LECROY CORP

CIK:0000943580|SEC Filings

Comprehensive Income

9 Months Ended

Mar. 31, 2012

6. Comprehensive Income

Comprehensive income consists of the following (in thousands):


	Quarter Ended				Three Quarters Ended
	March 31, 2012		April 2, 2011		March 31, 2012			April 2, 2011
Net income (loss)	$	1,305	$	494	$	11,399		$	(470	)
Foreign currency translation gain (loss)		717		378		(1,328	)		2,561

Comprehensive income	$	2,022	$	872	$	10,071		$	2,091

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) In Thousands, unless otherwise specified	9 Months Ended
	Mar. 31, 2012	Apr. 02, 2011
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ 11,399	$ (470)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	5,484	4,129
Share-based compensation	1,417	14,829
Amortization of debt issuance costs	232	398
Amortization of debt discount on convertible notes	552	1,513
Deferred income taxes	2,591	(792)
Write-off of debt issuance costs	153
Loss on extinguishment of convertible notes, net of issue cost write-off		532
Loss (gain) on disposal of property, plant and equipment	11	(116)
Gross profit on non-cash sale	(226)
Change in operating assets and liabilities:
Accounts receivable	(2,391)	(57)
Inventories	(321)	(17,175)
Other current and non-current assets	(178)	(1,704)
Accounts payable, accrued expenses and other liabilities	(648)	5,974
Net cash provided by operating activities	18,075	7,061
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property, plant and equipment	(4,477)	(4,074)
Purchase of business	(650)
Net cash used in investing activities	(5,127)	(4,074)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings under credit line	37,324	3,500
Redemption of convertible notes	(29,650)
Repurchase of convertible notes		(10,175)
Payments made on capital leases	(195)	(190)
Payment of debt issuance costs	(419)	(710)
Proceeds from stock issuance, net of underwriters' discount		22,699
Repayment of borrowings under credit line	(20,024)	(20,500)
Proceeds from employee stock purchase and option plans	942	2,020
Net cash used in financing activities	(12,022)	(3,356)
Effect of exchange rate changes on cash and cash equivalents	(322)	435
Net increase in cash and cash equivalents	604	66
Cash and cash equivalents at beginning of the period	5,488	7,822
Cash and cash equivalents at end of the period	6,092	7,888
Cash paid during the period for:
Interest	900	1,217
Income taxes, net of refunds	836	355
Non-cash transactions:
Transfer of inventory into property, plant and equipment	1,516	2,429
Debt issue costs, unpaid	20
Common stock issued for acquisition of business	500
Stock options exercised by employee but unpaid		21
Property, plant and equipment acquired under capital lease		794
Receipt of property, plant and equipment in exchange for test and measurement product	$ 315

CONSOLIDATED BALANCE SHEETS (USD $) In Thousands, unless otherwise specified	Mar. 31, 2012	Jul. 02, 2011
Current assets:
Cash and cash equivalents	$ 6,092	$ 5,488
Accounts receivable, net of reserves of $771 and $487 respectively	32,772	31,562
Inventories, net	46,914	48,248
Other current assets	11,962	13,329
Total current assets	97,740	98,627
Property, plant and equipment, net	27,392	26,334
Intangible assets, net	1,567	499
Other non-current assets	3,733	4,733
Total assets	130,432	130,193
Current liabilities:
Accounts payable	16,071	17,896
Accrued expenses and other current liabilities	24,547	24,728
Bank debt	17,300
Convertible notes, net of unamortized discount of $0 and $553, respectively		29,097
Total current liabilities	57,918	71,721
Deferred revenue and other non-current liabilities	4,751	3,968
Total liabilities	62,669	75,689
Commitments and contingencies
Stockholders' equity:
Preferred stock, $.01 par value (authorized 5,000,000 shares; none issued and outstanding as of March 31, 2012 and July 2, 2011)
Common stock, $.01 par value (authorized 45,000,000 shares; 16,739,438 shares issued and outstanding at March 31, 2012 and 16,443,542 shares issued and outstanding at July 2, 2011)	167	164
Additional paid-in capital	156,356	153,171
Accumulated other comprehensive income	4,460	5,788
Accumulated deficit	(93,220)	(104,619)
Total stockholders' equity	67,763	54,504
Total liabilities and stockholders' equity	$ 130,432	$ 130,193