<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-Q/A
(Mark One)
[ X ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended June 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 0-11915
CONDUCTUS, INC.
(Exact name of registrant as specified in its charter)
DELAWARE 77-0162388
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
969 W. MAUDE AVE.
SUNNYVALE, CA 94086
(Address of principal executive offices)
(408) 523-9950
(Registrant's telephone number)
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Sections 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
--- ---
As of July 31, 1999 there were 7,156,716 shares of the Registrant's Common stock
outstanding.
REASON FOR THE AMENDMENT
The Company has restated its financial statements as of and for the quarterly
period ended June 30, 1999 to account for the mandatory redemption features of
the Series B convertible preferred stock. See Note 6 to the Financial
Statements.
<PAGE>
CONDUCTUS, INC.
FORM 10-Q/A
June 30, 1999
INDEX
<TABLE>
<CAPTION>
PART I. FINANCIAL INFORMATION
- --------------------------------------- PAGE
<S> <C>
Item 1: FINANCIAL STATEMENTS............................................................................1
Condensed Balance Sheets at June 30, 1999 and December 31, 1998.................................1
Condensed Statements of Operations for the Three Months and Six
Months Ended June 30, 1999 and 1998.............................................................2
Condensed Statements of Cash Flows for the Six Months Ended June 30,
1999 and 1998...................................................................................3
Notes to Condensed Financial Statements.........................................................4
PART II: OTHER INFORMATION
- -----------------------------------
Item 6: EXHIBITS AND REPORTS ON FORM 8-K................................................................8
</TABLE>
<PAGE>
PART I: FINANCIAL INFORMATION
ITEM 1: FINANCIAL STATEMENTS
CONDUCTUS, INC.
CONDENSED BALANCE SHEETS
<TABLE>
<CAPTION>
JUNE 30, DECEMBER 31,
1999 1998
-------------------- --------------------
(Restated-Note 6) (Restated-Note 6)
(Unaudited)
<S> <C> <C>
ASSETS
Current assets:
Cash and cash equivalents............................................. $ 1,952,535 $ 1,547,169
Short-term investments................................................ 310,167 1,341,014
Accounts receivable .................................................. 3,123,524 1,109,794
Inventories........................................................... 793,709 842,384
Prepaid expenses and other current assets............................. 72,728 145,470
-------------------- --------------------
Total current assets................................................ 6,252,663 4,985,831
Property and equipment, net........................................... 1,657,123 2,020,324
Other assets.......................................................... 90,404 28,800
-------------------- --------------------
Total assets........................................................ $ 8,000,190 $ 7,034,955
==================== ====================
LIABILITIES
Current liabilities:
Current portion of long-term debt..................................... $ 816,930 $ 892,139
Accounts payable...................................................... 520,531 658,982
Other accrued liabilities............................................. 1,226,353 778,758
-------------------- --------------------
Total current liabilities........................................... 2,563,814 2,329,879
Long-term debt, net of current portion................................ 983,157 1,341,407
-------------------- --------------------
Total liabilities................................................... 3,546,971 3,671,286
-------------------- --------------------
REDEEMABLE PREFERRED STOCK
Preferred stock (Restated-Note 6)........................................ 5,736,124 5,683,461
STOCKHOLDERS' EQUITY
Common stock............................................................. 716 714
Additional paid-in capital............................................... 42,299,686 42,278,423
Accumulated deficit...................................................... (43,583,307) (44,598,929)
-------------------- --------------------
Total stockholders' deficit......................................... (1,282,905) (2,319,792)
-------------------- --------------------
Total liabilities, redeemable equity and stockholders' equity....... $ 8,000,190 $ 7,034,955
==================== ====================
</TABLE>
The accompanying notes are an integral part of these financial statements.
<PAGE>
CONDUCTUS, INC.
