|
|
|
|
|
|
|
|
|
|
|
|
|
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
| /x/ |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
| |
For the quarterly period ended September 30, 1999 |
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 000-18908
IN FOCUS SYSTEMS, INC.
(Exact name of registrant as specified in its charter)
| Oregon (State or other jurisdiction of incorporation or organization) |
93-0932102 (I.R.S. Employer Identification No.) |
|
| 27700B SW Parkway Avenue, Wilsonville, Oregon (Address of principal executive offices) |
|
97070 (Zip Code) |
Registrant's telephone number, including area code: 503-685-8888
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 past 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 practicable date.
| Common stock without par value (Class) |
22,520,633 (Outstanding at October 20, 1999) |
IN FOCUS SYSTEMS, INC.
FORM 10-Q
INDEX
| |
|
Page |
||
|---|---|---|---|---|
| PART I—FINANCIAL INFORMATION | ||||
| Item 1. |
|
Financial Statements |
|
|
| |
|
Consolidated Balance Sheets—September 30, 1999 and December 31, 1998 |
|
2 |
| |
|
Consolidated Statements of Operations—Three Month and Nine Month Periods Ended September 30, 1999 and 1998 |
|
3 |
| |
|
Consolidated Statements of Cash Flows—Nine Months Ended September 30, 1999 and 1998 |
|
4 |
| |
|
Notes to Consolidated Financial Statements |
|
5 |
| Item 2. |
|
Management's Discussion and Analysis of Financial Condition and Results of Operations |
|
6 |
| Item 3. |
|
Quantitative and Qualitative Disclosures About Market Risk |
|
12 |
| PART II—OTHER INFORMATION |
|
|
||
| Item 6. |
|
Exhibits and Reports on Form 8-K |
|
12 |
| Signatures |
|
13 |
||
| |
|
|
|
|
1
Item 1. Financial Statements
IN FOCUS SYSTEMS, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands, except share amounts)
| |
September 30, 1999 |
December 31, 1998 |
||||
|---|---|---|---|---|---|---|
| Assets | ||||||
| Current Assets: | ||||||
| Cash and cash equivalents | $ | 44,504 | $ | 26,786 | ||
| Marketable securities—held to maturity | 12,836 | 11,805 | ||||
| Accounts receivable, net of allowances of $9,149 and $7,094 | 79,813 | 78,698 | ||||
| Inventories, net | 27,172 | 31,279 | ||||
| Income taxes receivable | 4,693 | 1,125 | ||||
| Deferred income taxes | 3,937 | 2,531 | ||||
| Other current assets | 4,824 | 3,593 | ||||
| Total Current Assets | 177,779 | 155,817 | ||||
| Marketable securities—held to maturity | 3,687 | — | ||||
| Property and equipment, net of accumulated depreciation of $29,047 and $30,444 | 11,293 | 13,056 | ||||
| Deferred income taxes | 1,833 | 1,352 | ||||
| Other assets, net | 1,709 | 1,706 | ||||
| Total Assets | $ | 196,301 | $ | 171,931 | ||
| Liabilities and Shareholders' Equity | ||||||
| Current Liabilities: | ||||||
| Accounts payable | $ | 24,222 | $ | 27,657 | ||
| Payroll and related benefits payable | 5,379 | 2,179 | ||||
| Marketing incentives payable | 7,986 | 2,983 | ||||
| Accrued warranty | 5,011 | 2,161 | ||||
| Other current liabilities | 734 | 1,350 | ||||
| Total Current Liabilities | 43,332 | 36,330 | ||||
| Shareholders' Equity: | ||||||
| Common stock, 50,000,000 shares authorized; shares issued and outstanding: 22,459,661 and 22,218,729 |
55,371 | 53,895 | ||||
| Additional paid-in capital | 12,896 | 12,359 | ||||
| Retained earnings | 84,702 | 69,347 | ||||
| Total Shareholders' Equity | 152,969 | 135,601 | ||||
| Total Liabilities and Shareholders' Equity | $ | 196,301 | $ | 171,931 | ||
The accompanying notes are an integral part of these balance sheets.
