3Ware 2000 Annual Report Download - page 31

Download and view the complete annual report

Please find page 31 of the 2000 3Ware annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 40

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40

29 2000
AMCC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31,
1999 2000
Other accrued liabilities (in thousands):
Income taxes payable $ 3,329 $ 839
Accrued merger-related costs 1,893 —
Other 1,985 5,609
$ 7,207 $ 6,448
The cost and accumulated amortization of machinery and equipment under capital leases at March 31, 2000 were approx-
imately $10.5 million and $8.7 million, respectively ($10.5 million and $8.5 million, respectively, at March 31, 1999).
Amortization of assets held under capital leases is included with depreciation expense.
During the years ended March 31, 1998, 1999 and 2000, the Company earned interest income of $1,252,000, $3,992,000
and $13,506,000, respectively, and incurred interest expense of $381,000, $542,000 and $634,000, respectively.
4. LONG-TERM DEBT
During Fiscal 1999, the Company had an equipment line of credit with a bank, which expired on March 31, 1999.
Borrowings of $7.1 million under the line of credit were converted into term notes, with monthly payments totaling
$141,000 including interest, payable over 53 to 60 months, at interest rates between 6.44% and 7.42%. At March 31,
2000, approximately $5.0 million was outstanding on the notes.
Principal maturities of the notes payable at March 31, 2000 are as follows:
Year Ending March 31, (in thousands)
2001 $1,394
2002 1,495
2003 1,603
2004 501
$4,993
5. STOCKHOLDERS’ EQUITY
AUTHORIZED SHARES
On September 1, 1999, the Company’s stockholders approved an increase in the number of authorized shares of
common stock to 180 million.
STOCK OFFERINGS
In December 1997, the Company completed its initial public offering of its common stock. The offering raised net
proceeds to the Company of approximately $25.1 million. In March 1998, the Company completed a secondary public
offering of common stock in which the Company raised net proceeds of approximately $26.9 million. In January 2000,
the Company raised an additional $815 million of net proceeds from the issuance of approximately 12 million shares
of its common stock.
CONVERTIBLE PREFERRED STOCK
On April 24, 1997, the Board authorized the Company to repurchase up to $4.0 million of convertible preferred stock,
with priority given to the holders of convertible preferred stock that submitted bids for the sale of their shares of
convertible preferred stock at the lowest price per share. On June 20, 1997, the Company repurchased an aggregate of