CONDENSED STATEMENTS OF OPERATIONS
(Unaudited)
<TABLE>
<CAPTION>
THREE MONTHS ENDED SIX MONTHS ENDED
JUNE 30, JUNE 30,
--------------------------------- ---------------------------------
1999 1998 1999 1998
--------------- --------------- --------------- ---------------
<S> <C> <C> <C> <C>
Revenues:
Product sales.............................. $ 142,400 $ 173,284 $ 539,170 $ 437,362
Contract................................... 430,529 866,512 1,348,136 1,730,126
License.................................... 5,000,000 - 5,000,000 -
--------------- --------------- --------------- ---------------
Total revenues.......................... 5,572,929 1,039,796 6,887,306 2,167,488
--------------- --------------- --------------- ---------------
Costs and expenses:
Cost of product sales..................... 597,283 618,653 1,166,950 1,467,569
Research and development.................. 1,032,867 1,414,397 2,154,162 3,202,550
Selling, general and administrative....... 1,275,898 864,953 2,110,367 1,962,756
--------------- --------------- --------------- ---------------
Total costs and expenses................ 2,906,048 2,898,003 5,431,479 6,632,875
--------------- --------------- --------------- ---------------
Income (loss) from operations................ 2,666,881 (1,858,207) 1,455,827 (4,465,387)
Interest income.............................. 23,220 14,175 48,964 42,774
Interest expense............................. (91,450) (88,878) (188,329) (144,501)
Other income (expense)....................... 9,368 - 11,870 -
--------------- --------------- --------------- ---------------
Income (loss) before taxes.............. 2,608,019 (1,932,910) 1,328,332 (4,567,114)
Tax expense (1,350) - (1,350) -
--------------- --------------- --------------- ---------------
Net income (loss)....................... 2,606,669 (1,932,910) 1,326,982 (4,567,114)
Preferred dividend........................... (99,680) - (311,360) -
--------------- --------------- --------------- ---------------
Net income (loss) attributable to
common shareholders....................... $ 2,506,989 $ (1,932,910) $ 1,015,622 $ (4,567,114)
=============== =============== =============== ===============
Net income (loss) per share:
Basic..................................... $ 0.35 $ (0.27) $ 0.14 $ (0.65)
=============== =============== =============== ===============
Diluted................................... $ 0.26 $ (0.27) $ 0.10 $ (0.65)
=============== =============== =============== ===============
Shares used in per share calculations:
Basic..................................... 7,148,360 7,083,000 7,146,273 7,049,000
=============== =============== =============== ===============
Diluted................................... 9,749,117 7,083,000 9,686,210 7,049,000
=============== =============== =============== ===============
</TABLE>
The accompanying notes are an integral part of these financial statements.
2
<PAGE>
CONDUCTUS, INC.
CONDENSED STATEMENTS OF CASH FLOWS
(Unaudited)
<TABLE>
<CAPTION>
SIX MONTHS ENDED
JUNE 30,
----------------------------------
1999 1998
--------------- ----------------
<S> <C> <C>
Cash flows from operating activities:
Net income (loss)........................................................ $ 1,326,982 $ (4,567,114)
Adjustments to reconcile net income (loss) to
net cash used in operating activities:
Depreciation and amortization............................................ 415,370 451,496
Amortization of discount on long term debt............................... (22,703) -
Provision for excess and obsolete inventories............................ 119,882 96,176
Provision for allowance for doubtful accounts............................ (133,974) 52,710
(Increase), decrease in:
Accounts receivable...................................................... (1,879,756) 389,494
Inventories.............................................................. (71,207) (154,072)
Prepaid expenses and other current assets................................ 72,742 (494,504)
Other assets............................................................. (61,604) 7,992
Increase, (decrease) in:
Accounts payable and other accrued liabilities........................... 108,785 (670,616)
--------------- ----------------
Net cash used in operating activities................................ (125,483) (4,888,438)
--------------- ----------------
Cash flows from investing activities:
Maturities of short-term investments..................................... 1,037,213 556,633
Purchases of short-term investments...................................... (6,367) -
Acquisition of property and equipment.................................... (52,169) (194,038)
--------------- ----------------
Net cash provided by investing activities............................ 978,677 362,595
--------------- ----------------
Cash flows from financing activities:
Proceeds from borrowings................................................. - 4,450,000
Net proceeds from issuance of common stock............................... 21,265 120,278
Costs to register preferred stock........................................ (58,337) -
Principal repayments on long-term debt................................... (410,756) (1,383,277)
--------------- ----------------
Net cash provided by (used in) financing activities.................. (447,828) 3,187,001
--------------- ----------------
Net increase (decrease) in cash and cash equivalents..................... 405,366 (1,338,842)
Cash and cash equivalents at beginning of period............................ 1,547,169 2,611,560
--------------- ----------------
Cash and cash equivalents at end of period.................................. $ 1,952,535 $ 1,272,718
=============== ================
</TABLE>
The accompanying notes are an integral part of these financial statements.
