-----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, Fmyh/emutsQtFs3nFKzsNxo9fFCEkMrwN4Trz5knM8+Mss+9OX795GZjb+UM8zIT /gRsYTinPKFa6QvYFBBVQA== 0000046709-95-000007.txt : 19951019 0000046709-95-000007.hdr.sgml : 19951019 ACCESSION NUMBER: 0000046709-95-000007 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19950930 FILED AS OF DATE: 19951013 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: 95580465 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 September 29, 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 September 29, 1995 $1.00 par value 9,776,944 Shares HELIX TECHNOLOGY CORPORATION Form 10-Q INDEX Page Part I. FINANCIAL INFORMATION Item 1. Financial Statement 3-7 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 8 Part II. OTHER INFORMATION Item 6 (a). Exhibits 9 Item 6 (b). Reports on Form 8-K 9 Signature 10 HELIX TECHNOLOGY CORPORATION CONSOLIDATED BALANCE SHEETS Sept. 29, 1995 Dec. 31, 1994 (in thousands) (unaudited) (audited) ASSETS Current: Cash and cash equivalents $16,209 $ 8,050 Receivables - net of allowances 16,124 12,219 Inventories (Note 4) 11,768 9,556 Deferred income taxes (Note 3) 2,460 2,460 Other current assets 524 586 Total Current Assets 47,085 32,871 Property, plant and equipment at cost 24,691 22,750 Less: accumulated depreciation (16,487) (14,913) Net property, plant and equipment 8,204 7,837 Other assets 5,943 4,678 TOTAL ASSETS $61,232 $45,386 LIABILITIES AND STOCKHOLDERS' EQUITY Current: Accounts payable $ 6,270 $ 4,896 Payroll and compensation 2,468 3,305 Retirement costs 1,070 610 Income taxes 3,092 1,182 Other accrued liabilities 627 450 Total Current Liabilities 13,527 10,443 Deferred income taxes (Note 3) 562 562 Capitalized lease obligations - 36 Preferred stock, $1 par value; authorized 2,000,000 shares; issued and outstanding: none - - Common stock, $1 par value; authorized 30,000,000 shares; issued: 9,852,992 in 1995 and 9,667,642 in 1994 9,853 9,668 Capital in excess of par value 4,724 2,157 Treasury stock (76,048 shares) (2,553) - Currency translation adjustment 2,029 1,043 Retained earnings 33,090 21,477 Total Stockholders' Equity 47,143 34,345 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $61,232 $45,386 The accompanying notes are an integral part of these financial statements. Page 3 HELIX TECHNOLOGY CORPORATION CONSOLIDATED STATEMENT OF OPERATIONS For the three and nine-month periods ended September 29, 1995 and September 30, 1994 (unaudited) (in thousands except per share data) Sept. 29, 1995 Sept. 30, 1994 Three Nine Three Nine Months Months Months Months Net Sales $32,253 $88,437 $22,355 $62,391 Costs and expenses: Cost of sales 17,745 48,935 12,999 37,430 Research and development 1,034 3,262 1,186 3,205 Selling, general and administrative 5,046 14,080 3,910 10,848 23,825 66,277 18,095 51,483 Operating income 8,428 22,160 4,260 10,908 Joint venture income 249 1,127 210 379 Other 126 308 10 (71) Income before taxes 8,803 23,595 4,480 11,216 Income taxes (Note 3) 3,301 8,774 1,623 3,981 Net income $ 5,502 $14,821 $ 2,857 $ 7,235 Net income per common share $ 0.55 $ 1.48 $ 0.29 $ 0.74 Weighted average shares 10,014 10,006 9,898 9,818 The accompanying notes are an integral part of these financial statements. Page 4 HELIX TECHNOLOGY CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) For the 39 weeks ended Sept. 29 Sept. 30 (in thousands) 1995 1994 Cash flows from operating activities: Net income $14,821 $7,235 Adjustments to reconcile net income to net cash provided (used) by operating activities: Depreciation and amortization 1,861 1,495 Undistributed earnings of joint venture, other (279) 130 Net change in operating assets and liabilities (A) (2,971) (2,922) Net cash provided by operating activities 13,432 5,938 Cash flows from investing activities: Capital expenditures net of property sold or retired (2,228) (1,226) Net cash used by investing activities (2,228) (1,226) Cash flows from financing activities: Treasury Stock - Exercise of Employee Stock Options (2,553) - Decrease in capital lease obligations (36) (31) Net cash provided by employee stock plans 2,752 717 Cash dividends paid (3,208) (1,728) Net cash used by financing activities (3,045) (1,042) Increase/(decrease) in cash and cash equivalents 8,159 3,670 Cash and cash equivalents, at the beginning of the period 8,050 1,677 Cash and cash equivalents, at the end of the period $16,209 $ 5,347 (A) Change in operating assets and liabilities: (Increase)/decrease in accounts receivable $(3,905) $(3,657) (Increase)/decrease in inventories (2,212) (1,719) (Increase)/decrease in other current assets 62 290 Increase/(decrease) in accounts payable 1,374 1,742 Increase/(decrease) in other accrued expenses 1,710 422 Net change in operating assets and liabilities $(2,971) $(2,922) 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 September 29, 1995, and September 30, 1994, contain all adjustments (consisting only of normal recurring adjustments) necessary to present fairly the financial position as of September 29, 1995, and December 31, 1994, and the results of operations and cash flows for the periods ended September 29, 1995, and September 30, 1994. The results of operations for the nine-month period ended September 29, 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 nine-month periods ending September 29, 1995, and September 30, 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 $8,774,000 and $3,981,000 for the nine-month periods ended September 29, 1995, and September 30, 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 nine-month periods ended September 29, 1995, and September 30, 1994, include the federal tax benefit on export income of the FSC. The effective income tax rate for the nine-month periods ended September 29, 1995, and September 30, 1994, was 37.2% and 35.5%, respectively. The major components of deferred tax assets and liabilities are depreciation and inventory valuation, 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) Sept. 29, 1995 Dec. 31, 1994 Finished goods $ 4,007 $2,404 Work in process 6,642 6,115 Materials and parts 1,119 1,037 Net inventories $11,768 $9,556 Inventories are stated at the lower of cost or market on a first-in, first- out basis. Page 7 HELIX TECHNOLOGY CORPORATION MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Results of Operations Sales for the quarter were $32.3 million compared with $22.4 million a year ago. Sales for the first nine months of 1995 were $88.4 million compared with $62.4 million in the first nine months of 1994. Record shipments of ON-BOARD vacuum pump systems were the primary contributor to increased sales. Gross profit percentage for the quarter was 45.0% compared with 41.9% a year ago. Gross profit percentage for the first nine months was 44.7% compared with 40.0% for the same period last year. The primary reason for improved gross profit margins in 1995 is increased sales of ON-BOARD vacuum products. Research and development expenditures increased $57 thousand in the first nine months of 1995 compared with the same period last year. Selling, general and administrative expense increased by $3.2 million in the first nine months of 1995 versus the first nine months of 1994. This increase in Selling, general and administrative expense is related to the increased expenses associated with higher sales. Operating income in the third quarter increased by $4.2 million compared with the Operating income in the same period a year ago. Operating income for the first nine months of 1995 increased by $11.3 million compared with the same period a year ago. Higher sales coupled with operational improvements are the primary reason for the increase in operating income. Income from the Company's joint venture in Japan increased $748 thousand in the first nine months of 1995 compared with the same period last year. Liquidity and Capital Resources Cash provided by operating activities for the first nine months of 1995 was $13.4 million compared with $5.9 million for the comparable period last year. Capital expenditures for the first nine months of 1995 increased by $1.0 million compared to the prior year. 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 third quarter of 1995. Cash dividends paid to stockholders during the first nine months of 1995 were approximately $3.2 million versus $1.7 million during the first nine months of last year. 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 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 September 29, 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) Date: October 13, 1995 By: Stephen D. Allison Stephen D. Allison Vice President and Chief Financial Officer On-Board is a registered trademark of Helix Technology Corporation. Page 10 EX-27 2
5 9-MOS DEC-31-1995 SEP-29-1995 16,209 0 16,273 (149) 11,768 47,085 24,691 (16,487) 61,232 13,527 0 9,853 0 0 37,290 61,232 88,437 88,437 48,935 17,342 (1,435) 0 0 23,595 8,774 14,821 0 0 0 14,821 1.48 1.48
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