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Exhibit 99.2
ALIGN-RITE INTERNATIONAL
CONSOLIDATED FINANCIAL STATEMENTS
TABLE OF CONTENTS
PAGE
----
Consolidated Balance Sheet
at March 31, 2000 (unaudited) 2
Consolidated Statement
of Income for the year ended March 31, 2000
(unaudited) 3
Consolidated Statement
of Cash Flows for the year ended March 31, 2000
(unaudited) 4
<PAGE>
Align-Rite International and Subsidiaries
Consolidated Balance Sheet (unaudited)
(dollars in thousands)
March 31, 2000
Assets
------
Current Asset:
Cash and cash equivalents $ 5,278
Accounts receivable (less allowance
of $401 for doubtful accounts) 8,660
Inventories 3,853
Deferred income taxes 801
Other current assets 239
--------
Total current assets 18,831
Property, plant and equipment, net 69,793
Intangible assets, net 8,144
Other assets 1,659
--------
$ 98,427
========
Liabilities and Shareholders' Equity
------------------------------------
Current liabilities:
Accounts payable 6,589
Other accrued liabilities 2,607
--------
Total current liabilities 9,196
Long-term debt 30,000
Deferred income taxes 5,657
Other liabilities 5,718
--------
Total liabilities 50,571
--------
Commitments and contingencies
Shareholders' equity:
Common stock 47
Additional paid-in capital 20,229
Retained earnings 27,534
Accumulated other comprehensive gain 46
--------
Total shareholders' equity 47,856
--------
$ 98,427
========
<PAGE>
Align-Rite International and Subsidiaries
Consolidated Statement of Earnings (unaudited)
(dollars in thousands)
For the Year Ended March 31, 2000
Net Sales
Costs and expenses: $ 58,467
Cost of sales 41,018
Selling, general and administrative 9,543
Research and development 1,190
--------
Operating income 6,716
Other income and expense:
Interest income 128
Interest expense (1,464)
Other income, net (94)
--------
Income before income taxes 5,286
Provision for income taxes 1,850
--------
Net income $ 3,436
========
Earnings per share:
Basic $ 0.74
========
Diluted $ 0.69
========
Weighted average number of
common shares outstanding:
Basic 4,641
========
Diluted 4,954
========
<PAGE>
Align-Rite International and Subsidiaries
Consolidated Statement of Cash Flows (unaudited)
(dollars in thousands)
For the Year Ended March 31, 2000
Cash flows from operating activities:
Net income $ 3,436
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization of
property, plant & equipment 7,783
Deferred income taxes 91
Other 233
Changes in assets and liabilities, net of
effect of acquisitions:
Accounts receivable (1,618)
Inventories (779)
Other current assets (492)
Accounts payable and accrued liabilities (6,070)
-------
Net cash provided by operating activities 2,584
-------
Cash flows from investing activities:
Acquisitions of and investments in photomask
operations (13,525)
Deposits on and purchases of property,
plant and equipment (15,464)
-------
Net cash used in investing activities (28,989)
-------
Cash flows from financing activities:
Borrowings under revolving credit facility 24,800
Proceeds from issuance of common stock 563
-------
Net cash provided by financing activities 25,363
-------
Effect of exchange rate changes on cash flows (8)
-------
Net (decrease) in cash and cash equivalents (1,050)
Cash and cash equivalents at beginning of year 6,328
-------
Cash and cash equivalents at end of year $ 5,278
=======
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