3
<PAGE>
CONDUCTUS, INC.
NOTES TO CONDENSED FINANCIAL STATEMENTS
(Unaudited)
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
UNAUDITED INTERIM FINANCIAL INFORMATION:
The accompanying unaudited interim financial statements have been
prepared pursuant to the rules and regulations of the Securities and Exchange
Commission. Certain information and footnote disclosures normally included in
the financial statements prepared in accordance with generally accepted
accounting principles have been condensed or omitted pursuant to such rules and
regulations. The unaudited financial statements as of June 30, 1999 and for the
three and six months ended June 30, 1999 and 1998 include, in the opinion of
management, all adjustments, consisting of normal recurring adjustments,
necessary to present fairly the financial information set forth herein. The
results of operations for the interim periods are not necessarily indicative of
the results to be expected for an entire year. The December 31, 1998 balance
sheet was derived from audited financial statements, but does not include all
disclosures required by generally accepted accounting principles.
BASIC AND DILUTED LOSS PER SHARE:
In accordance with the disclosure requirements of Statement of
Financial Accounting Standards No. 128 (SFAS 128) "Earnings Per Share," a
reconciliation of the numerator and denominator of the basic and diluted EPS is
provided as follows:
<TABLE>
<CAPTION>
THREE MONTHS ENDED SIX MONTHS ENDED
JUNE 30, JUNE 30,
------------------------------------- -------------------------------------
1999 1998 1999 1998
----------------- ------------------ ------------------ -----------------
<S> <C> <C> <C> <C>
Net income (loss)................... $ 2,506,989 $ (1,933,171) $ 1,015,622 $ (4,567,115)
================= ================== ================== =================
Weighted average number of
shares outstanding................ 7,148,360 7,083,000 7,146,273 7,049,000
----------------- ------------------ ------------------ -----------------
Shares used in computing
basic earnings (loss) per share... 7,148,360 7,083,000 7,146,273 7,049,000
----------------- ------------------ ------------------ -----------------
Weighted average number of
dilutive common equivalent shares
used in computing diluted income
(loss) per share:
Series B preferred.............. 2,461,230 - 2,461,230 -
Stock options................... 139,527 - 78,707 -
----------------- ------------------ ------------------ -----------------
Shares used in computing diluted
net income (loss) per share....... 9,749,117 7,083,000 9,686,210 7,049,000
================= ================== ================== =================
Net income (loss) per share:
Basic............................. $ 0.35 $ (0.27) $ 0.14 $ (0.65)
================= ================== ================== =================
Diluted........................... $ 0.26 $ (0.27) $ 0.10 $ (0.65)
================= ================== ================== =================
</TABLE>
Common equivalent shares including common stock options and warrants
that could have potentially diluted basic earnings per share that were not
included in the computations of diluted loss per share because of anti-dilution
were approximately 92,000 and 110,000, respectively for the three and six-month
periods ended June 30, 1998.
