience, the Company expects that the future taxable income will be sufficient for the realization of the deferred tax assets. The Company believes that a valuation allowance is not required. Note 4 Inventories
(in thousands) March 31, 1995 Dec. 31, 1994 Finished goods $ 3,252 $2,404 Work in process 6,204 6,115 Materials and parts 1,666 1,037 Net inventories $11,122 $9,556
Inventories are stated at the lower of cost of market on a first- in, first-out basis. Progress payments netted against inventories represent payments received for allowable costs incurred on government contracts which typically cover product required for short-term military production programs. Page 7 HELIX TECHNOLOGY CORPORATION MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Results of Operations Sales for the quarter increased 45% to $27.2 million compared with $18.8 million a year ago. The continuing increase in sales is the result of record shipments of ON- BOARD vacuum pump systems. Gross margin increased 78% compared to the comparable period one year ago. Gross profit percentage for the quarter was 44.5% compared with 36.1% a year ago. Last year's results included the impact of the low margin Maverick Missile Program which was completed in 1994. Research and development expenditures increased $170 thousand in the first quarter of 1995 compared with the same period last year. Selling, general and administrative expense increased by $1.5 million in the first quarter of 1995 versus the first quarter of 1994. This increase in Selling, general and administrative expense is attributable to increases in selling costs, compensation, and non- recurring costs associated with the start-up of new customer support centers in Austin, Texas and Livingston, Scotland. Operating income increased by $3.6 million compared with the first quarter of 1994. Higher commercial products sales coupled with operational improvements are the primary reasons for the increase in operating income. Income from the Company's joint venture in Japan increased $436 thousand in the first quarter of 1995 compared with the same period a year ago. Liquidity and Capital Resources Cash provided by operating activities for the first quarter of 1995 was $4.3 million compared with $2.5 million for the comparable period last year. Capital expenditures for the first quarter of 1995 increased by $366 thousand compared to the first quarter of 1994. The Company has informal bank lines of credit available under various short-term borrowing agreements totaling $12.0 million. There were no borrowings under these agreements at the end of the first quarter of 1995. Cash dividends paid to stockholders during the first quarter of 1995 were $1,064,000. The Company believes anticipated cash flow from operations and funds available under existing credit lines will be adequate to meet its anticipated requirements. Page 8 HELIX TECHNOLOGY CORPORATION PART II. OTHER INFORMATION Item 4(a). Date of Annual Meeting of Stockholders The Company's Annual Meeting of Stockholders will be held on April 20, 1995. Item 6(a). Exhibits 4A Description of Common Stock (incorporated herein, by reference to Exhibit 3 to the Form 10-Q for the quarter ended September 30, 1988). 4B Description of Preferred Stock (incorporated herein, by reference to Exhibit 3 to the Form 10-Q for the quarter ended September 30, 1988). Item 6(b). Reports on Form 8-K No Form 8-K was required to be filed during the quarter ended March 31, 1995. Page 9 HELIX TECHNOLOGY CORPORATION 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. HELIX TECHNOLOGY CORPORATION (Registrant) April 18, 1995 By: Beijan Assar Date Corporate Controller and Chief Accounting Officer On-Board is a registered trademark of Helix Technology Corporation. Page 10 EX-27 2
5 3-MOS DEC-31-1995 MAR-31-1995 12,595 0 13,671 0 11,122 40,452 23,481 (15,468) 53,449 13,031 0 9,671 0 0 30,161 53,449 27,154 27,154 15,070 5,800 (598) 0 0 6,882 2,546 4,336 0 0 0 4,336 .43 .43
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