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HISTORICAL AND PRO FORMA FINANCIAL DATA
(IN THOUSANDS, EXCEPT PER SHARE DATA)
FISCAL YEAR ENDED
FISCAL YEARS ENDED MARCH 31, MARCH 31, 1999
--------------------------------------------- ----------------------
1995 1996 1997 1998 ACTUAL PRO FORMA
----------- ----------- ------- ------- -------- -----------
(UNAUDITED) (UNAUDITED)
COMBINED STATEMENT OF OPERATIONS DATA:
Revenues:
Product revenue............................ $ -- $ -- $16,543 $45,804 $ 93,702 $ 93,702
Service fee revenue........................ 65 111 1,034 3,539 7,547 7,547
------- ------- ------- ------- -------- --------
Total revenues........................... 65 111 17,577 49,343 101,249 101,249
------- ------- ------- ------- -------- --------
Costs of revenues:
Cost of product revenue.................... -- -- 15,768 43,392 88,335 88,335
Cost of service fee revenue................ 65 67 596 2,208 5,323 5,323
------- ------- ------- ------- -------- --------
Total costs of revenues.................. 65 67 16,364 45,600 93,658 93,658
------- ------- ------- ------- -------- --------
Gross profit................................. -- 44 1,213 3,743 7,591 7,591
Percent of revenues.......................... --% 39.6% 6.9% 7.6% 7.5% 7.5%
Selling, general and administrative
expenses................................... -- -- 1,074 3,705 6,711 6,711
------- ------- ------- ------- -------- --------
Income from operations....................... -- 44 139 38 880 880
Percent of revenues.......................... -- 39.6% 0.8% 0.1% 0.9% 0.9%
Interest (income) expense, net............... 41 53 77 143 374 (665)
------- ------- ------- ------- -------- --------
Income (loss) before income taxes............ (41) (9) 62 (105) 506 1,545
Provision (benefit) for income taxes......... (16) (2) 38 (30) 214 619
------- ------- ------- ------- -------- --------
Net income (loss)............................ $ (25) $ (7) $ 24 $ (75) $ 292 $ 926
======= ======= ======= ======= ======== ========
PER SHARE DATA:
Net income (loss) per share:
Basic and diluted(a)....................... $ (0.00) $ (0.00) $ 0.00 $(0.01) $ 0.02 $ 0.05
======= ======= ======= ======= ======== ========
Weighted average number of shares outstanding:
Basic and diluted(a)....................... 14,305 14,305 14,305 14,305 14,305 17,405
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(a) On an historical basis, reported basic and diluted net income per share was
determined based on net income divided by the 14,305,000 shares outstanding
prior to this offering. For purposes of the net income per share
calculation, the shares outstanding prior to this offering are treated as
outstanding for all historical periods presented. Basic and diluted pro
forma net income per share are calculated based on common stock outstanding
of 17,405,000 shares upon completion of this offering. It does not include
up to 465,000 shares of common stock which the underwriters have the option
to exercise solely to cover over-allotments. If the underwriters exercise
their over-allotment option in full, basic and diluted pro forma net income
per share would be $0.05 for the fiscal year ended March 31, 1999 and basic
and diluted pro forma net loss per share would be ($0.01) for the six
months ended September 30, 1999. There were no potentially dilutive
securities outstanding during the periods presented.
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