4
<PAGE>
CONDUCTUS, INC.
NOTES TO CONDENSED FINANCIAL STATEMENTS (CONTINUED)
(Unaudited)
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED):
RECENT PRONOUNCEMENTS:
In March 1998, the American Institute of Certified Public Accountants
issued Statement of Position 98-1, "Accounting for the Costs of Computer
Software Developed or Obtained for Internal Use." This standard requires
companies to capitalize qualifying computer software costs, which are incurred
during the application development stage and amortize them over the software's
estimated useful life. Statement of Position 98-1 is effective for fiscal years
beginning after December 15, 1998. The adoption of Statement of Position 98-1
had no impact on the Company's financial statements.
In April 1998, the American Institute of Certified Public Accountants
issued Statement of Position 98-5, "Reporting on the Costs of Start-Up
Activities." This standard requires companies to expense the costs of start-up
activities and organization costs as incurred. In general, Statement of Position
98-5 is effective for fiscal years beginning after December 15, 1998. The
adoption of Statement of Position 98-5 had no impact on the Company's financial
statements.
In June 1998, the Financial Accounting Standards Board issued Statement
of Financial Accounting Standards No. 133, "Accounting for Derivative
Instruments and Hedging Activities." This statement establishes new standards of
accounting and reporting for derivative instruments and hedging activities. This
statement requires that all derivatives be recognized at fair value in the
statement of financial position, and that the corresponding gains or losses be
reported either in the statement of operations or as a component of
comprehensive income, depending on the type of hedging relationship that exists.
Statement No. 133 will be effective for fiscal years beginning after June 15,
1999. Conductus does not currently hold derivative instruments or engage in
hedging activities.
2. ACCOUNTS RECEIVABLE:
Accounts receivable, net, consists of the following:
<TABLE>
<CAPTION>
JUNE 30, DECEMBER 31,
1999 1998
------------------- -------------------
<S> <C> <C>
U.S. government contracts:
Unbilled
Recoverable costs and accrued profit on
progress completed - not billed.................................. $ 851,850 $ 726,342
Billed............................................................... 77,718 297,525
Commercial.............................................................. 252,617 378,562
License fee............................................................. 2,100,000 -
Allowance for doubtful accounts......................................... (158,661) (292,635)
------------------- -------------------
$ 3,123,524 $ 1,109,794
=================== ===================
</TABLE>
5
<PAGE>
CONDUCTUS, INC.
NOTES TO CONDENSED FINANCIAL STATEMENTS (CONTINUED)
(Unaudited)
3. INVENTORIES:
Inventories, net, consist of the following:
<TABLE>
<CAPTION>
JUNE 30, DECEMBER 31,
1999 1998
------------------- -------------------
<S> <C> <C>
Raw materials........................................................... $ 356,832 $ 441,130
Work in process......................................................... 582,062 198,341
Finished goods.......................................................... 412,450 640,666
Allowance for excess and obsolete inventories........................... (557,635) (437,753)
------------------- -------------------
$ 793,709 $ 842,384
=================== ===================
</TABLE>
4. LONG TERM DEBT:
Our credit facilities consist of a loan from a leasing company, a bank
equipment term loan, a bank line of credit and a lease line of credit for new
equipment purchases. Obligations related to our credit facilities as of June 30,
1999 and December 31, 1998 are as follows:
<TABLE>
<CAPTION>
JUNE 30, DECEMBER 31,
1999 1998
------------------- -------------------
<S> <C> <C>
Loan payable to leasing company......................................... $ 1,672,497 $ 1,978,366
Bank equipment term loan payable........................................ 127,590 255,180
------------------- -------------------
Total.............................................................. 1,800,087 2,233,546
Less: current portion................................................... 816,930 892,139
------------------- -------------------
Long-term debt..................................................... $ 983,157 $ 1,341,407
=================== ===================
</TABLE>
All of the credit facilities contain reporting and financial covenants.
