FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
---------------------------
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934.
For the Quarter Ended September 29, 2000.
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934.
For the transition period from_______ to _______
Commission File Number 0-6866
HELIX TECHNOLOGY CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 04-2423640
(State of incorporation) (IRS Employer Identification No.)
Mansfield Corporate Center
Nine Hampshire Street
Mansfield, Massachusetts 02048-9171
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (508) 337-5111
-------------------------------
Indicate by checkmark 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 ninety days.
Yes [X] No [ ]
The number of shares outstanding of the registrant's Common Stock, $1 par value,
as of September 29, 2000 was 22,536,704.
<PAGE>
HELIX TECHNOLOGY CORPORATION
Form 10-Q
INDEX
Page
Part I. FINANCIAL INFORMATION
Item 1. Consolidated Financial Statements
Consolidated Balance Sheets as of September 29, 2000 and
December 31, 1999....................................................3
Consolidated Statements of Operations for the Three and Nine-Month
Periods Ended September 29, 2000 and October 1, 1999.................4
Consolidated Statements of Cash Flows for the Nine-Month
Periods Ended September 29, 2000 and October 1, 1999.................5
Notes to Consolidated Financial Statements................................6-9
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations...............10-11
Item 3. Quantitative and Qualitative Disclosures about Market
Risk ..........................................................12
Part II. OTHER INFORMATION
Item 1. Legal Proceedings..............................................13
Item 6 (a). Exhibits.......................................................13
Item 6 (b). Reports on Form 8-K............................................13
Signature..................................................................14
<PAGE>
<TABLE>
HELIX TECHNOLOGY CORPORATION
CONSOLIDATED BALANCE SHEETS
<CAPTION>
------------------------------------------------------------------------------------------
Sept. 29, 2000 Dec. 31, 1999
(in thousands except per share data) (unaudited) (audited)
------------------------------------------------------------------------------------------
ASSETS
Current:
<S> <C> <C>
Cash and cash equivalents $ 11,936 $ 11,408
Investments (Note 2) 16,443 15,912
Receivables - net of allowances 38,661 19,479
Inventories (Note 3) 24,340 18,442
Deferred income taxes (Note 4) 7,040 7,040
Other current assets 2,021 1,626
------------------------------------------------------------------------------------------
Total Current Assets 100,441 73,907
------------------------------------------------------------------------------------------
Property, plant and equipment at cost 47,482 38,724
Less: accumulated depreciation (30,363) (28,093)
------------------------------------------------------------------------------------------
Net property, plant and equipment 17,119 10,631
Other assets 11,417 9,117
------------------------------------------------------------------------------------------
TOTAL ASSETS $128,977 $ 93,655
==========================================================================================
LIABILITIES AND STOCKHOLDERS' EQUITY
Current:
Accounts payable $ 15,131 $ 8,490
Payroll and compensation 2,873 4,768
Retirement costs 5,260 4,561
Income taxes (Note 4) 10,524 3,238
Other accrued liabilities 979 975
------------------------------------------------------------------------------------------
Total Current Liabilities 34,767 22,032
------------------------------------------------------------------------------------------
Commitments and contingencies - -
Stockholders' Equity:
Preferred stock, $1 par value; authorized
2,000,000 shares; issued and outstanding: none - -
Common stock, $1 par value; authorized 60,000,000
shares; issued and outstanding: 22,536,704 in 2000
and 22,375,631 in 1999 22,537 22,376
Capital in excess of par value 9,203 9,314
Treasury stock, $1 par value (7,670 shares in 2000 and
11,602 shares in 1999) (463) (198)
Retained earnings 62,157 39,063
Accumulated other comprehensive income (Note 6) 776 1,068
------------------------------------------------------------------------------------------
Total Stockholders' Equity 94,210 71,623
------------------------------------------------------------------------------------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $128,977 $ 93,655
==========================================================================================
The accompanying notes are an integral part of these financial statements.
