-----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, LI9CM7nAwn7HDK9G3CfuFXP3HPHOLZ36tLZ1ZmX8XzTnxaILphu6E7VirFHgjbLC 9lYgNxU3OtSuGTEmY+zk3A== 0000950130-96-004921.txt : 19961227 0000950130-96-004921.hdr.sgml : 19961227 ACCESSION NUMBER: 0000950130-96-004921 CONFORMED SUBMISSION TYPE: 10-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19960930 FILED AS OF DATE: 19961226 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-K SEC ACT: 1934 Act SEC FILE NUMBER: 002-31876 FILM NUMBER: 96686346 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-K 1 FORM 10-K SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended September 30, 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 - -------------------------------- ------------------ Registrant's telephone number, including area code 212-532-3678 ---------------- Securities registered pursuant to Section 12(b) of the Act: Name of Each Exchange in Title of Each Class Which Registered -------------------- ------------------------ NONE Not applicable Securities registered pursuant to Section 12 (g) of the Act: Common Stock, $.05 par value, non-cumulative -------------------------------------------- Title of Class 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 report), and (2) has been subject to such filing requirements for the past 90 days. Yes X No _ - The aggregate market value of the voting stock held by non-affiliates of the registrant, based upon the bid price of such stock, as of September 30, 1996 was $227,500. As of September 30, 1996, there were 910,000 shares of the Registrant's common stock, $.05 par value, issued and 907,700 shares outstanding. Index for Exhibits is located on Page 5. PART I ------ Item 1. Business - ---------------- (a) General Development of Business ------------------------------- Registrant's only former business operations were previously conducted through its wholly-owned subsidiary, Data Conversion, Inc., which was engaged in the operation of a key punch service bureau in Palisades, New Jersey. This service bureau translated financial and business records and transactions to computer-ready input. On August 29, 1975, Data Conversion, Inc. suspended operations entirely and there is presently no intention to resume them. (b) Financial Information about Industry Segment -------------------------------------------- During the years ended September 30, 1996 and 1995, Registrant's business operations were primarily conducted in one industry segment - investments:
Year Ended Year Ended September 30, 1996 September 30, 1995 ------------------ ------------------ Gross income: $ 31,436 $ 37,135 Operating profit (after provision for taxes): 24,623 30,145 Identifiable assets: 579,036 514,513
There was no material difference in income during the years ended September 30, 1996 and 1995. The income is a function of the return available on investments, which may fluctuate on an annual basis. (c) Narrative Description of Business --------------------------------- Since discontinuing Data Conversion, Inc., the company has had no income from operations. Currently its only income is from interest and dividends on its investment portfolio which include money market funds. The Registrant is presently exploring the possibility of other businesses or mergers. Item 2. Properties - ------------------ The Registrant owns no real property. Item 3. Legal Procedures - ------------------------ There are no pending lawsuits. 2 Item 4. Security Ownership of Certain Beneficial Owners and Management - ---------------------------------------------------------------------- The following table sets forth, as of September 30, 1996, the ownership of the Registrant's common stock by each person who is known to the Registrant to be the beneficial owner of more than (5%) five percent of its outstanding stock.
AMOUNT AND NAME PERCENTAGE NAME AND ADDRESS OF BENEFICIAL OF TRADE OF CLASS OF OWNER OWNERSHIP CLASS - ------------------- ------------------ ---------------- ----------- Common stock $.05 Milton Fisher 235,000 25.82% par value 2 West 45th Street (i) New York, NY 10036
