Delaware | 001-12488 | 88-0106100 |
(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification Number) |
8550 Mosley Road Houston, Texas | 77075-1180 | |
(Address of Principal Executive Offices) | (Zip Code) |
¨ | Written communications pursuant to Rule 425 under the Securities Act (17CFR230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17CFR240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Action (17CFR240.14D-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17CFR240.13e-4(c)) |
Exhibit Number | Description |
99.1 | |
99.2 |
Three Months Ended March 31, | Six months ended March 31, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
(In thousands, except per share data) | |||||||||||||||
(Unaudited) | |||||||||||||||
Revenues | $ | 101,505 | $ | 104,680 | $ | 191,689 | $ | 215,021 | |||||||
Cost of goods sold | 89,084 | 88,858 | 168,713 | 184,200 | |||||||||||
Gross profit | 12,421 | 15,822 | 22,976 | 30,821 | |||||||||||
Selling, general and administrative expenses | 16,073 | 15,994 | 32,288 | 31,692 | |||||||||||
Research and development expenses | 1,636 | 1,623 | 3,294 | 3,092 | |||||||||||
Amortization of intangible assets | 44 | 88 | 117 | 176 | |||||||||||
Restructuring and separation expenses | — | 840 | — | 840 | |||||||||||
Operating loss | (5,332 | ) | (2,723 | ) | (12,723 | ) | (4,979 | ) | |||||||
Other income | — | (507 | ) | (507 | ) | (1,015 | ) | ||||||||
Interest expense | 51 | 47 | 102 | 81 | |||||||||||
Interest income | (293 | ) | (89 | ) | (495 | ) | (131 | ) | |||||||
Loss before income taxes | (5,090 | ) | (2,174 | ) | (11,823 | ) | (3,914 | ) | |||||||
Income tax benefit | (1,760 | ) | (1,345 | ) | (2,831 | ) | (2,786 | ) | |||||||
Net loss | $ | (3,330 | ) | $ | (829 | ) | $ | (8,992 | ) | $ | (1,128 | ) | |||
Loss per share: | |||||||||||||||
Basic | $ | (0.29 | ) | $ | (0.07 | ) | $ | (0.78 | ) | $ | (0.10 | ) | |||
Diluted | $ | (0.29 | ) | $ | (0.07 | ) | $ | (0.78 | ) | $ | (0.10 | ) | |||
Weighted average shares: | |||||||||||||||
Basic | 11,509 | 11,445 | 11,503 | 11,441 | |||||||||||
Diluted | 11,509 | 11,445 | 11,503 | 11,441 | |||||||||||
SELECTED FINANCIAL DATA: | |||||||||||||||
Depreciation and Amortization | $ | 3,189 | $ | 3,163 | $ | 6,424 | $ | 6,314 | |||||||
Capital Expenditures | $ | 1,114 | $ | 774 | $ | 2,815 | $ | 1,702 | |||||||
Dividends Paid | $ | 2,977 | $ | 2,968 | $ | 5,954 | $ | 5,934 |
March 31, 2018 | September 30, 2017 | ||||||
(In thousands) | (Unaudited) | ||||||
Assets: | |||||||
Cash and cash equivalents and short-term investments | $ | 69,162 | $ | 95,188 | |||
Restricted cash | 22,943 | 15,104 | |||||
Other current assets | 143,806 | 139,779 | |||||
Property, plant and equipment (net) | 134,675 | 139,420 | |||||
Restricted cash (non-current) | 7,535 | 9,747 | |||||
Long-term assets | 22,016 | 15,748 | |||||
Total assets | $ | 400,137 | $ | 414,986 | |||
Liabilities and equity: | |||||||
Current liabilities | $ | 85,707 | $ | 85,579 | |||
Long-term debt, net of current maturities | 1,200 | 1,600 | |||||
Deferred and other long-term liabilities | 6,838 | 6,511 | |||||
Stockholders’ equity | 306,392 | 321,296 | |||||
Total liabilities and stockholders’ equity | $ | 400,137 | $ | 414,986 | |||
SELECTED FINANCIAL DATA: | |||||||
Working capital | $ | 150,204 | $ | 164,492 | |||
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