-----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, K83SIsiN8jfH9d3rrtNtHPZIpUDZQCWOaFfGitEUI9N/XPMedKAgVaNh8c8V0zfW i6GFJUycBlOQZI5+JjaiXQ== 0000950130-97-000524.txt : 19970221 0000950130-97-000524.hdr.sgml : 19970221 ACCESSION NUMBER: 0000950130-97-000524 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19961231 FILED AS OF DATE: 19970211 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: ACADEMIC COMPUTER SYSTEMS INC CENTRAL INDEX KEY: 0000001961 STANDARD INDUSTRIAL CLASSIFICATION: INVESTORS, NEC [6799] IRS NUMBER: 221848316 STATE OF INCORPORATION: NJ FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 002-31876 FILM NUMBER: 97524727 BUSINESS ADDRESS: STREET 1: 2 W 45TH ST CITY: NEW YORK STATE: NY ZIP: 10036 BUSINESS PHONE: 2125323678 MAIL ADDRESS: STREET 1: 2 WEST 45TH STREET CITY: NEW YORK STATE: NY ZIP: 10036 FORMER COMPANY: FORMER CONFORMED NAME: COMPUTER INDUSTRIES LTD DATE OF NAME CHANGE: 19690318 10-Q 1 FORM 10-Q SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q QUARTERLY REPORT UNDER SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For Quarter ended December 31, 1996 Commission file number 2-31876 ----------------- ------- ACADEMIC COMPUTER SYSTEMS, INC. - -------------------------------------------------------------------------------- (Exact name of registrant as specified in its charter) New Jersey 22-1848316 - ---------------------------------- ------------------------------- (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 2 West 45th Street, New York, New York 10036 - ---------------------------------- ------------------------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (212) 532-3678 ------------------------------- 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 the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date: Class Outstanding at January 28, 1997 - -------------------------------------- ------------------------------- Common stock, par value $.05 per share 907,700 PART I - FINANCIAL INFORMATION ------------------------------ Item 1. Financial Statements: --------------------- The following are the required financial statements, including an index thereof: ACADEMIC COMPUTER SYSTEMS, INC. ------------------------------- INDEX ----- PAGE NO. -------- Balance Sheet - December 31, 1996 - September 30, 1996 1 Statement of Income - Three Months Ended December 31, 1996 and 1995 2 Statement of Retained Earnings - Three Months Ended December 31, 1996 and 1995 3 Statement of Cash Flows - Three months Ended December 31, 1996 and 1995 4 Notes to Financial Statements 5 Item 2. Management's Discussion and Analysis of Financial Condition and Results ----------------------------------------------------------------------- of Operations: -------------- There are no material changes in the operations of the Company. The Company is presently seeking opportunities for investment and preservation of its existing assets. Management believes that all material adjustments have been included herein. PART II - OTHER INFORMATION --------------------------- Not applicable. ACADEMIC COMPUTER SYSTEMS, INC. ------------------------------- BALANCE SHEET ------------- ASSETS ------ December September 31, 30, 1996 1996 -------- -------- Current assets: Cash and cash equivalents $225,454 $167,657 Interest receivable 971 2,770 Prepaid federal income tax - 418 -------- -------- Total current assets 226,425 170,845 Long-term assets: Marketable securities (Note 2) 393,584 408,191 -------- -------- $620,009 $579,036 ======== ======== LIABILITIES AND STOCKHOLDERS' EQUITY ------------------------------------ Current liabilities: Taxes payable $ 297 $ 1,795 Accounts payable and accrued expenses 750 1,250 -------- -------- Total current liabilities 1,047 3,045 -------- -------- Commitments and contingencies (Note 3) - - Deferred taxes payable (Note 4) 50,383 38,437 Stockholders' equity: Common stock, par value of $.05 per share; authorized 1,250,000 shares, issued and outstanding 910,000 shares at December 31, 1996 and September 30, 1996 45,500 45,500 Additional paid-in capital 312,571 312,571 Unrealized gain on securities reported at fair value (Notes 2 and 4) 113,782 88,578 Retained earnings 98,882 93,061 -------- -------- 621,118 578,147 Less treasury stock - at cost (2,300 shares) ( 2,156) ( 2,156) -------- -------- 618,962 575,991 -------- -------- $620,009 $579,036 ======== ======== See Notes to Financial Statements. -1- ACADEMIC COMPUTER SYSTEMS, INC. ------------------------------- STATEMENT OF INCOME ------------------- Three Months Ended December 31, 1996 1995 --------- -------- Income: Dividend income $ 5,129 $ 6,411 Interest income 2,857 835 Other income 1,690 - Loss on sale of securities (Note 2) ( 1,757) - -------- -------- 7,919 7,246 -------- -------- Costs and expenses: Operating costs, selling, general and administrative expense 954 858 -------- -------- Income before provision for taxes 6,965 6,388 -------- -------- Provision for income taxes: Federal 980 477 State and local 164 21 -------- -------- 1,144 498 -------- -------- Net income $ 5,821 $ 5,890 ======== ======== Per share: Net income $ .01 $ .01 ======== ======== Shares