3 PART II ------- Item 5. Market for the Registrant's Common Stock and Related Security Holder - ---------------------------------------------------------------------------- Matters - ------- The Registrant's common stock $.05 par value is registered pursuant to Section 12 (g) of the Securities Exchange Act of 1934. There is no current active market. As of September 30, 1996 there were 150 record holders of the Registrant's common stock, $.05 par value. Since its inception, the Registrant has not paid any dividends to its shareholders. No payments are anticipated at this time. Item 6. Selected Financial Data - ------------------------------- (a) The following summaries of operation should be read in conjunction with the financial statements of Academic Computer Systems, Inc. for the years ended September 30, 1996 and 1995, and the related notes and opinion of Lipner, Gordon & Co., LLP, CPAs, with respect thereto, which appears elsewhere in this report. Academic Computer Systems, Inc. ------------------------------- Summaries of Selected Financial Data ------------------------------------
Year Ended Year Ended September 30, 1996 September 30, 1995 ------------------ ------------------ Gross income $ 31,436 $ 37,135 Income from operations (before provision for taxes) 27,437 33,434 Net income (after provision for taxes) 24,623 30,145 Total assets 579,036 514,513 Long-term obligations - - Cash dividends - -
4 Item 7. Management's Discussion and Analysis of Financial Condition and Results - -------------------------------------------------------------------------------- of Operations - ------------- In 1975, the operations of Data Conversion, Inc., a subsidiary of Academic Computer Systems, Inc. were suspended, and there is no intention to resume such operations. Decreased demand for this corporation's services and the operating losses sustained, made this necessary. The Registrant is presently exploring the possibility of other businesses or mergers. In the meantime, management has cut all expenses to an irreducible minimum in order to conserve its capital. Item 8. Financial Statements and Supplementary Data - --------------------------------------------------- Registrant is not required to provide the supplementary financial information specified by Item 12 of Regulation S-K. The following are the required Financial Statements, including an index thereof: Index to Financial Statements Page Number ----------------------------- ----------- Financial statements: Independent auditors' report 7 Balance sheets at September 30, 1996 and 1995 8 Statement of income for years ended September 30, 1996, 1995 and 1994 9 Statement of retained earnings for years ended September 30, 1996, 1995 and 1994 10 Statement of cash flows for the years ended September 30, 1996, 1995 and 1994 11 Notes to financial statements 12 Independent auditors' report on schedules 13 Schedule I - marketable securities for the years ended September 30, 1996 and 1995 14, 15, 16, 17 5 ACADEMIC COMPUTER SYSTEMS, INC. ------------------------------- COMPARATIVE FINANCIAL STATEMENTS -------------------------------- SEPTEMBER 30, 1996, 1995 AND 1994 --------------------------------- 6 [LETTERHEAD OF LIPNER, GORDON & CO., LLP] INDEPENDENT AUDITORS' REPORT ---------------------------- Board of Directors Academic Computer Systems, Inc. We have audited the accompanying balance sheets of Academic Computers, Inc. as of September 30, 1996 and 1995, and the related statements of income, retained earnings, and cash flows for the years ended September 30, 1996, 1995 and 1994. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Academic Computers, Inc. as of September 30, 1996 and 1995 and the results of its operations and its cash flows for the years then ended, and for the year ended September 30, 1994, in conformity with generally accepted accounting principles. /s/ Lipner, Gordon & Co. LLP Great Neck, New York November 8, 1996 7 ACADEMIC COMPUTER SYSTEMS, INC. ------------------------------- BALANCE SHEET ------------- ASSETS ------
September 30, --------------------- 1996 1995 ------ ---- Current assets: Cash and cash equivalents $167,657 $149,375 Interest receivable 2,770 768 Prepaid federal income tax 418 - -------- -------- Total current assets 170,845 150,143 Long-term assets: Marketable securities (Note 2) 408,191 364,370 -------- -------- $579,036 $514,513 ======== ======== LIABILITIES AND STOCKHOLDERS' EQUITY ------------------------------------ Current liabilities: Taxes payable $ 1,795 $ 4,716 Accounts payable and accrued expenses 1,250 2,250 -------- -------- Total current liabilities 3,045 6,966 -------- -------- Commitments and contingencies (Note 3) - - Deferred taxes payable (Note 4) 38,437 21,414 Stockholders' equity: Common stock, par value of $.05 per share; authorized 1,250,000 shares; issued 910,000 shares at September 30, 1996 and 1995 45,500 45,500 Additional paid-in capital 312,571 312,571 Unrealized gain on securities reported at fair value (Notes 2 and 4) 88,578 61,780 Retained earnings 93,061 68,438 -------- -------- 578,147 509,703 Less treasury stock - at cost (2,300 shares) ( 2,156) ( 2,156) -------- -------- 575,991 507,547 -------- -------- $579,036 $514,513 ======== ========
