SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
[ X ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended JUNE 30, 1997
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD
FROM _______TO _______
Commission File No. 0-26690
ELANTEC SEMICONDUCTOR, INC.
(Exact Name of registrant as specified in its charter)
Delaware 77-0408929
- --------------------------------------------------------------------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
675 Trade Zone Boulevard, Milpitas, California 95035
- --------------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (408) 945-1323
- --------------------------------------------------------------------------------
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
----- -----
As of July 28, 1997, 8,978,874 shares of the Registrant's Common Stock, $0.01
par value, were issued and outstanding.
<PAGE> 2
TABLE OF CONTENTS
<TABLE>
<CAPTION>
Page
----
<S> <C> <C>
PART I FINANCIAL INFORMATION
Item 1. Condensed Consolidated Financial Statements . . . . . . . . . . . . . . . . . 3
Notes to Condensed Consolidated Financial Statements . . . . . . . . . . . . . 6
Item 2. Management's Discussion and Analysis of Financial Condition
and Results of Operations . . . . . . . . . . . . . . . . . . . . . . . . 8
Item 3. Quantitative and Qualitative Disclosures About Market Risk . . . . . . . . . . 11
PART II OTHER INFORMATION
Item 4. Submission of Matters to a Vote of Security Holders .. . . . . . . . . . . . . 12
Item 6. Exhibits and Reports on Form 8-K . . . . . . . . . . . . . . . . . . . . . . . 12
Signatures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
</TABLE>
<PAGE> 3
PART I. FINANCIAL INFORMATION
Item 1. Condensed Consolidated Financial Statements
ELANTEC SEMICONDUCTOR, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended
June 30, June 30,
-------------------- --------------------
1997 1996 1997 1996
-------- -------- -------- --------
<S> <C> <C> <C> <C>
Net revenues .................................. $ 9,195 $ 9,782 $ 25,690 $ 27,946
Cost of revenues .............................. 5,223 4,627 14,737 13,246
-------- -------- -------- --------
Gross profit ............................... 3,972 5,155 10,953 14,700
Operating expenses:
Research and development ................... 1,787 1,582 4,723 4,741
Marketing, sales, general and administrative 2,196 2,248 6,479 6,324
-------- -------- -------- --------
Total operating expenses ................... 3,983 3,830 11,202 11,065
-------- -------- -------- --------
Income (loss) from operations ................. (11) 1,325 (249) 3,635
Interest and other, net ....................... 123 111 326 332
-------- -------- -------- --------
Income before taxes ........................... 112 1,436 77 3,967
Provision for taxes on income ................. 14 113 10 310
-------- -------- -------- --------
Net income .................................... $ 98 $ 1,323 $ 67 $ 3,657
======== ======== ======== ========
Net income per share .......................... $ 0.01 $ 0.14 $ 0.01 $ 0.39
======== ======== ======== ========
Shares used in computing per share amounts .... 9,239 9,448 9,271 9,337
======== ======== ======== ========
</TABLE>
See accompanying notes to the condensed consolidated financial statements.
<PAGE> 4
ELANTEC SEMICONDUCTOR, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
<TABLE>
<CAPTION>
June 30, Sept. 30,
1997 1996 (1)
---------- ---------
(Unaudited)
<S> <C> <C>
Current assets:
Cash and cash equivalents ..................................... $ 9,153 $ 9,377
Short-term investments ........................................ 5,964 6,663
Accounts receivable, net ...................................... 3,350 4,175
Inventories ................................................... 7,190 6,475
Prepaid expenses and other current assets ..................... 556 554
------- -------
Total current assets ............................................. 26,213 27,244
Property and equipment, net ...................................... 8,999 7,360
Other assets, net ................................................ 557 642
======= =======
Total assets ..................................................... $35,769 $35,246
======= =======
Liabilities and stockholders' equity:
Current liabilities:
Accounts payable and accrued liabilities ...................... $ 4,167 $ 5,335
Deferred revenue .............................................. 2,670 3,143
Current portion of long-term debt and capital lease obligations 1,422 1,128
------- -------
Total current liabilities ........................................ 8,259 9,606
Long-term debt and capital lease obligations ..................... 3,249 1,566
Stockholders' equity ............................................. 24,261 24,074
======= =======
Total liabilities and stockholders' equity ....................... $35,769 $35,246
======= =======
</TABLE>
(1) The information in this column was derived from the Company's audited
consolidated financial statements at September 30, 1996.
