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Previous: NATURAL WONDERS INC, 8-K/A, EX-3, 2000-11-28 |
Next: NATURAL WONDERS INC, 8-K/A, EX-5, 2000-11-28 |
<PAGE>
WORLD OF SCIENCE, INC.,
AND SUBSIDIARY
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(IN THOUSANDS EXCEPT PER SHARE DATA)
(UNAUDITED)
<TABLE>
<CAPTION>
THREE MONTHS ENDED SIX MONTHS ENDED
------------------ ----------------
JULY 29, JULY 31, JULY 29, JULY 31,
2000 1999 2000 1999
------------ ------------- ------------- ------------
<S> <C> <C> <C> <C>
NET SALES $ 8,034 $ 9,074 $ 15,328 $ 17,913
COST OF SALES AND OCCUPANCY EXPENSES 7,694 8,004 14,982 15,479
-------------- --------------- --------------- ---------------
GROSS PROFIT 340 1,070 346 2,434
SELLING, GENERAL & ADMINISTRATIVE EXPENSES 3,513 4,226 7,004 8,206
-------------- --------------- --------------- ---------------
OPERATING LOSS (3,173) (3,156) (6,658) (5,772)
INTEREST EXPENSE, NET 208 118 317 124
-------------- --------------- --------------- ---------------
LOSS BEFORE INCOME TAXES (3,381) (3,274) (6,975) (5,896)
INCOME TAX BENEFIT (1,353) (1,309) (2,790) (2,358)
-------------- --------------- --------------- ---------------
NET LOSS $ (2,028) $ (1,965) $ (4,185) $ (3,538)
============== =============== =============== ===============
NET LOSS PER SHARE (BASIC) $ (0.43) $ (0.41) $ (0.88) $ (0.74)
============== =============== =============== ===============
NET LOSS PER SHARE (DILUTED) $ (0.43) $ (0.41) $ (0.88) $ (0.74)
============== =============== =============== ===============
WEIGHTED AVERAGE SHARES (BASIC) 4,736 4,760 4,749 4,761
WEIGHTED AVERAGE SHARES (DILUTED) 4,736 4,760 4,749 4,761
</TABLE>
See accompanying notes to condensed consolidated financial statements
1
<PAGE>
WORLD OF SCIENCE, INC.
AND SUBSIDIARY
CONDENSED CONSOLIDATED BALANCE SHEETS
(DOLLARS IN THOUSANDS, EXCEPT SHARE DATA)
<TABLE>
<CAPTION>
JULY 29, JANUARY 29, JULY 31,
2000 2000 1999
(UNAUDITED) (AUDITED) (UNAUDITED)
--------------- ------------- --------------
<S> <C> <C> <C>
CURRENT ASSETS:
CASH AND CASH EQUIVALENTS $ 68 $ 1,572 $ 309
ACCOUNTS RECEIVABLE 96 217 330
INVENTORIES 13,025 11,804 16,563
PREPAID EXPENSES AND OTHER CURRENT ASSETS 698 612 960
TAXES RECEIVABLE 3,118 1,266 2,422
DEFERRED INCOME TAXES 747 747 664
--------------- ------------- --------------
TOTAL CURRENT ASSETS 17,752 16,218 21,248
PROPERTY, EQUIPMENT AND
LEASEHOLD IMPROVEMENTS, NET 9,394 10,281 10,766
DEFERRED INCOME TAXES 1,262 1,262 872
--------------- ------------- --------------
TOTAL ASSETS $ 28,408 $ 27,761 $ 32,886
=============== ============= ==============
CURRENT LIABILITIES:
LINE OF CREDIT $ 7,532 $ 4,678 $ 9,340
CURRENT INSTALLMENTS OF OBLIGATIONS
UNDER CAPITAL LEASES 100 122 120
ACCOUNTS PAYABLE 4,028 1,904 3,430
ACCRUED EXPENSES 622 867 619
--------------- ------------- --------------
TOTAL CURRENT LIABILITIES 12,282 7,571 13,509
OBLIGATIONS UNDER CAPITAL LEASES, EXCLUDING
CURRENT INSTALLMENTS 36 75 136
ACCRUED OCCUPANCY EXPENSE 997 837 967
--------------- ------------- --------------
TOTAL LIABILITIES 13,315 8,483 14,612
--------------- ------------- --------------
STOCKHOLDERS' EQUITY:
PREFERRED STOCK, $.01 PAR VALUE
AUTHORIZED 5,000,000 SHARES;
NO SHARES ISSUED AND OUTSTANDING
COMMON STOCK, $.01 PAR VALUE
AUTHORIZED 10,000,000 SHARES;
ISSUED 5,079,955 SHARES AT 7/29/2000,
1/29/00, AND 7/31/99 51 51 51
ADDITIONAL PAID-IN CAPITAL 11,398 11,398 11,398
RETAINED EARNINGS 4,337 8,522 7,486
--------------- ------------- --------------
TOTAL CAPITAL AND RETAINED EARNINGS 15,786 19,971 18,935
LESS: TREASURY STOCK, AT COST (693) (693) (661)
--------------- ------------- --------------
TOTAL STOCKHOLDERS' EQUITY 15,093 19,278 18,274
--------------- ------------- --------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 28,408 $ 27,761 $ 32,886
=============== ============= ==============
</TABLE>
See accompanying notes to condensed consolidated financial statements
2
<PAGE>
WORLD OF SCIENCE, INC.