2
IN FOCUS SYSTEMS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share amounts)
| |
Three months ended September 30, |
Nine months ended September 30, |
|||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| |
1999 |
1998 |
1999 |
1998 |
|||||||||
| Revenue | $ | 100,372 | $ | 75,308 | $ | 280,175 | $ | 218,128 | |||||
| Cost of sales | 69,900 | 59,646 | 202,404 | 173,411 | |||||||||
| Gross profit | 30,472 | 15,662 | 77,771 | 44,717 | |||||||||
| Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Marketing and sales | 12,184 | 9,057 | 34,807 | 30,477 | |||||||||
| Research and development | 5,307 | 4,500 | 15,656 | 15,172 | |||||||||
| General and administrative | 2,727 | 1,686 | 6,956 | 5,490 | |||||||||
| 20,218 | 15,243 | 57,419 | 51,139 | ||||||||||
| Income (loss) from operations | 10,254 | 419 | 20,352 | (6,422 | ) | ||||||||
| Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest expense | — | (1 | ) | — | (80 | ) | |||||||
| Interest income | 739 | 245 | 1,711 | 827 | |||||||||
| Other, net | (120 | ) | 168 | (296 | ) | (72 | ) | ||||||
| 619 | 412 | 1,415 | 675 | ||||||||||
| Income (loss) before income taxes | 10,873 | 831 | 21,767 | (5,747 | ) | ||||||||
| (Provision for) benefit from income taxes | (3,320 | ) | 877 | (6,412 | ) | 2,855 | |||||||
| Net income (loss) | $ | 7,553 | $ | 1,708 | $ | 15,355 | $ | (2,892 | ) | ||||
| Basic net income (loss) per share | $ | 0.34 | $ | 0.08 | $ | 0.69 | $ | (0.13 | ) | ||||
| Diluted net income (loss) per share | $ | 0.31 | $ | 0.08 | $ | 0.65 | $ | (0.13 | ) | ||||
The accompanying notes are an integral part of these statements.
3
IN FOCUS SYSTEMS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
| |
Nine months ended September 30, |
||||||
|---|---|---|---|---|---|---|---|
| |
1999 |
1998 |
|||||
| Cash flows from operating activities: | |||||||
| Net income (loss) | $ | 15,355 | $ | (2,892 | ) | ||
| Adjustments to reconcile net income (loss) to net cash flows provided by (used in) operating activities: | |||||||
| Loss on sale of Genigraphics | — | 51 | |||||
| Loss on sale of equipment | 8 | — | |||||
| Depreciation and amortization | 7,420 | 7,356 | |||||
| Deferred income taxes | (1,887 | ) | (498 | ) | |||
| Other non-cash income | (405 | ) | (16 | ) | |||
| (Increase) decrease in: | |||||||
| Accounts receivable, net | (1,115 | ) | 14,862 | ||||
| Inventories, net | 4,107 | (1,342 | ) | ||||
| Income taxes receivable | (3,568 | ) | (3,494 | ) | |||
| Other current assets | (1,231 | ) | (387 | ) | |||
| Increase (decrease) in: | |||||||
| Accounts payable | (3,435 | ) | (22,718 | ) | |||
| Payroll and related benefits payable | 3,200 | (1,527 | ) | ||||
| Other current liabilities | 7,237 | 68 | |||||
| Net cash provided by (used in) operating activities | 25,686 | (10,537 | ) | ||||
| Cash flows from investing activities: |
|
|
|
|
|
|
|
| Purchase of marketable securities-held to maturity | (15,223 | ) | (8,105 | ) | |||
| Maturity of marketable securities-held to maturity | 10,505 | 9,722 | |||||
| Payments for purchase of property and equipment | (5,488 | ) | (5,242 | ) | |||
| Cash received from sale of Genigraphics | — | 230 | |||||
| Other assets, net | 261 | (1,031 | ) | ||||
| Net cash used in investing activities | (9,945 | ) | (4,426 | ) | |||
| Cash flows from financing activities: |
|
|
|
|
|
|
|
| Principal payments on long-term debt | — | — | |||||
| Proceeds from sale of common stock | 1,476 | 2,014 | |||||
| Income tax benefit of non-qualified stock option exercises and disqualifying dispositions | 501 | 1,053 | |||||
| Net cash provided by financing activities | 1,977 | 3,067 | |||||
| Increase (decrease) in cash and cash equivalents |
|
|
17,718 |
|
|
(11,896 |
) |
| Cash and cash equivalents: |
|
|
|
|
|
|
|
| Beginning of period | 26,786 | 37,950 | |||||
| End of period | $ | 44,504 | $ | 26,054 | |||
The accompanying notes are an integral part of these statements.
