SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE QUARTERLY PERIOD ENDED OCTOBER 31, 1996
Commission file number 0-20008
VTEL CORPORATION
A DELAWARE CORPORATION IRS EMPLOYER ID NO. 74-2415696
108 WILD BASIN ROAD
AUSTIN, TEXAS 78746
(512) 314-2700
The registrant 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
has been subject to such filing requirements for the past 90 days.
At December 1, 1996 the registrant had outstanding 13,940,567 shares of its
Common Stock, $0.01 par value.
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
VTEL Corporation
CONDENSED CONSOLIDATED BALANCE SHEET
------------------------------------
October 31, July 31,
1996 1996
(Unaudited)
ASSETS
Current assets:
Cash and equivalents $ 1,502,000 $ 1,973,000
Short-term investments 40,666,000 48,307,000
Accounts receivable, net of allowance for doubtful
accounts of $240,000 and $203,000 at
October 31, 1996 and July 31, 1996 23,539,000 15,585,000
Inventories 13,723,000 15,004,000
Prepaid expenses and other current assets 1,241,000 1,597,000
------------ ------------
Total current assets 80,671,000 82,466,000
Property and equipment, net 14,066,000 13,906,000
Intangible assets, net 13,488,000 13,730,000
Other assets 1,742,000 1,801,000
------------ ------------
$109,967,000 $111,903,000
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 8,942,000 $ 9,831,000
Accrued compensation and benefits 1,510,000 1,529,000
Other accrued liabilities 1,693,000 2,241,000
Research and development advance 906,000 906,000
Deferred revenue 5,082,000 2,980,000
------------ ------------
Total current liabilities 18,133,000 17,487,000
Stockholders' equity:
Preferred stock, $.01 par value; 10,000,000 authorized;
none issued or outstanding - -
Common stock, $.01 par value; 25,000,000 authorized;
13,904,000 and 14,308,000 issued and outstanding at
October 31, 1996 and July 31, 1996 139,000 143,000
Additional paid-in capital 124,477,000 124,190,000
Treasury stock (3,351,000) -
Accumulated deficit (29,224,000) (30,068,000)
Cumulative translation adjustment (1,000) 151,000
Unearned compensation (206,000) -
------------ ------------
Total stockholders' equity 91,834,000 94,416,000
------------ ------------
$109,967,000 $111,903,000
============ ============
The accompanying notes are an integral part
of these condensed consolidated financial statements.
2
5
3-MOS
JUL-31-1997
AUG-01-1996
OCT-31-1996
1,502,000
40,666,000
23,779,000
(240,000)
13,723,000
80,671,000
24,362,000
(10,296,000)
109,967,000
18,133,000
0
0
0
121,265,000
(29,431,000)
109,967,000
28,199,000
28,199,000
(15,868,000)
(12,025,000)
667,000
0
0
973,000
(19,000)
973,000
0
0
0
954,000
.07
.07