See accompanying notes to the condensed consolidated financial statements.
<PAGE> 5
ELANTEC SEMICONDUCTOR, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
<TABLE>
<CAPTION>
Nine Months Ended
June 30,
-------------------
1997 1996
------- --------
<S> <C> <C>
Operating activities:
Net income .............................................. $ 67 $ 3,657
Adjustments to reconcile net income to net cash provided by operating
activities:
Depreciation and amortization ..................... 1,456 1,211
Changes in operating assets and liabilities:
Accounts receivable ........................... 825 (945)
Inventories ................................... (715) (1,345)
Prepaid expenses and other current assets ..... (2) 213
Accounts payable and accrued liabilities ...... (1,168) 620
Deferred revenue .............................. (473) 210
Net cash provided by (used in) operating activities ..... (10) 3,621
Investing activities:
Sale/maturity (purchase) of available-for-sale securities 699 (3,451)
Purchase of property and equipment ...................... (143) (1,994)
Decrease in other assets ................................ 85 262
------- --------
Net cash provided by (used in) investing activities ..... 641 (5,183)
Financing activities:
Payments on capital lease and other debt ................ (975) (698)
Issuance of common stock ................................ 120 8,510
------- --------
Net cash provided by (used in)financing activities ...... (855) 7,812
Increase (decrease) in cash and cash equivalents ........ (224) 6,250
Cash and cash equivalents at beginning of period ........ 9,377 6,009
======= ========
Cash and cash equivalents at end of period .............. $ 9,153 $ 12,259
======= ========
Supplemental disclosures of cash flow information:
Lease and installment financing for capital equipment ... $ 2,952 $ 1,219
Interest paid ........................................... $ 193 $ 147
Taxes paid .............................................. $ 50 $ 185
</TABLE>
See accompanying notes to the condensed consolidated financial statements.
<PAGE> 6
ELANTEC SEMICONDUCTOR, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
NOTE 1. BASIS OF PRESENTATION
The unaudited condensed consolidated financial statements included herein have
been prepared by the Company pursuant to the rules and regulations of the
Securities and Exchange Commission. Certain information and footnote disclosures
normally included in financial statements prepared in accordance with generally
accepted accounting principles have been condensed or omitted pursuant to such
rules and regulations. In the opinion of management, all adjustments (consisting
of normal recurring items) considered necessary for a fair presentation have
been included. The results of operations for the three and nine months ended
June 30, 1997 are not necessarily indicative of the results to be expected for
the entire year. These consolidated financial statements should be read in
conjunction with the consolidated financial statements and the notes thereto
included in the Company's Annual Report on Form 10-K for the year ended
September 30, 1996.
The Company's fiscal year end is the Sunday closest to September 30. The
Company's fiscal quarters end on the Sunday closest to the end of the calendar
quarter. For convenience, the Company has indicated that its quarters end on
December 31, March 31, June 30 and September 30.
NOTE 2. USE OF ESTIMATES
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the amounts reported in the financial statements and accompanying notes.
Actual results could differ from those estimates.
NOTE 3. CASH AND CASH EQUIVALENTS
The Company considers all highly liquid investments with an original maturity
(at the date of purchase) of three months or less to be the equivalent of cash
for purposes of balance sheet and statement of cash flows presentation. Cash and
cash equivalents are carried at cost, which approximates market value.
