-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, BwFCqSXHSRb5YPpJoesCQIZFYbG4QX26/4MndOWiMSF+Ra69Bd+C4L4QrdqVhkQh 1PkaMG6O93nbNI7N4dIMhA== 0000950135-96-003443.txt : 19960813 0000950135-96-003443.hdr.sgml : 19960813 ACCESSION NUMBER: 0000950135-96-003443 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19960630 FILED AS OF DATE: 19960812 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: BROOKTROUT TECHNOLOGY INC CENTRAL INDEX KEY: 0000754516 STANDARD INDUSTRIAL CLASSIFICATION: TELEPHONE & TELEGRAPH APPARATUS [3661] IRS NUMBER: 042184792 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-20698 FILM NUMBER: 96607932 BUSINESS ADDRESS: STREET 1: 410 FIRST AVE CITY: NEEDHAM STATE: MA ZIP: 02194 BUSINESS PHONE: 6174494100 MAIL ADDRESS: STREET 2: 410 FIRST CITY: NEEDHAM STATE: MA ZIP: 02194 10-Q 1 BROOKTROUT TECHNOLOGY, INC. 1 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ---------------------- FORM 10-Q (Mark One) /X/ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES - --- EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 1996 / / TRANSACTION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES - --- EXCHANGE ACT OF 1934 For the transition period from _____ to _____ Commission File No. 0-20698 BROOKTROUT TECHNOLOGY, INC. ------------------------------------------------------ (Exact name of registrant as specified in its charter) Massachusetts 04-2814792 ------------- ---------- (State or other (I.R.S. employer jurisdiction of identification incorporation or number) organization) 410 First Avenue Needham, Massachusetts 02194 - ---------------------------------------- ---------- (Address of principal executive offices) (Zip code) Registrant's telephone number including area code: (617) 449-4100 Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No --- --- As of August 1, 1996, 9,820,865 shares of Common Stock, $.01 par value per share, were outstanding. Page 1 of 18 pages Exhibit Index Appears on Page 16 2 BROOKTROUT TECHNOLOGY, INC. FORM 10-Q FOR THE QUARTER ENDED JUNE 30, 1996 TABLE OF CONTENTS Page ---- PART I FINANCIAL INFORMATION Item 1. Condensed Consolidated Financial Statements Condensed Consolidated Balance Sheets as of June 30, 1996 and December 31, 1995 3 Condensed Consolidated Statements of Income for the Three Months Ended June 30, 1996 and June 30, 1995, and the Six Months ended June 30, 1996 and June 30, 1995 4 Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 1996 and June 30, 1995 5 Notes to Condensed Consolidated Financial Statements 6 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations Three Months Ended June 30, 1996 and 1995 9 Six Months Ended June 30, 1996 and 1995 10 Liquidity and Capital Resources 12 PART II OTHER INFORMATION Item 4. Submission of Matters to a Vote of Security Holders 13 Item 6. Exhibits 14 Signatures 15 Exhibit Index 16 3 BROOKTROUT TECHNOLOGY, INC. Condensed Consolidated Balance Sheets (In thousands, except share data)
June 30, December 31, 1996 1995 -------- ------------ ASSETS Current assets: Cash and equivalents .......................................... $16,683 $14,230 Marketable securities ......................................... 7,262 7,924 Accounts receivable (less allowance for doubtful accounts of $483 in 1996 and $449 in 1995) .................. 6,116 6,097 Inventory ..................................................... 5,836 3,878 Deferred tax assets ........................................... 628 454 Prepaid expenses .............................................. 361 366 ------- ------- TOTAL CURRENT ASSETS ........................................ 36,886 32,949 ------- ------- Equipment and furniture: Computer equipment ............................................ 2,010 1,346 Furniture and office equipment ................................ 2,020 539 ------- ------- Total ....................................................... 4,030 1,885 Less accumulated depreciation and amortization .............. (1,059) (852) ------- ------- EQUIPMENT AND FURNITURE - NET ............................... 2,971 1,033 Investment and other assets ..................................... 596 599 ------- ------- TOTAL ................................................... $40,453 $34,581 ======= ======= LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Line of credit ................................................ $ 50 Current portion of long-term debt ............................. 6 Accounts payable .............................................. $ 9,364 5,110 Customer deposits ............................................. 549 376 Accrued warranty costs ........................................ 353 336 Accrued compensation and commission ........................... 