The accompanying notes are an integral part hereof. 8 ACADEMIC COMPUTER SYSTEMS, INC. ------------------------------- STATEMENT OF INCOME -------------------
Year Ended September 30, ------------------------- 1996 1995 1994 ---- ---- ---- Income (Note 2): Interest $ 8,690 $ 2,671 $ 2,566 Dividends 22,746 25,348 29,491 Gain on sale of securities - 9,116 19 ------- ------- ------- 31,436 37,135 32,076 ------- ------- ------- Costs and expenses: Operational costs, general and administrative expenses 3,929 3,701 3,702 Interest expense 70 - - ------- ------- ------- 3,999 3,701 3,702 ------- ------- ------- Income before provision for income taxes 27,437 33,434 28,374 ------- ------- ------- Provision for income taxes: Federal 2,442 2,795 1,437 State 372 494 359 ------- ------- ------- 2,814 3,289 1,796 ------- ------- ------- Net income $24,623 $30,145 $26,578 ======= ======= ======= Earnings per share (based on weighted average of the number of shares outstanding) $ .03 $ .03 $ .03 ======= ======= ======= Average number of common shares outstanding 907,700 907,700 907,700 ======= ======= =======
The accompanying notes are an integral part hereof. 9 ACADEMIC COMPUTER SYSTEMS, INC. ------------------------------- STATEMENT OF RETAINED EARNINGS ------------------------------
Year Ended September 30, ------------------------------------- 1996 1995 1994 ------ ------ ------- Earnings at beginning $68,438 $38,293 $11,715 Net income 24,623 30,145 26,578 ------- ------- ------- Earnings at end $93,061 $68,438 $38,293 ======= ======= =======
The accompanying notes are an integral part hereof. 10 ACADEMIC COMPUTER SYSTEMS, INC. ------------------------------- STATEMENT OF CASH FLOWS -----------------------
Year Ended September 30, ---------------------------------- 1996 1995 1994 --------- -------- ---------- Cash flows derived from operating activities: Interest and dividends received $ 29,637 $ 27,477 $ 32,057 Cash paid to suppliers ( 5,184) ( 2,950) ( 4,202) Income taxes paid ( 6,171) ( 365) ( 160) -------- -------- --------- Net cash provided by operating activities 18,282 24,162 27,695 -------- -------- --------- Cash flows derived from investing activities: Proceeds from sales/redemptions of securities - 17,446 19 Purchases of securities - ( 795) ( 21,660) -------- -------- -------- Net cash provided (used) by investing activities - 16,651 ( 21,641) -------- -------- -------- Net increase in cash and cash equivalents 18,282 40,813 6,054 Cash and cash equivalents at beginning of year 149,375 108,562 102,508 -------- -------- --------- Cash and cash equivalents at end of year $167,657 $149,375 $ 108,562 ======== ======== ========= Reconciliation of net income to net cash provided (used) by operating activities: Net income $ 24,623 $ 30,145 $ 26,578 Adjustments to reconcile net income to net cash provided by operations: (Increase) in interest receivable ( 2,002) ( 542) - (Increase) decrease in prepaid federal income tax ( 418) 128 1,437 Increase (decrease) in accounts payable and accrued expenses ( 1,000) 750 ( 500) Increase (decrease) in taxes payable ( 2,921) 2,797 199 (Gains) on sales/redemptions of securities - ( 9,116) ( 19) -------- ------- -------- $ 18,282 $ 24,162 $ 27,695 ======== ======== ========= Supplementary information: Interest paid $ - $ - $ - Federal income taxes paid 1,430 - -
The accompanying notes are an integral part hereof. 11 ACADEMIC COMPUTER SYSTEMS, INC. ------------------------------- NOTES TO FINANCIAL STATEMENTS ----------------------------- SEPTEMBER 30, 1996, 1995 AND 1994 --------------------------------- 1. Statement of Significant Accounting Policies: --------------------------------------------- a) The Company's only income at present is from interest and dividends received on its investment portfolio. It records its investment income on the accrual basis. There were no operating activities during the periods of these statements. b) Money market funds are considered to be cash equivalents. 2. Marketable Securities: ---------------------- For the years ended September 30, 1995 and thereafter, 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 shareholders' 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. Marketable securities classified as available-for-sale securities at September 30, 1996 and 1995 are included in Schedule I. 3. Commitments and Contingencies: ------------------------------ The Company's income tax returns have not been audited by the Internal Revenue Service. 