Form 10-K - Securities And Exchange Commission Page 40
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46specific business segments because most of these assets are used in each
of the segments.
28
Notes to Consolidated Financial Statements
($ in thousands, except share data)
11.
Business Segment Information (Continued):
Approximately 63% of sales totaling $16,609 in 2000 were made to two
international and one domestic customer in the ATS segment. Approximately
24% of sales totaling $7,005 in 1999 were made to one international
customer in the ATS segment. Approximately 19%, 11% and 10% of sales in
1998 were made to two international customers and one domestic commercial
account, totaling sales of $5,492, $3,266 and $3,013, respectively, in
the ATS segment.
Included in the segment information for the year ended February 25, 2000,
are export sales of $23,907. Of this amount, there are sales to or
relating to governments or commercial accounts in Great Britain ($4,821),
Poland ($4,201), and Nigeria ($8,107). Sales to the U.S. government and
its agencies aggregate $1,587 for the year ended February 25, 2000.
Included in the segment information for the year ended February 26, 1999
are export sales of $22,876. Of these amounts, there are sales to or
relating to governments or commercial accounts in Great Britain ($7,005),
Poland ($2,530), Japan ($2,130), Nigeria ($1,990), Bangladesh ($1,548),
Turkey ($1,057), the UAE ($1,040), and Egypt ($949) for ATS sales. Sales
to the U.S. government and its agencies aggregate $1,158 for the year
ended February 26, 1999.
Included in the segment information for the year ended February 27, 1998
are export sales of $17,490. Of these amounts, there are sales to or
relating to governments or commercial accounts in Great Britain ($5,721),
Japan ($3,382), Turkey ($1,734), Egypt ($1,288), Oman ($710), Norway
($558), and the UAE ($524) for ATS sales. Sales to the U.S. government
and its agencies aggregated $2,936 for the year ended February 27, 1998.
12.
Stock Options:
In August, 1999 the Company adopted an Incentive Stock Option Plan to
replace the 1988 Incentive Stock Option Plan which expired in August,
1999. The plan authorizes a committee of the Board of Directors to grant
options for the purchase of up to 500,000 shares of common stock to
qualifying officers and other key employees. The Plan provides that
option price shall not be less than 100% (or in the case of a ten percent
owner, 110%) of the current market price of the stock on the date of the
grant. Options may be exercised on a cumulative basis at the rate of 25%
per year commencing one year after the date of grant. The Plan will
terminate on August 1, 2008. At February 25, 2000, there were 321,500
shares available to be granted under the Plan.
Since the exercise price of each option is not less than 100% of the
current market price of the Company's stock on the date of grant, no
compensation cost has been recognized for the Plan. Had compensation cost
for the Plan been determined based on the fair value of the options at
the grant dates consistent with the method of SFAS No. 123, the Company's
net income and earnings per share would have been reduced to the pro
forma amounts indicated below. Reported amounts reflect the 2 for 1 stock
split declared by the Company on February 25, 2000 (see note 1).
2000
1999
1998
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