NOTE 4. SHORT-TERM INVESTMENTS
The Company's policy is to invest in various short-term instruments with
investment grade credit ratings. Generally such investments have contractual
maturities of less than one year. All of the Company's marketable investments
are classified as "available-for-sale" and the Company classifies its
available-for-sale portfolio as available for use in its current operations. At
June 30, 1997, there was no significant difference between the fair market value
and the underlying cost of such securities.
NOTE 5. INVENTORIES
Inventories are stated at the lower of standard cost (first-in, first-out
method) or market and consist of the following balances in thousands:
<TABLE>
<CAPTION>
June 30, Sept.30,
1997 1996
------ ------
<S> <C> <C>
Raw materials ..................................$ 828 $ 800
Work-in-process ................................ 4,840 4,266
Finished goods ................................. 1,522 1,409
------ ------
$7,190 $6,475
====== ======
</TABLE>
<PAGE> 7
NOTE 6. NET INCOME PER SHARE
Net income per share is calculated based on the weighted average number of
common and dilutive common share equivalents outstanding using the treasury
stock method. Common share equivalents reflect the dilutive effect of
outstanding stock options. Dilutive securities include options and warrants.
In February 1997, the Financial Accounting standards Board issued Statement No.
128, Earning per Share, which is required to be adopted on December 31, 1997. At
that time, the Company will be required to change the method currently used to
compute earnings per share and to restate all prior periods. Under the new
requirements for calculating primary earnings per share, the dilutive effect of
stock options will be excluded. There is no impact expected in primary earnings
per share for the third quarter ended June 30, 1997. Primary earnings per share
is expected to increase for the third quarter ended June 30, 1996 by $0.01per
share. The impact of Statement No. 128 on fully diluted earnings per share for
these quarters is not expected to be material.
<PAGE> 8
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
Except for the historical information contained herein, matters discussed in the
Form 10-Q may contain forward-looking statements that involve risks and
uncertainties. The Company's actual future results could differ materially from
those discussed here. Factors that could cause or contribute to such differences
include, but are not limited to, those discussed in this section, as well as in
the section entitled "Business" in the Company's 1996 Form 10-K filed with the
Securities and Exchange Commission.
The table below states the income statement items for the three and nine months
ended June 30, 1997 and 1996 as a percentage of net revenues and provides the
percentage change in absolute dollars from the previous year:
<TABLE>
<CAPTION>
Three Months Three Months Dollar % Nine Months Nine Months Dollar %
Ended Ended Change Ended Ended Change
--------------------------------------------- ----------------------------------------------
June 30, 1997 June 30, 1996 June 30, 1997 June 30, 1996
-------------- -------------- -------------- --------------
<S> <C> <C> <C> <C> <C> <C>
Net revenues 100.0% 100.0% -6% 100.0% 100.0% -8%
Cost of revenues 56.8% 47.7% 13% 57.4% 47.4% 11%
Gross profit 43.2% 52.7% -23% 42.6% 52.6% -26%
Operating expenses:
Research and development 19.4% 16.2% 13% 18.4% 17.0% 0%
Marketing, sales, general
and administrative 23.9% 23.0% -2% 25.2% 22.6% 3%
</TABLE>
RESULTS OF OPERATIONS - During the third fiscal quarter of 1997, Elantec
generated net revenues of $9.2 million, a decrease of 6% from the $9.8 million
reported in the same quarter of the previous year. For the first nine months of
fiscal 1997 net revenues were $25.7 million, a decrease of 8% from the $28.0
million reported in the corresponding period of fiscal 1996. This decrease is
attributed to a shift in sales mix to lower priced products and overall lower
average selling prices due to competitive market pressures, offset in part by
slightly higher unit sales volumes.
Cost of goods sold increased to 57% of net sales for the third quarter of fiscal
1997 compared to 47% for the third quarter of fiscal 1996. During the first nine
months of fiscal 1997, cost of goods sold increased to 57% from 47% reported for
the corresponding period of fiscal 1996. The resulting increase in cost and
corresponding decrease in gross margin for each comparable period is primarily
due to increased unfavorable manufacturing variances and lower average selling
prices due to a more competitive market environment.