4
IN FOCUS SYSTEMS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(In thousands)
(Unaudited)
Note 1. Basis of Presentation
The financial information included herein for the three-month and nine-month periods ended September 30, 1999 and 1998 is unaudited; however, such information reflects all adjustments consisting only of normal recurring adjustments, which are, in the opinion of management, necessary for a fair presentation of the financial position, results of operations and cash flows for the interim periods. The financial information as of December 31, 1998 is derived from In Focus Systems, Inc.'s (the Company's) 1998 Annual Report on Form 10-K. The interim consolidated financial statements should be read in conjunction with the consolidated financial statements and the notes thereto included in the Company's 1998 Annual Report on Form 10-K.
The results of operations for the interim periods presented are not necessarily indicative of the results to be expected for the full year.
Note 2. Inventories
Inventories are valued at the lower of cost (using average costs, which approximates the first in, first-out (FIFO) method), or market, and include materials, labor and manufacturing overhead.
| |
September 30, 1999 |
December 31, 1998 |
||||
|---|---|---|---|---|---|---|
| Raw materials and components | $ | 10,677 | $ | 6,637 | ||
| Work-in-process | 2,391 | 1,649 | ||||
| Finished goods | 14,104 | 22,993 | ||||
| $ | 27,172 | $ | 31,279 | |||
Note 3. Supplemental Cash Flow Information
Supplemental disclosure of cash flow information is as follows:
| |
Nine months ended September 30, |
|||||
|---|---|---|---|---|---|---|
| |
1999 |
1998 |
||||
| Cash paid during the period for income taxes | $ | 11,414 | $ | 337 | ||
| Cash paid during the period for interest | — | 80 | ||||
| Note received related to sale of Genigraphics | — | 630 | ||||
5
Following is a reconciliation of basic earnings per share ("EPS") and diluted EPS:
| |
Three Months Ended September 30, |
|||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| |
1999 |
1998 |
||||||||||||||
| |
Income |
Shares |
Per Share Amount |
Income |
Shares |
Per Share Amount |
||||||||||
| Basic EPS | ||||||||||||||||
| Income available to Common Shareholders | $ | 7,553 | 22,425 | $ | 0.34 | $ | 1,708 | 22,197 | $ | 0.08 | ||||||
| Diluted EPS | ||||||||||||||||
| Effect of dilutive stock options | — | 1,651 | — | 23 | ||||||||||||
| Income available to Common Shareholders | $ | 7,553 | 24,076 | $ | 0.31 | $ | 1,708 | 22,220 | $ | 0.08 | ||||||
| |
Nine Months Ended September 30, |
||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| |
1999 |
1998 |
|||||||||||||||
| |
Income |
Shares |
Per Share Amount |
Loss |
Shares |
Per Share Amount |
|||||||||||
| Basic EPS | |||||||||||||||||
| Income (loss) available to Common Shareholders | $ | 15,355 | 22,333 | $ | 0.69 | $ | (2,892 | ) | 22,116 | $ | (0.13 | ) | |||||
| Diluted EPS | |||||||||||||||||
| Effect of dilutive stock options | — | 1,229 | — | — | |||||||||||||
| Income (loss) available to Common Shareholders | $ | 15,355 | 23,562 | $ | 0.65 | $ | (2,892 | ) | 22,116 | $ | (0.13 | ) | |||||
Potentially dilutive securities that are not included in the diluted EPS calculations because they would be antidilutive include 229 and 761 shares, respectively, issuable pursuant to stock options, for the three and nine month periods ended September 30, 1999 and 3,456 and 3,531 shares, respectively, for the three and nine month periods ended September 30, 1998.