In the event of default on any of these covenants, no further amounts would be
advanced to the Company under any facility. Additionally, the entire amounts
outstanding could become due and payable immediately upon default and those
assets that are collateralized could be seized, unless the lender waives such
default. At June 30, 1999, Conductus was in compliance with all financial
covenants.
5. LICENSE AGREEMENT:
On May 4, 1999, the Company entered into a definitive agreement with
General Dynamics Information Systems, Inc. (GDIS) to license its high
temperature superconductive (HTS) electronics and cryoelectronics technology.
Under the license agreement, GDIS purchased rights to Conductus' HTS thin-film
technology and other intellectual property for $5,000,000 plus future royalties
and will have rights to use and sell this technology for use in U.S. Government
or state, local and foreign government markets, as defined. Under the license
agreement, GDIS made an immediate payment to the Company of $2,900,000. In
addition, GDIS will pay the Company $175,000 on the first day of each month for
12 months beginning on July 1, 1999. The Company and GDIS also entered into a
Cross-License, Supply and Training Agreement under which the Company and GDIS
agreed to cross-license any updates to the licensed technology developed by
either party. Additionally, the Company will provide product and training to
GDIS in exchange for payment at standard commercial rates from GDIS. As a result
of this transaction, Conductus recognized revenues of $5,000,000 during the
quarter, which represented 90% and 73%, respectively of total revenues for the
three and six-month periods ended June 30, 1999.
6
<PAGE>
6. EFFECTS OF RESTATEMENTS:
The Company issued 2,461,227 shares of Series B convertible preferred
stock on September 11, 1998 and September 22, 1998.
The Series B convertible preferred stock is subject to redemption
requirements that are outside of the control of the Company under certain
limited circumstances as defined in the Series B certificate of designation.
Those circumstances include a change in control of the Company in which 50% or
more of the voting power of the Company is disposed of or a sale of all or
substantially all of the assets of the Company. Under such circumstances, the
holders of Series B convertible preferred stock are entitled to receive, prior
to and in preference to any distribution of any of the assets of the Company to
the holders of common stock, an amount per share equal to $2.70 plus any unpaid
dividends for each share of Series B convertible preferred stock.
Although the Company believes that the likelihood of redemption
occurring is remote, it has restated its financial statements at December 31,
1998 and at and for the three-month period ended June 30, 1999 to account for
the redemption features of the Series B convertible preferred stock. The
carrying value of the Series B convertible preferred stock, which was
previously presented as a component of stockholders' equity, has been
reclassified outside of stockholders' equity at June 30, 1999.
The restatement of the financial statements at June 30, 1999 and for
the three-month period then ended, for the matter described above had no effect
on the Company's net loss, total assets or total liabilities. The Company's
redeemable equity, total stockholders' equity at June 30, 1999, as previously
reported and as restated, are as follows:
<TABLE>
<CAPTION>
June 30, 1999
-------------
<S> <C>
Redeemable equity - previously reported $ --
Adjustment related to the presentation of the Series B
convertible preferred stock as redeemable 5,736,124
------------
As restated $ 5,736,124
-----------
Stockholders' equity - previously reported $ 4,453,219
Adjustment related to the presentation of the Series B
convertible preferred stock as redeemable (5,736,124)
-----------
As restated ($1,282,905)
===========
</TABLE>
7
<PAGE>
PART II: OTHER INFORMATION
ITEM 6: EXHIBITS AND REPORTS ON FORM 8-K
(A) Exhibits
EXHIBIT INDEX
<TABLE>
<CAPTION>
EXHIBIT
NO. DESCRIPTION
-------------- ------------------------------------------------------------
<S> <C>
2.1(1) Stock Exchange Agreement dated as of May 28, 1993, between
the Company and Tristan Technologies, Inc.
3.1(2) Restated Certificate of Incorporation.
