First Quarter Report -- September 30, 1991
[1mCondensed Conolidated Balance Sheets[0m
Commodore International Limited and Subsidiares
[3m(In Thousands of Dollars)[0m
September 30
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Unaudited [1m1991[0m 1990
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[1mAssets[0m
==============================================================================
[1mCurrent Assets:[0m
Cash and equivalents [1m64400[0m 59600
Accounts receivable, net [1m248300[0m 232000
Inventories
Raw materials and work-in-process [1m116900[0m 107400
Finished goods [1m126900[0m 139000
Other current assets [1m13700[0m 14200
==============================================================================
Total current assets [1m570200[0m 552200
==============================================================================
[1mProperty and Equipment, net[0m [1m86900[0m 79100
[1mOther Assets[0m [1m19700[0m 15100
==============================================================================
[1m676800[0m 646400
[1m
===========================================================================[0m
[1mLiabilities and Shareholders' Equity[0m
==============================================================================
[1mCurrent Liabilities:[0m
Bank Debt [1m16100[0m 24600
Current portion of long-term debt [1m87300[0m 13200
Accounts payable & accrued liabilities [1m177700[0m 154000
Taxes payable [1m6600[0m 27100
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Total current liabilities [1m287700[0m 218900
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[1mLong-term Debt[0m [1m85400[0m 160200
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[1mDeferred Income Taxes[0m [1m700[0m 900
==============================================================================
[1mShareholders' Equity:[0m
Capital stock [1m300[0m 300
Contributed surplus [1m44400[0m 40500
Retained earnings [1m270600[0m 228600
Cumulative translation adjustment [1m-5200[0m 4400
Unearned compensations [1m-5500[0m -6000
Treasury stock [1m-1600[0m -1400
==============================================================================
Total shareholders' equity [1m303000[0m 266400
==============================================================================
[1m676800[0m 646400
[1m
===========================================================================[0m
The accompanying notes are an integral part of these statements
[1mCondensed Consolidated Statements of Operations[0m
Commodore International Limited and Subsidiaries
[3m(In Thousands of Dollars, Except Per Share Amounts)[0m
For the Three Months
Ended September 30
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Unaudited [1m1991[0m 1990
==============================================================================
[1mNet Sales[0m [1m204100[0m 200300
Cost of Sales [1m147000[0m 137100
==============================================================================
Gross profit [1m57100[0m 63200
==============================================================================
Selling and marketing expense [1m27600[0m 31900
General and administrative expense [1m12100[0m 11500
Research and development costs [1m6700[0m 7300
===============================================================================
Total operating expenses [1m46400[0m 50700
===============================================================================
Operating income [1m10700[0m 12500
Interest expense, net [1m3900[0m 4500
Other expense [1m1000[0m 800
==============================================================================
Income before income taxes [1m5800[0m 7200
Provision for income taxes [1m500[0m 200
===============================================================================
[1mNet Income[0m [1m5300[0m 7000
[1m
============================================================================[0m
Net Income per share [1m0.16[0m 0.22
[1m
============================================================================[0m
Average shares outstanding [1m33175000[0m 32372000
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The accompanying notes are an integral part of these statements.
[1mCondensed Consolidated Statements of Cash Flows[0m
Commodore International Limited and Subsidiaries
[3m(In Thousands of Dollars)[0m
For the Three Months
Ended September 30
==============================================================================
Unaudited [1m1991[0m 1990
==============================================================================
[1mCash Flows from Operating Activities:[0m
Net Income [1m5300[0m 7000
Adjustments to reconcile net income to
net cash used for operating activities
Depreciation and amortization [1m5800[0m 4400
Other noncash items [1m1700[0m 800
Changes in assets and liabilities:
(Increase) decrease in accounts
receviable [1m-2800[0m 14600
(Increase) decrease in inventories [1m-23700[0m -10800
(Increase) decrease in other current
assets [1m-6000[0m -5500
Increase (decrease) in accounts
payable and accrued liabilities [1m10300[0m -24000
Increase (decrease) in taxes payable [1m-2700[0m -200
==============================================================================
Net cash used for operating
activities [1m-12100[0m -13700
==============================================================================
[1mCash Flows from Investing Activities:[0m
Captial expenditures [1m-4400[0m -3800
Other investment activities [1m-1200[0m -800
==============================================================================
Net cash used for investing
activities [1m-5600[0m -4600
==============================================================================
[1mCash Flows from Financing Activities:[0m
Net short-term borrowings (repayments) [1m2600[0m -2100
Proceeds from issuance of common stock [1m200[0m 0
Purchase of treasury stock [1m-200[0m -300
Proceeds form issuance of long-term debt [1m14000[0m 0
Payments of long-term debt [1m-100[0m -100
==============================================================================
Net cash provided by (used
for) financing activities [1m16500[0m -2500
==============================================================================
Effect of exchange rates on cash [1m1100[0m 2000
==============================================================================
Net decrease in cash and equivalents [1m-100[0m -18800
Cash and equivalents-beginning of period [1m64500[0m 78400
==============================================================================
Cash and equivalents--end of period [1m64400[0m 59600
[1m
============================================================================[0m
[1mSupplemental disclosures of cash flow[0m
[1m information:[0m
Cash paid during the period for:
Interest [1m4100[0m 5000
Income taxes [1m2400[0m 500
[1m
============================================================================[0m
The accompanying notes are an integral part of these statements.
[1mNotes to Condensed Consolidated Financial Statements[0m
Commodore International Limited and Subsidiaries
September 30, 1991
1) These financial statements should be read in conjunction with
the financial statements and related notes in the fiscal 1991
Annual Report to Shareholders.
2) These financial statements are not audited but reflect all
adjustments which are, in the opinion of management, necessary for
a fair presentation of financial position and results of
operations for the periods shown. The results for the quarter are
not necessarily indicative of the results expected for the fiscal
year.
3) At September 30, 1991, the current portion of long-term debt
includes $60.2 million of Deutsche mark debentures due in
January, 1992.