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). 12 [LETTERHEAD OF LIPNER, GORDON & CO., LLP] INDEPENDENT AUDITORS' REPORT ON SCHEDULES ----------------------------------------- In connection with our audits of the financial statements of Academic Computer Systems Inc. as of September 30, 1996 and 1995, we also audited the supporting schedules listed in the preceding index. In our opinion, these schedules present fairly, when read in conjunction with the related statements, the financial data required to be set forth therein. /s/ Lipner, Gordon & Co., LLP Great Neck, NY November 8, 1996 13 ACADEMIC COMPUTER SYSTEMS,INC. ------------------------------ SCHEDULE I - MARKETABLE SECURITIES ---------------------------------- SEPTEMBER 30, 1996 ------------------
Number of Shares Value Based on or Units of Current Market Principal Quotations Unrealized Name of Issuer and Amount Cost/ At Gain/(Loss) Title of Security Bonds and Basis Balance Sheet On - ----------------- Notes Adjusted Date Securities ------------ -------- -------------- ----------- Rapid American Corp. Sub. Deb. 7% 1994 $10,000 $ 100 $ - ($ 100) Metromedia International Sub Deb. 9-1/2% 1998 - (Formerly Actava Group Inc.) 9,000 6,100 8,944 2,844 Zenith Electronics Corp. Conv. Sub. Deb. 6-1/4% 2011 20,000 8,117 16,750 8,633 Fedders Corp. Sub. Deb. Conv. 8-1/2% 2012 (Formerly NYCOR Inc., CV EX PFD) 80,000 61,605 72,800 11,195 AM Annuity Group Inc. - common - (Formerly STI Group Inc.) 508 shares 2,398 6,795 4,397 Barrett Resources Corp., New 2,000 shares 8,007 70,500 62,493 Fleet Financial Group Inc. Depository SH Reptg 1/4 PFD. IV Pref. 2,000 shares 51,757 51,500 ( 257) Chase Manhattan Corp. PFD (Formerly Chemical Banking Corp. 10.96 PFD) 1,000 shares 29,395 29,625 230 Barclays Bank PLC Amern Dep. Shs. UTS SR D 1,000 shares 29,271 28,750 ( 521) -------- -------- -------- Sub total 196,750 285,664 88,914
14 ACADEMIC COMPUTER SYSTEMS,INC. ------------------------------ SCHEDULE I - MARKETABLE SECURITIES ---------------------------------- SEPTEMBER 30, 1996 ------------------
Number of Shares Value Based on or Units of Current Market Principal Quotations Unrealized Name of Issuer and Amount Cost/ At Gain/(Loss) Title of Security Bonds and Basis Balance Sheet On - ----------------- Notes Adjusted Date Securities ------------ -------- -------------- ----------- Sub total (carried forward) $196,750 $285,664 $ 88,914 Williams Cos. Inc. $2.21 Cum. Pfd. 1,000 shares 25,000 26,000 1,000 American Banknote Corp. (formerly United States Banknote Corp.) 1,000 shares 5,238 4,625 ( 613) Corestates Financial Corp. common (formerly Constellation Bancorporation) 413 shares 7,254 17,862 10,608 LTV Corp. New 59 shares 615 686 71 LTV Corp. New WTS Ser A expire 6/28/98 24 warrants 57 27 ( 30) Cyprus Amax Minerals common (formerly Amax, Inc.) 500 shares 12,122 10,750 ( 1,372) Alumax, Inc. common 500 shares 12,122 16,750 4,628 Amax Gold common 300 shares 2,226 1,687 ( 539) Glendale Federal Bank common 2,000 shares 14,255 35,500 21,245 Greyhound Lines, Inc. common 2,560 shares 5,537 8,640 3,103 -------- -------- -------- $281,176 $408,191 $127,015 ======== ======== ========
15 ACADEMIC COMPUTER SYSTEMS,INC. ------------------------------ SCHEDULE I - MARKETABLE SECURITIES ---------------------------------- SEPTEMBER 30, 1995 ------------------
Number of Shares Value Based on or Units of Current Market Principal Quotations Unrealized Name of Issuer and Amount Cost/ At Gain/(Loss) Title of Security Bonds and Basis Balance Sheet On - ----------------- Notes Adjusted Date Securities ------------ -------- -------------- ----------- Rapid American Corp. Sub. Deb. 7% 1994 $10,000 $ 100 $ 1 ($ 99) Actava Group Inc. Conv. Sub Deb. 9-1/2% 1998 - (Formerly Fuqua Industries Inc.) 9,000 6,100 8,966 2,866 Zenith Electronics Corp. Conv. Sub. Deb. 6-1/4% 2011 20,000 8,117 14,600 6,483 NYCOR Inc., CV EX PFD 4,000 shares 61,605 58,000 ( 3,605) AM Annuity Group Inc. common (Formerly STI Group Inc.) 508 shares 2,398 5,588 3,190 Barrett Resources Corp., New 2,000 shares 8,007 45,000 36,993 Fleet Financial Group Inc. Depository SH Reptg 1/4 PFD. IV Pref. 2,000 shares 51,757 52,000 243 Chemical Banking Corp. 10.96 PFD. 1,000 shares 29,395 30,375 980 Barclays Bank PLC Amer. Dep. Shs. UTS SR D 1,000 shares 29,271 28,875 ( 396) -------- -------- ------ Sub total 196,750 243,405 46,655
