-----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, Q7Jimv3+7NTnhE2u3+Q5YqcbttsJe5rCbvVOda115FAYl3LlIWBcRE/MBMY3GcbM sjJczfvulcOg+UiauGJBNw== 0000912841-96-000005.txt : 19960809 0000912841-96-000005.hdr.sgml : 19960809 ACCESSION NUMBER: 0000912841-96-000005 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19960630 FILED AS OF DATE: 19960808 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: ADVANCED TECHNOLOGY MATERIALS INC /DE/ CENTRAL INDEX KEY: 0000912841 STANDARD INDUSTRIAL CLASSIFICATION: GENERAL INDUSTRIAL MACHINERY & EQUIPMENT, NEC [3569] IRS NUMBER: 061236302 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-22756 FILM NUMBER: 96606111 BUSINESS ADDRESS: STREET 1: 7 COMMERCE DR CITY: DANBURY STATE: CT ZIP: 06810 BUSINESS PHONE: 2037941100 MAIL ADDRESS: STREET 1: 7 COMMERCE DR CITY: DANBURY STATE: CT ZIP: 06810 10-Q 1 FOR THE QUARTER ENDING 6/30/96 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 1996 [ ] 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: 0-22756 Advanced Technology Materials, Inc. (Exact name of registrant as specified in its charter) Delaware 06-1236302 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 7 Commerce Drive, Danbury, CT 06810 (Address of principal executive offices) (Zip Code) 203-794-1100 (Registrant's telephone number, including area code) 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 __ The number of shares outstanding of the registrant's common stock as of July 26, 1996 was 8,741,160. PART I - FINANCIAL INFORMATION Item 1. Financial Statements Advanced Technology Materials, Inc. Consolidated Balance Sheet
June 30, December 31, 1996 1995 (unaudited) Assets Current assets: Cash and cash equivalents $ 4,329,949 $ 3,609,265 Marketable securities 17,034,288 21,855,473 Accounts receivable, net of allowance for doubtful accounts of $103,501 in 1996 and $93,491 in 1995 9,500,588 9,233,015 Inventory 3,942,671 2,647,142 Other 483,525 345,486 ------------ -------------- Total current assets 35,291,021 37,690,381 Property and equipment, net 7,294,577 5,575,343 Long-term investment 1,000,000 1,000,000 Goodwill and other intangibles 5,368,164 5,532,216 ============ ============== $48,953,762 $ 49,797,940 ============ ============== Liabilities and stockholders' equity Current liabilities: Accounts payable 3,085,481 $ 3,121,355 Accrued expenses 4,467,796 2,994,482 Notes payable 863,181 4,725,238 Other 816,249 625,495 ------------ -------------- Total current liabilities 9,232,707 11,466,570 Notes payable, less current portion 5,480,235 5,257,155 Other long-term liabilities 201,292 177,086 Stockholders' equity: Preferred stock, par value $.01: 1,000,000 shares authorized; none issued and outstanding - - Common stock, par value $.01: 15,000,000 shares authorized; issued 8,739,485 in 1996 and 8,721,611 in 1995 87,395 87,216 Additional paid-in capital 37,092,978 37,060,652 Accumulated deficit (3,140,845) (4,250,739) -------------- -------------- Total stockholders' equity 34,039,528 32,897,129 ============== ============== $ 48,953,762 $ 49,797,940 ============== ==============
See accompanying notes. Advanced Technology Materials, Inc. Consolidated Statement of Operations (unaudited)
Three months ended June 30, 1996 1995 Revenues: Product revenues $10,164,431 $5,049,231 Contract revenues 2,211,758 2,136,006 ------------ ----------- Total revenues 12,376,189 7,185,237 Cost of revenues: Cost of product revenues 4,358,087 2,275,280 Cost of contract revenues 1,895,822 1,808,186 ------------ ----------- Total cost of revenues 6,253,909 4,083,466 ------------ ----------- Gross profit 6,122,280 3,101,771 Operating expenses: Research and development 2,185,333 831,604 Selling, general and administrative 3,344,420 2,066,650 ------------ ----------- 5,529,753 2,898,254 ------------ ----------- Operating income 592,527 203,517 Interest income 271,658 90,179 Interest expense (140,163) (52,523) ------------ ----------- Net income before taxes 724,022 241,173 Income taxes 83,574 74,959 ------------ ----------- Net income $ 640,448 $ 166,214 ============= ============ Net income per share $0.07 $0.02 ------------- ------------ Weighted average shares outstanding 9,413,062 7,695,682 ============= ============
See accompanying notes. Advanced Technology Materials, Inc. Consolidated Statement of Operations (unaudited)
