Business Services Industry
UNOVA Announces Second Quarter 2003 Results
Business Wire, July 28, 2003
UNOVA, INC.
(thousands of dollars, except per share amounts)
Three Months Ended Six Months Ended
June 30, June 30,
2003 2002 2003 2002
------------------ ------------------
CONSOLIDATED STATEMENTS OF OPERATIONS
(Preliminary)
Sales and Service Revenues $292,099 $355,249 $565,766 $647,630
------------------ ------------------
Costs and Expenses
Cost of sales and service 205,238 237,900 402,448 455,266
Selling, general and
administrative 73,964 77,753 151,679 151,695
Depreciation and
amortization 6,973 8,830 14,138 17,832
Special charges 947 - 1,945 4,688
------------------ ------------------
Total Costs and
Expenses 287,122 324,483 570,210 629,481
------------------ ------------------
Operating Profit (Loss) 4,977 30,766 (4,444) 18,149
Interest, net (3,177) (6,167) (7,039) (11,708)
------------------ ------------------
Earnings (Loss) before Income
Taxes 1,800 24,599 (11,483) 6,441
Provision for Income Taxes (2,600) (2,349) (4,200) (2,349)
------------------ ------------------
Net (Loss) Earnings $(800) $22,250 $(15,683) $4,092
================== ==================
Basic (Loss) Earnings per Share $(0.01) $0.39 $(0.27) $0.07
================== ==================
Diluted (Loss) Earnings per Share $(0.01) $0.38 $(0.27) $0.07
================== ==================
Shares Used in Computing (Loss)
Earnings per Share
Basic 58,474 57,582 58,444 57,565
Diluted 58,474 58,612 58,444 58,542
SELECTED SEGMENT INFORMATION (Preliminary)
Sales and Service Revenues
Automated Data Systems $179,040 $198,006 $341,922 $338,331
Industrial Automation Systems 113,059 157,243 223,844 309,299
------------------ ------------------
Total Sales and Service Revenues $292,099 $355,249 $565,766 $647,630
================== ==================
Operating Profit (Loss)
Segment Operating Profit (Loss)
Automated Data Systems $21,495 $37,948 $30,497 $37,214
Industrial Automation
Systems (9,904) (941) (20,303) (1,013)
------------------ ------------------
Total Segment
Operating Profit 11,591 37,007 10,194 36,201
Corporate and Other (5,667) (6,241) (12,693) (13,364)
Special Charges (947) - (1,945) (4,688)
------------------ ------------------
Operating Profit (Loss) $4,977 $30,766 $(4,444) $18,149
================== ==================
UNOVA, INC.
CONSOLIDATED BALANCE SHEETS (Preliminary)
(amounts in thousands)
June 30, December 31,
2003 2002
----------- -----------
Assets
Current Assets
Cash and cash equivalents $202,981 $178,269
Accounts receivable, net 296,443 341,171
Inventories, net
of progress billings 140,286 138,468
Deferred tax assets 71,098 78,612
Other current assets 11,805 9,247
----------- -----------
Total Current Assets 722,613 745,767
Property, Plant and Equipment, Net 118,109 126,936
Goodwill and Other Intangibles, Net 75,437 75,345
Deferred Tax Assets 112,947 103,559
Other Assets 63,363 73,174
----------- -----------
Total Assets $1,092,469 $1,124,781
=========== ===========
Liabilities and Shareholders' Investment
Current Liabilities
Accounts payable and
accrued expenses $286,847 $286,715
Payroll and related expenses 57,218 72,211
----------- -----------
Total Current Liabilities 344,065 358,926
Long-term Obligations 208,500 224,700
Other Long-term Liabilities 125,877 123,257
Shareholders' Investment
Common stock 593 586
Additional paid-in capital 677,826 674,715
Retained deficit (253,982) (238,299)
Accumulated other comprehensive loss (10,410) (19,104)
----------- -----------
Total Shareholders' Investment 414,027 417,898
----------- -----------
Total Liabilities and
Shareholders' Investment $1,092,469 $1,124,781
=========== ===========
UNOVA, INC.
CONSOLIDATED STATEMENT OF CASH FLOWS (Preliminary)
Six Months Ended June 30, 2003
(amounts in thousands)
Cash and Cash Equivalents
at Beginning of Period $178,269
---------
Cash Flows from Operating Activities:
Net loss (15,683)
Adjustments to reconcile net
loss to net cash provided
by operating activities:
Depreciation and amortization 14,138
Changes in working capital
and other operating activities 42,493
---------
Net Cash Provided by Operating Activities 40,948
---------
Cash Flows from Investing Activities:
Capital expenditures (7,814)
Other investing activities 5,350
---------
Net Cash Used in Investing Activities (2,464)
---------
Cash Flows from Financing Activities:
Repayment of long-term obligations (16,200)
Other financing activities 2,428
---------
Net Cash Used in Financing Activities (13,772)
---------
Resulting Increase in Cash
and Cash Equivalents 24,712
---------
Cash and Cash Equivalents
at End of Period $202,981
=========
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