DDI CORP

CIK:0001104252|SEC Filings

Condensed Consolidated Statements Of Income And Comprehensive Income (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011
Condensed Consolidated Statements Of Income And Comprehensive Income [Abstract]
Net sales	$ 68,913	$ 66,459
Cost of goods sold	53,579	52,307
Gross profit	15,334	14,152
Operating expenses:
Sales and marketing	4,457	4,638
General and administrative	4,025	3,959
Amortization of intangible assets		190
Restructuring and other related charges	68
Total operating expenses	8,550	8,787
Operating income	6,784	5,365
Non-operating (income) expense:
Interest expense	200	387
Interest income	(4)	(5)
Other expense (income), net	213	(86)
Income before income tax expense	6,375	5,069
Income tax expense	46	64
Net income	6,329	5,005
Net income per share:
Basic	$ 0.31	$ 0.25
Diluted	$ 0.30	$ 0.24
Dividends paid per share	$ 0.12	$ 0.10
Weighted-average shares used in per share computations:
Basic	20,499	20,226
Diluted	21,242	21,190
Comprehensive income:
Net income	6,329	5,005
Foreign currency translation adjustments	523	433
Comprehensive income	$ 6,852	$ 5,438

Condensed Consolidated Statements Of Cash Flows (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 6,329	$ 5,005
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	2,502	2,139
Amortization of intangible assets		190
Amortization of debt issuance costs	60	61
Amortization of deferred lease liability		(110)
Stock-based compensation	235	269
Other	7	(37)
Changes in operating assets and liabilities:
Accounts receivable	(3,112)	(2,752)
Inventories	(1,286)	(2,699)
Prepaid expenses and other assets	(204)	(818)
Accounts payable	(113)	(544)
Accrued expenses and other liabilities	(308)	(2,224)
Income taxes payable	15	(77)
Net cash provided by (used in) operating activities	4,125	(1,597)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment	(9,350)	(2,359)
Net cash used in investing activities	(9,350)	(2,359)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of long-term debt	5,625
Principal payments on long-term debt	(380)	(507)
Proceeds from exercise of stock options	410	308
Cash dividend payments to common shareholders	(2,465)	(2,028)
Net cash provided by (used in) financing activities	3,190	(2,227)
Effect of exchange rate changes on cash and cash equivalents	31	(118)
Net decrease in cash and cash equivalents	(2,004)	(6,301)
Cash and cash equivalents, beginning of period	31,181	28,347
Cash and cash equivalents, end of period	$ 29,177	$ 22,046

Condensed Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified	Mar. 31, 2012	Dec. 31, 2011
ASSETS
Cash and cash equivalents	$ 29,177	$ 31,181
Accounts receivable, net of allowance for bad debts of $509 and $511 as of March 31, 2012 and December 31, 2011, respectively	43,122	39,747
Inventories, net	25,029	23,611
Prepaid expenses and other assets	2,294	2,054
Total current assets	99,622	96,593
Property, plant and equipment, net	54,114	46,904
Goodwill	3,664	3,664
Other assets	749	808
Total assets	158,149	147,969
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable	21,738	21,739
Accrued expenses and other current liabilities	12,157	14,889
Current portion of long-term debt	1,271	1,076
Income taxes payable	272	233
Total current liabilities	35,438	37,937
Long-term debt	13,785	8,589
Other long-term liabilities	559	568
Total liabilities	49,782	47,094
Commitments and contingencies (Note 14)
Stockholders' equity:
Common stock - $0.001 par value, 190,000 shares authorized, 23,475 shares issued and 20,528 shares outstanding at March 31, 2012 and 23,406 shares issued and 20,459 shares outstanding at December 31, 2011	23	23
Additional paid-in-capital	236,756	236,116
Treasury stock, at cost - 2,947 shares held in treasury at March 31, 2012 and December 31, 2011, respectively	(16,323)	(16,323)
Accumulated other comprehensive income	1,049	526
Accumulated deficit	(113,138)	(119,467)
Total stockholders' equity	108,367	100,875
Total liabilities and stockholders' equity	$ 158,149	$ 147,969