1,500 1,185 Accrued income taxes .......................................... 197 1,063 ------- ------- TOTAL CURRENT LIABILITIES ................................... 11,963 8,126 ------- ------- Deferred rent ................................................... 109 10 Stockholders' equity: Common stock, $.01 par value; authorized, 25,000,000 shares; issued and outstanding 9,819,965 shares in 1996 and 9,683,116 in 1995 .................................. 98 97 Additional paid-in capital .................................... 17,030 16,884 Unrealized gains (losses) on marketable securities ............ (10) 49 Retained earnings ............................................. 11,263 9,415 ------- ------- STOCKHOLDERS' EQUITY .......................................... 28,381 26,445 ------- ------- TOTAL ......................................................... $40,453 $34,581 ======= =======
See notes to condensed consolidated financial statements. 3 4 BROOKTROUT TECHNOLOGY, INC. Condensed Consolidated Statements of Income (In thousands, except per share data)
Three Months Ended Six Months Ended June 30, June 30, ---------------------- ----------------------- 1996 1995 1996 1995 ------- ------ ------- ------- REVENUE .................................................. $13,445 $8,963 $24,745 $16,130 Cost and expenses: Cost of product sold ................................... 5,708 4,258 10,805 7,752 Research and development ............................... 1,692 1,150 3,248 2,150 Selling, general and administrative .................... 3,254 2,139 6,238 3,946 Acquisition related charges ............................ 1,236 0 1,236 0 ------- ------ ------- ------- Total cost and expenses ............................ 11,890 7,547 21,527 13,848 ------- ------ ------- ------- INCOME FROM OPERATIONS ................................... 1,555 1,416 3,218 2,282 Interest income, net ..................................... 246 204 509 419 ------- ------ ------- ------- Income before income tax provision ....................... 1,801 1,620 3,727 2,701 Income tax provision ..................................... 1,107 653 1,867 1,102 ------- ------ ------- ------- NET INCOME ............................................... $ 694 $ 967 $ 1,860 $ 1,599 ======= ====== ======= ======= NET INCOME PER COMMON AND COMMON EQUIVALENT SHARE ........ $ 0.07 $ 0.10 $ 0.18 $ 0.16 ======= ====== ======= ======= Weighted average number of common and common equivalent shares outstanding ................... 10,362 9,984 10,458 9,927 ======= ====== ======= =======
See notes to condensed consolidated financial statements. 4 5 BROOKTROUT TECHNOLOGY, INC. Condensed Consolidated Statements of Cash Flows (In thousands)
Six Months Ended June 30, ------------------ 1996 1995 ------- ------- CASH FLOWS FROM OPERATING ACTIVITIES: Net income .......................................... $ 1,860 $ 1,599 Adjustments to reconcile net income to cash provided by operating activities: Depreciation and amortization .................. 214 311 Amortization of net premium on marketable securities ......................... 18 16 Deferred income taxes .......................... (174) (30) Increase (decrease) in cash from: Accounts receivable ....................... 19 (1,640) Inventory.................................. (1,958) (1,435) Other prepaid expenses..................... 5 44 Accounts payable and accrued expenses ..... 3,906 1,346 ------- ------- Cash provided by operating activities ................. 3,890 211 ------- ------- CASH FLOWS FROM INVESTING ACTIVITIES: Expenditures for equipment and furniture ............ (2,145) (308) Purchases of marketable securities .................. (1,801) (4,719) Maturities and sales of marketable securities ....... 2,386 6,854 ------- ------- Cash provided by (used in) investing activities ................. (1,560) 1,827 ------- ------- CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from the sale of common stock .............. 141 56 Distributions to stockholders ....................... (12) (2) Repayment of long-term debt ......................... (6) (12) ------- ------- Cash provided by financing activities ................. 123 42 ------- ------- INCREASE IN CASH AND EQUIVALENTS ......................... 2,453 2,080 CASH AND EQUIVALENTS, BEGINNING OF PERIOD ................ 14,230 10,435 ------- ------- CASH AND EQUIVALENTS, END OF PERIOD ...................... $16,683 $12,515 ======= =======