Six months ended June 30, 1996 1995 Revenues: Product revenues $17,743,508 $9,039,808 Contract revenues 4,694,752 4,211,177 ----------- ---------- Total revenues 22,438,260 13,250,985 Cost of revenues: Cost of product revenues 7,607,245 4,064,182 Cost of contract revenues 3,928,608 3,564,410 ----------- ---------- Total cost of revenues 11,535,853 7,628,592 ----------- ---------- Gross profit 10,902,407 5,622,393 Operating expenses: Research and development 4,048,215 1,747,769 Selling, general, and administrative 5,919,948 3,893,253 ----------- ---------- 9,968,163 5,641,022 ----------- ---------- Operating income (loss) 934,244 (18,629) Interest income 549,926 238,910 Interest expense (262,702) (85,852) ----------- ---------- Income before taxes 1,221,468 134,429 Income taxes 111,574 125,919 ----------- ---------- Net income $1,109,894 $ 8,510 =========== ========== Net income per share $0.12 $0.00 ----------- ---------- Weighted average shares outstanding 9,364,302 7,647,494 ============ ==========
See accompanying notes. Advanced Technology Materials, Inc. Consolidated Statement of Cash Flows (unaudited)
Six months ended June 30, 1996 1995 Operating activities Net income $ 1,109,894 $ 8,510 Adjustments to reconcile net income to net cash provided (used) by operating activities: Depreciation and amortization 1,039,977 678,283 Stock option compensation - 50,000 Changes in operating assets and liabilities Increase in accounts receivable (267,573) (696,322) Increase in inventory (1,295,529) (389,597) Increase in other assets (210,579) (312,149) Decrease in accounts payable (35,874) (360,972) Increase (decrease) in accrued expenses 1,473,314 (2,684) Increase in other liabilities 214,960 432,017 ------------- -------------- Total adjustments 918,696 (601,424) ------------- -------------- Net cash provided (used) by operating activities 2,028,590 (592,914) ------------- -------------- Investing activities Capital expenditures (2,522,619) (1,540,378) Long term investment - (1,000,000) Sale of marketable securities 4,821,185 1,954,767 Other asset purchases - (300,000) ------------- -------------- Net cash provided (used) by investing activities 2,298,566 (885,611) ------------- -------------- Financing activities Proceeds from issuance of notes payable 727,216 2,023,686 Principal payments on notes payable (4,366,193) (420,418) Proceeds from the exercise of stock options and 32,505 46,095 warrants ------------- -------------- Net cash (used) provided by financing activities (3,606,472) 1,649,363 ------------- -------------- Net increase in cash and cash equivalents 720,684 170,838 Cash and cash equivalents, beginning of period 3,609,265 2,049,397 ============= ============== Cash and cash equivalents, end of period $4,329,949 $2,220,235 ============= ==============
See accompanying notes. Advanced Technology Materials, Inc. Notes To Interim Consolidated Financial Statements (unaudited) 1. Basis of Presentation The accompanying unaudited interim financial statements of Advanced Technology Materials, Inc. ("ATMI" or the "Company") have been prepared in accordance with the instructions to Form 10-Q and Rule 10.01 of Regulation S-X and do not include all of the financial information and disclosures required by generally accepted accounting principles. In the opinion of the Company's management, the financial information contained herein has been prepared on the same basis as the audited Consolidated Financial Statements contained in the Company's Form 10-K for the year ended December 31, 1995, and includes adjustments (consisting only of normal recurring adjustments) necessary to present fairly the unaudited quarterly results set forth herein. The Company's quarterly results have, in the past, been subject to fluctuation and, thus, the operating results for any quarter are not necessarily indicative of results for any future fiscal period. 2. Per Share Data Earnings per common share is computed using the treasury stock method based on the weighted average number of common shares and common stock equivalent shares outstanding during the period. Shares from the assumed exercise of options and warrants granted by the Company have been included in the computation of earnings per share for all periods, unless their inclusion would be antidilutive. 3. Inventory Inventory is comprised of the following:
June 30, December 31, 1996 1995 -------------- --------------- Raw materials $ 3,514,858 $ 2,252,841 Work in process 767,023 614,069 Finished goods 35,217 59,291 -------------- --------------- 4,317,098 2,926,201 Obsolescence reserve (374,427) (279,059) ============== =============== $ 3,942,671 $ 2,647,142 ============== ===============