3.2(3) Restated Bylaws.
3.3(4) Certificate of Designation of Series B Preferred Stock.
4.1(3) Stockholder Rights Plan.
10.1(1) 1987 Stock Option Plan.
10.2(1) Amended 1989 Stock Option Plan.
10.3(5) 1992 Stock Option/Stock Purchase Plan.
10.4(6) 1994 Employee Stock Purchase Plan.
10.5(1) Second Amended and Restated Registration Rights Agreement
dated June 3, 1993.
10.6(4) Form of Series B Preferred Stock and Warrant Purchase
Agreement, dated September, 1998, and September 22, 1998,
between the Company and the Series B Investors.
10.7(4) Form of Warrant to Purchase Common Stock between the
Company and the Series B Investors.
10.8(7) Employment Agreement dated May 3, 1994 between Registrant
and Mr. Charles E. Shalvoy.
10.9(1) Form of Indemnification Agreement between the Registrant
and each of its directors and officers.
10.10(1)+ Coordinated Research Program Agreement dated October 14,
1988 and Amendment dated May 26, 1991 between the
Registrant and Hewlett-Packard Company ("H-P"), as amended
by the Agreement between Registrant and Hewlett-Packard
Company dated June 2, 1993.
10.11(8) Collaboration Agreement between Registrant and CTI dated
September 19, 1995.
10.12(8) High Temperature Superconductor Thin-Film Manufacturing
Alliance Agreement among Registrant, Superconductor
Technologies, Inc., Stanford University, Georgia Research
Corporation, Microelectronic Control and Sensing
Incorporated, IBIS, Focused Research and BDM Federal dated
November 17, 1995.
10.13(9)+ Superconducting Filter Technology Joint Development
Agreement dated April 25, 1996 between the Registrant and
Lucent Technologies Inc.
10.14(4) Engagement Letter between the Company and Sutro and Co.
Inc., dated March 24, 1998.
10.15(4) Amendment to Engagement Letter between the Company and
Sutro and Co. Inc., dated September 2, 1998.
10.16(4) Engagement Letter between the Company and Davenport and
Co., dated September 2, 1998.
10.17(4) Master Lease Agreement between the Company and Leasing
Technologies International, Inc., dated June 15, 1998.
10.18(1) Lease Agreement dated May 3, 1993 between the Registrant
and Mozart-McKee Limited Partnership for Sunnyvale
facilities.
10.19(7) Lease Agreement dated December 8, 1994 between Registrant
and Mozart-McKee Limited Partnership for Sunnyvale
facilities.
10.20(7) Business Loan Agreement dated August 15, 1994 between
Registrant and Silicon Valley Bank for working capital
credit facility and term loan facility.
10.21(10) Loan Modification Agreement dated June 30, 1997, between
Registration and Silicon Valley Bank modifying the
Business Loan Agreement dated August 15, 1994.
10.22(10) Loan Modification Agreement dated November 12, 1997,
between Registration and Silicon Valley Bank modifying the
Business Loan Agreement dated August 15, 1994.
10.23(10) Loan Modification Agreement dated December 23, 1997,
between Registration and Silicon Valley Bank modifying the
Business Loan Agreement dated August 15, 1994.
10.24(11) Business Loan Agreement dated March 8, 1996 between
Registrant and Silicon Valley Bank for
</TABLE>
8
<PAGE>
<TABLE>
<S> <C>
working capital credit facility and term loan facility.
10.25(12) Business Loan Agreement dated December 27, 1996 between
Registrant and Silicon Valley Bank for working capital
credit facility and term loan facility.
10.26(4)+ Master Loan and Security Agreement between the Company and
Transamerica Business Credit Corporation, dated June 26,
1998.
10.27(4) Stock Subscription Warrant Agreement between the Company
and Transamerica Business Credit Corporation, dated June
26, 1998.
10.28(13) Silicon Valley Bank Loan Agreement.