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Forward Looking Statements
Statements in this Form 10-Q which In Focus Systems, Inc. ("In Focus" or the "Company") considers to be forward-looking are denoted with an *, and the following cautionary language applies to all such statements, as well as any other statements in this Form 10-Q which the reader may consider to be forward-looking in nature. Investors are cautioned that all forward-looking statements involve risks and uncertainties and several factors could cause actual results to differ materially from those in the forward-looking statements. In Focus, from time to time, may make forward-looking statements relating to the following:
6
The following factors, among others, could cause actual results to differ from those indicated in the forward-looking statements:
Results of Operations
Revenue increased to $100.4 million in the third quarter of 1999 from $75.3 million in the third quarter of 1998, and to $280.2 million for the nine months ended September 30, 1999 from $218.1 million for the comparable period of 1998. The increase in revenue is primarily attributable to record unit sales, with a 45 percent and 41 percent increase, respectively, in units sold in the quarter and year to date period compared to the same periods of 1998. Demand was particularly strong for In Focus' line of ultraportable personal projectors, the first of which was introduced during the first quarter of 1999. The ultraportable segment represented 76 percent of units sold in the third quarter of 1999. Due to strong demand and a limited supply of Digital Micromirror Devices ("DMDs") (a component from Texas Instruments' Digital Light Processing ("DLP") technology), pricing on the ultraportable products remained relatively stable during the third quarter of 1999 while pricing on the conference room and fixed installation projectors experienced typical industry pricing declines of approximately 5 percent. In Focus expects the supply of DMDs to remain constrained during the fourth quarter of 1999*.
During the third quarter of 1999, In Focus began shipping its latest XGA ultraportable projector, the LP330, which utilizes DLP technology, weighs 4.8 pounds and has 650 lumens. Market response to the product was favorable during the third quarter, especially as a companion product to laptop computers.
During
the first three quarters of 1999, International sales represented 36 percent of total revenue, including 9 percent from Asia Pacific countries, compared to 42 percent
international revenue in the first three quarters of 1998, including 9 percent from Asia Pacific countries.
7
As a result of strong demand for In Focus' LP400, LP330, LP425Z, LP435Z and LP755 and supply constraints for certain components, at September 30, 1999, the Company had backlog of approximately $88.3 million, compared to approximately $15.4 million at September 30, 1998 and $15.2 million at December 31, 1998. Given current supply and demand estimates, it is anticipated that a majority of the current backlog will turn over by the end of 1999.* However, should In Focus not receive components as forecasted, some of the backlog orders at September 30, 1999 may be canceled and therefore not result in revenue for In Focus. There is minimal seasonal influence relating to In Focus' order backlog. The stated backlog is not necessarily indicative of sales for any future period nor is a backlog any assurance that In Focus will realize a profit from filling the orders.
In Focus achieved gross margins of 27.8 percent in the first nine months of 1999, with 30.4 percent achieved in the third quarter of 1999, compared to 20.5 percent in the first nine months of 1998 and 20.8 percent in the third quarter of 1998. This was the sixth consecutive quarter of margin improvement for In Focus. The increases in the gross margin percentage are primarily a result of the volume shipment of new ultraportable projectors that have higher gross margins than mature products, cost savings associated with the in-house manufacturing of the image engines for the ultraportable projectors and material cost reduction programs. In addition, prices for ultraportable products have been relatively stable during 1999 due to strong demand and constrained supply for certain components.
Marketing and sales expense was $12.2 million and $34.8 million, respectively (12.1 percent and 12.4 percent of revenue, respectively) for the three month and nine month periods ended September 30, 1999 compared to $9.1 million and $30.5 million, respectively (12.0 percent and 14.0 percent of revenue, respectively) for the comparable periods of 1998. The increase is primarily a result of increased spending to drive demand for new products, tradeshows and increased channel program expenses related to increased revenue.
Engineering expense was $5.3 million and $15.7 million, respectively (5.3 percent and 5.6 percent of revenue, respectively) for the three month and nine month periods ended September 30, 1999 compared to $4.5 million and $15.2 million, respectively (6.0 percent and 7.0 percent of revenue, respectively) for the comparable periods of 1998. The slight increase is primarily a result of the level of new product introductions during 1999.