Research and development expenses increased by $0.2 million compared to the
dollar amounts reported in the third quarter of fiscal 1996 largely due to
increased expenditures for mask sets, silicon and other materials. During the
first nine months of fiscal 1997, research and development expenses were
relatively flat when compared the corresponding period of fiscal 1996. If the
Company moves to the "SOI" technology as contemplated (see discussion below),
absolute dollar research and development expenses are expected to increase.
Marketing, selling and general and administrative expenses for the third quarter
were relatively flat compared to the dollar amounts reported in the third
quarter of fiscal 1996. During the first nine months of fiscal 1997, marketing,
selling and general and administrative expenses increased by $0.2 million from
that reported for the corresponding period of fiscal 1996. This increase is due
to provisions for bad debts recorded in the first quarter if fiscal 1997.
The Company's provision for income taxes for the third quarter of fiscal 1997 is
lower than the statutory rate, principally due to the benefit of net operating
loss carryforwards offset by alternative minimum taxes and foreign withholding
taxes.
On July 4, 1997 the Company announced that it would discontinue its military and
commercial hybrid product. This product line accounted for 8.7% and 8.0% of
product revenues during the third quarter and nine months ended June 30, 1997,
respectively. Orders for these discontinued products will be accepted through
December 20, 1997 with last shipments from the factory by March 20, 1998. The
company expects higher revenues and gross margins from last-buy orders during
the first quarter of fiscal 1998. However, the company does not expect the
discontinuance of this product line to have a material impact on the Company's
fourth quarter 1997 or annual 1998 results from operations.
<PAGE> 9
FACTORS AFFECTING FUTURE RESULTS - Elantec's operating results have been, and in
the future may be, subject to fluctuations due to a wide variety of factors
including the timing of or delays in new product and process technology
announcements and product introductions by the Company or its competitors,
competitive pricing pressures, fluctuations in manufacturing yields, changes in
the mix of product sold, availability and costs of raw materials, reliance on
subcontractors, the cyclical nature of the semiconductor industry, industry-wide
wafer processing capacity, political and economic conditions in various
geographic areas, and costs associated with other events, such as
underutilization or expansion of production capacity, intellectual property
disputes, litigation, or environmental regulation.
The semiconductor industry is highly cyclical and has been subject to
significant economic fluctuations at various times that have been characterized
by rapidly fluctuating product demand, periods of over and under capacity, and
accelerated erosion of average selling prices. A material change in
industry-wide production capacity, shift in industry capacity toward products
competitive with the Company's products, rapidly fluctuating demand, or other
factors could result in a rapid decline in product pricing or unit volumes which
could adversely affect the Company's operating results.
From time to time, the Company has experienced production difficulties that have
caused delivery delays and quality problems. There can be no assurance that the
Company will not experience manufacturing problems and product delivery delays
in the future as a result of, among other things, changes to its process
technologies, ramping production, installing new equipment at its facilities and
constructing new facilities in Milpitas, California.
The Company is reconsidering an extensive production expansion at its primary
manufacturing facility in Milpitas, California. The expansion, if completed,
will result in a significant increase in fixed and operating expenses. These
additional expenses could reduce gross margins. Specifically, the Company would
anticipate incurring substantial operating costs and depreciation expense
relating to the expanded facility before production of substantial volume is
achieved. If revenue levels do not increase sufficiently to offset these
additional expense levels, or if the Company is unable to achieve gross margin
greater than or comparable to the Company's current products, the Company's
future results of operations could be adversely impacted. Additionally, the
project faces a number of substantial risks including, but not limited to,
project termination, delays in construction, cost overruns, equipment delays or
shortages, manufacturing start-up or process problems, or difficulties in hiring
key managers and technical personnel.
New products, process technology and start-up costs associated with the Milpitas
wafer fabrication facility will require significant research and development
expenditures. However, there can be no assurance that the Company will be able
to develop and introduce new products in a timely manner, that new products will
gain market acceptance or that new process technologies can be successfully
implemented. If the Company is unable to develop new products in a timely
manner, and to sell them at gross margins comparable to the Company's current
products, the future results of operations could be adversely impacted.
