Form 10-K - Securities And Exchange Commission Page 23
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46Total assets
$31,897
$35,448
=======
=======
LIABILITIES
Current portion of long-term obligations
$
78
$
121
Accounts payable - trade
1,830
1,554
Billings in excess of costs and estimated earnings
on uncompleted long-term contracts
3,282
6,775
Customer deposits
2,935
5,696
Accrued income taxes
455
920
Other accrued liabilities
1,595
1,683
-------
-------
Total current liabilities
10,175
16,749
-------
-------
Long-term obligations, less current portion:
Credit facility payable to banks
4,093
-
Subordinated debt
350
4,124
Other
12
95
-------
-------
4,455
4,219
-------
-------
Deferred tax liability
652
702
-------
-------
Total liabilities
15,282
21,670
-------
-------
Redeemable cumulative convertible preferred stock, $100 par and
redemption value: 25,000 shares authorized; 25,000
shares issued and outstanding at February 26, 1999
0
2,372
-------
-------
Minority Interest
370
376
STOCKHOLDERS' EQUITY
Common stock - authorized 20,000,000 shares, $.05 par value; 6,864,280 and
6,166,412 shares issued and
outstanding in 2000 and 1999, respectively
343
308
Capital contributed in excess of par value of common stock
5,832
3,240
Accumulated other comprehensive income (loss)
(62)
21
Retained earnings
10,132
7,461
-------
-------
Total stockholders' equity
16,245
11,030
-------
-------
Total liabilities and stockholders' equity
$31,897
$35,448
=======
=======
The accompanying notes are an integral part of the consolidated financial
statements.
8
Consolidated Statements of Operations
($ in thousands, except share and per share data)
Year Ended
Year Ended
Year Ended
February 25
February 26,
February 27,
2000
1999
1998
-----------
------------
-----------
Net sales
$
34,920
$
29,225
$
29,284
Cost of goods sold
22,122
17,553
19,986
---------
---------
---------
Gross profit
12,798
11,672
9,298
---------
---------
---------
Operating expenses:
Selling and administrative
6,551
6,516
4,942
Research and development
920
397
148
---------
---------
---------
7,471
6,913
5,090
---------
---------
---------
Operating income
5,327
4,759
4,208
---------
---------
---------
Other expenses:
Interest expense
738
1,124
1,244
Letter of credit fees
53
26
58
Other, net
56
162
146
---------
---------
---------
847
1,312
1,448
---------
---------
---------
Income before provision for income taxes
4,480
3,447
2,760
and minority interest
Provision for income taxes
1,573
1,201
966
---------
---------
---------
Income before minority interest
$
2,907
$
2,246
$
1,794
=========
=========
=========
Income attributable to minority interest
70
76
-
Net income
$
2,837
$
2,170
$
1,794
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