<PAGE> 1
SUMMIT TECHNOLOGY, INC. AND SUBSIDIARIES
UNAUDITED PRO FORMA CONDENSED CONSOLIDATED
BALANCE SHEETS (IN THOUSANDS, EXCEPT SHARE
AND PER SHARE AMOUNTS)
DECEMBER 31,
1999
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ASSETS
Current assets:
Cash and cash equivalents $ 69,303
Short-term investments 5,730
Receivables, net of allowances 18,391
Inventories 20,869
Other current assets 3,204
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Total current assets 117,497
Long-term investments 30,948
Property and equipment, net 19,122
Patents and other intangibles, net 8,502
Purchased technologies, net 26,851
Goodwill, net 53,859
Other assets 5,139
Net assets of discontinued operations (Note 4) 470
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TOTAL ASSETS $262,388
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 6,353
Accrued expenses 8,062
Current maturities of long-term debt 1,093
Deferred revenue 3,291
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Total current liabilities 18,799
Deferred revenue - noncurrent 677
Deferred tax liabilities - noncurrent 4,786
Long-term debt, less current maturities 1,958
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Total liabilities $ 26,220
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Commitments and contingencies
Stockholders' equity:
Preferred stock, $.01 par value.
Authorized 5,000,000 shares; none issued --
Common stock, $.01 par value. Authorized 100,000,000 shares;
issued 46,992,169 shares in 1999; outstanding 46,827,454
shares in 1999 470
Additional paid-in capital 271,414
Accumulated deficit (43,244)
Accumulated other comprehensive income 8,336
Treasury stock, at cost, 164,715 shares (808)
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Total stockholders' equity 236,168
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TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $262,388
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<PAGE> 2
SUMMIT TECHNOLOGY, INC. AND SUBSIDIARIES
Unaudited Pro forma Condensed Consolidated Statement of Operations
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
TWELVE MONTHS
ENDED DECEMBER 31,
1999
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Revenues:
Systems $ 18,267
License fees, service and other 45,946
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Total revenues 64,213
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Cost of revenues:
Systems 13,327
License fees, service and other 22,177
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Total cost of revenues 35,504
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Gross profit 28,709
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Operating expenses:
Selling, general and administrative 28,372
Research, development and regulatory 14,201
Acquired in-process research & development 19,800
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Total operating expenses 62,373
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Operating loss from continuing operations (33,664)
Interest income 3,202
Interest expense (290)
Other income (expense) 2,089
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Loss from continuing operations (28,663)
before provision for income taxes
Provision for income taxes 375
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Loss from continuing operations (29,038)
Income from discontinued operations 6,013
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Net loss $(23,025)
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Basic and diluted earnings (loss) per share:
Loss per share from continuing operations $ (0.72)
Income per share from discontinued operations 0.15
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Net loss per share $ (0.57)
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Weighted average number of common shares:
Basic 40,436
Effect of dilutive securities outstanding --
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Diluted 40,436
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