Valpey-Fisher Corporation
Consolidated Balance Sheets
December 31, 2009 2008
Assets
Current assets:
Cash and cash equivalents $ 4,052,721 $ 4,514,985
Receivables, net 1,743,494 1,631,041
Inventories, net 1,105,417 1,376,350
Deferred income taxes 848,021 825,523
Other current assets 110,932 40,038
Total current assets 7,860,585 8,387,937
Property, plant and equipment, at cost:
Land and improvements 226,505 226,505
Buildings and improvements 2,058,873 2,058,873
Machinery and equipment 9,328,008 8,971,689
11,613,386 11,257,067
Less accumulated depreciation 10,127,624 9,748,875
1,485,762 1,508,192
Other assets 202,502 190,132
$ 9,548,849 $ 10,086,261
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable $ 948,799 $ 605,851
Accrued liabilities 861,145 1,610,802
Total current liabilities 1,809,944 2,216,653
Deferred income taxes 175,171 149,722
Commitments and contingencies - -
Stockholders’ equity:
Preferred stock, $1.00 par value-Authorized 1,000,000 shares; issued, none - -
Common stock, $.05 par value-Authorized 10,000,000 shares;
issued and outstanding: 4,297,898 and 4,297,898 shares, respectively 214,895 214,895
Capital surplus 5,666,925 5,609,608
Retained earnings 1,681,914 1,895,383
Total stockholders’ equity 7,563,734 7,719,886
$ 9,548,849 $ 10,086,261
See notes to consolidated financial statements.
20
--------------------------------------------------------------------------------
Valpey-Fisher Corporation
Consolidated Statements of Operations
For the Years Ended December 31, 2009 2008
Net sales $ 10,378,206 $ 13,020,834
Cost of sales 6,925,823 7,960,198
Gross profit 3,452,383 5,060,636
Selling and advertising expenses 1,612,622 1,653,977
General and administrative expenses 1,279,301 1,659,760
Retirement agreement 265,225 -
Research and development expenses 627,100 611,321
3,784,248 3,925,058
Operating profit (loss) (331,865 ) 1,135,578
Interest income 31,796 192,226
Earnings (loss) before income taxes (300,069 ) 1,327,804
Income tax (expense) benefit 86,600 (592,000 )
Net earnings (loss) $ (213,469 ) $ 735,804
Basic and diluted earnings (loss) per share $ ( .05 ) $ .17
Cash dividend per share $ - $ 1.50
See notes to consolidated financial statements.