Part of the Company's future bipolar product development strategy may include
the development of an alternative form of silicon-on-insulator ("SOI")
technology called bonded wafers. The Company currently believes that, if
successful, the bonded wafer technology could provide technologically advanced
products at a lower cost than the current dielectric isolation complementary
bipolar technology. However, there can be no assurance that bonded wafer
technology can be successfully accomplished in a timely manner or that it will
provide the desired improvements over the Company's current technology.
Significant delays or cancellation of the development of the bonded wafer
technology and/or manufacturing problems associated with transferring the
Company's current product line to this technology would have a material adverse
affect on the Company's business and results of operations. In addition, delays
or cancellation of the development of this technology could adversely affect the
Company's new product development program.
<PAGE> 10
The semiconductor industry is extremely capital intensive. To remain
competitive, the Company must continue to invest in advanced manufacturing
equipment and process technologies. If the decision to move ahead with the
aforementioned capacity expansion and technology improvement is made, the
Company may be required to expend approximately $12.3 million in capital
expenditures. Additionally, the Company anticipates significant continuing
capital expenditures in the next several years. There can be no assurance that
the Company will not be required to seek financing to satisfy its cash and
capital needs or that such financing will be available on terms satisfactory to
the Company. If such financing is required and if such financing were not
available on terms satisfactory to the Company, its operations would be
materially adversely affected.
The semiconductor industry is characterized by vigorous protection and pursuit
of intellectual property rights or positions, which have resulted in significant
and often protracted and expensive litigation. In recent years, there has been a
growing trend of companies to resort to litigation to protect their
semiconductor technology from unauthorized use by others. The Company believes
its products do not infringe upon any valid patents. However, there can be no
assurance that the Company's position in these matters will prevail. There can
be no assurance that additional future claims alleging infringement of
intellectual property rights will not be asserted against the Company. The
intellectual property claims that have been made, or may be asserted against the
Company in the future, could require that the Company discontinue the use of
certain processes or cease the manufacture, use and sale of infringing products.
Additionally, the Company may incur significant litigation costs and damages to
develop noninfringing technology. There can be no assurance that the Company
would be able to obtain such licenses on acceptable terms or to develop
noninfringing technology without a material adverse effect on the Company.
The Company is subject to a variety of regulations related to hazardous
materials used in its manufacturing process. Any failure by the Company to
control the use of, or to restrict adequately the discharge of, hazardous
materials under present or future regulations could subject it to substantial
liability or could cause its manufacturing operations to be suspended.
The Company's Common Stock has experienced substantial price volatility and such
volatility may occur in the future, particularly as a result of
quarter-to-quarter variations in the actual or anticipated financial results of
the Company, the companies in the semiconductor industry or in the markets
served by the Company, or announcements by the Company or its competitors
regarding new product introductions. In addition, the stock market has
experienced extreme price and volume fluctuations that have affected the market
price of many technology companies' stock in particular. These factors may
adversely affect the price of the Common Stock.
<PAGE> 11
LIQUIDITY AND CAPITAL RESOURCES - During the first nine months of fiscal 1997,
the Company financed its operations primarily from existing cash and short-term
investment balances. At June 30, 1997, the Company had approximately $15.1
million of cash and short-term investments.
Net cash used in operating activities was $10,000 for the nine months ended June
30, 1997, and consisted primarily of decreases in accounts payable and accrued
liabilities and an increase in inventory, offset by depreciation and
amortization expenses and a decrease in accounts receivable.
Cash provided by investing activities was $641,000 for the nine months ended
June 30, 1997. This increase was primarily attributed to net sales/maturities of
available-for-sale securities during the nine-month period ended June 30, 1997
and consisted primarily of commercial paper and short-term corporate notes.