outstanding 907,700 907,700 ======== ======== See Notes to Financial Statements. -2- ACADEMIC COMPUTER SYSTEMS, INC. ------------------------------- STATEMENT OF RETAINED EARNINGS ------------------------------ Three Months Ended December 31, ------------------ 1996 1995 -------- -------- Balance - at beginning of period $ 93,061 $ 68,438 Net income 5,821 5,890 -------- -------- Balance - at end of period $ 98,882 $ 74,328 ======== ======== See Notes to Financial Statements. -3- ACADEMIC COMPUTER SYSTEMS, INC. ------------------------------- STATEMENT OF CASH FLOWS ----------------------- Three Months Ended December 31, 1996 1995 -------- -------- Cash flows derived from operating activities: Interest and dividends received $ 9,784 $ 7,345 Cash paid to suppliers ( 1,438) ( 1,108) Income taxes paid ( 549) ( 1,500) -------- -------- Net cash provided by operating activities 7,797 4,737 -------- -------- Cash flows from investing activities: Sale of securities 50,000 _ -------- -------- Net cash provided by investing activities 50,000 _ -------- -------- Net increase in cash equivalents 57,797 4,737 Cash and cash equivalents, beginning of period 167,657 149,375 -------- -------- Cash and cash equivalents, end of period $225,454 $154,112 ======== ======== Reconciliation of net income to net cash provided by operating activities: Net income $ 5,821 $ 5,890 Adjustments to reconcile net income to net cash provided by operating activities: Loss on sale of securities 1,757 - Decrease in other current assets 2,217 99 (Decrease) in accounts payable ( 500) ( 250) (Decrease) in taxes payable ( 1,498) ( 1,002) -------- -------- Net cash provided by operating activities $ 7,797 $ 4,737 ======== ======== See Notes to Financial Statements. -4- ACADEMIC COMPUTER SYSTEMS, INC. ------------------------------- NOTES TO FINANCIAL STATEMENTS ----------------------------- DECEMBER 31, 1996 AND 1995 -------------------------- 1. Statement of Significant Accounting Policies: --------------------------------------------- The Company records its investment income on the accrual basis. There were no operating activities during the periods of these statements. In the opinion of management, the accompanying financial statements contain all adjustments (consisting only of normal recurring adjustments) necessary to present fairly the financial position of the Company as of December 31, 1996, and the results of operations and cash flows for the three months ended December 31, 1996 and December 31, 1995. Such financial statements do not include all disclosures required by generally accepted accounting principles. These financial statements should be read in conjunction with the Company's audited financial statements for the years ended September 30, 1996 and 1995 included in the Company's annual report filed on Form 10K. 2. Marketable Securities: ---------------------- The Company has adopted Statement of Financial Accounting Standards (SFAS) No. 115, "Accounting for Certain Investments in Debt and Equity Securities." Under SFAS No. 115, debt and equity securities are classified into three categories: trading, available-for-sale, and held-to-maturity. Management determines the appropriate classification of its investments at the time of purchase, and reevaluates such determination at each balance sheet date. The Company has categorized its marketable securities as available-for-sale. SFAS No. 115 requires available-for-sale securities to be carried at fair value with unrealized gains and unrealized losses reported as a separate component of stockholders' equity. Realized gains and losses are determined on a specific identification basis. A decline in market value of any available-for-sale security below cost that is deemed other than temporary is charged to earnings, resulting in the establishment of a new cost basis for the security. 3. Commitments and Contingencies: ------------------------------ The Company's income tax returns have not been audited by the Internal Revenue Service. The Company is not involved in any litigation. 4. Deferred Taxes: --------------- Temporary differences arise from unrealized gains on securities that are reported as an adjustment to stockholders' equity for financial reporting but are not recorded in the tax return until the securities are sold. The Company uses the liability method for calculating the deferred tax provision and charges the tax effect directly to stockholders' equity. The deferred taxes relate solely to the available-for-sale securities, and, as such, have no effect on the components of net income (see Note 2). -5- SIGNATURES ---------- Pursuant to the requirements of Sectin 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf of the undersigned, thereunto duly authorized. ACADEMIC COMPUTER SYSTEMS, INC. By /s/ Milton Fisher -------------------------------- Milton Fisher, President Dated: January 28, 1997 EX-27 2 FINANCIAL DATA SCHEDULE
5 1 3-MOS SEP-30-1997 DEC-31-1996 225,454 393,584 971 0 0 226,425 0 0 620,009 1,047 0 0 0 45,500 573,462 620,009 0 7,919 0 0 954 0 0 6,965 1,144 5,821 0 0 0 5,821 .01 .01
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