ANNUAL REPORT 2002
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Year Ended October 31, |
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2002 |
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2001 |
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2000 |
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(In thousands) |
| Operating Activities: |
| Net loss |
$(45,783) |
$(49,419) |
$(36,078) |
| Adjustments to reconcile net loss to net cash used in operating activities: |
| Depreciation and amortization |
4,577 |
3,643 |
4,107 |
| Disposition of obsolete fixed assets |
--- |
--- |
331 |
| Equity compensation |
(61) |
6,844 |
3,681 |
| Deferred compensation |
(7) |
7 |
(3) |
| Accrued interest on notes receivable from stockholders |
(48) |
(90) |
(126) |
| Acquired research and development information |
--- |
1,511 |
--- |
| Equity in affiliate's operations |
32 |
34 |
35 |
| Changes in assets and liabilities: |
| Accounts receivable |
635 |
(246) |
(157) |
| Inventories |
(3,363) |
(1,939) |
456 |
| Other current assets |
62 |
(391) |
108 |
| Accounts payable |
815 |
(416) |
1,023 |
| Accrued expenses |
(923) |
(771) |
(436) |
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| Net cash used in operating activities |
(44,064) |
(41,233) |
(27,059) |
| Investing activities: |
| Purchases of property, plant and equipment |
(8,352) |
(3,265) |
(2,052) |
| Escrow for new facility |
--- |
(10,000) |
--- |
| Other assets |
716 |
(98) |
165 |
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| Net cash used in investing activities |
(7,636) |
(13,363) |
(1,887) |
| Financing activities: |
| Net proceeds from sales of common stock |
35,466 |
--- |
83,751 |
| Expenses related to equity line |
(32) |
(675) |
--- |
| Proceeds from exercise of stock options, warrants and restricted stock |
40 |
2,064 |
2,689 |
| Payment of notes receivable from stockholders |
80 |
468 |
556 |
| Amendment of note receivable from stockholder |
(233) |
--- |
--- |
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| Net cash provided by financing activities |
35,321 |
1,857 |
86,996 |
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| Increase (decrease) in cash and cash equivalents |
(16,379) |
(52,739) |
58,050 |
| Cash and cash equivalents at beginning of the year |
36,089 |
88,828 |
30,778 |
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| Cash and cash equivalents at end of the year |
$ 19,710 |
$ 36,089 |
$ 88,828 |
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| Supplemental Disclosure of Non Cash Investing Activities: |
| Land and license rights acquired upon exercise of stock option |
$ 134 |
$ 1,005 |
$ --- |
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New facility construction financed through capital lease (classified as
long-term debt) |
$ 4,642 |
$ 5,205 |
$ --- |
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| Supplemental Disclosure of Non Cash Financing Activities: |
| Settlement of deferred compensation and accrued interest |
$ (1,601) |
$ --- |
$ --- |
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| Settlement of note receivable and accrued interest |
$ (1,601) |
$ --- |
$ --- |
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See accompanying notes.
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