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SECURITIES AND EXCHANGE COMMISSION
FORM 10-Q/A
Quarterly Report Under Section 13 or 15(d) of the Securities Exchange Act of 1934
(Mark One)
| [X] |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (AMENDED) |
For the quarterly period ended October 3, 1999
OR
| [ ] |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to
| For the Quarter ended October 3, 1999 | Commission File Number 1-9434 |
PICTURETEL CORPORATION
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Delaware (State or other jurisdiction of incorporation or organization) |
04-2835972 (I.R.S. Employer Identification No.) |
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100 Minuteman Road, Andover, MA (Address of Principal Executive Offices) |
01810 (Zip Code) |
Registrant’s telephone number: 978-292-5000
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 last 90 days.
Yes [X] No [ ]
Indicate the number of shares outstanding of each of the issuer’s classes of common stock as of the latest practical date.
As of October 8, 1999, there were outstanding 40,526,112 shares of common stock of the registrant.
Explanatory Note for the Correction
PictureTel Corporation’s Form 10-Q for third quarter of 1999, filed on November 16, 1999 contained a typographical error on the Consolidated Statements of Cash Flows for the nine months ended October 3, 1999. Restricted cash for the nine months ended October 3, 1999 was incorrectly stated as $(1,500). The correct amount is $(2,500). This error did not impact any of the subtotals or totals within the Consolidated Statements of Cash Flows or any other section of this Form 10-Q.
PICTURETEL CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
| Nine Months Ended | ||||||||||
| October 3, | September 27, | |||||||||
| 1999 | 1998 | |||||||||
| Cash flows from operating activities: | ||||||||||
| Net loss | $ | (68,369 | ) | $ | (7,230 | ) | ||||
| Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||||||||||
| Depreciation and amortization | 26,246 | 20,749 | ||||||||
| Provision for doubtful accounts | 2,333 | 1,200 | ||||||||
| Inventory provision | 2,851 | 1,806 | ||||||||
| Write-down of capitalized software | — | 1,586 | ||||||||
| Write-down of long-lived assets | — | 4,210 | ||||||||
| Deferred taxes, net | — | 3,402 | ||||||||
| Gain on sales of securities | (8,495 | ) | — | |||||||
| Other non-cash items | 64 | 915 | ||||||||
| Changes in operating assets and liabilities: | ||||||||||
| Accounts receivable | 7,151 | 14,504 | ||||||||
| Inventories | (7,744 | ) | 11,609 | |||||||
| Other current assets | (4,803 | ) | (2,551 | ) | ||||||
| Accounts payable | (12,623 | ) | (2,989 | ) | ||||||
| Accrued compensation and benefits and accrued expenses | 2,203 | (9,321 | ) | |||||||
| Deferred revenue | 3,699 | (734 | ) | |||||||
| Net cash provided by (used in) operating activities | (57,487 | ) | 37,156 | |||||||
| Cash flows from investing activities: | ||||||||||
| Purchase of marketable securities | (107,849 | ) | (94,703 | ) | ||||||
| Proceeds from marketable securities | 94,063 | 75,931 | ||||||||
| Purchases of property and equipment | (9,756 | ) | (13,340 | ) | ||||||
| Proceeds from sales of fixed assets | 12 | — | ||||||||
| Capitalized software costs | — | (5,162 | ) | |||||||
| Purchase of other assets | — | (3,484 | ) | |||||||
| Proceeds from sale of securities | 8,495 | — | ||||||||
| Net cash used in investing activities | (15,035 | ) | (40,758 | ) | ||||||
| Cash flows from financing activities: | ||||||||||
| Restricted cash | (2,500 | ) | — | |||||||
| Net payments from foreign lines of credit | — | 2,437 | ||||||||
| Payments on short-term/long-term borrowings | (855 | ) | — | |||||||
| Principal payments under capital lease obligations | (3,113 | ) | (2,292 | ) | ||||||
| Common stock repurchase | (556 | ) | — | |||||||
| Proceeds from preferred stock issuance | 30,500 | — | ||||||||
| Proceeds from exercise of stock options | 1,821 | 793 | ||||||||
| Proceeds from stock purchase plan | 790 | 1,660 | ||||||||
| Net cash provided by financing activities | 26,087 | 2,598 | ||||||||
| Effect of exchange rate changes on cash | 2,463 | 415 | ||||||||
| Net decrease in cash and cash equivalents | (43,972 | ) | (589 | ) | ||||||
| Cash and cash equivalents at beginning of period | 62,642 | 49,859 | ||||||||
| Cash and cash equivalents at end of period | $ | 18,670 | $ | 49,270 | ||||||
5
SIGNATURE
Pursuant to the Securities Exchange Act of 1934, the registrant has duly caused this report on Form 10-Q to be signed on its behalf by the undersigned thereunto duly authorized.
| PICTURETEL CORPORATION | |
| /s/ ARTHUR L. FATUM | |
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| Arthur L. Fatum | |
| Vice President and Chief Financial Officer, | |
| (Principal Financial and Accounting Officer) | |
| December 16, 1999 |
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