Capital expenditures were $3.1 million during the nine-month period ended June
30, 1997 of which $3.0 million was leased using the Company's nonrevolving lease
line of credit. The Company expects to fund an additional $0.5 million of
capital in the fourth quarter of fiscal 1997 the majority of which will be
leased using existing credit facilities. At June 30, 1997 there was
approximately $6.2 million available credit under lease lines. There were
outstanding commitments to purchase capital assets of approximately $0.5 million
at June 30, 1997.
Historically, the Company has generated cash through operations and financing
activities in an amount sufficient to fund its requirements. The Company
believes that cash on hand, cash anticipated to be generated from operations and
cash obtained through borrowing or leasing arrangements will be sufficient to
meet the Company's working capital and capital expenditure requirements at least
through the next twelve months. Any major change in the nature of the Company's
business, such as those mentioned in the previous section, could change the
Company's capital requirements. To the extent the Company requires additional
cash, there can be no assurance that the Company will be able to obtain such
financing on terms favorable to the Company, or at all.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Not applicable
<PAGE> 12
PART II - OTHER INFORMATION
ITEM 4. - SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
No matters were submitted to a vote of security holders during the quarter ended
June 30, 1997.
ITEM 6. - EXHIBITS AND REPORTS ON FORM 8-K
(a) The following exhibits are filed as part of this report:
Exhibit 11.1 - Statement re Computation of Per Share Earnings
Exhibit 27.1 - Financial Data Schedule
(b) Reports on Form 8-K:
The Company filed no reports on Form 8-K during the quarter ended June
30, 1997.
<PAGE> 13
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.
ELANTEC SEMICONDUCTOR, INC.
(Registrant)
Date: August 13, 1997 By: /s/ David O'Brien
---------------------
David O'Brien
President, Chief Executive Officer
(Duly authorized officer and principal
financial officer)
<PAGE> 14
EXHIBIT INDEX
<TABLE>
<CAPTION>
Exhibit
<S> <C>
11.1 Statement re Computation of Per Share Earnings
27.1 Financial Data Schedule
</TABLE>
<PAGE> 1
Exhibit 11.1
ELANTEC SEMICONDUCTOR, INC.
STATEMENT RE COMPUTATION OF PER SHARE EARNINGS
(IN THOUSANDS, EXCEPT PER SHARE DATA)
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended
June 30, June 30,
--------------- ---------------
1997 1996 1997 1996
------ ------ ------ ------
<S> <C> <C> <C> <C>
Net income ..................................... $ 98 $1,323 $ 67 $3,657
====== ====== ====== ======
Common and common equivalent shares outstanding:
Common stock ................................ 8,962 8,468 8,842 8,429
Common stock options ........................ 277 800 429 908
------ ------ ------ ------
Common and common equivalent shares used in
computing per share amounts .................. 9,239 9,448 9,271 9,337
====== ====== ====== ======
Net income per share ........................... $ 0.01 $ 0.14 $ 0.01 $ 0.39
====== ====== ====== ======
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> MAR-01-1997
<PERIOD-END> JUN-30-1997
<CASH> 9,153
<SECURITIES> 5,964
<RECEIVABLES> 3,956
<ALLOWANCES> 606
<INVENTORY> 7,190
<CURRENT-ASSETS> 26,213
<PP&E> 18,822
<DEPRECIATION> 9,823
<TOTAL-ASSETS> 35,769
<CURRENT-LIABILITIES> 8,259
<BONDS> 3,249
0
0
<COMMON> 90
<OTHER-SE> 24,171
<TOTAL-LIABILITY-AND-EQUITY> 24,261
<SALES> 8,886
<TOTAL-REVENUES> 9,195
<CGS> 5,223
<TOTAL-COSTS> 5,223
<OTHER-EXPENSES> 3,983
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 122
<INCOME-PRETAX> 112
<INCOME-TAX> 14
<INCOME-CONTINUING> 98
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 98
<EPS-PRIMARY> 0.01
<EPS-DILUTED> 0.01
</TABLE>
