FSI INTERNATIONAL INC

CIK:0000841692|SEC Filings

Condensed Consolidated Statements of Operations (Unaudited) (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended		9 Months Ended
	May 26, 2012	May 28, 2011	May 26, 2012	May 28, 2011
Condensed Consolidated Statements of Operations [Abstract]
Sales	$ 50,757	$ 25,598	$ 102,496	$ 67,231
Cost of sales	30,011	13,731	63,702	37,144
Gross margin	20,746	11,867	38,794	30,087
Selling, general and administrative expenses	5,745	4,675	16,424	14,303
Research and development expenses	4,303	3,155	11,331	9,327
Operating income	10,698	4,037	11,039	6,457
Interest income	22	25	50	79
Impairment of investment	(677)	0	(677)	0
Other income (expense), net	32	55	295	(8)
Income before income taxes	10,075	4,117	10,707	6,528
Income tax expense	44	6	17	(1)
Net income	$ 10,031	$ 4,111	$ 10,690	$ 6,529
Net income per common share:
Basic	$ 0.26	$ 0.11	$ 0.27	$ 0.17
Diluted	$ 0.25	$ 0.10	$ 0.27	$ 0.17
Weighted average common shares - basic	39,186	38,714	39,012	38,631
Weighted average common shares - diluted	39,916	39,248	39,504	39,079

Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) In Thousands, unless otherwise specified	9 Months Ended
	May 26, 2012	May 28, 2011
OPERATING ACTIVITIES:
Net income	$ 10,690	$ 6,529
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Stock compensation expense	1,195	677
Depreciation	1,937	1,582
Impairment of investment	677	0
(Gain) loss on disposition of fixed assets	(231)	16
Changes in operating assets and liabilities:
Restricted cash	(317)	0
Trade accounts receivable	847	1,186
Inventories	9,531	(19,522)
Prepaid expenses and other assets	(286)	(934)
Trade accounts payable	777	1,847
Accrued expenses	2,969	(1,169)
Customer deposits	611	342
Deferred profit	2,403	1,404
Net cash provided by (used in) operating activities	30,803	(8,042)
INVESTING ACTIVITIES:
Capital expenditures	(3,375)	(2,012)
Proceeds from sales of fixed assets	231	0
Sales of marketable securities	0	1,705
Net cash used in investing activities	(3,144)	(307)
FINANCING ACTIVITIES:
Net proceeds from issuance of common stock	620	436
Net cash provided by financing activities	620	436
Effect of exchange rate changes on cash and cash equivalents	(198)	788
Increase (decrease) in cash and cash equivalents	28,081	(7,125)
Cash and cash equivalents at beginning of period	20,478	34,365
Cash and cash equivalents at end of period	$ 48,559	$ 27,240

Condensed Consolidated Balance Sheets (Unaudited) (USD $) In Thousands, unless otherwise specified	May 26, 2012	Aug. 27, 2011
Current assets:
Cash and cash equivalents	$ 48,559	$ 20,478
Restricted cash	532	215
Trade accounts receivable, net of allowance for doubtful accounts of $112	22,349	23,196
Inventories	37,081	48,630
Other receivables	2,729	2,627
Prepaid expenses and other current assets	2,011	1,614
Total current assets	113,261	96,760
Property, plant and equipment, at cost	76,584	74,382
Less accumulated depreciation	(59,600)	(59,577)
Property, plant and equipment, net	16,984	14,805
Long-term securities	1,907	1,907
Investment	0	677
Other assets	1,603	1,677
Total assets	133,755	115,826
Current liabilities:
Trade accounts payable	10,727	11,226
Accrued expenses	10,733	7,473
Customer deposits	611	0
Deferred profit	5,400	2,997
Total current liabilities	27,471	21,696
Long-term accrued expenses	310	392
Stockholders' equity:
Preferred stock, value
Common stock, no par value; 50,000 shares authorized; issued and outstanding, 39,194 and 38,861 shares, at May 26, 2012 and August 27, 2011, respectively	246,111	245,491
Accumulated deficit	(146,336)	(157,026)
Accumulated other comprehensive (loss) income	(98)	100
Other stockholders' equity	6,297	5,173
Total stockholders' equity	105,974	93,738
Total liabilities and stockholders' equity	133,755	115,826
Series A Junior Participating Preferred Stock
Stockholders' equity:
Preferred stock, value