See notes to condensed consolidated financial statements. 5 6 BROOKTROUT TECHNOLOGY, INC. Notes to Condensed Consolidated Financial Statements - Unaudited 1. Basis of presentation On May 29, 1996, Brooktrout Technology, Inc. (the "Company") acquired Technically Speaking, Inc. ("TSI") which was accounted for as a pooling-of-interests. All financial data of the Company, including the Company's previously issued financial statements for the periods presented in this Form 10-Q, have been restated to include the historical financial information of TSI in accordance with generally accepted accounting principles and pursuant to Regulation S-X. The accompanying unaudited condensed consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission regarding interim financial reporting. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles and should be read in conjunction with the audited consolidated financial statements incorporated by reference in the Company's 1995 Annual Report on Form 10K and 10K/A. In the opinion of management, the accompanying unaudited condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements and include all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the interim periods presented. The operating results for the interim periods presented are not necessarily indicative of the results which could be expected for the full year. 2. Net income per share Net income per common and per common equivalent share are computed using the weighted average number of common and dilutive common equivalent shares outstanding during the period. Dilutive common equivalent shares represent shares issuable upon exercise of stock options, calculated using the treasury stock method. Weighted average shares outstanding and per share amounts have been restated to reflect three-for-two stock splits on February 27, 1996 and June 20, 1996. 6 7 3. Inventory Inventory is carried at the lower of cost (first-in, first-out basis) or market and consisted of the following:
June 30, December 31, -------- ------------ 1996 1995 ---- ---- Raw materials $4,597,000 $2,979,000 Work in process 567,000 605,000 Finished goods 672,000 294,000 ---------- ---------- Total $5,836,000 $3,878,000 ========== ==========
4. Major Customers One customer accounted for approximately 28% and 45% of net revenue for the three months ended June 30, 1996 and 1995, respectively, and 27% and 46% for the six months ended June 30, 1996 and 1995, respectively. 5. Marketable Securities Marketable securities consist mainly of U.S. government securities purchased with remaining maturities in excess of three months. The amortized cost of these securities at June 30, 1996 was $7,272,000. Net unrealized holding losses of $10,000 were comprised of unrealized gains of $10,000 and unrealized losses of $20,000 at June 30, 1996. 6. Income Taxes The provision for income taxes, computed using the estimated effective rate for the year adjusted for significant permanent or other differences occurring within a quarter, is approximately as follows:
Quarter Ended Six Months June 30, Ended June 30, ------------- -------------- 1996 1995 1996 1995 ---- ---- ---- ---- Federal $ 613,000 $500,000 $1,257,000 $ 841,000 State 107,000 153,000 223,000 261,000 Non-deductible portion of merger costs 386,000 386,000 Other 1,000 1,000 ---------- -------- ---------- ---------- Income tax provision $1,107,000 $653,000 $1,867,000 $1,102,000 ========== ======== ========== ==========
7 8 A reconciliation of the statutory federal rate to the effective rate is as follows:
Quarter Ended Six Months June 30, Ended June 30, ------------- -------------- 1996 1995 1996 1995 ---- ---- ---- ---- Statutory tax rate 34% 34% 34% 34% State taxes, net of federal benefit 6 6 6 6 Non-deductible portion 10 of merger costs 22 Other 1 -- -- -- -- Effective tax rate 62% 40% 50% 41% == == == ==
7. International Sales International sales, principally exports from the United States, accounted for approximately 20% for the three months ended June 30, 1996 and less than 10% for the three months ended June 30, 1995. International sales were approximately 19% and 10% for the six months ended June 30, 1996 and 1995, respectively. 8. Business Combinations On May 29, 1996, the Company acquired TSI by issuing approximately 713,000 shares of its common stock in exchange for all the outstanding stock of TSI. TSI is the developer of Show N Tel, a leading application development tool for enterprise computer telephony applications. The acquisition was accounted for as a pooling-of-interests. All financial data of the Company has been restated to include the historical financial information of TSI. No significant adjustments were required to conform the accounting policies of the Company and TSI. In connection with the acquisition, the Company recorded charges related to the merger with TSI totaling $1.2 million in the second quarter of fiscal 1996. 