Form 10-Q

-----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, DKkggVmsFleBeyXgEoh5n2t2S+Nq10a4FFukQgvAVF7E2afyc1nZPyXKll6I3axO 5TOJ4J7wjduryfe37Yzhgw== 0001193125-07-242107.txt : 20071109 0001193125-07-242107.hdr.sgml : 20071109 20071109142505 ACCESSION NUMBER: 0001193125-07-242107 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 10 CONFORMED PERIOD OF REPORT: 20070930 FILED AS OF DATE: 20071109 DATE AS OF CHANGE: 20071109 FILER: COMPANY DATA: COMPANY CONFORMED NAME: RADYNE CORP CENTRAL INDEX KEY: 0000718573 STANDARD INDUSTRIAL CLASSIFICATION: RADIO & TV BROADCASTING & COMMUNICATIONS EQUIPMENT [3663] IRS NUMBER: 112569467 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-11685 FILM NUMBER: 071230515 BUSINESS ADDRESS: STREET 1: 3138 E ELWOOD ST CITY: PHOENIX STATE: AZ ZIP: 85034 BUSINESS PHONE: 6024379620 MAIL ADDRESS: STREET 1: 3138 EAST ELWOOD STREET CITY: PHOENIX STATE: AZ ZIP: 85034 FORMER COMPANY: FORMER CONFORMED NAME: RADYNE COMSTREAM INC DATE OF NAME CHANGE: 19990331 FORMER COMPANY: FORMER CONFORMED NAME: RADYNE CORP DATE OF NAME CHANGE: 19920703 10-Q 1 d10q.htm FORM 10-Q Form 10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

x	Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended September 30, 2007

¨	Transition Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from to

Commission File Number 0-11685

Radyne Corporation

LOGO

(Exact name of Registrant as specified in its charter)


Delaware		11-2569467
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)


3138 East Elwood Street, Phoenix, Arizona		85034
(Address of Principal Executive Offices)		(Zip Code)

Registrant’s telephone number including area code: (602) 437-9620

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 ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of “accelerated filer and large accelerated filer” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ¨ Accelerated filer x Non-accelerated filer ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes¨ No x

The number of shares of the registrant’s common stock that were outstanding as of the close of business on November 1, 2007 was 18,711,437.

RADYNE CORPORATION

FORM 10-Q FOR THE QUARTER ENDED SEPTEMBER 30, 2007

INDEX


				Page
Part I - Financial Information

	Item 1.	Financial Statements
			Condensed Consolidated Balance Sheets	3
			Condensed Consolidated Statements of Operations	4
			Condensed Consolidated Statements of Cash Flows	5
			Notes to Condensed Consolidated Financial Statements	6

	Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations		15

	Item 3.	Quantitative and Qualitative Disclosures About Market Risk		22

	Item 4.	Controls and Procedures		22

Part II - Other Information

	Item 1.	Legal Proceedings		23

	Item 1A.	Risk Factors		23

	Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds		23

	Item 3.	Defaults Upon Senior Securities		23

	Item 4.	Submission of Matters to a Vote of Security Holders		23

	Item 5.	Other Information		23

	Item 6.	Exhibits		24

		Signatures		25

Part I – FINANCIAL INFORMATION

Item 1. Financial Statements

Radyne Corporation

Condensed Consolidated Balance Sheets

Unaudited

(in thousands, except share data)


	September 30, 2007		December 31, 2006
Assets
Current assets:
Cash and cash equivalents	$	19,917	$	27,540
Accounts receivable – trade, net of allowance for doubtful accounts of $476 and $266, respectively		25,318		27,828
Cost in excess of billings		1,194		—
Inventories		24,755		21,106
Deferred tax assets		3,456		2,593
Income tax receivable		932		—
Prepaid expenses and other assets		740		1,196

Total current assets		76,312		80,263
Goodwill		45,176		29,950
Intangibles		9,135		5,567
Deferred tax assets, net		105		190
Property and equipment, net		3,619		3,822
Other assets		248		212

Total Assets	$	134,595	$	120,004

Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable	$	7,349	$	5,959
Accrued expenses		9,297		9,994
Customer advance payments		1,474		1,057
Income taxes payable		—		981

Total current liabilities		18,120		17,991
Obligation under capital lease		234		—
Deferred rent and other		744		148

Total liabilities		19,098		18,139

Stockholders’ equity:
Common stock; $.001 par value – authorized, 50,000,000 shares; issued and outstanding, 18,697,037 shares and 18,351,576 shares, respectively		19		18
Additional paid-in capital		80,390		75,500
Retained earnings		34,980		26,315
Other comprehensive income		108		32

Total stockholders’ equity		115,497		101,865

Total Liabilities and Stockholders’ Equity	$	134,595	$	120,004

See Notes to Unaudited Condensed Consolidated Financial Statements

Radyne Corporation

Condensed Consolidated Statements of Operations

Unaudited

(in thousands, except per share data)


	Three-Months Ended September 30,						Nine-Months Ended September 30,
	2007			2006			2007			2006
Net sales	$	38,374		$	32,073		$	102,340		$	97,899
Cost of sales		23,177			17,865			61,215			56,372

Gross profit		15,197			14,208			41,125			41,527

Operating expenses:
Selling, general and administrative		7,393			7,543			21,017			21,259
Research and development		3,073			2,880			8,942			8,220

Total operating expenses		10,466			10,423			29,959			29,479


Earnings from operations		4,731			3,785			11,166			12,048

Other (income) expense:
Interest expense		6			64			17			210
Interest and other income		(316	)		(358	)		(1,200	)		(952	)


Earnings before income taxes		5,041			4,079			12,349			12,790
Income tax expense		1,455			1,325			4,197			4,487

Net earnings	$	3,586		$	2,754		$	8,152		$	8,303


Earnings per share:
Basic	$	0.19		$	0.15		$	0.44		$	0.46

Diluted	$	0.19		$	0.15		$	0.43		$	0.44


Weighted average number of common shares outstanding:
Basic		18,614			18,238			18,462			17,938

Diluted		19,210			18,922			19,047			18,819

See Notes to Unaudited Condensed Consolidated Financial Statements

Radyne Corporation

Condensed Consolidated Statements of Cash Flows

Unaudited

(in thousands)


	Nine-Months Ended September 30,
	2007			2006
Cash flows from operating activities:
Net earnings	$	8,152		$	8,303
Adjustments to reconcile net earnings to net cash provided by operating activities:
Gain on disposal of property and equipment		(102	)		(244	)
Provision for bad debt		(201	)		341
Deferred income taxes		(379	)		133
Depreciation and amortization		2,787			2,688
Tax benefit from stock plan dispositions		104			1,237
Amortization of stock compensation		981			2,052
Increase (decrease) in cash resulting from changes in:
Accounts receivable		5,144			(2,091	)
Cost in excess of billings		(1,195	)		—
Inventories		(3,572	)		(3,230	)
Income tax receivable		(932	)		(622	)
Prepaids and other assets		501			477
Accounts payable		333			(1,155	)
Accrued expenses		(1,885	)		(206	)
Income taxes payable		(638	)		(609	)
Customer advance payments		379			(1,155	)
Accrued stock option compensation		—			(45	)
Deferred revenue		59			—

Net cash provided by operating activities		9,536			5,874


Cash flows from investing activities:
Acquisitions, net of cash acquired		(17,782	)		(104	)
Capital expenditures		(1,470	)		(1,640	)
Proceeds from sales of property and equipment		144			353

Net cash used in investing activities		(19,108	)		(1,391	)


Cash flows from financing activities:
Payment of notes payable		—			(750	)
Exercise of stock options		992			6,180
Net proceeds from sales of common stock to employees		595			610
Tax benefit from stock plan dispositions		298			1,256
Principal payments on capital lease obligations		(12	)		—

Net cash provided by financing activities		1,873			7,296

Effects of exchange rate changes on cash and cash equivalents		76			17

Net increase in cash and cash equivalents		(7,623	)		11,796

Cash and cash equivalents, beginning of year		27,540			16,928
Cash and cash equivalents, end of quarter	$	19,917		$	28,724


Supplemental disclosures of cash flow information:
Cash paid for interest	$	17		$	220

Cash paid for taxes	$	5,705		$	3,092

Non-cash investing activities:
Issuance of 219,709 shares of common stock in acquisition	$	1,865		$	—


Supplemental disclosures of non-cash flow information:
Adjustments for Xicom acquisition accounting	$	—		$	488

Deferred tax asset change due to adoption of FIN 48	$	568		$	—

See Notes to Unaudited Condensed Consolidated Financial Statements

Radyne Corporation

Notes to Condensed Consolidated Financial Statements

(Information for September 30, 2007 and 2006 is Unaudited)

1)	Basis of Presentation

The unaudited condensed consolidated financial statements of Radyne Corporation (the “Company”) for the three- and nine-months ended September 30, 2007 and 2006 have been prepared in accordance with GAAP and the instructions to Form 10-Q and Article 10 of Regulation S-X promulgated by the Securities and Exchange Commission (the “Commission”). In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments necessary, all of which are of a normal recurring nature, to present fairly the Company’s financial position, results of operations and cash flows. Interim results are not necessarily indicative of results for a full year. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2006. A copy of the Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and all amendments to those reports are available through the Commission’s website at www.sec.gov or through our website found at www.radn.com in the Investors section.

The preparation of consolidated financial statements in conformity with GAAP requires management to make a number of estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. Such estimates and assumptions affect the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, the Company evaluates its estimates and assumptions based upon historical experience and various other factors and circumstances. The Company believes that its estimates and assumptions are reasonable in the circumstances; however, actual results may differ from these estimates under different future conditions. With the Company’s acquisition of AeroAstro, Inc. on August 1, 2007, the Company’s financial results for the three- and nine-month periods ending September 30, 2007 include financial results for AeroAstro for the two-months ended September 30, 2007. Periods prior to the three- and nine-months ended Sept 30, 2007, do not include the financial results of AeroAstro, Inc.

2)	Recent Accounting Pronouncements

In February 2007, the FASB issued Statement No. 159, The Fair Value Option for Financial Assets and Financial Liabilities, (“SFAS 159”). SFAS 159 allows entities the option to measure eligible financial instruments at fair value as of specified dates. Unrealized gains and losses on items for which the fair value option has been elected are reported in earnings. SFAS 159 is effective for fiscal years beginning after November 15, 2007. We do not expect the adoption of SFAS 159 to have a material impact on our consolidated financial statements.

In September 2006, the FASB issued Statement No. 157, Fair Value Measurements, (“SFAS 157”). SFAS 157 defines fair value, establishes a framework for using fair value to measure assets and liabilities, and expands disclosure about fair value measurements. SFAS 157 applies whenever other statements require or permit assets or liabilities to be measured at fair value and is effective for fiscal years beginning after November 15, 2007. We do not expect the adoption of SFAS 157 to have a material impact on our consolidated financial statements.

On May, 2, 2007, the FASB issued Staff Position No. FIN 48-1, Definition of Settlement in FASB Interpretation No. 48 (“FSP FIN 48-1”) which amends FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes (“FIN 48”) to provide guidance about how an enterprise should determine whether a tax position is effectively settled for the purpose of recognizing previously unrecognized tax benefits. Under the FSP FIN 48-1, a tax position is considered to be effectively settled if the taxing authority completed its examination, the Company does not plan to appeal, and it is remote that the taxing authority would reexamine the tax position in the future.

Adoption of FIN 48

In June 2006, FASB issued FIN 48. FIN 48 clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements in accordance with Statement of Financial Accounting Standards No. 109, Accounting for Income Taxes. FIN 48 prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. FIN 48 also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition.

The Company adopted the provisions of FIN 48 on January 1, 2007. As a result of the implementation of FIN 48, the Company recognized a decrease of $567,000 in the liability for unrecognized tax benefits, which was accounted for as increases to the January 1, 2007 balances of retained earnings and additional paid in capital in the amounts of $513,000 and $54,000, respectively. As of the date of adoption and after accounting for the cumulative effect adjustment noted above, the Company’s unrecognized tax

benefits as of January 1, 2007 totaled approximately $1.7 million. The total amount of unrecognized tax benefits that, if recognized, would favorably affect the effective income tax rate in future periods is approximately $1.3 million.

