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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 10-K/A
AMENDMENT NO. 1
AMENDMENT TO APPLICATION OR REPORT
FILED PURSUANT TO SECTION 12, 13, OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
TRUETIME, INC.
(Exact name of registrant as specified in its charter)
COMMISSION FILE NUMBER 000-28473
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The undersigned registrant hereby amends Part II, Item 6 of its Annual
Report on Form 10-K for the year ended September 30, 2000 as set forth below.
PART II
ITEM 6. SELECTED FINANCIAL DATA
The following tables set forth certain selected historical financial data
of the Company.
The following statement of operations data for the years ended September
30, 1998, 1999 and 2000, and the balance sheet data as of September 30, 1999 and
2000, are derived from our audited financial statements appearing elsewhere in
this Form 10-K. The statement of operations data for the year ended September
30, 1997 and the balance sheet data as of September 30, 1998 were derived from
our audited financial statements not included herein. The selected financial
data shown below as of September 30, 1996 and 1997, and for the year ended
September 30, 1996, are derived from our unaudited financial statements. In our
opinion, such unaudited financial information includes all adjustments
(consisting of normal recurring accruals) considered necessary for a fair
presentation of our results of operations for the periods then ended and our
financial position as of such date. This information should be read in
conjunction with "Management's Discussion and Analysis of Financial Condition
and Results of Operations" and our financial statements and the related notes
thereto included elsewhere in this Form 10-K.
<TABLE>
<CAPTION>
YEAR ENDED SEPTEMBER 30,
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1996 1997 1998 1999 2000
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(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
<S> <C> <C> <C> <C> <C>
STATEMENT OF OPERATIONS DATA
Sales........................................ $11,292 $13,894 $16,297 $20,645 $21,106
Cost of sales................................ 5,111 5,783 7,537 9,076 9,646
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Gross profit................................. 6,181 8,111 8,760 11,569 11,460
Operating expenses:
Selling, general and administrative........ 2,960 3,906 4,395 5,905 7,153
Research and development................... 1,840 1,855 1,873 2,155 3,190
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Total operating expenses........... 4,800 5,761 6,258 8,060 10,343
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Income from operations....................... 1,381 2,350 2,492 3,509 1,117
Interest and other income (expense), net..... 37 10 249 305 548
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Income before income taxes................... 1,418 2,350 2,741 3,814 1,665
Provision for income taxes................... 588 964 1,122 1,547 681
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Net income................................... $ 830 $ 1,396 $ 1,619 $ 2,267 $ 984
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Earnings per share -- basic and diluted...... $ 0.21 $ 0.35 $ 0.40 $ 0.57 $ 0.18
Weighted average shares outstanding as
adjusted for reincorporation -- basic...... 4,000 4,000 4,000 4,000 5,514
diluted................. 4,000 4,000 4,000 4,000 5,610
</TABLE>
<TABLE>
<CAPTION>
YEAR ENDED SEPTEMBER 30,
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1996 1997 1998 1999 2000
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(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
<S> <C> <C> <C> <C> <C>
BALANCE SHEET DATA
Cash and cash equivalents................... $ -- $ -- $ 38 $ 3,539(1) $ 7,884
Working capital............................. 6,030 7,381 8,641 10,808 18,729
Total assets................................ 9,071 11,018 12,160 15,491 24,413
Stockholders' equity........................ 7,471 8,867 10,486 12,753 22,423
</TABLE>
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(1) Includes $3,500,000 which was transferred in October 1999 to OYO USA
pursuant to a trust arrangement under which TrueTime was the sole beneficial
owner of the trust assets. The trust was established to maximize the return
on our assets available for investment until such time that we established
our own short-term investment program. On December 1, 1999, the trust
agreement was terminated and the cash and cash equivalents held in trust
were distributed to TrueTime.
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SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the Registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized.
TRUETIME, INC.
By /s/ ELIZABETH A. WITHERS
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Elizabeth A. Withers
President and Chief Executive
Officer
Date: December 22, 2000