</TABLE>
Page 3
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<TABLE>
HELIX TECHNOLOGY CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
<CAPTION>
----------------------------------------------------------------------------------------------------------
Three Months Ended Nine Months Ended
Sept. 29, Oct. 1, Sept. 29, Oct. 1,
(in thousands except per share data) 2000 1999 2000 1999
----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Net sales $69,913 $39,036 $178,488 $97,469
----------------------------------------------------------------------------------------------------------
Costs and expenses:
Cost of sales 36,495 21,431 93,301 54,921
Research and development 4,182 2,481 11,391 7,100
Selling, general and administrative 11,182 8,614 31,427 23,368
----------------------------------------------------------------------------------------------------------
51,859 32,526 136,119 85,389
----------------------------------------------------------------------------------------------------------
Operating income 18,054 6,510 42,369 12,080
Joint venture income 1,322 440 2,920 788
Interest and other income 396 192 933 620
----------------------------------------------------------------------------------------------------------
Income before taxes 19,772 7,142 46,222 13,488
Income taxes (Note 4) 6,294 2,357 15,022 4,451
----------------------------------------------------------------------------------------------------------
Net income $13,478 $ 4,785 $ 31,200 $ 9,037
==========================================================================================================
Net income per share:
Basic (Note 5) $ 0.60 $ 0.21 $ 1.39 $ 0.40
Diluted (Note 5) $ 0.59 $ 0.21 $ 1.37 $ 0.40
==========================================================================================================
Number of shares used in per share calculations:
Basic (Note 5) 22,525 22,344 22,487 22,323
Diluted (Note 5) 22,725 22,673 22,807 22,553
==========================================================================================================
The accompanying notes are an integral part of these financial statements.
</TABLE>
Page 4
<PAGE>
<TABLE>
HELIX TECHNOLOGY CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
<CAPTION>
--------------------------------------------------------------------------------------------
Nine Months Ended
(in thousands) Sept. 29, 2000 Oct. 1, 1999
--------------------------------------------------------------------------------------------
Cash flows from operating activities:
<S> <C> <C>
Net income $ 31,200 $ 9,037
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation 2,996 3,082
Other (1,966) 306
Net change in operating assets and liabilities (A) (9,671) (6,967)
--------------------------------------------------------------------------------------------
Net cash provided by operating activities 22,559 5,458
--------------------------------------------------------------------------------------------
Cash flows from investing activities:
Capital expenditures (9,484) (3,007)
Purchase of investments (36,547) (18,237)
Sale of investments 36,047 20,565
--------------------------------------------------------------------------------------------
Net cash (used) by investing activities (9,984) (679)
--------------------------------------------------------------------------------------------
Cash flows from financing activities:
Shares tendered for exercise of stock options (5,181) -
Net cash provided by employee stock plans 1,240 337
Cash dividends paid (8,106) (8,027)
--------------------------------------------------------------------------------------------
Net cash (used) by financing activities (12,047) (7,690)
--------------------------------------------------------------------------------------------
Increase (decrease) in cash and cash equivalents 528 (2,911)
Cash and cash equivalents, at the beginning of the period 11,408 8,843
--------------------------------------------------------------------------------------------
Cash and cash equivalents, at the end of the period $ 11,936 $ 5,932
============================================================================================
(A) Change in operating assets and liabilities:
(Increase) in accounts receivable $(19,182) $(10,263)
(Increase) in inventories (5,898) (2,035)
(Increase) in other current assets (395) (727)
Increase in accounts payable 6,641 3,328
Increase in other accrued expenses 9,163 2,730
--------------------------------------------------------------------------------------------
Net change in operating assets and liabilities $ (9,671) $ (6,967)
============================================================================================
The accompanying notes are an integral part of these financial statements.