The Company recognizes potential accrued interest and penalties related to unrecognized tax benefits as a component of income tax expense; the amount recorded for the three-months ended September 30, 2007 totaled approximately $31,000. Accrued interest and penalties as of January 1, 2007 and September 30, 2007 were approximately $24,000 and $76,000, respectively. To the extent interest and penalties are not assessed with respect to uncertain tax positions, amounts accrued will be reduced and reflected as a reduction of the overall income tax provision.

The Company does not anticipate that the total amount of unrecognized tax benefits will significantly change during the next twelve months.

The Company and its subsidiaries are subject to the following material taxing jurisdictions: U.S. federal, Arizona, California and Virginia. The tax years that remain open to examination by the U.S. federal jurisdiction are years 2003 through 2006; the Arizona and California filings that remain open to examination are years 2002 through 2006.

3)	Share-Based Compensation

The Company accounts for share-based compensation under Statement of Financial Accounting Standard No. 123 (revised 2004), Share-Based Payment (“SFAS 123(R)”) and Staff Accounting Bulletin No. 107 (“SAB 107”), Share-Based Payment, which requires the measurement and recognition of all share-based compensation under the fair value method. The Company issued 34,750 options and 20,000 stock awards during the three-months ended September 30, 2007.

In addition, as part of the AeroAstro acquisition, the Company issued and exchanged options to AeroAstro employees for options granted prior to the acquisition. The Company exchanged options at the rate of 6.1459 AeroAstro options for each Radyne option based on the ratio of the value of a share of Radyne stock as agreed on by the parties and the consideration paid per AeroAstro share. The exercise price of the exchanged options was determined by multiplying the original exercise price times the 6.1459 ratio. The grant date, vesting schedule, term and other characteristics of the original grant carried over to the exchanged Radyne options.

The following table summarizes option activity, prior to the exchange of AeroAstro options, under the Company’s 2007 Stock Incentive Plan and 2000 Long-Term Incentive Plan as of September 30, 2007 and changes during the period then ended.


Activity	Number of Options (in thousands)		Weighted - Average Exercise Price		Average Remaining Term (years)	Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2006	2,365		$	8.89
Granted	35			10.64
Exercised	(192	)		5.16
Cancelled or expired	(13	)		12.54

Outstanding at September 30, 2007	2,195		$	9.22	6.00	$	5,415

Vested and Expected to Vest	2,157		$	9.16	5.95	$	5,414

Exercisable at September 30, 2007	1,988		$	8.88	5.70	$	5,408

The following table summarizes the AeroAstro option exchange under the AeroAstro, Inc. 1999 Stock Option Plan assumed on August 1, 2007, in accordance with the Merger Agreement.


Activity	Number of Options (in thousands)		Weighted - Average Exercise Price		Average Remaining Term (years)	Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2006	180		$	7.14
Granted	31			7.68
Exercised	(1	)		7.68
Cancelled or expired	(3	)		7.68

Outstanding at September 30, 2007	207		$	7.21	6.55	$	694

Vested and Expected to Vest	193		$	7.18	6.42	$	654

Exercisable at September 30, 2007	140		$	6.97	5.69	$	502

The following table summarizes consolidated option activity, including the conversion of AeroAstro options, under the Company’s 2007 Stock Incentive Plan and 2000 Long-Term Incentive Plan as of September 30, 2007 and changes during the period then ended.


Activity	Number of Options (in thousands)		Weighted - Average Exercise Price		Average Remaining Term (years)	Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2006	2,546		$	8.76
Granted	66			9.24
Exercised	(193	)		5.18
Cancelled or expired	(17	)		11.75

Outstanding at September 30, 2007	2,402		$	9.04	6.04	$	6,110

Vested and Expected to Vest	2,351		$	9.00	5.99	$	6,069

Exercisable at September 30, 2007	2,128		$	8.75	5.70	$	5,910

The aggregate intrinsic value represents the difference between the Company’s closing stock price of $10.56 at September 28, 2007 and the exercise price multiplied by the number of options outstanding or exercisable as of that date. The excess tax benefit realized from stock plan dispositions and amount classified as cash provided by financing in the Consolidated Statement of Cash Flows was $298,000 for the nine-months ended September 30, 2007.

The Company expects to recognize approximately $1.6 million in future compensation expense related to non-vested options with a weighted average vesting period remaining of 2.02 years.

As of September 30, 2007, there were 1,426,661 shares of common stock available for issuance pursuant to the Company’s aforementioned plans.

The Company has an Employee Stock Purchase Plan (“ESPP”), which was adopted by the Company’s shareholders in 1999. Under the terms of the ESPP, eligible employees of the Company are offered options to purchase shares of the Company stock at a price equal to the fair market value on the first or last day, whichever was lower, of each six-month offering period. As a result of these terms, the Company is required to record expense in the consolidated statements of operations related to the ESPP subsequent to the adoptions of SFAS123(R). Therefore, the Company has recognized $88,000 in pre-tax compensation expense under the ESPP during the three-months and $296,000 for the nine-months ended September 30, 2007. There were 1,000,000 shares authorized for issuance under the ESPP. As of September 30, 2007, there were 68,717 shares remaining available for issue under the ESPP.

Financial Impact of SFAS 123(R)

The table below illustrates allocation of stock compensation expense for the three- and nine-month periods ended September 30, 2007 and 2006. The table includes stock compensation for each of the three categories used by management; stock options, ESPP and stock awards.


	Three-Months Ended				Nine-Months Ended
	September 30, 2007		September 30, 2006		September 30, 2007		September 30, 2006
	(in thousands, except per share data)				(in thousands, except per share data)
Cost of sales	$	53	$	65	$	155	$	202
Research and development		84		67		207		210
Selling, general and administrative		255		792		619		1,640

Total stock compensation expense	$	392	$	924	$	981	$	2,052

Total stock compensation expense, after tax	$	279	$	624	$	648	$	1,332

Diluted earnings per share impact	$	0.01	$	0.03	$	0.03	$	0.07

The Company utilizes the Black-Scholes Options-Pricing Model to determine the fair value of stock options under SFAS 123(R). Management is required to make certain assumptions with respect to selected model inputs, including anticipated changes in the underlying stock price (i.e., expected volatility) and option exercise activity (i.e., expected term). There were 34,750 options granted during the three- and nine-month periods ended September 30, 2007. In the prior periods that had options granted, and for which the current expense exists, the Company made assumptions for the three categories of compensation expense recorded during the period: stock options, ESPP, and awards granted. Directors, executives and non-executives have different historical option exercise patterns and the Company groups its assumptions into categories for options issued to each of these groups. The expected term was determined to be approximately 5 years for directors, 6 years for executives and 3 years for non-executives based primarily on historical option exercise patterns. The volatility calculated used the Company’s historical volatility rates. The risk free interest rates used were the then current quoted rates from U.S Government Treasury instruments, in which the term of the rates matches that of the awards. The preceding table represents the weighted average assumptions used to determine compensation cost for stock options during the nine-month period ending September 30, 2007.

Earnings Per Share

A reconciliation of the numerators and the denominators of the basic and diluted per share computations and a description and amount of potentially dilutive securities follows:


	Three-Months Ended September 30, (in thousands, except per share data)				Nine-Months Ended September 30, (in thousands, except per share data)
	2007		2006		2007		2006
Numerator:
Net earnings	$	3,586	$	2,754	$	8,152	$	8,303

Denominator:
Weighted average common shares for basic earnings per share		18,614		18,238		18,462		17,938
Net effect of dilutive stock options and units		596		684		585		881
Weighted average common shares for diluted earnings per share		19,210		18,922		19,047		18,819

Basic earnings per share:
Net earnings per basic share	$	0.19	$	0.15	$	0.44	$	0.46

Diluted earnings per share:
Net earnings per diluted share	$	0.19	$	0.15	$	0.43	$	0.44

Options excluded from earnings per share due to anti-dilution:
Stock options with an exercise price greater than average market price		1,007		682		1,009		574

4)	Inventories


	September 30, 2007		December 31, 2006
	(in thousands)
Raw materials and components	$	16,371	$	14,639
Work-in-process		4,742		4,069
Finished goods		3,642		2,398

	$	24,755	$	21,106

5)	Property and Equipment


	September 30, 2007			December 31, 2006
	(in thousands)
Machinery and equipment	$	7,644		$	6,900
Furniture and fixtures		861			922
Leasehold improvements		905			668
Demonstration units		2,760			2,526
Computers and software		3,195			2,731

		15,365			13,747
Less accumulated depreciation and amortization		(11,746	)		(9,925	)

	$	3,619		$	3,822

6)	Accrued Expenses


	September 30, 2007		December 31, 2006
	(in thousands)
Wages, vacation and related payroll taxes	$	4,068	$	4,868
Professional fees		812		705
Warranty reserve		2,205		2,525
Commissions		936		767
Other		1,276		1,129

	$	9,297	$	9,994

7)	Concentrations of Risk

The following table sets forth the number of customers that made up more than 10% of consolidated or segmented accounts receivable.

On a consolidated basis, the Company had one customer who accounted for more than 10% of consolidated accounts receivable.


	September 30, 2007	December 31, 2006
Consolidated	1	1
Satellite electronics and broadcast equipment	1	3
Microsatellites	2	—
Amplifiers	2	2

The following table sets forth the number of customers that made up more than 10% of consolidated or segmented sales.

On a consolidated basis, the Company had one customer who accounted for more than 10% of consolidated revenue. The Satellite Electronics and Broadcast Equipment and Amplifier segments recognized $13.7 million in revenue from this customer.


	September 30, 2007	September 30, 2006
Consolidated	1	—
Satellite electronics and broadcast equipment	1	—
Microsatellites	2	—
Amplifiers	1	2

8)	Segment Reporting

The Company’s is organized into three operating segments: 1) Satellite Electronics and Broadcast Equipment, represented by Radyne and Tiernan product brands; 2) Amplifiers, represented by Xicom products; and 3) Microsatellites, represented by AeroAstro products. Each segment is organized and managed separately for the purposes of making key decisions such as sales/marketing, product development and capital allocation. Ultimately, the chief operating decision maker evaluates and makes decisions, based on the financial information available about these three segments. The chief operating decision maker for the Company is the CEO. Below are the results of operations for the Company’s three operating segments. For further discussion of these results, refer to Item 2, “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” located elsewhere in this Quarterly Report on Form 10-Q.


