-----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, UJ6xDz/111+496XoptzPHGpKdK2k3m2UOoK1P/Qog81A/Pgz3rJyMLW+M/CXKkhL l3+nJRp6A+Wy29K6z5Lm3w== 0000205303-97-000003.txt : 19970804 0000205303-97-000003.hdr.sgml : 19970804 ACCESSION NUMBER: 0000205303-97-000003 CONFORMED SUBMISSION TYPE: 10KSB/A PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19970430 FILED AS OF DATE: 19970801 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: ENGINEERING MEASUREMENTS CO CENTRAL INDEX KEY: 0000205303 STANDARD INDUSTRIAL CLASSIFICATION: INDUSTRIAL INSTRUMENTS FOR MEASUREMENT, DISPLAY, AND CONTROL [3823] IRS NUMBER: 840572936 STATE OF INCORPORATION: CO FISCAL YEAR END: 0430 FILING VALUES: FORM TYPE: 10KSB/A SEC ACT: 1934 Act SEC FILE NUMBER: 000-09880 FILM NUMBER: 97649898 BUSINESS ADDRESS: STREET 1: 600 DIAGONAL HWY CITY: LONGMONT STATE: CO ZIP: 80501 BUSINESS PHONE: 3036510550 MAIL ADDRESS: STREET 1: 600 DIAGONAL HWY CITY: LONGMONT STATE: CO ZIP: 80501 10KSB/A 1 ENGINEERING MEASUREMENTS COMPANY BALANCE SHEETS ASSETS April 30, 1997 1996 Current assets: Cash and cash equivalents $547,837 $532,721 Accounts receivable, net of allowance for doubtful accounts and allowance for sales returns of $61,104 April 30, 1997 and $101,979 at April 30, 1996 1,557,566 1,313,033 Short-term investments 904,724 708,042 Inventories 1,256,597 1,574,547 Prepaid expenses 23,845 75,892 Income taxes receivable 160,848 -- Other receivables 62,602 50,141 Deferred income taxes 224,342 380,969 --------- --------- Total current assets 4,738,361 4,635,345 --------- --------- Property and equipment, at cost: Land 568,940 568,940 Building & improvements 1,619,595 1,627,634 Vehicles 22,196 16,791 Machinery and equipment 3,106,342 2,741,535 Office furniture and fixtures 950,271 990,787 --------- --------- 6,267,344 5,945,687 Less accumulated depreciation (3,981,412) (4,032,724) --------- --------- Net property and equipment 2,285,932 1,912,963 --------- --------- Other 109,335 90,237 Investment in common stock of Marcum Natural Gas Services, Inc. 0 197,312 --------- --------- Total other assets 109,335 287,549 --------- --------- TOTAL ASSETS: $7,133,628 $6,835,857 ========== ==========
The accompanying notes are an integral part of these statements. Page 15 of 39 ENGINEERING MEASUREMENTS COMPANY BALANCE SHEETS - CONTINUED LIABILITIES AND STOCKHOLDERS' EQUITY April 30, 1997 1996 Current liabilities: Current portion of long-term debt $418,382 $137,558 Accounts payable 612,538 462,332 Accrued liabilities 515,848 593,524 --------- --------- Total current liabilities 1,546,768 1,193,414 --------- --------- Long-term liabilities: Loans from stockholder less current maturities 0 418,382 Deferred income taxes 188,100 183,100 --------- --------- Total long-term liabilities 188,100 601,482 --------- --------- Stockholders' equity: Common stock, $.01 par value; 5,000,000 shares authorized; 2,988,452 shares issued at April 30, 1997, 2,943,452 shares issued at April 30, 1996, 2,798,052 shares outstanding at April 30, 1997, 2,753,052 shares outstanding at April 30, 1996 29,885 29,435 Capital in excess of par value 2,047,877 1,988,327 Unrealized holding losses, net of taxes (30,409) (56,416) Retained earnings 3,981,106 3,709,314 Treasury stock at cost; 190,400 shares at April 30, 1997 and April 30, 1996 (629,699) (629,699) --------- --------- Total stockholders' equity 5,398,760 5,040,961 --------- --------- TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY: $7,133,628 $6,835,857 ========== ==========
