Innovex, Inc. Consolidated Financial Statements for Fiscal Year Ended October 3, 2009

Summary

This document presents the unaudited consolidated financial statements of Innovex, Inc. for the fiscal year ended October 3, 2009. It includes the statements of operations, balance sheets, and cash flows, detailing the company's financial performance, assets, liabilities, and cash movements. The statements show significant net losses, declining sales, and reduced cash reserves compared to the previous year. These financial disclosures are intended for shareholders, regulators, and potential investors to provide a transparent overview of the company's financial condition and results of operations.

EX-10.2 3 a6133575ex10_2.htm EXHIBIT 10.2

Exhibit 10.2

INNOVEX, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(In thousands)

	Three Months Ended
	October 3, 2009		September 27, 2008

Net sales	$6,352		$20,796
Costs and expenses:
Cost of sales	8,710		23,537
Selling, general and administrative	1,493		2,316
Engineering	209		554
Asset impairment and restructuring charges	-		388
Net interest expense	2,082		852
Net FX (gain) loss	1,218		(339	)
Net other (income) expense	39		(64	)
Income (loss) before income taxes	(7,399	)	(6,448	)

Provision for income taxes	2		17
Net income (loss)	($7,401	)	($6,465	)

Net income (loss) per share:
Basic	($0.38	)	($0.33	)
Diluted	($0.38	)	($0.33	)

Weighted average shares outstanding:
Basic shares	19,443		19,411
Diluted shares	19,443		19,411

	Twelve Months Ended
	October 3, 2009		September 27, 2008

Net sales	$39,559		$71,039
Costs and expenses:
Cost of sales	50,615		80,113
Selling, general and administrative	6,779		9,136
Royalty expense to equity investee	-		128
Engineering	1,462		2,472
Asset impairment and restructuring charges	1,312		3,827
Net (gain) loss on sale of assets	-		(125	)
Net interest expense	4,979		3,054
Net FX (gain) loss	1,540		556
Net other (income) expense	116		(138	)
Income (loss) before income taxes	(27,244	)	(27,984	)

Provision for income taxes	2		17
Net income (loss)	($27,246	)	($28,001	)

Net income (loss) per share:
Basic	($1.40	)	($1.44	)
Diluted	($1.40	)	($1.44	)

Weighted average shares outstanding:
Basic shares	19,440		19,409
Diluted shares	19,440		19,409

INNOVEX, INC.
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(In thousands)
	October 3,		September 27,
Assets	2009		2008
Cash and short-term investments	$918		$6,532
Accounts receivable, net	767		14,345
Inventory	2,286		9,999
Other current assets	1,465		1,876
Total current assets	5,436		32,752
Property, plant and equipment, net	29,246		34,438
Assets held for sale	0		1,927
Intangible & other assets, net	30		40
Total assets	$34,712		$69,157


Liabilities and Stockholders' Equity (Deficit)
Current maturities of long-term debt	$7,143		$3,538
Line of credit	34,942		32,665
Accounts payable	13,064		23,306
Other current liabilities	6,019		4,479
Total current liabilities	61,168		63,988
Long-term debt	14,459		18,970
Stockholders' equity (deficit)	(40,915	)	(13,801	)
Total liabilities and stockholders' equity (deficit)	$34,712		$69,157

INNOVEX, INC.
CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)
(In thousands)
	Twelve months ended
	October 3, 2009		September 27, 2008
Cash Flows From Operating Activities:
Net income (loss)	($27,246	)	($28,001	)
Adjustments to reconcile net income (loss) to net
cash provided by operating activities:
Depreciation and amortization	7,559		7,729
Asset impairment charge	700		-
Stock option expense	133		269
Other non-cash items	2		(71	)
Changes in operating assets and liabilities:
Accounts receivable	13,578		(603	)
Inventories	7,713		1,056
Other current assets	411		584
Other long term assets	10		727
Accounts payable	(10,243	)	8,441
Other current liabilities	1,541		944
Net cash used in operating activities	(5,842	)	(8,925	)

Cash Flows From Investing Activities:
Capital expenditures	(1,143	)	(3,267	)
Proceeds from sale of assets	-		126
Net cash used in investing activities	(1,143	)	(3,141	)

Cash Flows From Financing Activities:
Payments on long-term debt	(1,168	)	(6,035	)
Issuance of long-term debt	-		1,508
Effect of currency translation on long-term debt	262		437
Net line of credit activity	2,277		12,231
Proceeds from exercise of stock options	-		3
Net cash provided by (used in) financing activities	1,371		8,144
Increase (decrease) in cash and equivalents	(5,614	)	(3,922	)
Cash and equivalents at beginning of period	6,532		10,454
Cash and equivalents at end of period	$918		$6,532