Three-Months ended September 30, 2006 (in thousands)
Three-Months ended September 30, 2006 (in thousands)

	Satellite electronics and broadcast equipment		Amplifiers		Microsatellites			Corporate			Total
Net sales	$	16,503	$	15,570	$	—		$	—		$	32,073
Operating income (expense)		6,632		1,541		—			(4,388	)		3,785

Depreciation and amortization	$	266	$	654	$	—		$	—		$	920


Three-Months ended September 30, 2007 (in thousands)
Three-Months ended September 30, 2007 (in thousands)

	Satellite electronics and broadcast equipment		Amplifiers		Microsatellites			Corporate			Total
Net sales	$	15,668	$	20,394	$	2,312		$	—		$	38,374
Operating income (expense)		2,925		3,544	$	(109	)		(1,629	)		4,731

Depreciation and amortization	$	244	$	642	$	112		$	—		$	998


Nine-Months ended September 30, 2006 (in thousands)
Nine-Months ended September 30, 2006 (in thousands)

	Satellite electronics and broadcast equipment		Amplifiers		Microsatellites			Corporate			Total
Net sales	$	51,295	$	46,604	$	—		$	—		$	97,899
Operating income (expense)		19,616		4,694		—			(12,262	)		12,048

Depreciation and amortization	$	791	$	1,897	$	—		$	—		$	2,688

Total assets	$	54,942	$	61,017	$	—		$	—		$	115,959


Nine-Months ended September 30, 2007 (in thousands)
Nine-Months ended September 30, 2007 (in thousands)

	Satellite electronics and broadcast equipment		Amplifiers		Microsatellites			Corporate			Total
Net sales	$	46,766	$	53,262	$	2,312		$	—		$	102,340
Operating income (expense)		9,049		7,265		(109	)		(5,039	)		11,166

Depreciation and amortization	$	773	$	1,902	$	112		$	—		$	2,787

Total assets		46,678		64,247		23,670			—			134,595

The Company’s sales in principal foreign and domestic markets as a percentage of total sales for the nine-months ended September 30, 2007 and 2006 follow:


	Nine-Months ended September 30,
Region	2007		2006
Asia	16	%	18	%
Africa/Middle East	3	%	6	%
Europe	13	%	17	%
Americas	2	%	1	%

Total Foreign Sales	34	%	42	%
Domestic	66	%	58	%

	100	%	100	%

Besides the United States, the Company did not have an individual country that accounted for 10% of consolidated sales for the nine-month periods ended September 30, 2007 and 2006. Besides the United States, the Amplifier segment did not have a country that represented more than 10% of the segmented sales during the nine-month period ended September 30, 2007 and none in 2006. Besides the United States, the Satellite Electronics and Broadcast Equipment segment had one country, India, which accounted for more than 10% of sales during the nine-month periods ended September 30, 2007 and 2006. Besides the United States, the Microsatellite segment did not have a country that represented more than 10% of the segmented sales during the two-month period ended September 30, 2007. All of the Company’s foreign sale exports are from the Company’s United States manufacturing facilities.

9)	Financial Arrangements

During the quarter, the Company entered into a new credit arrangement with a syndicate of banks to replace its existing line of credit. The new arrangement provides up to $60.0 million. The amount of credit available to us under the credit agreement at September 30, 2007 was approximately $59.8 million. The Company paid approximately $140,000 representing a facility fee and bank costs for a four-year commitment on the arrangement, whether or not any amounts actually are drawn on the line of credit. The credit agreement expires on August 31, 2011 and limits transfers of assets, liens, loans and investments in other entities and limits the use of proceeds, acquisitions of assets, indebtedness and capital expenditures without the bank’s consent. To be eligible to draw funds under the line of credit, the credit agreement requires us to maintain specific levels of tangible net worth, earnings and other ratios. The Company was in compliance with all covenants at September 30, 2007. The overall credit agreement specifies interest rates between LIBOR plus 100 - 175 basis points based on certain financial measurements or prime rate minus 50 basis points depending on terms and other conditions.

10)

Foreign Currency Translation

Xicom Technology Europe, Ltd (“XTEL”), a Xicom subsidiary, is located in the United Kingdom and uses British Pounds as its functional currency. The Company translates assets and liabilities to U.S. dollars at the reporting period-end exchange rate, and the resulting gains and losses arising from the translation of net assets are recorded as other comprehensive income in equity on the Condensed Consolidated Balance Sheet. Elements of the consolidated statements of operations are translated at average exchange rates in effect during the period and foreign currency transaction gains and losses are included in interest and other income in the Condensed Consolidated Statements of Operations.

11)

Intangibles

The presentation of Intangible assets and the related amortization of these intangibles for the nine-month period ended September 30, 2007 is as follows:


				December 31, 2006				September 30, 2007
	Amortization period - years	Cost		Accumulated amortization		Net		Additions		Amortization expense		Net
		(in thousands)
Intangible assets subject to amortization:
Core Technologies	10	$	4,920	$	779	$	4,141	$	—	$	369	$	3,772
Customer Relationships	4		2,040		808		1,232		—		382		850
Covenant not-to compete	3		410		216		194		—		103		91
Developed Technologies *	10		3,300		n/a		n/a		3,300		55		3,245
Contracts *	5		500		n/a		n/a		500		17		483
Customer Relationships *	5		300		n/a		n/a		300		10		290
Beneficial Lease *	4.6		341		n/a		n/a		341		12		329
Covenant not-to compete *	3		70		n/a		n/a		70		4		66
Backlog *	3		9		n/a		n/a		9		—		9

Total		$	11,890	$	1,803	$	5,567	$	4,520	$	952	$	9,135

*	Denotes Intangible assets recorded during the third quarter as part of the AeroAstro acquisition. These intangible assets are preliminary determinations made on preliminary assignments of purchase price.

Amortization expense for the nine-months ended September 30, 2007 and 2006 was $952,000 and $855,000, respectively. Amortization expense for 2007 is projected to be $1.4 million, 2008 - $1.6 million, 2009 - $1.3 million, 2010 - $1.1 million and 2011 - $1.1 million.

The following table illustrates the preliminary additional goodwill acquired during the purchase of AeroAstro.


Goodwill	Amount
	(in thousands)
Balance as of December 30, 2006	$	29,950
Additions		15,226

Balance as of September 30, 2007	$	45,176

Goodwill (non-tax deductible), created in acquisitions, increased over the nine-months ended September 30, 2007 due to the preliminary transaction costs associated with the acquisition of AeroAstro.

12)

Warranty Costs

The following table summarizes the activity related to the Company’s year-to-date warranty liability as of September 30, 2007:


Warranty Costs		(in thousands)
Balance at beginning of period, December 31, 2006		2,525
Provision		1,952
Payments		2,272

Balance at end of Period, September 30, 2007		2,205

13)

Business Combination

On August 1, 2007 the Company completed its acquisition of AeroAstro, Inc.. AeroAstro is a leader in innovative microsatellite systems, components, and advanced communications technologies. AeroAstro was the prime contractor for STPSat-1 responsible for spacecraft design and fabrication, integration of all experiments, space vehicle testing, launch integration support, launch and early orbit operations support, and post-launch mission operations support. In addition to spacecraft equipment, AeroAstro developed and operates the Sensor Enabled Notification System (SENS), which provides cost effective satellite-based low data rate communications and asset tracking throughout the United States, North America, Europe, Australia, the Middle East, Asia, and South America. SENS customers include government entities requiring reliable low data rate communications and businesses seeking to monitor vital assets. AeroAstro employs approximately 70 people and has principal offices in Ashburn, Virginia; and Littleton, Colorado.

AeroAstro expands the Company’s ability to sell its products and technologies to restricted markets. AeroAstro’s current and expected customer base is similar to that of the Company and their approach of selling components and subsystems to those customers is consistent with the Company’s approach with allied satellite ground station products.

The following table summarizes the preliminary consideration and related expenses associated with the Company’s acquisition of AeroAstro, Inc. during the third quarter of 2007:


Description	Amount
	(in thousands)
Cash	$	17,193
Assumption of debt, net of cash acquired		354
Stock (81,699 shares x $10.98)		897

Total Purchase Price	$	18,444

Stock Options Exchanged	$	968
Transactional Costs		234

Total Costs Associated with Transaction	$	19,646

The Company paid approximately $17.2 million in cash, net of cash received, $897,000 in shares (81,699 shares valued at $10.98 per share based on average share price for the two days prior through the two days after the acquisition agreement) and assumed $354,000 in debt for 100% of the common stock of AeroAstro, Inc. For more information concerning intangible assets and other balance sheet items refer to Footnote 8) Segment Reporting and Footnote 11) Intangibles, above. The Company engaged a third party valuation consultant who assisted management in the preliminary evaluation process of the AeroAstro acquisition.

The following table presents a preliminary purchase price allocation for AeroAstro. The consideration paid in excess of AeroAstro net assets is reflected as a preliminary estimate of goodwill.


Description	Amount
	(in thousands)
Current assets, net of cash acquired	$	2,807
Property and equipment		203
Deposits		55
Intangibles		4,520
Current liabilities		(2,473	)
Capital lease obligation		(247	)
Deferred revenue		(445	)


Excess of purchase price - Goodwill	$	15,226

The unaudited pro forma financial information is presented below as if the acquisition of AeroAstro occurred at the beginning of fiscal 2007. The unaudited pro forma information presented below does not purport to present what the actual results would have been had the acquisition in fact occurred at the beginning of fiscal 2007, nor is the information indicative of future results.


Description		Three-Months ended		Nine-Months ended
		September 30, 2007
		(in thousands, except per share data)
Net sales	As reported	$	38,374	$	102,340
	Pro forma	$	39,136	$	109,728
Operating income	As reported		4,731		11,166
	Pro forma		3,418		9,702
Net earnings	As reported		3,586		8,152
	Pro forma		2,556		6,900
Diluted earnings per share	As reported	$	0.19	$	0.43
	Pro forma	$	0.13	$	0.36

Combined results for Radyne and AeroAstro are adjusted for the following in order to create the unaudited pro forma results in the table above:

•

$50,000 and $350,000 of additional amortization expense related to identifiable intangible assets acquired for the three- and nine-month periods ended September 30, 2007

•

$12,000 and $70,000 of additional stock compensation expense related to the fair value of stock options exchanged in the acquisition for the three- and nine-month periods ended September 30, 2007

•

$69,000 and $481,000 of reduced interest income which was earned on the cash paid in the acquisition during the three- and nine-month periods ended September 30, 2007

The above items have the effect of reducing combined pre-tax income by $131,000 and $901,000 for the three- and nine-months ended September 30, 2007, or $93,000 and $595,000 after-tax income for the corresponding periods.

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

The management’s discussion and analysis that follows is designed to provide information that will assist readers in understanding our unaudited condensed consolidated financial statements, changes in certain items in those statements during the quarter and from year to year, the primary factors that caused those changes, and how certain accounting principles, policies and estimates affect our financial statements. The following discussion should be read in conjunction with the Unaudited Condensed Consolidated Financial Statements and the related notes that appear elsewhere in this document as well as the Company’s 2006 Annual Report on Form 10-K for the year ended December 31, 2006.

Overview

The Company designs, manufactures, sells, integrates and installs products, systems and software used for the transmission and reception of data and video over satellite, troposcatter, microwave and cable communication networks. The Company, through its Tiernan subsidiary, is a supplier of HDTV and SDTV encoding and transmission equipment. The Company’s Xicom subsidiary is a producer of high power amplifiers for communications applications. The Company’s AeroAstro subsidiary is a producer of Microsatellites. The Company has three segments: 1) Satellite Electronics and Broadcast Equipment; represented by the Radyne and Tiernan brands; 2) Amplifiers; represented by Xicom products; and 3) Microsatellites; represented by the AeroAstro brand. The Company is headquartered Phoenix, Arizona, and has sales and manufacturing facilities in Phoenix, Arizona; San Diego and Santa Clara, California; and Ashburn, Virginia. The Company has sales or service centers located in Littleton, Colorado; Boca Raton, Florida; Singapore; China; Indonesia; the Netherlands; and the United Kingdom. The Company employs 409 people throughout the USA, Europe and Asia. The Company serves customers in over 90 countries; including customers in the television broadcast industry, international telecommunications companies, internet service providers, private communications networks, network and cable television, and the United States government.

On August 1, 2007, the Company completed its acquisition of AeroAstro, Inc. AeroAstro is a leader in innovative microsatellite systems, components, and advanced communications technologies. In addition to spacecraft equipment, AeroAstro developed and operates the Sensor Enabled Notification System (SENS), which provides cost effective satellite-based low data rate communications and asset tracking throughout the United States, North America, Europe, Australia, the Middle East, Asia, and South America. SENS customers include government entities requiring reliable low data rate communications and businesses seeking to monitor vital assets. AeroAstro employs approximately 70 people and has principal offices in Ashburn, Virginia; and Littleton, Colorado. With the Company’s acquisition of AeroAstro, Inc. on August 1, 2007, the Company’s financial results for the three- and nine-month periods ending September 30, 2007 include financial results for AeroAstro for the two-months ended September 30, 2007.

