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RIDE, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands)
Dec 31 Jun 30 Dec 31
1998 1998 1997
ASSETS
Current assets:
Cash and cash equivalents $884 $165 $1,332
Accounts receivable, net 17,704 4,487 12,588
Inventories 6,319 9,752 6,564
Prepaid expenses and other current 751 887 728
Income taxes receivable 153 1,571 1,569
Deferred tax asset 0 0 385
Total current assets 25,811 16,862 23,166
Furniture and equipment, net 4,992 5,792 5,670
Long term notes, net of discount 3,110 1,400 1,600
Goodwill, net 8,631 9,205 9,358
Other assets 1,146 1,345 1,201
Total assets $43,690 $34,604 $40,995
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts Payable & Accrued $6,618 $8,829 $5,963
Notes payable 14,568 5,544 1,995
Total current liabilities 21,186 14,373 7,958
Deferred taxes 0 0 385
Noncurrent liabilities 924 979 1,582
Shareholders' equity:
Preferred Stock 2,690 2,832 3,341
Common Stock 43,465 43,257 42,393
Retained earnings (24,356) (26,674) (14,539)
Translation loss (219) (163) (125)
Total shareholders' equity 21,580 19,252 31,070
Total liabilities and shareholders' equity $43,690 $34,604 $40,995
RIDE INC.
Financial Highlights
(in thousands, except per share data)
RESULTS OF OPERATIONS:
Quarter Ended Quarter Ended
December 31, December 31,
1998 1997 1998 1997
Percentages
Net Sales $16,117 $10,701
Cost of Goods Sold 11,624 8,699
Gross Profit 4,493 2,002 27.9% 18.7%
Selling, general
and administrative expenses 4,024 13,901 25.0% 129.9%
Operating income (loss) 469 (11,899) 2.9% -111.2%
Sale of Subsidiary 680 --
Interest income (expense), net (269) (153)
Income (loss), before taxes 880 (12,052) 5.5% -112.6%
Income tax expense (benefit) -- 868
Net income (loss) $880 $(12,920) 5.5% -120.7%
Per share:
Basic $0.07 $(1.17)
Diluted $0.05 $(1.17)
Weighted average common
shares outstanding
Basic 12,779 11,128
Diluted 17,685 11,128
RIDE INC.
Financial Highlights
(in thousands, except per share data)
RESULTS OF OPERATIONS:
Six Months Ended Six Months Ended
December 31, December 31,
1998 1997 1998 1997
Percentages
Net Sales $34,499 $28,916
Cost of Goods Sold 24,023 21,089
Gross Profit 10,476 7,827 30.4% 27.1%
Selling, general and
administrative expenses 8,278 18,486 24.0% 63.9%
Operating income (loss) 2,198 (10,659) 6.4% -36.9%
Sale of Subsidiary 680 --
Interest income (expense), net (486) (291)
Income (loss), before taxes 2,392 (10,950) 6.9% -37.9%
Income tax expense (benefit) -- 1,309
Net income (loss) $2,392 $(12,259) 6.9% -42.4%
Per share:
Basic $0.18 $(1.10)
Diluted $0.14 $(1.10)
Weighted average common shares
outstanding
Basic 12,699 11,128
Diluted 16,606 11,128
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