AND SUBSIDIARY
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(DOLLARS IN THOUSANDS)
(UNAUDITED)
<TABLE>
<CAPTION>
THREE MONTHS ENDED SIX MONTHS ENDED
------------------ ----------------
JULY 29, JULY 31, JULY 29, JULY 31,
2000 1999 2000 1999
------------- ------------- ------------ -----------
<S> <C> <C> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
NET LOSS $ (2,028) $ (1,965) $ (4,185) $ (3,538)
ADJUSTMENTS TO RECONCILE NET LOSS TO
NET CASH USED IN OPERATING ACTIVITIES:
DEPRECIATION AND AMORTIZATION 464 462 927 900
CHANGE IN ASSETS AND LIABILITIES:
(INCREASE) DECREASE IN:
ACCOUNTS RECEIVABLE 61 (90) 121 113
INVENTORIES (1,532) (3,728) (1,221) (6,338)
PREPAID EXPENSES AND OTHER
CURRENT ASSETS (33) 79 (160) (308)
TAXES RECEIVABLE (1,322) (1,374) (1,852) (2,423)
(DECREASE) INCREASE IN:
ACCOUNTS PAYABLE 1,962 1,188 2,198 2,155
ACCRUED EXPENSES (110) (195) (103) (28)
INCOME TAXES PAYABLE (15) (1,245)
ACCRUED OCCUPANCY EXPENSE 6 29 18 56
------------- ------------- ------------ -----------
NET CASH USED IN OPERATING ACTIVITIES: (2,532) (5,609) (4,257) (10,656)
------------- ------------- ------------ -----------
CASH FLOWS FROM INVESTING ACTIVITIES--
CAPITAL EXPENDITURES, NET (40) (784) (40) (1,831)
------------- ------------- ------------ -----------
CASH FLOWS FROM FINANCING ACTIVITIES:
PURCHASE OF TREASURY STOCK (11) (11)
PROCEEDS FROM ADVANCES ON LINE OF CREDIT 2,599 6,655 2,854 9,340
PRINCIPAL PAYMENTS ON LONG-TERM DEBT
PRINCIPAL PAYMENTS ON CAPITAL LEASES (30) (29) (61) (76)
------------- ------------- ------------ -----------
NET CASH PROVIDED BY INVESTING ACTIVITIES 2,569 6,615 2,793 9,253
------------- ------------- ------------ -----------
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (3) 222 (1,504) (3,234)
CASH AND CASH EQUIVALENTS:
BEGINNING OF PERIOD 71 87 1,572 3,543
------------- ------------- ------------ -----------
END OF PERIOD $ 68 $ 309 $ 68 $ 309
============= ============== ============= =============
CASH PAID DURING PERIOD FOR:
INTEREST $ 213 $ 55 $ 321 $ 76
INCOME TAXES $ 20 $ 15 $ 30 $ 1,245
============= ============== ============= =============
NONCASH INVESTING AND FINANCING ACTIVITY:
ACQUISITION OF EQUIPMENT UNDER A CAPITAL LEASE $ - $ - $ - $ 157
============= ============== ============= =============
</TABLE>
See accompanying notes to condensed consolidated financial statements
3
<PAGE>
WORLD OF SCIENCE, INC.
AND SUBSIDIARY
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
UNAUDITED
NOTE 1. - Basis of Presentation
The accompanying unaudited condensed consolidated financial statements have
been prepared in accordance with the instructions to Form 10-Q and do not
include all the information and footnotes required by generally accepted
accounting principles for complete financial statements and are subject to
year-end adjustments. However, in the opinion of management, all known
adjustments (which consist primarily of normal recurring accruals) have been
made to present fairly the financial position and operating results for the
unaudited periods. This financial information should be read in conjunction
with the audited financial statements and notes thereto included in the
Company's Form 10-K as most recently filed with the Securities and Exchange
Commission.
Due to the seasonal nature of the Company's business, results for the first
six months of fiscal 2000 are not necessarily indicative of the results to be
expected for the full fiscal year ending February 3, 2001.
4
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