8 9 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. RESULTS OF OPERATIONS Three Months Ended June 30, 1996 and 1995 Revenue during the three months ended June 30, 1996 increased by approximately 50% to $13,445,000, up from $8,963,000 during the three months ended June 30, 1995. This growth was primarily attributable to increased shipments of TR Series products combined with increased revenues from TSI software licensing. Increased sales reflect the growth of the principal market segments served by the Company's products, especially the manufacture and sale of fax products for use on local area networks and the manufacture and sale of fax and OEM systems. Cost of product sold was $5,708,000, or 42% of revenue, during the three months ended June 30, 1996, compared to $4,258,000, or 48% of revenue, for the same period in 1995. Gross profit percentage was approximately 58% and 52% for the three months ended June 30, 1996 and 1995, respectively. The increase in gross profit percentage is the result of a much higher proportion of TR Series product shipments, which carry a comparatively higher gross margin than OEM systems, coupled with decreases in product costs on OEM systems. In addition, there was a higher proportion of software revenue relating to Show N Tel products which has a relatively low cost of product sold. Research and development expense was $1,692,000, or 13% of revenue, compared with $1,150,000, or 13% of revenue, for the three months ended June 30, 1996 and 1995, respectively. The dollar increase in 1996 reflects the Company's continuing development efforts for its TR Series product family and computer telephony development tools, as well as fax and OEM systems development. The Company intends to continue to commit significant resources to product development and expects that research and development expenditures will be approximately 13% to 15% of revenue for the foreseeable future. Selling, general and administrative expense was $3,254,000 during the three months ended June 30, 1996, compared with $2,139,000 during the same period in 1995. This higher expense level resulted from increased staffing, promotional activities and facility expenses. As a percentage of revenue, selling, general and administrative expense for the second quarter of 1996 was 24% of revenue, compared with 24% for the second quarter of 1995. During the quarter ended June 30, 1996, the Company incurred approximately $1.2 million in costs related to the acquisition of and merger with Technically Speaking, Inc. This acquisition has been accounted for as a pooling-of-interests, and accordingly, costs incurred in connection with consummating 9 10 the transaction have been expensed. These costs related to professional fees for legal and accounting advice, investment banking fees, and certain costs related to the integration of the operations of the two companies. For the three months ended June 30, 1996, interest and other income was $246,000, compared with $205,000 for the same period in 1995. The Company's effective tax rate, adjusted for significant permanent or other differences occurring within a quarter, was 62% for the second quarter of 1996, based on the Company's estimated effective tax rate for the full year, and 40% for the second quarter of 1995. Six Months Ended June 30, 1996 and 1995 Revenue during the six months ended June 30, 1996 increased by approximately 53% to $24,745,000, up from $16,130,000 during the six months ended June 30,1995. This revenue increase was attributable to increased TR Series products coupled with increased revenues from TSI software licenses. Increased sales reflect the growth of the principal market segments served by the Company's products, especially the manufacture and sale of fax products for use on local area networks and the manufacture and sale of fax and OEM systems. Cost of product sold was $10,805,000, or 44% of revenue, during the six months ended June 30, 1996, compared to $7,752,000, or 48% of revenue in 1995. Gross profit percentage was 56% and 52% for the six months ended June 30, 1996 and 1995, respectively. The increase in gross profit percentage is the result of a much higher proportion of TR Series product shipments, which carry a comparatively higher gross margin than OEM systems, coupled with decreases in product costs on OEM systems. In addition, there was a higher proportion of software revenue relating to Show N Tel products which has a relatively low cost of product sold. Research and development expense was $3,248,000, or 13% of revenue, compared with $2,150,000, or 13% of revenue, for the six months ended June 30, 1996 and 1995, respectively. The dollar increase in 1996 reflects the Company's continuing development efforts for its TR Series product family and computer telephony development tools, as well as fax and OEM systems development. As a result of the increase in the Company's revenue base, however, the percentage remained comparable. Selling, general and administrative expenses was $6,238,000 during the six months ended June 30, 1996, compared with $3,946,000 during the same period in 1995. This higher expense level resulted from increased staffing, promotional activity and facility expenses. As a percentage, selling, general and administrative expense in 1996 was 25% of revenue, compared with 24% for 1995. 