Consistent with the Company’s previously stated strategy for successful acquisitions, AeroAstro is expected to provide accretive profits per share, has a strong management team in place and is well positioned to benefit from strong market growth. AeroAstro’s current and expected customer base is similar to that of the Company and their approach of selling components and subsystems to those customers is consistent with the Company’s approach with allied satellite ground station products. Finally, AeroAstro expands the Company’s ability to sell its products and technologies to restricted markets.

The following are some of the highlights and recent developments for the three-months ended September 30, 2007:

•

For the quarter, the Company reported record sales of $38.4 million

•

Earnings for the quarter were $0.19 per diluted share

•

The Company completed the acquisition of AeroAstro, Inc

Additional information on these and other operating results is described in detail below.

Results of Operations

Sales. Net sales generally consist of sales of products, net of returns and allowances.


	Three-Months ended September 30, (in thousands)
	2007		2006		Change		%
Sales	$	38,374	$	32,073	$	6,301	20	%

	Nine-Months ended September 30, (in thousands)
	2007		2006		Change		%
Sales		$102,340		$97,899		$4,441	5%

Net sales during the recently completed quarter and nine-month period increased when compared to the equivalent periods of 2006. Increases in amplifier sales ($4.8 million in the quarter and $6.7 million in the nine-months to date) and the addition of AeroAstro ($2.3 million for the two-months ending September 30, 2007) were offset by decreases in sales in the Satellite Electronics and Broadcast Equipments segment ($835,000 in the quarter and $4.5 million in the nine-months to date) (all before eliminations). Growth of Xicom amplifiers resulted from market acceptance of new millimeter-wave (Ka- and Q-band) amplifiers while the Satellite Electronics and Broadcast Equipment segment experienced declines in sales in conventional single channel (SCPC) modems. The declines in modem sales reflect general market trends towards newer shared bandwidth alternatives.

During the third quarter, the Company introduced its new Skywire^tm line of shared bandwidth modems. Earlier this year, the Company reorganized its Broadcast Equipment sales force to place greater emphasis on international sales. In addition, the Company announced changes to management in the Satellite Electronics business to place greater emphasis on being responsive to customer needs. As a result, we expect to offset some of the decline in SCPC satellite product sales with new sales in shared bandwidth products and broadcast equipment during the remainder of 2007 with continued growth expected in 2008.

Based on current backlog and bookings coupled with typical historic patterns, management anticipates that sales will experience a seasonal increase during the fourth quarter. Nonetheless, future sales growth in the Satellite Electronics and Broadcast Equipment segment is dependent on the Company’s ongoing ability to develop and sell new products such as Skywire^tm and its ability to yield improved performance from recently expanded sales activities described above. Although the Company’s Amplifier segment continues to experience strong market acceptance, competitor reaction to these successes may blunt further sales increases. As a result of these factors taken together and the addition of AeroAstro, the Company believes that there will be a sequential increase in sales for last quarter of 2007. However, there can be no assurance that this increase will materialize.

Cost of Sales, Gross Profit and Gross Margin. Cost of sales generally consists of component costs, outsourced manufacturing and in-house labor associated with assembly, testing, packaging, shipping, and quality assurance, depreciation of equipment, and indirect manufacturing costs. In addition, the expense related to adjusting the value of excess or obsolete inventory to reflect current market values (when lower than original cost) is included in cost of sales. Gross profit is the difference between net sales and cost of sales. Gross margin is gross profit stated as a percentage of net sales. The following table summarizes the year-over-year comparison of our cost of sales, gross profit and gross margin for the periods indicated:


	Three-Months ended September 30, (in thousands)
	2007			2006			Change			%
Cost of Sales	$	23,177		$	17,865		$	5,312		30	%
Gross Profit	$	15,197		$	14,208		$	989		7	%
Gross Margin %		40	%		44	%		-4	%


	Nine-Months ended September 30, (in thousands)
	2007			2006			Change			%
Cost of Sales	$	61,215		$	56,372		$	4,843		9	%
Gross Profit	$	41,125		$	41,527			($402	)	-1	%
Gross Margin %		40	%		42	%		-2	%

The decreased consolidated gross margin for the three- and nine-months periods of 2007 compared with those of 2006 is the result of an increase in the proportion of sales of the Amplifier segment coupled with declines in gross margins in the Satellite Electronics and Broadcast Equipment segment. Although Amplifier segment margins have continued to increase during the recent quarter, Amplifier segment margins are lower than the Satellite Electronics and Broadcast Equipment segment margins. Amplifier margins have increased due to increased sales of high-margin solid-state amplifiers, improvements in product reliability leading to reduced warranty expenses and improvements in manufacturing productivity. In addition, the recently acquired Microsatellite segment (AeroAstro) has gross margins that are dilutive to the Company average.

Management believes that gross margins in the Satellite Electronics and Broadcast Equipment segment will remain at historic levels. However, continued strength of Amplifier segment sales may have the effect of further eroding consolidated margins while competitor response in the Amplifier business may preclude any further improvement in Amplifier segment margins.

Selling, General and Administrative (“SG&A”). Sales and marketing expenses consist primarily of salaries, commissions for marketing and support personnel, and travel. Executives and administrative expenses consist primarily of salaries and other personnel-related expenses of our executive, finance, human resources, information systems, and other administrative personnel, as well as facilities, professional fees, benefits, liability and D&O insurance premiums, depreciation and amortization and related expenses. The following table summarizes the year-over-year comparison of our selling, general and administrative expenses for the periods indicated:


	Three-Months ended September 30, (in thousands)
	2007			2006			Change		%
Selling, general & administrative	$	7,393		$	7,543		($150	)	-2	%
Percentage of sales		19	%		24	%	-5	%

	Nine-Months ended September 30, (in thousands)
	2007			2006			Change		%
Selling, general & administrative	$	21,017		$	21,259		($242	)	-1	%
Percentage of sales		21	%		22	%	-1	%

During the three- and nine-month periods ended September 30, 2007, SG&A declined compared to the prior year’s equivalent periods. For the three- and nine-month periods declines in executive compensation resulting from recruiting and transitioning a new CEO in 2006 ($1.5 million) and declines in management incentive accruals and commissions ($576,000) were offset by costs associated with recruiting and hiring additional sales representatives ($682,000), the addition of AeroAstro ($809,000) and other SG&A ($322,000).

For the remainder of 2007, management believes SG&A expenditures will be flat and continue at rates equivalent to the first nine- months of the year adjusted for the addition of AeroAstro.

Research and Development (“R&D”). R&D expenses consist primarily of salaries and personnel-related costs and materials. The following table summarizes the year-over-year comparison of our R&D expenses for the periods indicated:


	Three-Months ended September 30, (in thousands)
	2007			2006			Change			%
Research and development	$	3,073		$	2,880		$	193		7	%
Percentage of sales		8	%		9	%		-1	%

	Nine-Months ended September 30, (in thousands)
	2007			2006			Change			%
Research and development	$	8,942		$	8,220		$	722		9	%
Percentage of sales		9	%		8	%		1	%

Increases in R&D expense for the three- and nine-month periods of 2007 occurred evenly between the Satellite Electronics and Broadcast Equipment segment and the Amplifier segment. The added R&D expense in Satellite Electronics and Broadcast Equipment segment stemmed from the continued development of new products including Skywire^tm described above. In the Amplifier segment, the increased R&D expense occurred from personnel expense related to four new engineers, utilized to perform research activities on several new products at the segment. The increased expenditures were in line with planned goals and budgeted forecasts aimed at expanding the segment product lines and, ultimately, both sales and margins. The Company will continue to invest in new product development and upgrades to existing products to accomplish its strategic goals. We expect that R&D expense, as a percentage of sales, should continue at the historic rates.

Income Taxes. Income tax expense consists of changes in deferred taxes and amounts recognized as payable to the federal government, states and foreign countries in which the Company does business.


	Three-Months ended September 30, (in thousands)
	2007		2006		Change			%
Income taxes	$	1,455	$	1,325	$	130		10	%

	Nine-Months ended September 30, (in thousands)
	2007		2006		Change			%
Income taxes	$	4,197	$	4,487	($	290	)	-6	%

Because of the factors described above, during the third quarter earnings before taxes increased, which had the effect of increasing income taxes for the quarter. The Company’s effective tax rate decreased from 32.5% to 28.9% for the third quarter of 2006 and 2007, respectively. The decrease resulted from the tax effects of a decline in our forecasted equity compensation expense and the reapportionment of state income taxes resulting from the acquisition of AeroAstro.

For the first nine-months of 2007 compared to the equivalent period of 2006, the Company’s effective tax rate declined from 35.1% to 34.0% as a result of the equity compensation and state apportionment factors described above. The decline in the effective tax rate coupled with a decrease in earnings before taxes during the first nine-months of 2007 compared to 2006 resulted in a decrease in income tax expense.

Management believes that, assuming the Company achieves current forecasts, the current nine-months to date effective tax rate is indicative of the tax rate for the remainder of the year.

Net Earnings. Net earnings is the result of reducing gross profit by SG&A expenses and R&D expenses, other income and expense (including interest), and income taxes. The following table summarizes our net earnings and the fully diluted share of common stock for the periods indicated:


	Three-Months ended September 30, (in thousands)
	2007		2006		Change			%
Net earnings	$	3,586	$	2,754	$	832		30	%
Diluted EPS	$	0.19	$	0.15	$	0.04		27	%

	Nine-Months ended September 30, (in thousands)
	2007		2006		Change			%
Net earnings	$	8,152	$	8,303	($	151	)	-2	%
Diluted EPS	$	0.43	$	0.44	($	0.01	)	-2	%

Net earnings increased when comparing the current year’s third quarter net earnings to the same period of 2006. This increase is due to the increase in sales and other factors described above. For the first nine-months of 2007 compared to the equivalent period of 2006, net earnings declined as result primarily of declining gross margins offset by declining effective tax rates and other factors described above.

Profitability in the coming quarters and the remainder of the year will continue to be below historic rates because of decreases in gross margins (see above) resulting from an increased proportion of sales in the Company’s Amplifier segment along and the addition of AeroAstro.

Bookings and Backlog. Bookings consist of orders taken while backlog is the total of these orders not yet shipped at the end of the period. The Company charges cancellation fees for orders that cancel and the net difference between the backlog amount and the cancellation charge is recorded as a negative booking. There is no guarantee that cancellation charges will ultimately be paid to the Company. The following table summarizes the year-over-year comparison of bookings (orders taken) and backlog (orders scheduled for shipping in future periods) for the periods presented below:


	Three-Months ended September 30, (in thousands)
	2007		2006		Change		%
Bookings	$	32,994	$	32,081	$	913	3	%
Ending Backlog	$	40,160	$	33,215	$	6,945	21	%

	Nine-Months ended September 30, (in thousands)
	2007		2006		Change		%
Bookings	$	109,298	$	98,867	$	10,431	11	%
Ending Backlog	$	40,160	$	33,215	$	6,945	21	%

For the third quarter, consolidated bookings increased due to the addition of AeroAstro ($2.8 million) which was offset by declines in bookings for the Satellite Electronics and Broadcast Equipment segment ($1.1 million) and for the Amplifier segment ($288,000) (all before eliminations).

Over the nine-month period, the increase in bookings was due to increases in orders in the Amplifier segment ($13.0 million before eliminations) offset by a decrease in bookings in the Company’s Satellite Electronics and Broadcast Equipment segment ($5.4 million before eliminations). Preliminary indications suggest that bookings in the Amplifier segment will remain strong. This, coupled with expected new contracts for AeroAstro (Microsatellite segment), cause management to believe that consolidated bookings will continue to increase through the next quarter.

Liquidity and Capital Resources

The Company had cash and cash equivalents totaling $19.9 million at September 30, 2007 compared to $27.5 million at December 31, 2006. This decrease resulted from the acquisition of AeroAstro, Inc. The Company used $17.2 million of cash, net of cash received, in partial payment for the outstanding shares of AeroAstro and retired $354,000 of AeroAstro’s debt.