General and administrative expense was $2.7 million and $7.0 million, respectively (2.7 percent and 2.5 percent of revenue, respectively) for the three month and nine month periods ended September 30, 1999 compared to $1.7 million and $5.5 million, respectively (2.2 percent and 2.5 percent of revenue, respectively) for the comparable periods of 1998. The increase is primarily a result of increased headcount, bonus accruals and increases in accounts receivable reserves related to increased revenues.
Income
from operations was $10.3 million and $20.4 million, respectively, (10.2 percent and 7.3 percent of revenue, respectively) for the three month and nine month periods ended
September 30, 1999 compared to income (loss) from operations of $0.4 million (0.5 percent of revenue) and $(6.4) million, respectively for the comparable periods of 1998, primarily as a result
of increased revenue and gross margins as discussed above.
8
Income taxes through September 30, 1999 are based on an estimated rate of 29.5 percent, which decreased from 49.7 percent in the first nine months of 1998. The decrease from the first nine months of 1998 is primarily a result of larger benefits related to the Company's foreign sales corporation and research and development activities in relation to the amount of income or loss. In Focus expects an effective tax rate of approximately 29 to 31 percent for the remainder of 1999*.
Liquidity and Capital Resources
At September 30, 1999 working capital was $134.4 million, including $44.5 million of cash and cash equivalents and $12.8 million of short term marketable securities. In the first nine months of 1999, working capital increased by $15.0 million and the current ratio decreased to 4.1:1 at September 30, 1999 from 4.3:1 at December 31, 1998.
Cash and cash equivalents increased $17.7 million in the first nine months of 1999 primarily due to cash provided by operations of $25.7 million and $2.0 million related to the exercise of stock options, offset by the net purchase of $4.7 million of marketable securities and $5.5 million used for the purchase of property and equipment.
Accounts receivable increased $1.1 million to $79.8 million at September 30, 1999 compared to $78.7 million at December 31, 1998. In Focus has been able to keep accounts receivable balances relatively flat despite the increase in sales as a result of increased collection efforts. As a result, day's sales outstanding decreased to 72 days at September 30, 1999 compared to 80 days at December 31, 1998. At September 30, 1999, 81.3 percent of In Focus' accounts receivable were current, 13.3 percent were 30 days or less past due and 5.4 percent were beyond 30 days past due.
Inventories decreased $4.1 million to $27.2 million at September 30, 1999 compared to $31.3 million at December 31, 1998. In Focus has been able to reduce inventories while increasing sales primarily as a result of improved forecasting and procurement strategies. Annualized inventory turns were approximately 9.2 times for the quarter ended September 30, 1999 compared to approximately 8.5 times for the fourth quarter of 1998 on an annualized basis.
The $5.5 million of purchases of property, plant and equipment in the first nine months of 1999 were primarily for new product tooling, engineering design and test equipment and information systems infrastructure. Total expenditures for property and equipment in 1999 are expected to total approximately $8.2 million, primarily for new product tooling, engineering equipment and information systems infrastructure*.
Year 2000
Products
In Focus has determined that all past and current products ("Products"), including LitePro and LP projectors, PanelBook, PowerView, SmartView and PC Viewer
projection panels, and LiteShow II and LiteShow Pro presentation players, are year 2000-compliant. However, with respect to the LiteShow Pro presentation player, In Focus does not make any
representation as to Microsoft Windows software installed thereon.
9
Information Systems
In Focus utilizes a packaged application strategy for all critical information systems functions. By the third quarter of 1998 all enterprise information system components were current with all year 2000 updates and changes required by the manufacturers. This includes enterprise software, operating systems, networking components, application and data servers, PC hardware, and core office automation software.
Various component tests have been conducted to verify full year 2000 operational compliance. This process uncovered additional year 2000 issues that have been resolved jointly with In Focus' technology vendors. Additionally, In Focus' vendors are revising their updates and recommendations as other companies report issues to them. In Focus expects this process to be ongoing as more companies conduct their testing and provide feedback to the technology vendors.
