ANNUAL REPORT 2002
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October 31, |
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2002 |
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2001 |
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(In thousands, except share and per
share data) |
| ASSETS |
| Current assets: |
| Cash and cash equivalents |
$ 19,710 |
$ 36,089 |
| Accounts receivable, less allowance of $8 and $40 at October 31, 2002 and 2001, respectively |
89 |
724 |
| Inventories, net |
8,028 |
4,665 |
| Other current assets |
709 |
771 |
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| Total current assets |
28,536 |
42,249 |
| Property, plant and equipment: |
| Land |
401 |
262 |
| Equipment |
36,436 |
30,252 |
| Leasehold improvements |
15,884 |
14,207 |
| Furniture and fixtures |
1,025 |
973 |
| Construction in progress |
500 |
2,976 |
| New facility construction |
12,757 |
5,205 |
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67,003 |
53,875 |
| Accumulated depreciation and amortization |
(28,234) |
(23,713) |
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| Net property, plant and equipment |
38,769 |
30,162 |
| Investment in affiliate |
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32 |
| Deposit on new facility |
10,000 |
10,000 |
| Other assets |
972 |
1,744 |
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| Total assets |
$ 78,277 |
$ 84,187 |
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| LIABILITIES AND SHAREHOLDERS' EQUITY |
| Current liabilities: |
| Accounts payable |
$ 2,163 |
$ 1,348 |
| Accrued expenses |
4,026 |
4,949 |
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| Total current liabilities |
6,189 |
6,297 |
| Long-term liabilities: |
| Long-term debt |
9,847 |
5,205 |
| Deferred compensation |
184 |
1,792 |
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| Total long-term liabilities |
10,031 |
6,997 |
| Commitments and contingencies, Notes 7 and 11. |
| Stockholders' equity: |
| Preferred stock, $0.01 par value, 30,000,000 shares authorized, no shares outstanding |
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| Common stock: |
Class A, $0.01 par value, 100,000,000 shares authorized, 30,353,370 and 25,225,083
shares issued and outstanding at October 31, 2002 and 2001, respectively |
304 |
252 |
| Class B, $1.00 par value, 179 shares authorized, 117.7 shares issued and outstanding |
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| Capital in excess of par value |
419,065 |
383,570 |
| Contributed capital |
24,574 |
24,574 |
| Notes receivable from stockholders |
(255) |
(1,655) |
| Accumulated deficit |
(381,631) |
(335,848) |
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| Total stockholders' equity |
62,057 |
70,893 |
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| Total liabilities and stockholders' equity |
$ 78,277 |
$ 84,187 |
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See accompanying notes.
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