4. Income taxes Income tax expense consists primarily of state taxes on the income generated by the Company's EcoSys subsidiary. The Company has adequate loss carryforwards and research and development tax credit carryforwards to offset any United States federal income tax liability for the periods presented. Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations Overview ATMI was founded in 1986 and has generated revenues from both product sales and contract research. Product sales have been derived from the sale of point-of-use environmental equipment and specialty materials and delivery systems for the semiconductor industry, as well as royalties from the sale of certain products by third parties. A significant portion of the Company's revenues has been derived from contracts with United States government agencies. The programs in which ATMI participates may extend for several years, but are normally funded on an annual basis. There can be no assurance that the government will continue its commitment to programs to which ATMI's development projects are applicable or that the Company can compete successfully to obtain funding available pursuant to such programs. During 1995, ATMI acquired the Guardian Systems product line of thermal destruction units used in the point-of-use treatment of effluent in the semiconductor industry from Messer Griesheim Industries, Inc. This acquisition has broadened the product offerings and increased the business of the Company's EcoSys unit. In addition, the Company made several smaller acquisitions and investments to further expand its product mix and technology. ATMI has experienced substantial growth in revenues over the past several years, particularly in product sales. This was due in part to significant growth in the semiconductor industry over that period. Recent indicators have served to create a widely-held opinion that the semiconductor industry and, in particular the semiconductor equipment industry, will endure a period of slowed growth or perhaps contraction over the next six to eighteen months. This industry condition could have an adverse impact on ATMI, most notably within its EcoSys subsidiary. However, continued growth in other ATMI business units could help to offset the effects of such trends. Commercial backlog at the end of the second quarter of 1996 was approximately $6.8 million, compared with a backlog of $2.9 million at the end of the second quarter of 1995. The following table sets forth, for the periods indicated, the percentage relationship to total revenues of certain items in ATMI's Consolidated Statement of Operations:
Three Months Ended Six Months Ended June 30, June 30, 1996 1995 1996 1995 Product revenues 82.1% 70.3% 79.1% 68.2% Contract revenues 17.9 29.7 20.9 31.8 Total revenues 100.0 100.0 100.0 100.0 Cost of revenues 50.5 56.8 51.4 57.6 Gross profit 49.5 43.2 48.6 42.4 Operating expenses: Research and development 17.7 11.6 18.0 13.2 Selling, general, and administrative 27.0 28.8 26.4 29.4 Total operating expenses 44.7 40.4 44.4 42.6 Operating income (loss) 4.8 2.8 4.2 (0.2) Other income,net 1.1 0.5 1.3 1.2 Income before taxes 5.9 3.3 5.5 1.0 Income taxes 0.7 1.0 0.5 1.0 Net income 5.2% 2.3% 5.0% 0.0%
The following tables set forth revenues, cost of revenues, and gross profit for products and contracts, as a percentage of each category:
Three Months Ended Six Months Ended June 30, June 30, 1996 1995 1996 1995 Products: Revenues 100.0% 100.0% 100.0% 100.0% Cost of revenues 42.9 45.1 42.9 45.0 Gross profit 57.1% 54.9% 57.1% 55.0% Contracts: Revenues 100.0% 100.0% 100.0% 100.0% Cost of revenues 85.7 84.7 83.7 84.6 Gross profit 14.3% 15.3% 16.3% 15.4%
Results of Operations Three Months Ended June 30, 1996 and 1995. Revenues. Total revenues increased 72% to approximately $12,376,000 in the three months ended June 30, 1996 from approximately $7,185,000 in the same three month period in 1995. Product revenues increased 101% to approximately $10,164,000 in the three months ended June 30, 1996 from approximately $5,049,000 in the comparable period in 1995. The increases in product revenues resulted primarily from continued growth in sales of both effluent treatment systems by EcoSys and delivery systems and materials by NovaMOS as well as growth in royalty revenues from various third parties. Contract revenues increased 4% to approximately $2,212,000 in the quarter ended June 30, 1996 from approximately $2,136,000 in the same three month period in 1995. Gross Profit. Gross profit increased 97% to approximately $6,122,000 in the quarter ended June 30, 1996 from approximately $3,102,000 in the quarter ended June 30, 1995. Gross margin