16 ACADEMIC COMPUTER SYSTEMS,INC. ------------------------------ SCHEDULE I - MARKETABLE SECURITIES ---------------------------------- SEPTEMBER 30, 1995 ------------------
Number of Shares Value Based on or Units of Current Market Principal Quotations Unrealized Name of Issuer and Amount Cost/ At Gain/(Loss) Title of Security Bonds and Basis Balance Sheet On - ----------------- Notes Adjusted Date Securities ------------- -------- -------------- ----------- Sub total (carried forward) $196,750 $243,405 $ 46,655 Williams Cos. Inc. $2.21 Cum. Pfd. 1,000 shares 25,000 26,125 1,125 American Banknote Corp. (formerly 1,000 shares 5,238 2,125 ( 3,113) United States Banknote Corp.) Corestates Financial Corp. common (formerly Constellation Bancorporation) 413 shares 7,254 15,126 7,872 LTV Corp. New 59 shares 615 826 211 LTV Corp. New WTS Ser A expire 6/28/98 24 warrants 57 75 18 Cyprus Amax Minerals common (formerly Amax, Inc.) 500 shares 12,122 14,063 1,941 Alumax, Inc. common 500 shares 12,122 16,875 4,753 Amax Gold common 300 shares 2,226 1,800 ( 426) Glendale Federal Bank common 2,000 shares 14,255 32,750 18,495 Greyhound Lines, Inc. common 2,560 shares 5,537 11,200 5,663 -------- -------- -------- $281,176 $364,370 $ 83,194 ======== ======== ========
17 PART III Item 10. Directors and Executive Officers of the Registrant - ----------------------------------------------------------- (a) Identification of Directors --------------------------- Information regarding Registrant's directors as of September 30, 1996 is listed below. Each director was elected at the annual meeting of the Registrant's shareholders held on September 15, 1996, and will serve in his capacity until the next annual elected and qualified, or until his prior resignation or removal. Registrant knows of no arrangement between any of the individuals named below and any other person pursuant to which such individuals named below and any other person pursuant to which such individual was or is to be selected as a director or nominee. Name Age Position ---- --- -------- Milton Fisher 78 President Herman V. Traub 77 Secretary/Treasurer Joseph Kaminsky 52 Director (b) Identification of Executive Officers ------------------------------------ Not applicable as no wages are paid. (c) Identification of Certain Significant Employees ----------------------------------------------- Not applicable as no wages are paid. (d) Family Relationships -------------------- There are no family relationships within the Board of the Directors of the Registrant. 18 PART III Item 10. Directors and Executive Officers of the Registrant (continued) - ----------------------------------------------------------------------- (e) Business Experience ------------------- Milton Fisher is an attorney practicing law in the city of New York for more than 40 years. He is the President of A.D. Gilhart and Co., Inc., investment bankers. Herman V. Traub is an attorney practicing law in the City of New York for more than 40 years. Joseph Kaminsky is presently employed by Serena, Inc. of New York as a sales manager, and was formerly an officer of the Registrant until he resigned in 1971. (f) Involvement in Certain Legal Proceedings ---------------------------------------- None (not applicable) Item 11. Management Remuneration and Transactions - ------------------------------------------------- No remuneration was paid during the fiscal year ended September 30, 1996. Item 12. Exhibits, Financial Statements and Form 8-K - ---------------------------------------------------- Index to Financial Statements ----------------------------- Financial Statements: Independent Auditors' Report Balance Sheets at September 30, 1996 and 1995 Statement of Income for the Years Ended September 30, 1996, 1995 and 1994 Statement of Retained Earnings for the Years Ended September 30, 1996, 1995 and 1994 Statement of Cash Flows for the Years Ended September 30, 1996, 1995 and 1994 Notes to Financial Statements Independent Auditors' Report on Schedules Schedule I - Marketable Securities for the Years Ended September 30, 1996 and 1995 No reports on Form 8-K were filed by the registrant during the year ended September 30, 1996. 19 SIGNATURES ---------- Pursuant to the requirements of Section 13 or 15(d) 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. ACADEMIC COMPUTER SYSTEMS, INC. By /s/ Milton Fisher, President --------------------------------- Milton Fisher, President Dated: November 18,1996 20 -----END PRIVACY-ENHANCED MESSAGE-----