10 11 During the six months ended June 30, 1996, the Company incurred approximately $1.2 million in costs related to the acquisition of and merger with Technically Speaking, Inc. These costs related to professional fees for legal and accounting advice, investment banking fees, and certain costs related to the integration of the operations of the two companies. For the six months ended June 30, 1996, interest and other income was $509,000, compared with $419,000 for the same period in 1995. The Company's effective tax rate, adjusted for significant permanent or other differences, was 50% and 41% for the six months ended June 30, 1996 and 1995, respectively. 11 12 Liquidity and Capital Resources For the six months ended June 30, 1996, the Company funded its operations principally through operating revenue. In July 1996, the Company renewed its working capital line of credit. Under the renewed line of credit, the Company may borrow up to $7,500,000 on an unsecured basis, all of which may be used for issuance of letters of credit, subject to compliance with certain covenants. The line of credit will expire in July 1997 and at that time any outstanding balances would be payable in full. Any amounts borrowed under the line would be subject to interest at the bank's prime rate. At June 30, 1996 there were no commitments outstanding on letters of credit; no borrowings have been made during any period presented. The Company's working capital increased from $24.8 million at December 31, 1995 to $24.9 million at June 30, 1996. The increase was attributable, in part, to higher cash and investments, accounts receivable, inventory, deferred tax asset, and prepaid expense balances which were partially offset by higher accounts payable, customer deposit, accrued warranty cost, and accrued compensation and commission balances. The Company's aggregate cash, cash equivalents and marketable securities position increased primarily as a result of increases in accounts payable and accrued expenses and maturities and sales of marketable securities, which were partially offset by expenditures for equipment and furniture, increases in inventory and purchases of marketable securities. During the first six months of 1996, the Company invested approximately $2.1 million in capital equipment. The Company currently has no material commitments for additional capital expenditures. The Company anticipates that cash flows from operations, together with current cash and marketable securities balances and funds available under the Company's line of credit, will be sufficient to meet the Company's working capital and capital equipment expenditure requirements for the foreseeable future. 12 13 Part II. OTHER INFORMATION Items 1 through 3. None Item 4. Submission of Matters to a Vote of Security Holders On May 29, 1996, the Company held its 1996 Annual Meeting of Stockholders (the "Annual Meeting"). At the Annual Meeting, stockholders of the Company were asked to consider proposals (the "Proposals") (i) to elect two Class I Directors of the Company, each to serve for a three-year term until the 1999 annual meeting of stockholders and until their respective successors are duly elected and qualified, (ii) to consider and act upon a proposal to adopt an amendment to the Company's Articles of Organization increasing the number of authorized shares of the Company's common stock, $.01 par value per shares, (iii) to consider and act upon a proposal to approve an amendment to the Company's 1992 Stock Incentive Plan (the "1992 Plan") to increase the number of shares of the Company's Common Stock subject to issuance under the 1992 Plan, and (iv) to consider and act upon a proposal to ratify and approve the selection of Deloitte & Touche LLP as the Company's independent auditors for the fiscal year ending December 31, 1996. With regard to the election of Directors, David L. Chapman and David W. Duehren were nominated to serve as Class I Directors of the Company until the 1999 annual meeting; the other Directors of the Company whose terms of office as directors continued after the Annual Meeting are as follows: Patrick T. Hynes (Class II Director), W. Brooke Tunstall (Class