increased to 49% of revenues in the three month period in 1996 compared with 43% for the same period in 1995. Gross profit from product revenue increased 109% to approximately $5,806,000 in the quarter ended June 30, 1996 from approximately $2,774,000 in the quarter ended June 30, 1995. As a percentage of product revenues, gross margin increased to 57% in 1996 from 55% in 1995. The increase in 1996 resulted primarily from improved margins within the NovaMOS product lines and the proportional increase in royalty revenue to 8% of product revenues in 1996 from 3% in 1995. Gross profit on contract revenues decreased 4% to approximately $316,000 in the quarter ended June 30, 1996 from approximately $328,000 in the same quarter last year. As a percentage of contract revenues, gross margin decreased to 14% in the 1996 quarter from 15% in the 1995 quarter. The decrease reflects an increase in the proportion of contract revenues generated from negotiated contracts with reduced profit and fee arrangements. Research and Development Expenses. Research and development expenses increased 163% to approximately $2,185,000 in the second quarter of 1996 from approximately $832,000 in the second quarter of 1995. The increase in the 1996 quarter was principally due to a significant increase in new product development activity within EcoSys and technology development and intellectual property protection activity within NovaMOS. As a percentage of revenues, research and development expenses increased to 18% in the 1996 quarter from 12% in the 1995 quarter. Selling, General, and Administrative Expenses. Selling, general, and administrative expenses increased 62% to approximately $3,344,000 in the three months ended June 30, 1996 from approximately $2,067,000 in the same three month period in 1995. The increase in the 1996 quarter was primarily due to an increase in variable selling expenses, most notably commissions, which directly relate to increased product revenue. In addition, administrative expenses continue to increase in line with the continued overall growth of the Company. As a percentage of revenues, these expenses decreased to 27% of revenue in the second quarter of 1996 compared to 29% in the second quarter of 1995. Other Income, Net. Other income increased 245% to approximately $131,000 in the quarter ended June 30, 1996 from approximately $38,000 in the quarter ended June 30, 1995. The increase in the 1996 quarter related to interest earned on the Company's increased cash balances as a result of its October 1995 follow-on public offering. This was partially offset by an increase in interest expense on larger debt balances in 1996. Earning per Share. Earnings per share improved to $.07 for the second quarter of 1996 compared with a $.02 earnings per share in the second quarter of 1995. The 1996 earnings per share reflects the 22% increase in weighted average shares outstanding from approximately 7,696,000 in the second quarter of 1995 to approximately 9,413,000 in the second quarter of 1996. The share increase is primarily due to the October 1995 public offering of 1,600,000 shares of the Company's stock. Six Months Ended June 30, 1996 and 1995. Revenues. Total revenues increased 69% to approximately $22,438,000 in the six months ended June 30, 1996 from approximately $13,251,000 in the same period in 1995. Product revenues increased 96% to approximately $17,744,000 in the six months ended June 30, 1996 from approximately $9,040,000 in the comparable period in 1995. This increase resulted from growth in sales of EcoSys product lines including the recently acquired Guardian products, increased market acceptance of the NovaMOS delivery systems and materials and well as increased royalty revenue. Contract revenues increased 11% to approximately $4,695,000 in the six months ended June 30, 1996 from approximately $4,211,000 in the same period in 1995. The growth in 1996 was from a general increase in the government funding of the Company's contract research activities. Gross Profit. Gross profit increased 94% to approximately $10,902,000 in the six months ended June 30, 1996 from approximately $5,622,000 in the six months ended June 30, 1995. Gross margin increased to 49% of revenues in the first half of 1996 from 42% of revenues in the first half of 1995. As a percentage of product revenues, gross margin increased to 57% in the 1996 period from 55% in the 1995 period primarily due to product mix and the proportional increase in royalty revenue to 8% of product revenues in 1996 from 3% in 1995. As a percentage of