|
|
|
|
|
|
|
|
|
|
|
|
|
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
--------------------
FORM 10-Q/A
--------------------
(Mark One)
X Quarterly report pursuant to Section 13 or 15(d) of the Securities
- ----- Exchange Act of 1934
For the quarterly period ended March 30, 1997
OR
- ----- Transition report pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
Commission File Number: 000-28276
SAWTEK INC.
(Exact name of registrant as specified in its charter)
Florida 59-1864440
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
1818 South Highway 441
Apopka, Florida 32703
(Address of principal executive offices)
Telephone Number (407) 886-8860
(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 ______
As of April 15, 1997, there were 20,362,566 shares of the Registrant's
Common Stock outstanding, par value $.0005.
<PAGE>
<TABLE>
SAWTEK INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)
<CAPTION>
Six Months Ended
March 31,
1997 1996
(in thousands)
<S> <C> <C>
Operating activities:
Net income (loss) $ 9,245 $ (5,629)
Adjustments to reconcile net income (loss) to net cash
provided by operating activities:
Depreciation and amortization 1,800 732
Deferred income taxes 3,120 34
Compensatory stock options 553 0
ESOP allocation 196 11,079
Loss on sale of fixed assets 269 0
Changes in operating assets and liabilities:
(Increase) decrease in assets:
Accounts receivable 285 518
Inventories (585) (2,025)
Other current assets (187) (390)
Increase (decrease) in liabilities:
Accounts payable 73 1,422
Accrued liabilities (221) (635)
Income taxes payable 1,787 16
------ -------
Net cash provided by operating activities 16,335 5,122
Investing activities:
Purchase of property, plant and equipment, net (8,436) (15,254)
Reduction in industrial revenue bond assets 0 2,606
Proceeds from sale of fixed assets 54 0
------ ------
Net cash used in investing activities (8,382) (12,648)
Financing activities:
Proceeds from long-term debt 0 8,200
Principal payments on long-term debt (636) (3,128)
Net proceeds from sale of common stock 654 358
Purchase of common stock 0 (191)
Redemption of preferred stock 0 (100)
Preferred stock dividends paid 0 (27)
------ ------
Net cash provided by financing activities 18 5,112
------ ------
Increase (decrease) in cash and cash equivalents 7,971 (2,414)
Cash and cash equivalents at beginning of period 27,743 2,819
------ ------
Cash and cash equivalents at end of period $ 35,714 $ 405
====== ======
Interest paid $ 169 $ 289
Income taxes paid 765 2,660
</TABLE>
See accompanying notes to consolidated financial statements.
5
|
|