Operating Activities:

Net cash provided by operating activities for the first nine-months of 2007 was $9.5 million as compared to $5.9 million for the first nine-months of 2006. Net cash provided by operating activities primarily resulted from net earnings of $8.2 million compared with $8.3 million for the same period of 2006. Cash from changes in accounts receivable increased by $5.1 million in the first nine-months of 2007, while in the same period of 2006, cash decreased by $2.1 million. Changes in Accrued Expenses decreased cash by $1.9 million for the first nine-months of 2007, while in the same period of 2006, changes in Accrued Expenses decreased cash by $206,000. For 2007 to date, changes in Inventory levels used $3.6 million in cash compared to $3.2 million for the equivalent period in 2006. We expect that the Company’s businesses will continue to generate cash from operations but there is no assurance that will continue to be the case.

Investing Activities:

Net cash used in investing activities for the first nine-months of 2007 was $19.1 million as compared to $1.4 million for the first nine-months of 2006. The majority of the increase in cash used by investing activities is due to the acquisition of AeroAstro. The acquisition used $17.8 million, net of cash acquired. Capital expenditures utilized $1.5 million of cash in the first nine-months of 2007, compared with $1.6 million in the same period of 2006. Management believes that capital expenditures will be similar to rates of depreciation for the foreseeable future.

Financing Activities:

Net cash provided by financing activities was $1.9 million for the first nine-months of 2007, which consisted primarily of $1.0 million of employee stock option exercises and the sale of common stock to employees, $595,000. During the same period of 2006, financing activities resulted in $7.3 million of which there was $6.2 million in employee stock option exercises and $610,000 of net sales of common stock to employees. The Company currently does not have any debt outstanding and management will continue to evaluate the Company’s financing needs throughout future quarters.

Liquidity Analysis

As noted above, the Company used approximately half of its current cash reserves to acquire AeroAstro, Inc. Management believes that the remaining cash balances, future profits, and available credit facility will provide sufficient capital for us to carry on our operations for the foreseeable future. However, there can be no assurance that the Company will remain profitable, continue to generate additional cash or that there will be sufficient funds available if unforeseen events occur.

Contractual Obligations

As of September 30, 2007, there have been no material changes outside the normal course of business in the contractual obligations disclosed in Part II, Item 7, to our Annual Report on Form 10-K for the fiscal year ended December 31, 2006, under the caption “Contractual Obligations and Commitments,” other than the new credit facility described above.

Off Balance Sheet Arrangements

The Company does not have any off balance sheet arrangements as defined by Item 303(a)(4) of Regulation S-K, promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”).

Critical Accounting Policies and Estimates

The Company has chosen accounting policies appropriate to report accurately and fairly the operating results and financial position of the Company, and applies those accounting policies in a consistent manner. As described in Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2006, the Company considers policies on accounting for revenue recognition, stock compensation, valuation of receivables, valuation and impairment of intangible assets, warranty liability, valuation of inventory, and accounting for income taxes to be the most critical factors in the preparation of our consolidated financial statements because they involve the most difficult, subjective, or complex judgments about the effect of matters that are inherently uncertain.

Forward Looking Statements

This Quarterly Report on Form 10-Q contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), as to which the Company claims the protection of the safe harbors for such statements created under the Securities Act and the Exchange Act. These forward-looking statements are often identified by words such as “estimate,” “predict,” “project,” “hope,” “may,” “believe,” “anticipate,” “plan,” “expect,” “require,” “intend,” “assume,” and similar words or expressions and do not reflect historical facts.

Forward-looking statements involve risks, uncertainties and other factors, which may cause our actual results, performance or achievements to be materially different from those expressed or implied by such forward-looking statements. In addition to the Risk Factors described in Part I, Item 1A “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2006, factors that could affect our results and cause them to materially differ from those contained in the forward-looking statements include, but are not limited to:

adequacy of our inventory, receivables and other reserves;

the effects that acts of international terrorism may have on our ability to ship products abroad;

the potential effects of an earthquake or other natural disaster at our manufacturing facilities;

loss of, and failure to replace, any significant customers;

timing and success of new product introductions;

product developments, introductions and pricing of competitors;

timing of substantial customer orders;

availability of qualified personnel;

the impact of local, political and economic conditions and foreign exchange fluctuations on international sales;

performance of suppliers and subcontractors;

decreasing or stagnant market demand and industry and general economic or business conditions;

integration of acquisitions and the related risk;

availability, cost and terms of capital; and

our level of success in effectuating our strategic plan.

We may make additional written or oral forward-looking statements from time to time in filings with the Commission or in public news releases or statements. Such additional statements may include, but are not limited to, projections of revenues, income or loss, capital expenditures, acquisitions, plans for future operations, financing needs or plans, the impact of inflation and plans relating to our products or services, as well as assumptions relating to the foregoing.

Statements in this Report on Form 10-Q, including those set forth in this section, may be considered “forward looking statements” within the meaning of Section 21E of the Securities Act of 1934. These forward-looking statements are often identified by words such as “estimate,” “predict,” “hope,” “may,” “believe,” “anticipate,” “plan,” “expect,” “require,” “intend,” “assume,” and similar words.

Forward-looking statements contained in this Quarterly Report on Form 10-Q speak only as of the date of this report or, in the case of any document incorporated by reference, the date of that document. We do not intend to publicly update or revise any forward-looking statement contained in this Quarterly Report on Form 10-Q or in any document incorporated herein by reference to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time, and the Company specifically disclaims any obligation to do so.

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

The Company is exposed to certain financial market risks in the ordinary course of our business. These risks result primarily from changes in interest rates. In addition, our international operations are subject to risks related to differing economic conditions, changes in political climate, differing tax structures and other regulations and restrictions.

As of September 30, 2007, a change in interest rates of 10% over a year’s period would not have a material impact on our earnings. The Company did not have any outstanding debt as of September 30, 2007.

Foreign exchange rate risk has not been material. If the exchange rate risk does become material, the Company plans to use forward pricing contracts to mitigate those risks.

Item 4.

Controls and Procedures

The Company maintains disclosure controls and procedures that are designed to ensure that information required to be disclosed in its periodic reports filed with the Commission is recorded, processed, summarized and reported within the time periods specified in rules and forms of the Commission and that such information is accumulated and communicated to its management as appropriate to allow timely decisions regarding disclosure. In designing and evaluating the disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives and management is required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures.

On August 1, 2007, the Company acquired AeroAstro, Inc. Certain disclosure controls and procedures within AeroAstro may need to be modified to maintain effectiveness. Management will evaluate each modification as integration of AeroAstro into Radyne’s operations continues.

The Company’s Chief Executive Officer and Chief Financial Officer have evaluated the effectiveness of the Company’s disclosure controls and procedures as of September 30, 2007. Based upon such review, the Chief Executive Officer and Chief Financial Officer have concluded that, as of that date, the Company’s controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Exchange Act) were effective.

There were no changes in our internal controls over financial reporting (as such term is defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) during the quarter ended September 30, 2007 that materially affected, or that are reasonably likely to materially affect, our internal controls over financial reporting{check to see if updates needed to AS-5}.

Part II – OTHER INFORMATION

Item 1.

Legal Proceedings

Information regarding reportable legal proceedings is contained in Part I, Item 3 “Legal Proceedings,” in our Annual Report on Form 10-K for the year ended December 31, 2006. The following describes legal proceedings, if any, that became reportable during the quarter ended September 30, 2007, and if applicable, amends and restates descriptions of previously reported legal proceedings in which there have been material developments during such quarter.

As previously disclosed, in April 2006, Comtech EF Data Corp. filed a complaint (Comtech EF Data Corporation v. Radyne Corporation Case No. 2:06cv01132) in the United States District Court for the District of Arizona alleging one count of patent infringement claiming that some of the Company’s radio frequency converter products infringed on a patent held by Comtech EF Data Corp. The complaint seeks an injunction and unspecified monetary damages. The Company submitted its answer to the complaint on May 30, 2006. A special master, assigned by the court, issued a report and recommendation on patent claim construction to the court (i.e., on the scope of the patent claims), and recommended that the patent claims asserted against the Company’s down-converter products be found invalid, because the claims were too defective to be construed. The court has not yet made a determination as to whether it will adopt the recommendation of the special master. The Company believes all of Comtech EF Data Corp.’s claims are without merit and that it has substantial factual and legal defenses to the claims. The Company intends to defend itself vigorously in this lawsuit. However, there is no assurance that the Company will ultimately prevail in this proceeding. There have been no further developments during the quarter ended September 30, 2007 regarding this complaint.

Item 1A.

Risk Factors

In addition to the other information set forth in this report, you should carefully consider the factors discussed in Part I, Item 1A, “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2006, which could materially affect our business, financial condition or future results. The risks described in our Annual Report on Form 10-K are not the only risks facing our Company. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition and/or operating results.

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

Issuer Sales of Equity Securities

None.

Issuer Purchases of Equity Securities

“As previously disclosed, on August 1, 2007, the Company completed its acquisition of AeroAstro, Inc. by merging a wholly-owned subsidiary of the Company with and into AeroAstro, with AeroAstro surviving as a subsidiary of the Company. The Company issued 81,699 shares of its common stock to Dr. Rick Fleeter, former principal stockholder and chief executive officer and president of AeroAstro, as part of the merger consideration, in reliance on the exemption from the registration requirements under the Securities Act of 1933, as amended (the “Securities Act”) set forth in Section 4(2) of the Securities Act.”

Item 3.

Defaults Upon Senior Securities

None.

Item 4.

Submission of Matters to a Vote of Security Holders

None.

Item 5.

Other Information

None.

Item 6.

Exhibits

See Exhibit Index.

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.


RADYNE CORPORATION

By:		/s/ Malcolm C. Persen
		Malcolm C. Persen,
		Vice President and Chief Financial Officer
		(Principal Financial Officer)

Dated: November 9, 2007

EXHIBIT INDEX


Exhibit No.		Exhibit
2.1(1)		Agreement and Plan of Merger dated July 5, 2007, by and among Radyne Corporation, AeroAstro Acquisition Inc., AeroAstro, Inc., the Principal AeroAstro Shareholders, and Dr. Rick Fleeter, in his capacity as the Shareholders’ Representative

3.1(2)		Restated Certificate of Incorporation

3.2(3)		Certificate of Ownership and Merger (amending the Restated Certificate of Incorporation) certified June 1, 2005

3.3(4)		Amended and Restated Bylaws of Radyne Corporation

10.1(5)		Credit Agreement dated as of August 31, 2007, by and among Radyne Corporation, Citibank, N.A., as administrative agent, and the certain lenders named therein

31.1*		Certification of the Principal Executive Officer pursuant to Rule 13-14(a) under the Securities Exchange Act of 1934

31.2*		Certification of the Principal Financial Officer pursuant to Rule 13-14(a) under the Securities Exchange Act of 1934

32**		Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

100.INS(6)**		XBRL Instance Document

100.SCH(6)**		XBRL Taxonomy Extension Schema Document

100.CAL(6)**		XBRL Taxonomy Extension Calculation Linkbase Document

100.LAB(6)**		XBRL Taxonomy Extension Label Linkbase Document

100.PRE(6)**		XBRL Taxonomy Extension Presentation Linkbase Document

*	filed herewith

**	furnished herewith

1)	Incorporated by reference to Exhibit 2.1 to the Company’s Current Report on Form 8-K, filed on July 11, 2007.

2)	Incorporated by reference to Exhibit 3.1 to the Company’s Registration Statement on Form 8-A12G, filed on July 13, 2000.

3)	Incorporated by reference to Exhibit 3.2 to the Company’s Annual Report on Form 10-K, filed on March 16, 2006.

4)	Incorporated by reference to Exhibit 3.1 of the Company’s Current Report on Form 8-K filed October 24, 2006.

5)	Incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K, filed on September 6, 2007.