contract revenues, gross margin increased slightly to 16% in the first six months of 1996 from 15% in the first six months of 1995. Research and Development Expenses. Research and development expenses increased 132% to approximately $4,048,000 in the first six months of 1996 from approximately $1,748,000 in the first six months of 1995. The increase in 1996 resulted primarily from the increase in product development within EcoSys, and added research activities pertaining to the recently acquired Guardian and Epitronics businesses. Additionally, ATMI has and will continue to invest in the protection of its intellectual property. As a percentage of revenues, research and development expenses increased to 18% in the first half of 1996 from 13% in the first half of 1995. Selling, General, and Administrative Expenses. Selling, general, and administrative expenses increased 52% to approximately $5,920,000 in the six months ended June 30, 1996 from approximately $3,893,000 in the same period in 1995. The increase in 1996 related primarily to selling costs directly linked to increased product shipments, increases in marketing and sales staff and increased administrative expenses related to the newly acquired businesses. As a percentage of revenues, these expenses decreased to 26% in the first half of 1996 from 29% in the comparable period in 1995. Other Income, Net. Other income increased 88% to approximately $287,000 in the six months ended June 30, 1996 from approximately $153,000 in the six months ended June 30, 1995. The increase in the 1996 period is a direct result of increased cash balances derived from the follow on public offering in October 1995, partially offset by higher interest expense due to increases in debt balances. Earning per Share. Earnings per share improved to $.12 for the first half of 1996 compared with a $.00 earnings per share in the first half of 1995. The 1996 earnings per share reflects the 22% increase in weighted average shares outstanding from approximately 7,647,000 in the first half of 1995 to approximately 9,364,000 in the first half of 1996. The share increase is primarily due to the October 1995 public offering of 1,600,000 shares of the Company's stock. Liquidity and Capital Resources For the six months ended June 30, 1996, operations generated cash of approximately $2,029,000 compared to the use of approximately $593,000 for the comparable 1995 period. A substantial increase in net income to approximately $1,110,000 in 1996 compared to $8,000 in 1995 is the principle cause for the increase in cash generation from operations. Increases in non-cash expenses, such as depreciation, and fluctuations in working capital further enhanced the cash provided by operations in the first six months of 1996. For the six month period ended June 30, 1996, investing activities generated approximately $2,299,000 in cash compared with the use of approximately $886,000 in the six months ended June 30, 1995. Investing activities in the 1996 period generated cash through the sale of approximately $4,821,000 in marketable securities, offset by capital expenditures of approximately $2,523,000. These capital expenditures related primarily to expansion of manufacturing and laboratory capacity in the Company's Danbury facility. In the 1995 period, the Company incurred approximately $1,540,000 in capital expenditures, primarily leasehold improvements, and sold approximately $1,955,000 of marketable securities. Additionally, in 1995 ATMI made a long term investment of $1,000,000 in Candescent Technologies Corporation, formerly known as Silicon Video Corporation. The Company used approximately $3,606,000 of cash in financing activities during the six months ended June 30, 1996 compared with the generation of approximately $1,649,000 for the same period in 1995. Debt payments of approximately $4,366,000 during the 1996 period included a the repayment of a $4 million promissory note relating to the acquisition of the Guardian Systems product line. The Company incurred new debt of approximately $727,000 in the first six months of 1996 including $500,000 from an agency of the State of Connecticut and advances under the Company's equipment line of credit. For the same period in 1995, the Company received a $1.3 million loan from an agency of the State of Connecticut and approximately $724,000 in advances under the Company's equipment line of credit, partially offset by approximately $420,000 in payments on all notes payable. ATMI believes the combination of existing cash balances, marketable