In addition to the information system component testing, In Focus has conducted a system wide test, to include all components from the desktop to the data center, to ensure that all of the compliant components can function properly as a whole. This full integration test was completed in March 1999. The focus of these tests was to ensure that In Focus' business processes run end-to-end with no year 2000 errors or issues. Errors were found and corrected during this testing process. At the conclusion of testing in March 1999, there were no outstanding year 2000 issues in the software. In Focus will continue to perform testing and communicate regularly with its technology vendors to keep abreast of any year 2000 developments.
In Focus' packaged application strategy has allowed it to keep its technology on maintenance contracts with its suppliers. Year 2000 upgrades to these technologies are covered under the maintenance contracts and represent no additional spending. Application upgrade and technology retirement intervals are not accelerated as a result of the year 2000 issue. The packaged application strategy, maintenance contracts, upgrade and technology retirement intervals have been in place for the past four years. At this time, In Focus foresees no material incremental spending for the year 2000 issue*.
Like all U.S. businesses, In Focus will be at risk from external infrastructure failures that could arise from year 2000 failures. It is not clear that electrical power, telephone and computer networks, for example, will be fully functional across the nation in the year 2000. Investigation and assessment of infrastructures, like the nation's power grid, is beyond the scope and resources of In Focus. Investors should use their own awareness of the issues in the nation's infrastructure to make ongoing infrastructure risk assessments and their potential impact to a company's performance.
Supplier Base
In Focus has begun a year 2000 supplier audit program. It has contacted all of its critical suppliers to inform them of its year 2000 expectations, and a
request has been made for each vendor's compliance program. Based on the results of this audit program, In Focus will discontinue utilizing certain vendors prior to year-end. Certain critical
suppliers have not yet demonstrated that they will be year 2000 compliant prior to year-end. In Focus will second source or stockpile certain components prior to year-end from suppliers who have not
confirmed year 2000 compliance.
10
It should be noted that there have been predictions of failures of key components in the transportation infrastructure due to the year 2000 problem. It is possible that there could be delays in rail, over-the-road and air shipments due to failure in transportation control systems. Investigation and validation of the world's transportation infrastructure is beyond the scope and the resources of In Focus. Investors should use their own awareness of the issues in the transportation infrastructure to make ongoing infrastructure risk assessments and their potential impact to a company's performance.
Resellers
In Focus has surveyed its resellers regarding year 2000 compliance. For those resellers who have not demonstrated that they will be year 2000 compliant, In Focus will develop specific action plans to mitigate any material exposure. The actions may include discontinuing rebates and incentive programs as well as selling on a cash only basis*.
Contingency Plan
In Focus has developed a contingency plan in regard to its internal systems, supplier issues, reseller issues and other more global infrastructure issues. This plan includes the following:
In Focus intends to conduct a test of its contingency plans prior to year-end.
New Accounting Pronouncement
In June 1999, the FASB issued Statement of Financial Accounting Standards No. 137, "Accounting for Derivative Instruments and Hedging Activities" ("SFAS 137"). SFAS 137 is an amendment to Statement of Financial Accounting Standards No. 133, "Accounting for Derivative Instruments and Hedging Activities". SFAS 137 establishes accounting and reporting standards for all derivative instruments. SFAS 137 is effective for fiscal years beginning after June 15, 2000. In Focus does not currently have any derivative instruments and, accordingly, does not expect the adoption of SFAS 137 to have an impact on its financial position or results of operations.
11
None.
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
The exhibits filed as a part of this report are listed below and this list is intended to constitute the exhibit index.
| Exhibit Number and Description |
||
|---|---|---|
| 27 | Financial Data Schedule | |
(b) Reports on Form 8-K
There were no reports on Form 8-K filed during the quarter ended September 30, 1999.
12
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.
| Date: November 3, 1999 | IN FOCUS SYSTEMS, INC. | ||
| |
By: /s/ E. SCOTT HILDEBRANDT |
||
| E. Scott Hildebrandt Vice President, Finance, Chief Financial Officer and Secretary (Principal Financial and Accounting Officer) |
|||
13
|
|