Summit Technology, Inc. Unaudited Pro Forma Condensed Consolidated Financial Statements (1999)

Summary

This document presents unaudited pro forma condensed consolidated balance sheets and statements of operations for Summit Technology, Inc. and its subsidiaries as of December 31, 1999. It details the company's assets, liabilities, stockholders' equity, revenues, expenses, and net loss for the year. The statements are intended to provide a financial overview for stakeholders, reflecting the company's financial position and performance, including discontinued operations, but do not represent a binding agreement between parties.

EX-2.1 2 ex2-1.txt SUMMIT AUTONOOUS, INC. 1 SUMMIT TECHNOLOGY, INC. AND SUBSIDIARIES UNAUDITED PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEETS (IN THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS) DECEMBER 31, 1999 - -------------------------------------------------------------------------------- ASSETS Current assets: Cash and cash equivalents $ 69,303 Short-term investments 5,730 Receivables, net of allowances 18,391 Inventories 20,869 Other current assets 3,204 - -------------------------------------------------------------------------------- Total current assets 117,497 Long-term investments 30,948 Property and equipment, net 19,122 Patents and other intangibles, net 8,502 Purchased technologies, net 26,851 Goodwill, net 53,859 Other assets 5,139 Net assets of discontinued operations (Note 4) 470 - -------------------------------------------------------------------------------- TOTAL ASSETS $262,388 - -------------------------------------------------------------------------------- LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 6,353 Accrued expenses 8,062 Current maturities of long-term debt 1,093 Deferred revenue 3,291 - -------------------------------------------------------------------------------- Total current liabilities 18,799 Deferred revenue - noncurrent 677 Deferred tax liabilities - noncurrent 4,786 Long-term debt, less current maturities 1,958 - -------------------------------------------------------------------------------- Total liabilities $ 26,220 - -------------------------------------------------------------------------------- Commitments and contingencies Stockholders' equity: Preferred stock, $.01 par value. Authorized 5,000,000 shares; none issued -- Common stock, $.01 par value. Authorized 100,000,000 shares; issued 46,992,169 shares in 1999; outstanding 46,827,454 shares in 1999 470 Additional paid-in capital 271,414 Accumulated deficit (43,244) Accumulated other comprehensive income 8,336 Treasury stock, at cost, 164,715 shares (808) - -------------------------------------------------------------------------------- Total stockholders' equity 236,168 - -------------------------------------------------------------------------------- TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $262,388 - -------------------------------------------------------------------------------- 2 SUMMIT TECHNOLOGY, INC. AND SUBSIDIARIES Unaudited Pro forma Condensed Consolidated Statement of Operations (IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) TWELVE MONTHS ENDED DECEMBER 31, 1999 ------------------------------------------------------------------------------- Revenues: Systems $ 18,267 License fees, service and other 45,946 - -------------------------------------------------------------------------------- Total revenues 64,213 - -------------------------------------------------------------------------------- Cost of revenues: Systems 13,327 License fees, service and other 22,177 - -------------------------------------------------------------------------------- Total cost of revenues 35,504 - -------------------------------------------------------------------------------- Gross profit 28,709 - -------------------------------------------------------------------------------- Operating expenses: Selling, general and administrative 28,372 Research, development and regulatory 14,201 Acquired in-process research & development 19,800 - -------------------------------------------------------------------------------- Total operating expenses 62,373 - -------------------------------------------------------------------------------- Operating loss from continuing operations (33,664) Interest income 3,202 Interest expense (290) Other income (expense) 2,089 - -------------------------------------------------------------------------------- Loss from continuing operations (28,663) before provision for income taxes Provision for income taxes 375 - -------------------------------------------------------------------------------- Loss from continuing operations (29,038) Income from discontinued operations 6,013 - -------------------------------------------------------------------------------- Net loss $(23,025) - -------------------------------------------------------------------------------- Basic and diluted earnings (loss) per share: Loss per share from continuing operations $ (0.72) Income per share from discontinued operations 0.15 - -------------------------------------------------------------------------------- Net loss per share $ (0.57) - -------------------------------------------------------------------------------- Weighted average number of common shares: Basic 40,436 Effect of dilutive securities outstanding -- ------- Diluted 40,436 - --------------------------------------------------------------------------------