</TABLE>
Page 5
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HELIX TECHNOLOGY CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Note 1 - Basis of Presentation
------------------------------
In the opinion of the Company, the accompanying consolidated financial
statements for the periods ended September 29, 2000, and October 1, 1999,
contain all adjustments (consisting only of normal recurring adjustments)
necessary to present fairly the financial position as of September 29, 2000, and
December 31, 1999, and the results of operations and cash flows for the periods
ended September 29, 2000, and October 1, 1999.
The results of operations for the nine-month period ended September 29, 2000,
are not necessarily indicative of the results expected for the full year.
The consolidated financial statements included herein have been prepared by the
Company, without audit of the three and nine-month periods ended September 29,
2000, and October 1, 1999, pursuant to the rules and regulations of the
Securities and Exchange Commission. Certain information and footnote disclosures
normally included in financial statements prepared in accordance with generally
accepted accounting principles have been condensed or omitted pursuant to such
rules and regulations, although the Company believes that the disclosures are
adequate to present fairly the Company's financial position and results of
operations. These consolidated financial statements should be read in
conjunction with the financial statements and the notes thereto included in the
Company's latest Annual Report on Form 10-K.
Note 2 - Investments
--------------------
The Company had investments of $16,443,000 and $15,912,000 as of September 29,
2000, and December 31, 1999, respectively. The investments were classified as
"available-for-sale," and the difference between the cost and fair value of
these investments was immaterial and is included in other comprehensive income.
Note 3 - Inventories
--------------------
---------------------------------------------------------------
(in thousands) Sept. 29, 2000 Dec. 31, 1999
---------------------------------------------------------------
Finished goods $ 7,008 $ 5,157
Work in process 11,541 8,716
Materials and parts 5,791 4,569
---------------------------------------------------------------
$24,340 $18,442
===============================================================
Inventories are stated at the lower of cost or market on a first-in, first-out
basis.
Page 6
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HELIX TECHNOLOGY CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Note 4 - Income Taxes
---------------------
The net federal, state and foreign income tax provisions were $15,022,000 for
the nine-month period ended September 29, 2000, and $4,451,000 for the
nine-month period ended October 1, 1999. Tax credits are treated as reductions
of income tax provisions in the year in which the credits are realized. The
Company does not provide for federal income taxes on the undistributed earnings
of its wholly-owned foreign subsidiaries, since these earnings are indefinitely
reinvested.
The effective income tax rate for the nine-month period ended September 29, 2000
was 32.5%, and for the nine-month period ended October 1, 1999 was 33%.
The major components of deferred tax assets are compensation and benefit plans,
inventory valuation and depreciation. Based on past experience, the Company
expects that the future taxable income will be sufficient for the realization of
the deferred tax assets. The Company believes that a valuation allowance is not
required.
Note 5 - Net Income Per Share
-----------------------------
Basic net income per common share is based on the weighted average number of
common shares outstanding during the period. Diluted net income per common share
reflects the potential dilution that could occur if outstanding stock options
were exercised.
The following table sets forth the computation of basic and diluted net income
per common share:
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------
Three Months Ended Nine Months Ended
(in thousands except per share data) Sept. 29, 2000 Oct. 1, 1999 Sept. 29, 2000 Oct. 1, 1999
--------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Net income $13,478 $ 4,785 $31,200 $ 9,037
==============================================================================================================
Basic shares 22,525 22,344 22,487 22,323
Add: Common equivalent shares (1) 200 329 320 230
--------------------------------------------------------------------------------------------------------------
Diluted shares 22,725 22,673 22,807 22,553
==============================================================================================================
Basic net income per share $ 0.60 $ 0.21 $ 1.39 $ 0.40
==============================================================================================================
Diluted net income per share $ 0.59 $ 0.21 $ 1.37 $ 0.40
==============================================================================================================
(1) Common equivalent shares represent shares issuable upon exercise of stock
options (using the treasury stock method). The Company had 35,000 options
outstanding not included in the computation of diluted shares as of
September 29, 2000, because the option price was greater than the average
market price of the common shares, and the inclusion of such shares would
be anti-dilutive. As of October 1, 1999, the Company had no stock options
that were anti-dilutive.