securities, existing sources of liquidity and anticipated funds from operations, will satisfy its projected working capital and other cash requirements through at least the end of 1997. However, ATMI believes the level of financing resources available to it is an important competitive factor in its industry and may seek additional capital prior to the end of that period. Additionally, ATMI considers, on a continuing basis, potential acquisitions of technologies and businesses complementary to its current business. There are no present understandings, commitments or agreements with respect to any such acquisition. However, any such transaction may affect ATMI's future capital needs. Safe Harbor Statement Statements which are not historical facts in this report are forward looking statements, made on a good faith basis. Such forward looking statements, including those concerning the Company's expectations for demand and sales of new and existing products, semiconductor industry and market segment growth, and market and technology opportunities, all involve risk and uncertainties. Actual results may differ materially from forward looking statements, for reasons including, but not limited to, changes in the pattern of semiconductor industry growth or the markets the Company sells products for, customer interest in the Company's products, product and market competition, delays or problems in the development and commercialization of the Company's products, or technological change affecting the Company's core thin film competencies. PART II- OTHER INFORMATION Item 4. Submission of Matters to a Vote of Security Holders. The Annual Meeting of Stockholders of the Company was held on May 22, 1996. At the Annual Meeting, the stockholders elected the Board of Directors consisting of the following persons: Dr. Eugene G. Banucci, Dr. Duncan W. Brown, Mr. Mark A. Adley, Mr. Robert S. Hillas, Dr. John A. Armstrong, Mr. Gary A. Andersen, and Mr. Stephen H. Mahle. Mr. Adley, Dr. Banucci, and Mr. Hillas each received 7,752,095 votes for and 52,759 against. Dr. Brown received 7,751,995 votes for and 52,859 against. Mr. Andersen and Dr. Armstrong each received 7,751,695 votes for and 53,159 against, and Mr. Mahle received 7,748,995 for and 55,859 against. The stockholders also ratified the appointment by the Board of Directors of Ernst & Young, LLP as the Company's independent auditors for the fiscal year ending December 31, 1996. There were 7,744,094 votes for, 6,650 votes against and 19,110 abstentions as to such ratification. Item 6. Exhibits and Reports on Form 8-K. a. Exhibits. 11.01 Statement re: computation of per share earnings (Filed herewith) 27.01 Financial Data Schedule (Filed herewith) b. Reports on Form 8-K. No reports on Form 8-K were filed during the quarter ended June 30, 1996. 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. Advanced Technology Materials, Inc. August 8, 1996 By /S/ Eugene G. Banucci ------------------------- Eugene G. Banucci, Ph.D., President, Chief Executive Officer, Chairman of the Board and Director By /S/ Daniel P. Sharkey ------------------------- Daniel P. Sharkey, Vice President, Chief Financial Officer and Treasurer (Chief Accounting Officer) EX-11 2 EARNINGS PER SHARE COMPUTATION EXHIBIT 11.01 ADVANCED TECHNOLOGY MATERIALS, INC. COMPUTATION OF EARNINGS PER COMMON SHARE
Quarter Quarter Ended Ended 6/30/96 6/30/95 Net income $ 640,448 $ 166,214 =========== =========== Average common shares outstanding 8,731,572 7,155,723 Incremental shares issuable pursuant to employee stock options and warrants (if dilutive) 681,490 539,959 =========== =========== Total shares 9,413,062 7,695,682 =========== =========== Net income per share $ 0.07 $ 0.02 =========== ===========
Six Months Six Months Ended Ended 6/30/96 6/30/95 Net income $ 1,109,894 $ 8,510 =========== =========== Average common shares outstanding 8,726,818 7,125,396 Incremental shares issuable pursuant to employee stock options and warrants (if dilutive) 637,484 522,098 =========== =========== Total shares 9,364,302 7,647,494 =========== =========== Net income per share $ 0.12 $ 0.00 =========== ===========
EX-27 3
5 1000 3-MOS Dec-31-1996 Jun-30-1996 4330 17034 9501 0 3943 35291 7295 0 48954 9233 0 0 0 87 33953 48954 10164 12376 4358 6254 2185 0 140 724 83 0 0 0 0 640 .07 .07 Net of allowance for doubtful accounts, consistent with balance sheet presentation. Net of accumulated depreciation, consistent with balance sheet presentation. Research and development expenses
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