|
|
|
|
|
|
|
|
|
|
|
|
|
|
Previous: TAX FREE INVESTMENTS CO, 497, 1997-08-01 |
Next: NEW ENGLAND BUSINESS SERVICE INC, S-8, 1997-08-01 |
<TABLE>
ENGINEERING MEASUREMENTS COMPANY
BALANCE SHEETS
ASSETS
April 30,
1997 1996
<S> <C> <C>
Current assets:
Cash and cash equivalents $547,837 $532,721
Accounts receivable, net of allowance
for doubtful accounts and allowance for
sales returns of $61,104 April 30, 1997
and $101,979 at April 30, 1996 1,557,566 1,313,033
Short-term investments 904,724 708,042
Inventories 1,256,597 1,574,547
Prepaid expenses 23,845 75,892
Income taxes receivable 160,848 --
Other receivables 62,602 50,141
Deferred income taxes 224,342 380,969
--------- ---------
Total current assets 4,738,361 4,635,345
--------- ---------
Property and equipment, at cost:
Land 568,940 568,940
Building & improvements 1,619,595 1,627,634
Vehicles 22,196 16,791
Machinery and equipment 3,106,342 2,741,535
Office furniture and fixtures 950,271 990,787
--------- ---------
6,267,344 5,945,687
Less accumulated depreciation (3,981,412) (4,032,724)
--------- ---------
Net property and equipment 2,285,932 1,912,963
--------- ---------
Other 109,335 90,237
Investment in common stock of Marcum
Natural Gas Services, Inc. 0 197,312
--------- ---------
Total other assets 109,335 287,549
--------- ---------
TOTAL ASSETS: $7,133,628 $6,835,857
========== ==========
</TABLE>
The accompanying notes are an integral part of these statements.
Page 15 of 39
<PAGE>
<TABLE>
ENGINEERING MEASUREMENTS COMPANY
BALANCE SHEETS - CONTINUED
LIABILITIES AND STOCKHOLDERS' EQUITY
April 30,
1997 1996
<S> <C> <C>
Current liabilities:
Current portion of long-term debt $418,382 $137,558
Accounts payable 612,538 462,332
Accrued liabilities 515,848 593,524
--------- ---------
Total current liabilities 1,546,768 1,193,414
--------- ---------
Long-term liabilities:
Loans from stockholder less current maturities 0 418,382
Deferred income taxes 188,100 183,100
--------- ---------
Total long-term liabilities 188,100 601,482
--------- ---------
Stockholders' equity:
Common stock, $.01 par value;
5,000,000 shares authorized;
2,988,452 shares issued at April 30, 1997,
2,943,452 shares issued at April 30, 1996,
2,798,052 shares outstanding at April 30, 1997,
2,753,052 shares outstanding at April 30, 1996 29,885 29,435
Capital in excess of par value 2,047,877 1,988,327
Unrealized holding losses, net of taxes (30,409) (56,416)
Retained earnings 3,981,106 3,709,314
Treasury stock at cost; 190,400 shares at
April 30, 1997 and April 30, 1996 (629,699) (629,699)
--------- ---------
Total stockholders' equity 5,398,760 5,040,961
--------- ---------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY: $7,133,628 $6,835,857
========== ==========
</TABLE>
The accompanying notes are an integral part of these statements.
Page 16 of 39
<PAGE>
<TABLE>
ENGINEERING MEASUREMENTS COMPANY
STATEMENTS OF OPERATIONS
Year Ended April 30,
1997 1996
<S> <C> <C>
Sales $9,910,047 $8,665,808
Cost of sales 5,626,944 4,852,125
---------- ----------
Gross margin on sales 4,283,103 3,813,683
---------- ----------
Operating expenses:
Selling 2,404,919 2,040,468
General and administrative 852,130 860,540
Research and development 620,931 427,032
---------- ----------
Total operating expenses 3,877,980 3,328,040
---------- ----------
Income from operations 405,123 485,643
---------- ----------
Other income/(expense):
Gain/(loss) on sale of stock (79,865) 34,524
Interest expense (39,246) (56,185)
Royalty and other income 169,974 141,771
---------- ----------
Total other income 50,863 120,110
Income from operations before income taxes 455,986 605,753
Income tax provision 184,194 205,704
---------- ----------
Net income $271,792 $400,049
========== ==========
Net earnings per share $0.10 $0.15
Net earnings per share on a fully
diluted basis $0.09 $0.13
===== =====
Weighted average number of
shares outstanding 2,774,719 2,741,385
========= =========
</TABLE>
The accompanying notes are an integral part of these statements.