II Director), Eric R. Giler (Class III Director) and Robert G. Barrett (Class III Director). With respect to the Proposals, the stockholders of the Company voted at the Annual Meeting as hereinafter described. By a vote of 5,031,002 votes of Common Stock in favor of David L. Chapman and 5,031,752 votes of Common Stock in favor of David W. Duehren, in excess of a majority of the eligible votes, with 297,584 votes and 296,834 votes against each of Messrs. Chapman and Duehren, respectively, each of David L. Chapman and David W. Duehren was elected as a Class I Director of the Company. With regard to the adoption of an amendment to the Company's Articles of Organization increasing the number of authorized shares of the Company's common stock, $.01 par value per shares, 4,362,363 votes of Common Stock in favor of the increase in authorized shares, in excess of a majority of the eligible votes, with 829,809 votes against the increase, 130,947 votes abstaining and 5,467 broker non-votes were submitted. The amendment to the 1992 Plan to increase the number of shares on the Company's Common Stock received 2,710,399 votes in favor, in excess of a majority of the eligible votes, with 13 14 1,118,582 against the amendment, 143,437 votes abstaining from the Stock Incentive amendment and 1,356,168 broker non-votes. The stockholders of the Company ratified and approved the selection of Deloitte & Touche LLP as the Company's independent auditors for the current fiscal year by a vote of 5,187,078 votes in favor, in excess of a majority of eligible votes, with 14,215 votes against and 127,293 votes abstaining. Item 5. None Item 6. Exhibits (a) Exhibits 11. Computation of earnings per share 14 15 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. BROOKTROUT TECHNOLOGY, INC. Date: August 12, 1996 By: /s/ Eric R. Giler ----------------------------------------- Eric R. Giler President (Principal Executive Officer) Date: August 12, 1996 By: /s/ Robert C. Leahy ----------------------------------------- Robert C. Leahy Vice President of Finance and Operations and Treasurer (Principal Financial and Accounting Officer) 15 16 EXHIBIT INDEX
Sequentially Exhibit Number Exhibit Numbered Page 11 Computation of Earnings Per Share -For the three months ended 17 June 30, 1996 and 1995 -For the six months ended 18 June 30, 1996 and 1995
16 EX-11 2 COMPUTATION OF INCOME PER COMMON SHARE 1 Exhibit 11 BROOKTROUT TECHNOLOGY, INC. COMPUTATION OF INCOME PER COMMON SHARE (In thousands, except per share data, unaudited)
Three Months Ended June 30, ------------------ 1996 1995 ------- ------ Primary Income Per Share: Weighted average number of common and common equivalent shares outstanding: Common stock 9,317 9,654 Common equivalent shares resulting from options 1,045 330 ------- ------ Total 10,362 9,984 ======= ====== Net income $ 694 $ 967 ======= ====== Net income per common share $ 0.07 $ 0.10 ======= ====== Fully Diluted Income Per Share: Weighted average number of common and common equivalent shares outstanding: Common stock 9,317 9,654 Common equivalent shares resulting from options 1,054 289 ------- ------ Total 10,371 9,943 ======= ====== Net income $ 694 $ 967 ======= ====== Net income per common shares $ 0.07 $ 0.10 ======= ======
2 Exhibit 11 BROOKTROUT TECHNOLOGY, INC. COMPUTATION OF INCOME PER COMMON SHARE (In thousands, except per share data, unaudited)
Six Months Ended June 30, ---------------- 1996 1995 ------- ------ Primary Income Per Share: Weighted average number of common and common equivalent shares outstanding: Common stock 9,509 9,641 Common equivalent shares resulting from options 949 286 ------- ------ Total 10,458 9,927 ======= ====== Net income $ 1,860 $1,599 ======= ====== Net income per common share $ 0.18 $ 0.16 ======= ====== Fully Diluted Income Per Share: Weighted average number of common and common equivalent shares outstanding: Common stock 9,509 9,642 Common equivalent shares resulting from options 1,011 350 ------- ------ Total 10,520 9,992 ======= ====== Net income $ 1,860 $1,599 ======= ====== Net income per common shares $ 0.18 $ 0.16 ======= ======
EX-27 3 FINANCIAL DATA SCHEDULE
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM BROOKTROUT TECHNOLOGY, INC'S CONDENSED CONSOLIDATED BALANCE SHEET AND STATEMENTS OF INCOME FOR THE PERIOD ENDED JUNE 30, 1996 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH BROOKTROUT TECHNOLOGY, INC'S 10-Q FOR THE PERIOD ENDED JUNE 30, 1996. 1,000 U.S. DOLLARS 3-MOS DEC-31-1996 APR-01-1996 JUN-30-1996 1 16,683 7,262 6,599 483 5,836 36,886 4,030 1,059 40,453 11,963 0 98 0 0 0 40,453 13,445 13,445 5,708 5,708 4,490 0 0 1,801 1,107 694 0 0 0 694 .07 .07
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