</TABLE>
Page 7
<PAGE>
HELIX TECHNOLOGY CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Note 6 - Other Comprehensive Income
-----------------------------------
SFAS 130 requires unrealized gains or losses on the Company's investments and
foreign currency translation adjustments, which prior to adoption were reported
separately in stockholders' equity to be included in other comprehensive income.
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------
Three Months Ended Nine Months Ended
(in thousands) Sept. 29, 2000 Oct. 1, 1999 Sept. 29, 2000 Oct. 1, 1999
--------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Net income $13,478 $4,785 $31,200 $9,037
--------------------------------------------------------------------------------------------------------------
Other comprehensive income (loss) before tax:
Foreign currency translation adjustment 21 403 (218) 1,094
Unrealized gain (loss) on available-for-sale
investment 5 9 31 (53)
--------------------------------------------------------------------------------------------------------------
Other comprehensive income (loss), before tax 26 412 (187) 1,041
Income tax related to items of other
comprehensive income (loss) (37) (15) (105) (309)
--------------------------------------------------------------------------------------------------------------
Other comprehensive (loss) income, net of tax (11) 397 (292) 732
--------------------------------------------------------------------------------------------------------------
Comprehensive income $13,467 $5,182 $30,908 $9,769
==============================================================================================================
</TABLE>
Note 7 - New Accounting Pronouncements
--------------------------------------
In June 1998, the Financial Accounting Standards Board issued Statement of
Financial Accounting Standards No. 133 (SFAS 133), "Accounting for Derivative
Instruments and Hedging Activities." This statement establishes accounting and
reporting standards for derivative instruments, including some derivative
instruments embedded in other contracts (collectively referred to as
derivatives), and for hedging activities. The Company will adopt SFAS 133 in
2001, in accordance with SFAS 137, which deferred the effective date of SFAS
133. The adoption of this standard in 2001 is not expected to have a material
impact on the Company's consolidated financial statements.
In December 1999, the Securities and Exchange Commission issued Staff Accounting
Bulletin No. 101 (SAB 101), "Revenue Recognition in Financial Statements." SAB
101 summarizes the staff's view in applying generally accepted accounting
principles to selected revenue recognition issues. The application of the
guidance in SAB 101 will be required in the Company's fourth quarter of 2000.
The Company is evaluating the application of SAB 101 and has not determined the
impact on the Company's consolidated financial statements.
Page 8
<PAGE>
HELIX TECHNOLOGY CORPORATION
PART I
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations
--------------------------------------------------------------------------------
Results of Operations
---------------------
Net sales for the three months ended September 29, 2000, (the "2000 Quarter")
were $69.9 million compared with net sales for the three months ended October 1,
1999, (the "1999 Quarter") of $39.0 million, an increase of 79.2%. Net sales for
the nine months ended September 29, 2000, (the "2000 Period") were $178.5
million, an increase of 83.1%, from $97.5 million for the nine months ended
October 1, 1999 (the "1999 Period"). The Company continued to benefit from the
significant increase in demand for semiconductor capital equipment.
The gross profit percentage for the 2000 Quarter was 47.8% compared with 45.1%
for the 1999 Quarter. The gross profit percentage for the 2000 Period was 47.7%
compared with 43.7% for the 1999 Period. The improvement in gross margin was
primarily attributable to increased sales volume, offset by costs relating to a
new manufacturing and engineering center in Colorado, a new customer support
center in Taiwan, and expansion of our Japanese customer support center.
Research and development expenses were $4.2 million for the 2000 Quarter, or
6.0% of net sales, compared to $2.5 million, or 6.4% of net sales, for the 1999
Quarter. Spending was $11.4 million, or 6.4% of net sales for the 2000 Period,
compared to $7.1 million, or 7.3% of net sales, for the 1999 Period. The Company
increased its spending on projects to support 300 mm products, GOLDLink support
services and ongoing improvements to its core products.
