FVC.COM
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data; unaudited)
Three months ended Nine months ended
September 30, September 30,
1998 1997 1998 1997
Revenues $12,022 $4,980 $32,055 $11,123
Cost of revenues 6,042 3,002 16,847 6,477
Gross profit 5,980 1,978 15,208 4,646
Operating expenses:
Research and development, 2,791 1,544 6,668 3,749
Selling, general and
administrative 3,179 2,030 8,520 4,978
Acquired in-process
research and development 6,204 -- 6,204 --
Total operating expenses 12,174 3,574 21,392 8,727
Operating loss (6,194) (1,596) (6,184) (4,081)
Other income (expense), net 200 (96) (181) (147)
Net loss $(5,994) $(1,692) $(6,365) $(4,228)
Basic net loss per share $(0.39) $(0.53) $(0.63) $(1.45)
Diluted net loss per share $(0.39) $(0.53) $(0.63) $(1.45)
Shares used in basic net
loss per share calculation 15,355 3,163 10,120 2,908
Shares used in diluted net loss
per share calculation 15,355 3,163 10,120 2,908
FVC.COM
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)
September 30, December 31,
1998 1997
(unaudited)
ASSETS
Current assets:
Cash and cash equivalents $29,457 $2,500
Accounts receivable, net 7,135 2,469
Inventory 3,740 4,178
Prepaid expenses and other current assets 1,652 627
Total current assets 41,984 9,774
Property and equipment, net 2,129 1,043
Other assets 2,109 287
$46,222 $11,104
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Borrowings under short-term credit facilities $-- $1,306
Notes payable 1,300 --
Current portion of long-term debt 128 848
Accounts payable 2,961 4,141
Accrued liabilities 1,806 1,326
Deferred revenue 153 262
Total current liabilities 6,348 7,883
Long-term debt, net of current portion 294 1,312
Stockholders' equity:
Convertible Preferred Stock, $.001 par value;
5,000,000 and 10,000,000 shares authorized,
respectively; 0 and 8,040,153 shares issued
and outstanding, respectively -- 8
Common Stock, $.001 par value; 35,000,000 and
30,000,000 shares authorized, respectively;
16,308,952 and 4,824,684 shares issued and
outstanding, respectively 16 5
Additional paid-in capital 61,032 17,267
Notes receivable from stockholders (569) (837)
Accumulated deficit (20,899) (14,534)
Total stockholders' equity 39,580 1,909
$46,222 $11,104
For more information regarding FVC.COM via fax at no additional cost,
simply dial 1-800-PRO-INFO, ticker symbol FVCX.
SOURCE FVC.COM
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