CSP
INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Amounts in thousands)
|
September
30, 2003
|
September
30, 2002
|
|
| Assets |
||
| Current
assets: |
||
| Cash and short-term investments |
$10,494
|
$15,826
|
| Accounts receivable, net |
6,209
|
2,500
|
| Inventories |
2,034
|
2,834
|
| Other current assets |
1,687
|
1,133
|
| Total current assets |
20,424
|
22,293
|
| Property, equipment and improvements, net |
944
|
1,182
|
| Other assets |
4,949
|
2,287
|
| Total assets |
$26,317
|
$25,762
|
| Liabilities and Shareholders' Equity | ||
| Current liabilities: | ||
| Accounts payable and accrued expenses |
6,375
|
4,081
|
| Total current liabilities |
6,375
|
4,081
|
| Deferred compensation and retirement plans |
8,010
|
7,373
|
| Shareholders' equity |
11,932
|
14,308
|
| Total liabilities and shareholders' equity |
$26,317
|
$25,762
|
CSP INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in thousands, except per share data )
|
Three
Months Ended
|
Twelve
Months Ended
|
|||
|
Sep
30
2003 |
Sep 30
2002 |
Sep
30
2003 |
Sep
30
2002 |
|
| Sales
: |
|
|
|
|
| Systems |
$1,353
|
$1,082
|
$5,488
|
$7,531
|
| System and service integration |
8,996
|
5,841
|
24,499
|
17,226
|
| E-business software |
240
|
346
|
1,186
|
1,811
|
| Other software |
373
|
337
|
1,342
|
1,543
|
| Total sales |
10,962
|
7,606
|
32,515
|
28,111
|
| Cost of sales: |
|
|
|
|
| Systems |
620
|
773
|
2,672
|
4,988
|
| System and service integration |
7,367
|
4,451
|
19,736
|
13,450
|
| E-business software |
103
|
64
|
614
|
915
|
| Other software |
81
|
80
|
283
|
425
|
| Total cost of sales |
8,171
|
5,368
|
23,305
|
19,778
|
| Gross Profit |
2,791
|
2,238
|
9,210
|
8,333
|
| Operating expenses: | ||||
| Engineering and development |
821
|
946
|
3,543
|
3,737
|
| Selling, general & administrative |
3,085
|
1,951
|
8,675
|
8,316
|
| Total operating expenses |
3,906
|
2,897
|
12,218
|
12,053
|
| Operating Profit (Loss) |
(1,115)
|
(659)
|
(3,008)
|
(3,720)
|
| Other income (expense) |
:
|
|
|
|
| Other Income |
64
|
180
|
1,456
|
348
|
| Total other income (expense), net |
64
|
180
|
1,456
|
348
|
| Loss before income taxes |
(1,051)
|
(479)
|
(1,552)
|
(3,372)
|
| Income tax benefit |
(606)
|
3,251
|
(168)
|
2,291
|
| Net Loss |
($445)
|
($3,730)
|
($1,384)
|
($5,663)
|
| Net loss per share - basic and diluted |
($0.13)
|
($1.06)
|
($0.39)
|
($1.61)
|
| Weighted average shares outstanding - basic |
3,537
|
3,526
|
3,534
|
3,524
|
|
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