Total selling, general and administrative expenses increased by $2.6 million in
the 2000 Quarter and $8.1 million in the 2000 Period compared to the 1999
Quarter and the 1999 Period, respectively. The increase in spending was
primarily attributable to expenditures to support increased sales activities
worldwide, the aforementioned locations in Colorado, Taiwan and Japan and our
GOLDLink global support initiative.
Operating income increased $11.5 million and $30.3 million in the 2000 Quarter
and the 2000 Period, respectively, compared with the 1999 Quarter and the 1999
Period, respectively. The primary reasons for the increase were higher net
sales and spending growth that was lower than sales growth.
For the 2000 Quarter, the Company had pretax income of $19.8 million resulting
in a tax provision of $6.3 million compared to a pretax income of $7.1 million
and a tax provision of $2.4 million for the 1999 Quarter. For the 2000 Period,
the Company had pretax income of $46.2 million and a tax provision of $15.0
million compared to pretax income of $13.5 million and a tax provision of $4.5
million for the 1999 Period. The effective tax rate for the 2000 Period was
32.5% and for the 1999 Period was 33.0%.
Page 9
<PAGE>
HELIX TECHNOLOGY CORPORATION
PART I
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations (continued)
--------------------------------------------------------------------------------
Liquidity and Capital Resources
-------------------------------
Cash provided by operating activities for the 2000 Period was $22.6 million
compared with $5.5 million for the 1999 Period, primarily due to increased net
income.
The Company's historical annual capital needs have been approximately $4.0
million to $5.0 million. However, in 2000 the Company has four major initiatives
that are expected to result in capital spending in excess of
approximately $12.0 million. These initiatives are: consolidation of our
Colorado operations into a new 60,000 square foot leased facility, the first
phase of a new corporate information system, a GOLDLink global support
operations center, expansion of our Japanese customer support center and the
opening of a sales and service location in Taiwan. Cash used by investing
activities was $10.0 million during the 2000 Period, primarily due to increased
capital expenditures related to the above-mentioned projects.
Cash dividends paid to stockholders were $8.1 million during the 2000 Period and
$8.0 million during the 1999 Period. The Company paid a quarterly common stock
dividend of $0.12 per share.
The Company believes that existing cash, cash equivalents, investment balances
and anticipated cash flow from operations will be adequate to fund operations
and its capital expenditure program for the foreseeable future. The Company also
has a $25 million unsecured bank line of credit.
New Accounting Pronouncements
-----------------------------
In June 1998, the Financial Accounting Standards Board issued Statement of
Financial Accounting Standards No. 133 (SFAS 133), "Accounting for Derivative
Instruments and Hedging Activities." This statement establishes accounting and
reporting standards for derivative instruments, including some derivative
instruments embedded in other contracts (collectively referred to as
derivatives), and for hedging activities. The Company will adopt SFAS 133 in
2001, in accordance with SFAS 137, which deferred the effective date of SFAS
133. The adoption of this standard in 2001 is not expected to have a material
impact on the Company's consolidated financial statements.
In December 1999, the Securities and Exchange Commission issued Staff Accounting
Bulletin No. 101 (SAB 101), "Revenue Recognition in Financial Statements." SAB
101 summarizes the staff's view in applying generally accepted accounting
principles to selected revenue recognition issues. The application of the
guidance in SAB 101 will be required in the Company's fourth quarter of 2000.
The Company is evaluating the application of SAB 101 and has not determined the
impact on the Company's consolidated financial statements.