Attached as Exhibit 100 to this Quarterly Report on Form 10-Q are the following materials, formatted in Extensible Business Reporting Language (“XBRL”): (i) the Condensed Consolidated Balance Sheets at September 30, 2007 and December 31, 2006, (ii) the Condensed Consolidated Statements of Income for the three- and nine-months ended September 30, 2007 and 2006 and (iii) the Condensed Consolidated Statements of Cash Flows for the three-months ended September 30, 2007 and 2006. The financial information contained in the XBRL documents is unaudited and these are not the official publicly filed financial statements of the Registrant. The purpose of submitting these XBRL documents is to test the related format and technology and, as a result, investors should continue to rely on the official filed version of the furnished documents and not rely on this information in making investment decisions.

In accordance with Rule 402 of Regulation S-T, the XBRL related information in this Quarterly Report on Form 10-Q, Exhibit 100, shall not be deemed to be “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

EX-31.1 2 dex311.htm CERTIFICATION OF CHIEF EXECUTIVE OFFICER Certification of Chief Executive Officer

Exhibit 31.1

Certification

I, Carl Myron Wagner, certify that:

I have reviewed this quarterly report on Form 10-Q of Radyne Corporation;

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operation and cash flows of the registrant as of, and for, the periods presented in this report;

The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 9, 2007

/s/ Carl Myron Wagner

Carl Myron Wagner, Chief Executive Officer

(Principal Executive Officer)

EX-31.2 3 dex312.htm CERTIFICATION OF CHIEF FINANCIAL OFFICER Certification of Chief Financial Officer

Exhibit 31.2

Certification

I, Malcolm C. Persen, certify that:

I have reviewed this quarterly report on Form 10-Q of Radyne Corporation;

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 9, 2007

/s/ Malcolm C. Persen

Malcolm C. Persen, Chief Financial Officer

(Principal Financial Officer)

EX-32 4 dex32.htm CERTIFICATIONS OF CHIEF EXECUTIVE OFFICER AND CHIEF FINANCIAL OFFICER Certifications of Chief Executive Officer and Chief Financial Officer

Exhibit 32

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Radyne Corporation (the “Company”) on Form 10-Q for the quarter ended September 30, 2007 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), each of the undersigned certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of his knowledge:

(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the consolidated financial condition and results of operations of the Company.