Page 17 of 39
<PAGE>
<TABLE>
ENGINEERING MEASUREMENTS COMPANY
STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
<CAPTION>
Capital in Unrealized
Common Stock excess of Holding Retained Treasury
Shares Par Value Par value Losses Earnings Stock
<S> <C> <C> <C> <C> <C> <C>
Balance at May 1, 1995 2,923,452 $29,235 $1,956,927 $(18,555) $3,309,265 $(629,699)
Net income 400,049
Stock Options
Exercised 20,000 200 31,400
Unrealized holding losses,
net of tax (37,861)
--------- ------- ---------- --------- --------- ---------
Balance at April 30, 1996 2,943,452 29,435 1,988,327 (56,416) 3,709,314 (629,699)
Net income 271,792
Stock Options
Exercised 45,000 450 59,550
Unrealized holding gains,
net of tax 26,007
--------- ------- ---------- --------- --------- ---------
Balance at April 30, 1997 2,988,452 $29,885 $2,047,877 $(30,409) $3,981,106 $(629,699)
========= ======= ========== ========= ========== ==========
</TABLE>
The accompanying notes are an integral part of these statements.
Page 18 of 39
<PAGE>
<TABLE>
ENGINEERING MEASUREMENTS COMPANY
STATEMENTS OF CASH FLOWS
<CAPTION>
INCREASE/(DECREASE) IN CASH
Year Ended April 30,
Cash flows from operating activities: 1997 1996
<S> <C> <C>
Net income $271,792 $400,049
Adjustments to reconcile net income to
net cash provided by operating activities--
Depreciation and amortization 348,739 311,955
Deferred tax provision/(benefit) 145,000 96,306
Provision for doubtful accounts (40,875) (81,933)
(Gain)/Loss on sales of investments 79,865 (34,524)
Gain on disposal of assets (446) -
Changes in assets and liabilities-
Receivables (216,119) 58,260
Inventories 317,950 (95,163)
Income taxes receivable and prepaid expenses (108,801) (41,596)
Accounts payable and accrued liabilities 72,530 (30,571)
-------- --------
Net cash provided by operating activities 869,635 582,783
-------- --------
Cash flows from investing activities:
Capital expenditures, net (705,028) (305,311)
Expenditures for intangible assets (38,129) (36,684)
Investment purchases (1,365,254) (236,721)
Proceeds from sale of investments 1,328,652 405,497
Proceeds from sale of fixed assets 2,798 -
---------- --------
Net cash provided by/(used) in
investing activities (776,961) (173,219)
-------- --------
Cash flows from financing activities:
Payments of long and short term debt (126,020) (203,797)
Proceeds from exercise of stock options 60,000 31,600
Principal payment under capital lease
obligations (11,538) (16,829)
-------- --------
Net cash used in financing activities (77,558) (189,026)
-------- --------
Net increase/(decrease) in cash and cash
equivalents 15,116 220,538
Cash and cash equivalents at beginning of
period 532,721 312,183
-------- --------
Cash and cash equivalents at end of period $547,837 $532,721
======== ========
Supplemental disclosure of cash flow information:
Cash paid during period for--
Interest $39,848 $56,185
Income taxes 347,495 24,084
</TABLE>
The accompanying notes are an integral part of these statements.
Page 19 of 39
<PAGE>
|
|