Page 10
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HELIX TECHNOLOGY CORPORATION
PART I
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations (continued)
--------------------------------------------------------------------------------
Certain Factors That May Affect Future Results
----------------------------------------------
From time to time, information provided by the Company, statements made by its
employees or information included in its filings with the Securities and
Exchange Commission may contain statements that are not historical facts but
that are "forward-looking statements" involving risks and uncertainties. In
particular, statements in "Management's Discussion and Analysis of Financial
Condition and Results of Operations" relating to the Company's shipment levels,
results of operations, sufficiency of capital to meet working capital and
capital expenditure requirements may be forward-looking statements. The words
"expect," "anticipate," "plan," "believe," "seek," "estimate" and similar
expressions are intended to identify such forward-looking statements. Such
statements are not guarantees of future performance and involve certain risks,
uncertainties and assumptions that could cause the Company's future results to
differ materially from those expressed in any forward-looking statements made by
or on behalf of the Company. Many such factors are beyond the Company's ability
to control or predict. Readers are accordingly cautioned not to place undue
reliance on forward-looking statements. The Company disclaims any intent or
obligation to update publicly any forward-looking statements, whether in
response to new information or future events or otherwise. Important factors
that may cause the Company's actual results to differ from such forward-looking
statements include, but are not limited to, the factors discussed below.
The Company's business depends in large part upon the capital expenditures of
semiconductor manufacturers, which, in turn, depend on the current and
anticipated market demand for integrated circuits and products utilizing
integrated circuits. The semiconductor industry is highly cyclical and has
historically experienced periodic downturns, which generally have had a severe
effect on the semiconductor industry's demand for capital equipment and have
adversely affected the Company's results of operations. There can be no
assurance that developments in the semiconductor industry or the semiconductor
equipment industry will occur at the rate or in the manner expected by the
Company.
In addition to the cyclical nature of the semiconductor industry, the Company
faces the following risks and uncertainties among others: the need to
continuously develop, manufacture and gain customers' acceptance of new products
and product enhancements; dependence on a limited number of customers and
concentration of sales to one or a few customers; the Company's ability to
attract and retain certain key personnel; the ability of the Company to protect
its technology assets by obtaining and enforcing patents; and dependence on sole
and limited source suppliers for certain components and subassemblies included
in the Company's products and systems. As a result of the foregoing and other
factors, the Company may experience material fluctuations in its future
operating results on a quarterly or annual basis which could materially affect
its business, financial position, results of operations and stock price.
Page 11
<PAGE>
HELIX TECHNOLOGY CORPORATION
PART I
Item 3. Quantitative and Qualitative Disclosures about Market Risk
---------------------------------------------------------------------
There have been no significant changes in the Company's market risks since the
year ended December 31, 1999. For more information please read the consolidated
financial statements and notes thereto included in the Company's Annual Report
on Form 10-K for the year ended December 31, 1999.
Page 12
<PAGE>
HELIX TECHNOLOGY CORPORATION
PART II. OTHER INFORMATION
Item 1. Legal Proceedings
-------------------------------
In the normal course of business, the Company is subject to various legal
proceedings and claims. The Company is a defendant in an action brought by
Raytheon Company on November 10, 1998, in Massachusetts Superior Court claiming
damages from the sale of allegedly defective components by the Company to
Raytheon, which the Company no longer sells. The Company believes that it has
meritorious defenses to the claims and that, although the outcome of the action
cannot be predicted with certainty, the disposition of the claim should not have
a material effect on the financial position of the Company.
Item 6(a). Exhibits
---------- --------
4.1 Revolving Credit Agreement, dated July 18, 2000, by and between
Helix Technology Corporation and Fleet National Bank.
27.1 Financial Data Schedule (EDGAR version only).
Item 6(b). Reports on Form 8-K
---------------------------------
The Company did not file any Current Reports on Form 8-K during the quarter
ended September 29, 2000.
Page 13
<PAGE>
HELIX TECHNOLOGY CORPORATION
Pursuant to the requirements 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.
HELIX TECHNOLOGY CORPORATION
(Registrant)
November 8, 2000 By: /s/Michael El-Hillow
---------------- ----------------------------
Date Michael El-Hillow
Senior Vice President
Chief Financial Officer
Page 14
<PAGE>
HELIX TECHNOLOGY CORPORATION
EXHIBIT INDEX
Exhibit
4.1 Revolving Credit Agreement
27.1 Financial Data Schedule (EDGAR version only)