/s/ Carl Myron Wagner

Carl Myron Wagner

Chief Executive Officer

November 9, 2007

/s/ Malcolm C. Persen

Malcolm C. Persen

Chief Financial Officer

November 9, 2007

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Depreciation and Amortization Depreciation and Amortization Depreciation and Amortization - Total Adjustment Derivatives (Options, Swaps, Futures, etc.) shall be classified as cash flow operating activities Adjustment Derivatives Adjustment Derivatives Adjustment Derivatives - Total Adjustment distribution of earnings to affiliates shall be classified as cash flows from operating activities and reported on the statement of cash flows. Adjustment Distributions Earnings Affiliates Distributions Earnings Affiliates Adjustment Distributions Earnings Affiliates - Total The aggregate income or loss earned from equity investments, including dividend income and reporting entity's share of investee's earned income adjusted for dividends distributed during an accounting period. Adjustment Income/(Loss) from Equity Investments Adjustment Earnings (Losses) from Equity Investments Adjustment Income/(Loss) from Equity Investments - Total Benefits such as salary, benefits, stocks, pension, post-retirement benefits and other payments not to include Officers Compensation shall be classified as cash flows from Operating activities and reported in the statement of cash flows. Adjustment Employee Compensation Employee Compensation Adjustment Employee Compensation - Total Adjustment Costs and recoveries related to environmental remediation. Shall be classified as cash flows from Operating activities and reported in the statement of cash flows. Adjustment Environmental Remediation Adjustment Environmental Remediation Adjustment Environmental Remediation - Total Amortization of compensation costs for grants awarded under the share-based incentive plans for employees and directors. Adjustment for Equity Based Compensation Expense Compensation Expense Associated with Stock Based Award Adjustment for Equity Based Compensation Expense - Total Adjustments Excess Tax Benefit from Exercise of Stock Options Excess tax benefits from share-based payment arrangement Excess tax benefits from share-based payment arrangement Excess tax benefits from share-based payment arrangement - Total Adjustment Extraordinary Items shall be classified as cash flow operating activities Adjustment Extraordinary Items Extraordinary Items Adjustment Extraordinary Items - Total Realized and unrealized foreign exchange gains and losses. Shall be classified as cash flows from Operating activities and reported in the statement of cash flows. Adjustments to Foreign Currency Exchange Gains/(Losses) Foreign Currency Exchange Gains/(Losses) Adjustments to Foreign Currency Exchange Gains/(Losses) - Total The gains and losses included in earning resulting from the Costs and recoveries related to the settlement of litigation. Adjustment Gain/(Loss) Related to Litigation Settlement Adjustment Gain (Loss) Related to Litigation Settlement Adjustment Gain/(Loss) Related to Litigation Settlement - Total The gains and losses included in earning resulting from the sale of a business segment. Shall be classified as cash flows from Operating activities and reported in the statement of cash flows. Adjustments to Gain/(Loss) on Sale of Business Gain (Loss) on Sale of Business Adjustments to Gain/(Loss) on Sale of Business - Total Income(Loss), net of tax, of a business segment that has been discontinued at year-end or will be discontinued shortly after year end. Income/(Loss) from Discontinued Operations, Net of Tax Effect Income (Loss) from Discontinued Operations, Net of Tax Effect Income/(Loss) from Discontinued Operations, Net of Tax Effect - Total Adjustments to portion of purchase price allocated to technologies acquired through business combinations, which neither reached technological feasibility nor have future use ; such costs should be expensed right away. shall be classified as cash flows from Operating activities and reported in the statement of cash flows. Adjustment In-Process Research and Development Adjustment in Process Research and Development Adjustment In-Process Research and Development - Total Adjusted Intangible Assets excluding Goodwill (not to include writeoffs)not to be included in the operating assets and liabilities; shall be classified as cash flows from Operating activities and reported in the statement of cash flows. Adjustment Intangible Asset Excluding Goodwill Adjustment of Intangible Asset Excluding Goodwill Adjustment Intangible Asset Excluding Goodwill - Total Interest Income Earned (t-bills and notes) Adjustments to Interest Income Earned Interest Income Earned Adjustments to Interest Income Earned - Total Adjusted Inventory not to be included in the operating assets and liabilities Adjustment Inventory Inventory Adjustment Inventory - Total Adjustment investments shall be classified as cash flow operating activities Adjustments to Gains/(Losses) on Sale of Investments Investments Adjustments to Gains/(Losses) on Sale of Investments - Total Issuance Stock and or Warrants for services or claims Adjustment Issuance Stock and or Warrants Adjustment Issuance Stock and or Warrants Adjustment Issuance Stock and or Warrants - Total Adjustment to the costs incurred by an entity during a business combination; shall be classified as cash flows from Operating activities and reported in the statement of cash flows. Adjustment Merger Related Costs Adjustment Merger Related Costs Adjustment Merger Related Costs - Total Adjusted Investment interest whose company's ownership is not the controlling interest and shall be classified as cash flows from Operating activities and reported in the statement of cash flows. Adjustment Minority Interest Minority Interest Adjustment Minority Interest - Total Expenditures for salaries of officers other than those which can be clearly related to production. Adjustment Officers Compensation Officers Compensation Adjustment Officers Compensation - Total Adjustments to other deferred charges; shall be classified as cash flow operating activities Adjustments to Other Deferred Charges Adjustments to Other Deferred Charges Adjustments to Other Deferred Charges - Total Adjusted property plant and equipment not to be included in the operating assets and liabilities Adjustment Property Plant Equipment Property Plant Equipment Adjustment Property Plant Equipment - Total Bad debt write-offs or provisions for the period. Shall be classified as cash flows from Operating activities and reported in the statement of cash flows. Provision for bad debt Provision for bad debt Provision for bad debt Adjustment tax adjustments, settlements, and unusual provisions which includes adjustments of tax assessment reversal, IRS tax settlement and unusual repatriation of foreign earnings. Shall be classified as cash flows from Operating activities and reported in the statement of cash flows and not to be included in the operating assets and liabilities. Adjustment Tax Adjustments, Settlements, and Unusual Provisions Adjustment Tax Adjustments, Settlements, and Unusual Provisions Adjustment Tax Adjustments, Settlements, and Unusual Provisions - Total The gains and losses included in earning resulting from the sale of an asset Adjustment Realized Gains Losses On Sale Asset Realized Gains Losses On Sale Asset Adjustment Realized Gains Losses On Sale Asset - Total The gains and losses included in earning resulting from the sale of debt and equity securities. Shall be classified as cash flows from Operating activities and reported in the statement of cash flows. Adjustments to Realized Gains/(Losses) on Sale of Investments Realized Gains (Losses) on Sale of Investments Adjustments to Realized Gains/(Losses) on Sale of Investments - Total Adjusted receivables not to be included in the operating assets and liabilities Adjustment Receivable Receivable Adjustment Receivable - Total Adjustments to portion Research and Development Excluding InProcess Research and Development Adjustment Research and Development Excluding InProcess Adjustment Research and Development Excluding InProcess Adjustment Research and Development Excluding InProcess - Total Charges resulting from the consolidation and/or relocation of operations, or the disposition or abandonment of operations or productive assets. These charges may be incurred in connection with a business combination, and change in strategic plan, or a managerial response to declines in demand, increasing costs or other environmental factors. Shall be classified as cash flows from Operating activities and reported in the statement of cash flows. Restructuring Charges Restructuring Charges Restructuring Charges - Total Adjustment Net gain received from Security transactions and shall be classified as cash flows from Operating activities and reported in the statement of cash flows. Adjustment Security Transactions Net Security Transactions Net Adjustment Security Transactions Net - Total Adjustment Tax Reserve Adjustment Tax Reserve Adjustment Tax Reserve Adjustment Tax Reserve - Total Earnings (losses) arising from investments in non-consolidated subsidiaries. Adjustments to Undistributed Earnings of Affiliates Undistributed Earnings of Affiliates Adjustments to Undistributed Earnings of Affiliates - Total Adjustment Voluntary Contribution Benefit Plan Adjustment Voluntary Contribution Benefit Plan Adjustment Voluntary Contribution Benefit Plan Adjustment Voluntary Contribution Benefit Plan - Total Adjusted write off of Asset not to be included in the operating assets and liabilities; shall be classified as cash flows from Operating activities and reported in the statement of cash flows. Adjustment Write Off of Asset Adjustment Write Off Asset Adjustment Write Off of Asset - Total Adjusted write off of Goodwill; shall be classified as cash flows from Operating activities and reported in the statement of cash flows. Adjustment Write Off of Goodwill Adjustment Write Off Goodwill Adjustment Write Off of Goodwill - Total Adjusted write off of Intangible Assets excluding Goodwill not to be included in the operating assets and liabilities; shall be classified as cash flows from Operating activities and reported in the statement of cash flows. Adjustment Write Off of Intangible Asset Excluding Goodwill Adjustment Write Off of Intangible Asset Excluding Goodwill Adjustment Write Off of Intangible Asset Excluding Goodwill - Total Adjusted write off of Inventory not to be included in the operating assets and liabilities; shall be classified as cash flows from Operating activities and reported in the statement of cash flows. Adjustment Write Off of Inventory Adjustment Write Off Inventory Adjustment Write Off of Inventory - Total Adjusted of Other write off not otherwise defined; shall be classified as cash flows from Operating activities and reported in the statement of cash flows. Adjustment Write Off of Other Adjustment Write Off Other Adjustment Write Off of Other - Total Adjusted write off of property plant and equipment not to be included in the operating assets and liabilities Adjustment Write Off Property Plant Equipment Write Off Property Plant Equipment Adjustment Write Off Property Plant Equipment - Total Adoption SFAS 123R - Additional Paid in Capital Adoption SFAS 123R - Additional Paid in Capital Adoption SFAS 123R - Additional Paid in Capital Adoption SFAS 123R - Additional Paid in Capital - Total Adoption of SFAS 123R - UnearnedCompensation Adoption of SFAS 123R - UnearnedCompensation Adoption of SFAS 123R - UnearnedCompensation Adoption of SFAS 123R - UnearnedCompensation - Total American Depository Share equivalent basic and diluted earnings (net income) per Outstanding Share. A share issued under deposit agreement that represents an underlying security in the issuer's home country. The term ADR and ADS are often thought to be the same. Technically, an ADS is the actual share trading, while an ADR represents a bundle of ADSs. ADS Equivalent Basic and Diluted Earnings Per Share ADS Equivalent Basic and Diluted Earnings Per Share ADS Equivalent Basic and Diluted Earnings Per Share - Total American Depository Share equivalent basic earnings (net income) per Outstanding Share. A share issued under deposit agreement that represents an underlying security in the issuer's home country. The term ADR and ADS are often thought to be the same. Technically, an ADS is the actual share trading, while an ADR represents a bundle of ADSs. ADS Equivalent Basic Earnings Per Share ADS Equivalent Basic Earnings Per Share ADS Equivalent Basic Earnings Per Share - Total American Depository Share equivalent diluted earnings (net income) per Outstanding Share. A share issued under deposit agreement that represents an underlying security in the issuer's home country. The term ADR and ADS are often thought to be the same. Technically, an ADS is the actual share trading, while an ADR represents a bundle of ADSs. ADS Equivalent Diluted Earnings Per Share ADS Equivalent Diluted Earnings Per Share ADS Equivalent Diluted Earnings Per Share - Total American Depository Share equivalent Weighted Average Number of Shares Outstanding where Basic and Diluted are the same and reported as a single line Weighted Average Number Basic and Diluted Shares Outstanding Weighted Average Number Basic and Diluted Shares Outstanding Weighted Average Number Basic and Diluted Shares Outstanding - Total American Depository Share equivalent Adjustment to the Weighted Average Number of Basic and Diluted Shares Outstanding Weighted Average Number Basic and Diluted Shares Outstanding Adjustment Weighted Average Number Basic and Diluted Shares Outstanding Adjustment Weighted Average Number Basic and Diluted Shares Outstanding Adjustment - Total American Depository Share equivalent adjustment to the Weighted Average Number of Shares Outstanding where Basic and Diluted are the same Weighted Average Number Basic Diluted Shares Outstanding ProForma Weighted Average Number Basic Diluted Shares Outstanding ProForma Weighted Average Number Basic Diluted Shares Outstanding ProForma - Total American Depository Share equivalent basic Weighted Average Number of Shares Outstanding ADS Equivalent Weighted Average Shares Outstanding - Basic ADS Equivalent Weighted Average Number of Shares Outstanding ADS Equivalent Weighted Average Shares Outstanding - Basic - Total American Depository Share equivalent basic Adjustment to the Weighted Average Number of Basic Shares Outstanding Weighted Average Number Basic Shares Outstanding Adjustment Weighted Average Number Basic Shares Outstanding Adjustment Weighted Average Number Basic Shares Outstanding Adjustment - Total American Depository Share equivalent basic Proforma Weighted Average Number of Shares Outstanding ProForma Weighted Average Shares Outstanding - Basic ProForma Weighted Average Number of Shares Outstanding ProForma Weighted Average Shares Outstanding - Basic - Total American Depository Share equivalent Weighted Average Number of Diluted Shares Outstanding Weighted Average Shares Outstanding - Diluted Weighted Average Number of Diluted Shares Outstanding Weighted Average Shares Outstanding - Diluted - Total American Depository Share equivalent adjustment to the Weighted Average Number of Diluted Shares Outstanding Weighted Average Number Diluted Shares Outstanding Adjustment Weighted Average Number Diluted Shares Outstanding Adjustment Weighted Average Number Diluted Shares Outstanding Adjustment - Total American Depository Share equivalent ProForma Weighted Average Number of Diluted Shares Outstanding ProForma Weighted Average Shares Outstanding - Diluted ProForma Weighted Average Number of Diluted Shares Outstanding ProForma Weighted Average Shares Outstanding - Diluted - Total Revenues arising from the sale of Advertising. Advertising Revenue Advertising Revenue Advertising Revenue - Total Affiliates equity method Investments Affiliates equity method Investments Affiliates equity method Investments Affiliates equity method Investments - Total The portion of Stock Compensation Allocated to General Administrative Allocation of Stock Compensation General Administrative Allocation of Stock Compensation General Administrative Allocation of Stock Compensation General Administrative - Total The portion of Stock Compensation Allocated to Marketing and Selling Allocation of Stock Compensation Marketing and Selling Allocation of Stock Compensation Marketing and Selling Allocation of Stock Compensation Marketing and Selling - Total The portion of Stock Compensation Allocated to Other Costs and or Expense Allocation of Stock Compensation Other Costs and or Expense Allocation of Stock Compensation Other Costs and or Expense Allocation of Stock Compensation Other Costs and or Expense - Total The portion of Stock Compensation Allocated to Research and Development Allocation of Stock Compensation Research and Development Allocation of Stock Compensation Research and Development Allocation of Stock Compensation Research and Development - Total The accumulated allowance for uncollectible minimum note receivable payments. Allowance for Uncollectible Notes Receivable Payments Allowance for Uncollectible Notes Receivable Payments Allowance for Uncollectible Notes Receivable Payments - Total The cumulative amount of amortization, generally shown as a deduction from the recorded amount of the excess of the cost of an acquired entity over net of the amounts assigned to assets acquired and liabilities assumed in a business combination. Amortization Goodwill Amortization Goodwill Amortization Goodwill - Total The cumulative amount of amortization, Intangible Assets Including Goodwill Amortization Intangible Assets and Goodwill Amortization Intangible assets and Goodwill Amortization Intangible Assets and Goodwill - Total The amount of expense charged against earnings by a company to write off the cost of an intangible possession not otherwise defined. Amortization - Other Other Amortization Amortization - Other - Total Amortization of Unearned Compensation Amortization of Unearned Compensation Amortization of Unearned Compensation Amortization of Unearned Compensation - Total Amounts Due From Employee, not to include stockholders or officers, which are usually due within 1 year (or one business cycle). Amounts Due From Employee - Current Due From Employee Amounts Due From Employee - Current - Total Amounts Due From Employee, not to include stockholders or officers, due beyond one year or one operating cycle. Amounts Due From Employee - Noncurrent Due From Employee Amounts Due From Employee - Noncurrent - Total Amounts due to Employee, not to include stockholders or officers, which are usually due within 1 year (or one business cycle). Amounts Due To Employee - Current Due to Employee Amounts Due To Employee - Current - Total Amounts due to Employee, not to include stockholders or officers, due beyond one year or one operating cycle Amounts Due To Employee - Noncurrent Due to Employee Amounts Due To Employee - Noncurrent - Total An anti-dilutive element, in the calculation of fully diluted EPS, is a security or option that would have the effect of increasing EPS if converted; such instruments are excluded from the calculation of fully-diluted EPS. AntiDiluted Shares Outstanding AntiDiluted Shares Outstanding AntiDiluted Shares Outstanding - Total Other impairment losses measured as the amount by which the carrying amount of the asset exceeds the fair value of the asset not otherwise defined Other Asset Impairment Charges Other Asset Impairment Charge Other Asset