The accompanying notes are an integral part of these statements. Page 16 of 39 ENGINEERING MEASUREMENTS COMPANY STATEMENTS OF OPERATIONS Year Ended April 30, 1997 1996 Sales $9,910,047 $8,665,808 Cost of sales 5,626,944 4,852,125 ---------- ---------- Gross margin on sales 4,283,103 3,813,683 ---------- ---------- Operating expenses: Selling 2,404,919 2,040,468 General and administrative 852,130 860,540 Research and development 620,931 427,032 ---------- ---------- Total operating expenses 3,877,980 3,328,040 ---------- ---------- Income from operations 405,123 485,643 ---------- ---------- Other income/(expense): Gain/(loss) on sale of stock (79,865) 34,524 Interest expense (39,246) (56,185) Royalty and other income 169,974 141,771 ---------- ---------- Total other income 50,863 120,110 Income from operations before income taxes 455,986 605,753 Income tax provision 184,194 205,704 ---------- ---------- Net income $271,792 $400,049 ========== ========== Net earnings per share $0.10 $0.15 Net earnings per share on a fully diluted basis $0.09 $0.13 ===== ===== Weighted average number of shares outstanding 2,774,719 2,741,385 ========= =========
The accompanying notes are an integral part of these statements. Page 17 of 39 ENGINEERING MEASUREMENTS COMPANY STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
Capital in Unrealized Common Stock excess of Holding Retained Treasury Shares Par Value Par value Losses Earnings Stock Balance at May 1, 1995 2,923,452 $29,235 $1,956,927 $(18,555) $3,309,265 $(629,699) Net income 400,049 Stock Options Exercised 20,000 200 31,400 Unrealized holding losses, net of tax (37,861) --------- ------- ---------- --------- --------- --------- Balance at April 30, 1996 2,943,452 29,435 1,988,327 (56,416) 3,709,314 (629,699) Net income 271,792 Stock Options Exercised 45,000 450 59,550 Unrealized holding gains, net of tax 26,007 --------- ------- ---------- --------- --------- --------- Balance at April 30, 1997 2,988,452 $29,885 $2,047,877 $(30,409) $3,981,106 $(629,699) ========= ======= ========== ========= ========== ==========
The accompanying notes are an integral part of these statements. Page 18 of 39 ENGINEERING MEASUREMENTS COMPANY STATEMENTS OF CASH FLOWS
INCREASE/(DECREASE) IN CASH Year Ended April 30, Cash flows from operating activities: 1997 1996 Net income $271,792 $400,049 Adjustments to reconcile net income to net cash provided by operating activities-- Depreciation and amortization 348,739 311,955 Deferred tax provision/(benefit) 145,000 96,306 Provision for doubtful accounts (40,875) (81,933) (Gain)/Loss on sales of investments 79,865 (34,524) Gain on disposal of assets (446) - Changes in assets and liabilities- Receivables (216,119) 58,260 Inventories 317,950 (95,163) Income taxes receivable and prepaid expenses (108,801) (41,596) Accounts payable and accrued liabilities 72,530 (30,571) -------- -------- Net cash provided by operating activities 869,635 582,783 -------- -------- Cash flows from investing activities: Capital expenditures, net (705,028) (305,311) Expenditures for intangible assets (38,129) (36,684) Investment purchases (1,365,254) (236,721) Proceeds from sale of investments 1,328,652 405,497 Proceeds from sale of fixed assets 2,798 - ---------- -------- Net cash provided by/(used) in investing activities (776,961) (173,219) -------- -------- Cash flows from financing activities: Payments of long and short term debt (126,020) (203,797) Proceeds from exercise of stock options 60,000 31,600 Principal payment under capital lease obligations (11,538) (16,829) -------- -------- Net cash used in financing activities (77,558) (189,026) -------- -------- Net increase/(decrease) in cash and cash equivalents 15,116 220,538 Cash and cash equivalents at beginning of period 532,721 312,183 -------- -------- Cash and cash equivalents at end of period $547,837 $532,721 ======== ======== Supplemental disclosure of cash flow information: Cash paid during period for-- Interest $39,848 $56,185 Income taxes 347,495 24,084
The accompanying notes are an integral part of these statements. Page 19 of 39 -----END PRIVACY-ENHANCED MESSAGE-----