10.29(13) Collateral Assignment, Patent Mortgage and Security
Agreement between the Company and Silicon Valley Bank.
10.30(10)+ Asset Purchase Agreement dated July 9, 1997 between
Registrant and Bruker Instruments, Inc. for sale of assets
of Registrant's NMR Probe business.
10.31(10) Asset Purchase Agreement dated August 15, 1997 between
Registrant and Neocera, Inc. for sale of Registrant's
assets related to its temperature controller business.
10.32(10) Asset Purchase Agreement dated September 3, 1997, between
Registrant and Niki Glass Ltd. for sale of Registrant's
assets related to portions of its instruments business.
10.33(14)+ License Agreement with General Dynamics, dated May 4,
1999.
10.34(14) Cross-License, Supply and Training Agreement, dated May 4,
1999.
27.1 Restated Financial Data Schedule.
</TABLE>
+ Confidential treatment granted or requested as to certain portions of
these exhibits.
(1) Incorporated herein by reference to the Company's Registration Statement
on Form S-1 (Number 33-64020), filed with the SEC on May 15, 1996, as
amended.
(2) Incorporated herein by reference to the Company's 1993 Annual Report on
Form 10-K.
(3) Incorporated herein by reference to the Company's Registration Statement
on Form 8-K filed with the SEC on January 22, 1998.
(4) Incorporated herein by reference to the Company's Form 10-Q, filed with
the SEC on November 16, 1998.
(5) Incorporated herein by reference to the Company's Registration Statement
on Form S-8, filed with the SEC on November 26, 1997.
(6) Incorporated herein by reference to the Company's Registration Statement
on Form S-8, filed with the SEC on August 5, 1994.
(7) Incorporated herein by reference to the Company's 1994 Annual Report on
Form 10-K.
(8) Incorporated herein by reference to Amendment No. 2 to the Company's
Registration Statement on Form S-1 (Number 333-3815), filed with the SEC
on June 17, 1996.
(9) Incorporated herein by reference to the Company's Registration Statement
on Form S-1 (Number 333-3815), filed with the SEC on May 10, 1996, as
amended.
(10) Incorporated herein by reference to the Company's 1998 Annual Report on
Form 10-K.
(11) Incorporated herein by reference to the Company's 1995 Annual Report on
Form 10-K.
(12) Incorporated herein by reference to the Company's 1996 Annual Report on
Form 10-K.
(13) Incorporated herein by reference to the Company's Form 10-Q, filed with
the SEC on May 14, 1998.
(14) Incorporated herein by reference to the Company's Form 10-Q, filed with
the SEC on May 17, 1999.
(B) Reports on Form 8-K.
The Company filed no reports on Form 8-K during the quarter for which this
report is filed.
9
<PAGE>
SIGNATURES
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.
CONDUCTUS, INC.
Dated: March 29, 2000 /s/ Ron Wilderink
-----------------------------------------
Ron Wilderink, Vice President of Finance
and Chief Financial Officer
10
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<RESTATED>
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> APR-01-1999
<PERIOD-END> JUN-30-1999
<CASH> 1,952,535
<SECURITIES> 310,167
<RECEIVABLES> 3,123,524
<ALLOWANCES> 0
<INVENTORY> 793,709
<CURRENT-ASSETS> 6,252,663
<PP&E> 9,485,195
<DEPRECIATION> 7,828,072
<TOTAL-ASSETS> 8,000,190
<CURRENT-LIABILITIES> 2,563,814
<BONDS> 0
5,736,124
0
<COMMON> 716
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 8,000,190
<SALES> 0
<TOTAL-REVENUES> 5,572,929
<CGS> 0
<TOTAL-COSTS> 2,906,048
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 91,450
<INCOME-PRETAX> 0
<INCOME-TAX> 2,608,019
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 2,606,669
<EPS-BASIC> .35
<EPS-DILUTED> .26
</TABLE>