Impairment Charges - Total Probable future economic benefit obtained or controlled by an entity. Total Assets Total Assets Total Assets Balance Sheet Unknown Subtotal Balance Sheet Unknown Subtotal Balance Sheet Unknown Subtotal Balance Sheet Unknown Subtotal - Total Earnings (net income) per Basic and Diluted Share. Basic and Diluted Earnings Per Share Basic and Diluted Earnings Per Share Basic and Diluted Earnings Per Share - Total Earnings (net income) per Basic and Diluted Share. Basic and Diluted Earnings Per Share Basic and Diluted Earnings Per Share Basic and Diluted Earnings Per Share - Total Adjustment to Basic and Diluted earnings (net income) per Outstanding Share. Basic and Diluted Earnings Per Share Adjustment Basic and Diluted Earnings Per Share Adjustment Basic and Diluted Earnings Per Share Adjustment - Total Basic and Diluted earnings (net income) per Outstanding Share Before Adjustment. Basic and Diluted Earnings Per Share Before Adjustment Basic and Diluted Earnings Per Share Before Adjustment Basic and Diluted Earnings Per Share Before Adjustment - Total ProForma Diluted Earnings Per Share Diluted Earnings Per Share Pro Forma Diluted Earnings Per Share Pro Forma Diluted Earnings Per Share Pro Forma - Total Basic earnings (net income) per Outstanding Share. Basic Basic Basic Adjustment to Basic earnings (net income) per Outstanding Share. Basic Earnings Per Share Adjustment Basic Earnings Per Share Adjustment Basic Earnings Per Share Adjustment - Total Basic earnings (net income) per Outstanding Share Before Adjustment. Basic Earnings Per Share Before Adjustment Basic Earnings Per Share Before Adjustment Basic Earnings Per Share Before Adjustment - Total ProForma Basic Earnings Per Share Basic Earnings Per Share Pro Forma Basic Earnings Per Share Pro Forma Basic Earnings Per Share Pro Forma - Total Structure and Items added to Buildings that have limited lifes, such as renovations including interior masonry, interior flooring, electrical, and plumbing Building and Building Improvements Building and Building Improvements Building and Building Improvements - Total Items added to Buildings that have limited lifes, such as renovations including interior masonry, interior flooring, electrical, and plumbing Building Improvements Building Improvements Building Improvements - Total Costs resulting from the disposition or abandonment of operations or productive assets. These costs may be incurred in connection with a change in strategic plan, or a managerial response to declines in demand, increasing costs or other environmental factors. Adjustments to Reserve for Business Exit Costs Increase/(Decrease) in Reserve for Business Exit Costs Adjustments to Reserve for Business Exit Costs - Total Interest that is not immediately expensed, but instead is treated as an asset an amortized over time on the income statement Capitalized Interest Capitalized Interest Capitalized Interest - Total Capitalized Product Development Costs Capitalized Product Development Costs Capitalized Product Development Costs Capitalized Product Development Costs - Total Tangible assets financed by a capital lease agreement, net of adjustments and depreciation. Capital Leased Assets, Net Capital Leased Assets, Net Capital Leased Assets, Net - Total Obligation related to a capital lease, the portion which is due greater than one year (operating cycle) in the future. Obligation under capital lease Obligation under capital lease Obligation under capital lease Cash Acquired From Acquisition Cash Acquired From Acquisition Cash Acquired From Acquisition Cash Acquired From Acquisition - Total Cash and short-term, highly liquid investments that are readily convertible to known amounts of cash and are so near their maturity that they present negligible risk of changes in value due to changes in interest rates - usually with an original maturity less than 90 days, This includes restricted cash, treasury bills, commercial paper and money market funds and other operating cash balances. Cash and cash equivalents Cash and cash equivalents Cash and cash equivalents Cash and cash equivalents adjustment to beginning period Cash and cash equivalents adjustment to beginning period Cash and cash equivalents adjustment to beginning period Cash and cash equivalents adjustment to beginning period - Total Cash and cash equivalents at the beginning of the year. Cash equivalents are short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Generally, only investments with original maturities of three months or less qualify under the definition. Cash and cash equivalents, beginning of year Cash and cash equivalents, beginning of year Cash and cash equivalents, beginning of year Cash and cash equivalents at the end of the year. Cash equivalents are short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Generally, only investments with original maturities of three months or less qualify under the definition. Cash and cash equivalents, end of quarter Cash and cash equivalents, end of quarter Cash and cash equivalents, end of quarter Redeemable Preferred Amount per share cash dividend declared and/or paid by an entity to shareholders shall be reported in the statement of income. Cash Dividend Amount for Redeemable Preferred Per Share Cash Dividend Amount for Redeemable Preferred Per Share Cash Dividend Amount for Redeemable Preferred Per Share - Total Cash dividend per share declared during the period by an entity to shareholders. Cash Dividend Amount Per Share Cash Dividend Amount Per Share Cash Dividend Amount Per Share - Total Adjustment to discontinued operations not defined as operating, investing or financing activities. shall be classified as cash flows from Discontinued Operations when presented outside of operating, investing or financing activities Adjustment discontinue operations Adjustment discontinue operations Adjustment discontinue operations - Total Cash Flow Statement Unknown Subtotal Cash Flow Statement Unknown Subtotal Cash Flow Statement Unknown Subtotal Cash Flow Statement Unknown Subtotal - Total The Cash Portion of Acquisition of Business; it's a component of cash outflows from investing activities Cash Portion Acquisition Purchase Price Cash Portion Acquisition Purchase Price Cash Portion Acquisition Purchase Price - Total If the indirect method is used, amounts of interest paid (net of amounts capitalized) during the period shall be provided in related disclosures. Cash paid for interest Cash paid for interest Cash paid for interest The net change in the beginning and end of period accounts receivable balances arising form the sale of goods and services provided in the normal course of business, which are usually due within 12 months or one business cycle outside of items reflected elsewhere in the cash flow statement. Accounts receivable Accounts receivable Accounts receivable The net change in the beginning and end of period Accrued Expenses balances. Increase/(Decrease) in Accrued Expenses Accrued Expenses Increase/(Decrease) in Accrued Expenses - Total Accrued Product Purchases Accrued Product Purchases Accrued Product Purchases Accrued Product Purchases - Total Accrued Product Shortages Accrued Product Shortages Accrued Product Shortages Accrued Product Shortages - Total The net change in current obligations (due within one year or one operating cycle) owed to Employees which shall not include reporting entity's executives and owners during an accounting period Increase/(Decrease) in Amounts Due To Employee - Current Due to Employee Increase/(Decrease) in Amounts Due To Employee - Current - Total Change in the aggregate net value (measured at the lower of net carrying value or fair value) for all assets Change in Assets of Discontinued Operations Change in Assets of Discontinued Operations Change in Assets of Discontinued Operations - Total Long lived assets that are held for sale shall be classified as cash flow operating activities Change Assets Held for Sale Change Assets Held for Sale Change Assets Held for Sale - Total The net change in the beginning and end of period Income Billing Excess Cost Earnings Cost in excess of billings Cost in excess of billings Cost in excess of billings The change the comprehensive income - other accumulated net losses recognized as an additional pension liability not yet recognized as a net periodic pension cost, net of tax effects. Increase/(Decrease) in Comprehensive Income, Net of Tax Effect - Accumulated Other Minimum Pension Liability Increase/(Decrease) in Comprehensive Income, Net of Tax Effect - Accumulated Other - Total The change the comprehensive income - other accumulated net losses recognized as an additional pension liability not yet recognized as a net periodic pension cost, net of tax effects. Increase/(Decrease) in Comprehensive Income, Net of Tax Effect - Accumulated Other Minimum Pension Liability Increase/(Decrease) in Comprehensive Income, Net of Tax Effect - Accumulated Other - Total The change in accumulated net losses recognized as an additional pension liability not yet recognized as a net periodic pension cost, net of tax effects. Pension and other postretirement plans adjustments Pension and other postretirement plans adjustments Pension and other postretirement plans adjustments - Total The change the comprehensive income accumulated net losses recognized as an additional pension liability not yet recognized as a net periodic pension cost tax effect. Increase/(Decrease) in Comprehensive Income Additional Minimum Pension Liability Tax Effect Comprehensive Income Minimum Pension Liability Tax Effect Increase/(Decrease) in Comprehensive Income Additional Minimum Pension Liability Tax Effect - Total The change in comprehensive income adjustment for converting foreign investments into the company's own currency on a particular day. The difference between the investment value in the foreign currency and the investment value in the company's own currency at a particular point in time. Also used for investments in subsidiaries which are of a different currency. Net of tax effect Increase/(Decrease) in Comprehensive Income Cumulative Translation Adjustment, Net of Tax Effect Comprehensive Income Cumulative Translation Adjustment Increase/(Decrease) in Comprehensive Income Cumulative Translation Adjustment, Net of Tax Effect - Total The change in tax effect of the comprehensive income adjustment for converting foreign investments into the company's own currency on a particular day. The difference between the investment value in the foreign currency and the investment value in company's own currency at a particular point in time. Increase/(Decrease) in Comprehensive Income Cumulative Translation Adjustment Tax Effect Comprehensive Income Cumulative Translation Adjustment Tax Effect Increase/(Decrease) in Comprehensive Income Cumulative Translation Adjustment Tax Effect - Total The change in comprehensive income accumulated gains and losses from hedges that meet hedge criteria are generally recognized in current income when gains and losses on the hedged item are reported in current income. Net of tax effect. Increase/(Decrease) in Comprehensive Income Deferred Hedging Gain/(Loss), Net of Tax Effect Comprehensive Income Deferred Hedging Gain/Loss Increase/(Decrease) in Comprehensive Income Deferred Hedging Gain/(Loss), Net of Tax Effect - Total The change in tax effect of comprehensive income accumulated gains and losses from hedges that meet hedge criteria are generally recognized in current income when gains and losses on the hedged item are reported in current income. Increase/(Decrease) in Comprehensive Income Deferred Hedging Gain/(Loss) Tax Effect Comprehensive Income Deferred Hedging Gain/Loss Tax Effect Increase/(Decrease) in Comprehensive Income Deferred Hedging Gain/(Loss) Tax Effect - Total Change in Comprehensive Income Fair value of derivatives Change in Comprehensive Income Fair value of derivatives Change in Comprehensive Income Fair value of derivatives Change in Comprehensive Income Fair value of derivatives - Total The change the comprehensive income - retained earnings net losses recognized as an additional pension liability not yet recognized as a net periodic pension cost, net of tax effects. Increase/(Decrease) in Comprehensive Income, Net of Tax Effect - Retained Earnings Minimum Pension Liability Increase/(Decrease) in Comprehensive Income, Net of Tax Effect - Retained Earnings - Total The change the comprehensive income - retained earnings net losses recognized as an additional pension liability not yet recognized as a net periodic pension cost, net of tax effects. Increase/(Decrease) in Comprehensive Income, Net of Tax Effect - Retained Earnings Minimum Pension Liability Increase/(Decrease) in Comprehensive Income, Net of Tax Effect - Retained Earnings - Total The change in cumulative amount of all the Comprehensive Income accounts not otherwise defined, net of tax effects. Increase/(Decrease) in Comprehensive Income, Net of Tax Effect Comprehensive Income Increase/(Decrease) in Comprehensive Income, Net of Tax Effect - Total The change in comprehensive income unrealized holding gains and losses on securities available-for-sale, or that result from the transfer of a debt security being transferred from 'hold-to-maturity' category to 'avail-for-sale'. Increase/(Decrease) in Comprehensive Income Unrealized Gain/(Loss) on Marketable Securities, Net of Reclassifications, Net of Tax Effect Comprehensive Income Unrealized Gain/Loss on Marketable Securities, Net of Reclassifications, Net of Tax Effect Increase/(Decrease) in Comprehensive Income Unrealized Gain/(Loss) on Marketable Securities, Net of Reclassifications, Net of Tax Effect - Total The change in tax effect in comprehensive income accumulated unrealized holding gains and losses on securities available-for-sale, or that result from the transfer of a debt security being transferred from 'hold-to-maturity' category to 'avail-for-sale'. Increase/(Decrease) in Comprehensive Income Unrealized Gain/(Loss) on Marketable Securities, Net of Reclassifications Tax Effect Comprehensive Income Unrealized Gain/Loss on Marketable Securities, Net of Reclassifications Tax Effect Increase/(Decrease) in Comprehensive Income Unrealized Gain/(Loss) on Marketable Securities, Net of Reclassifications Tax Effect - Total Current and Noncurrent Environmental Liabilities; shall be included in the operating assets and liabilities. Shall be classified as cash flows from Operating activities and reported in the statement of cash flows. Current and Noncurrent Environmental Liabilities Current and Noncurrent Environmental Liabilities Current and Noncurrent Environmental Liabilities - Total The net change in aggregate amount of prepayments liability (includes both current & non-current portions) to customers for good/service and shall be classified as cash flows from Operating activities and reported in the statement of cash flows. Customer advance payments Customer advance payments Customer advance payments The net change in the beginning and end of period in customer deposit liability balances. Increase/(Decrease) in Customer Deposits Change Customer Deposits Increase/(Decrease) in Customer Deposits - Total The net change in the beginning and end of period balances for deferred charges Increase/(Decrease) in Deferred Charges Increase/(Decrease) in Deferred Charges Increase/(Decrease) in Deferred Charges - Total The net change in the beginning and end of period balances for deposits and other assets accounts that have not otherwise been defined. Change Deposit Other Assets Change Deposit and Other Assets Change Deposit Other Assets - Total The net change in the beginning and end of period Employee Related Liabilities balances. Accrued stock option compensation Accrued stock option compensation Accrued stock option compensation Other net change in total estimated obligations recorded for probable future loss attributable to environmental contamination issues during an accounting period not otherwise defined Other Increase/(Decrease) in Environmental Liabilities Other Changes in Environmental Liabilities Other Increase/(Decrease) in Environmental Liabilities - Total Total unrealized gains (losses) on derivative instruments Total unrealized gains (losses) on derivative instruments Total unrealized gains (losses) on derivative instruments Total unrealized gains (losses) on derivative instruments - Total The net change in the beginning and end of period Income Taxes Payable balances. Income taxes payable Income taxes payable Income taxes payable The net change in the aggregate of Amounts due from taxing authorities related to the payment of income taxes, net of uncollectible amounts Income tax receivable Income tax receivable Income tax receivable The net aggregate change in Income Taxes Payable and Receivable Change Income Taxes Receivable and Payables Net Change Income Taxes Receivable and Payables Net Change Income Taxes Receivable and Payables Net - Total Change in Intangible Assets excluding Goodwill (not to include writeoffs) and shall be included in the operating assets and liabilities; shall be classified as cash flows from Operating activities and reported in the statement of cash flows. Change in Intangible Asset Excluding Goodwill Change in Intangible Asset Excluding Goodwill Change in Intangible Asset Excluding Goodwill - Total The net change in the aggregate amount of interest receivables; it's a component of Operating Activities Change in Interest Receivable Change to Interest Receivable Change in Interest Receivable - Total The net change in the beginning and end of period Inventories balances. Inventories Inventories Inventories Net change in aggregate amount of investments and other assets shall be classified as cash flow operating activities Change Investments and Other Assets Change Investments and Other Assets Change Investments and Other Assets - Total Change in the aggregate net value for all liabilities Change in Liabilities of Discontinued Operations Change in Liabilities of Discontinued Operations Change in Liabilities of Discontinued Operations - Total Net change in aggregate amount of fees associated with administration of a mortgage loan and shall be classified as cash flow Investing activities Increase Decrease Mortgage Servicing Rights Increase Decrease Mortgage Servicing Rights Increase Decrease Mortgage Servicing Rights - Total Net change in aggregate amount of Mortgage Backed Securities shall be classified as cash flow operating activities Change Net Gain Loss Mortgage Backed Securities Net Gain Loss Mortgage Backed Securities Change Net Gain Loss Mortgage Backed Securities - Total The amount of net realized gain/loss on the sales of mortgage loans and shall be classified as cash flows from Operating activities and reported in the statement of cash flows. Change Net Gain Loss Mortgage Loans Net Gain Loss Mortgage Loans Change Net Gain Loss Mortgage Loans - Total Change in Operating Lease Assets Change in Operating Lease Assets Change in Operating Lease Assets Change in Operating Lease Assets - Total Other net change in the beginning and end of period Accounts Payable and Accrued Expenses balances not otherwise defined. Increase/(Decrease) in Other Accounts Payable and Accrued Expenses Increase/(Decrease) in Other Accounts Payable and Accrued Expenses Increase/(Decrease) in Other Accounts Payable and Accrued Expenses - Total The net change in the aggregate of other accrued expenses (expenses incurred at the end of the reporting period but not yet paid) not otherwise defined. 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