-----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, IVE/JLgJeuALj+ngLFwNRAXlzeq99NcrNHR/HaZGl9zxrW+tv4Vy0z5dNK2cQpQo lfuaqTZicfy5s1fqRQBVdg== /in/edgar/work/0001021408-00-003434/0001021408-00-003434.txt : 20001108 0001021408-00-003434.hdr.sgml : 20001108 ACCESSION NUMBER: 0001021408-00-003434 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20000930 FILED AS OF DATE: 20001107 FILER: COMPANY DATA: COMPANY CONFORMED NAME: RELM WIRELESS CORP CENTRAL INDEX KEY: 0000002186 STANDARD INDUSTRIAL CLASSIFICATION: [3663 ] IRS NUMBER: 042225121 STATE OF INCORPORATION: PA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-07336 FILM NUMBER: 754647 BUSINESS ADDRESS: STREET 1: 7100 TECHNOLOGY DRIVE CITY: WEST MELBOURNE STATE: FL ZIP: 32904 BUSINESS PHONE: 2154303900 MAIL ADDRESS: STREET 1: 7100 TECHNOLOGY DRIVE CITY: WEST MELBOURNE STATE: FL ZIP: 32904 FORMER COMPANY: FORMER CONFORMED NAME: ADAGE INC DATE OF NAME CHANGE: 19920703 10-Q 1 0001.txt FORM 10-Q - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 10-Q (Mark one) X QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES - -- EXCHANGE ACT OF 1934 FOR THE PERIOD ENDED September 30, 2000 ------------------- OR __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 0-7336 RELM WIRELESS CORPORATION (Exact name of registrant as specified in its charter) Nevada 04-2225121 - --------------------------------- ----------- (State of other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 7100 Technology Drive West Melbourne, Florida ----------------------- (Address of principal executive offices) 32904 ----- (Zip Code) Registrant's telephone number, including area code: (407) 984-1414 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 _____ ------ Common Stock, $.60 Par Value - 5,321,174 shares outstanding as of October 20, 2000 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- PART I - FINANCIAL INFORMATION ITEM 1 - FINANCIAL STATEMENTS - ----------------------------- RELM WIRELESS CORPORATION Condensed Consolidated Balance Sheets (In thousands)
September 30 December 31 2000 1999 -------------------- ------------------- (Unaudited) (see note 1) ASSETS - ------ Current assets: Cash and cash equivalents $ 133 $ 1 Accounts receivable, net 3,213 1,966 Inventories 9,419 10,211 Notes receivable 802 400 Prepaid expenses and other current 627 501 Investment securities - trading - 1 ------------------- ------------------- Total current assets 14,194 13,080 Property and equipment, net 3,981 8,024 Notes receivable 893 1,295 Debt issuance costs, net 725 - Other assets 565 454 ------------------- ------------------- Total assets $ 20,358 $ 22,853 =================== ===================
See notes to condensed consolidated financial statements. ITEM 1 - FINANCIAL STATEMENTS - Continued ----------------------------------------- RELM WIRELESS CORPORATION Condensed Consolidated Balance Sheets (In thousands except share data)
September 30 December 31 2000 1999 ---------------- -------------- (Unaudited) (see note 1) LIABILITIES AND STOCKHOLDERS' EQUITY - ------------------------------------ Current liabilities: Current maturities of long-term liabilities $ 1,577 $ 1,807 Accounts payable 3,349 4,447 Accrued compensation and related taxes 613 514 Accrued expenses and other current liabilities 882 636 ----------------- --------------- Total current liabilities 6,421 7,404 Long-term liabilities: Loan, notes and mortgages 3,281 8,281 Convertible subordinated notes 3,150 - Capital lease obligations 224 791 ----------------- --------------- 6,655 9,072 Stockholders' equity: Common stock; $.60 par value; 10,000,000 authorized shares: 5,321,174 and 5,090,405 issued and outstanding shares at September 30, 2000 and December 31, 1999, respectively 3,192 3,053 Additional paid-in capital 21,442 20,195 Accumulated deficit (17,352) (16,871) ----------------- --------------- Total stockholders' equity 7,282 6,377 ----------------- --------------- Total liabilities and stockholders' equity $ 20,358 $ 22,853 ================= ===============
See notes to condensed consolidated financial statements. ITEM 1 - FINANCIAL STATEMENTS - continued - ----------------------------------------- RELM WIRELESS CORPORATION Condensed Consolidated Statements of Operations (Unaudited) (In thousands except per share data)
THREE MONTHS ENDED NINE MONTHS ENDED ----------------------------- ---------------------------- September 30 September 30 September 30 September 30 2000 1999 2000 1999 -------------- ------------- -------------- ------------ Sales $ 5,958 $ 5,120 $ 15,712 $ 18,710 Expenses Cost of sales 4,283 3,762 11,572 13,342 Selling, general & administrative 1,907 1,655 5,312 5,301 ------------ ------------ ----------- ----------- 6,190 5,417 16,884 18,643 ------------ ------------ ----------- ----------- Operating income (loss) (232) (297) (1,172) 67 Other income (expense): Interest expense (213) (282) (735) (810) Gain on sale of facility - - 1,165 - Net gains on investments - - - 48 Other income 115 281 261 530 ------------ ------------ ----------- ----------- Net loss $ (330) $ (298) $ (481) $ 165 ============ ============ =========== =========== Loss per share-basic and diluted $ (0.06) $ (0.06) $ (0.09) $ (0.03) ============ ============ =========== ===========
See notes to condensed consolidated financial statements. ITEM 1 - FINANCIAL STATEMENTS - continued - ----------------------------------------- RELM WIRELESS CORPORATION Condensed Consolidated Statements of Cash Flows (Unaudited) (In thousands)
NINE MONTHS ENDED --------------------------------------- September 30 September 30 2000 1999 ---------------- ---------------- Cash used by operations $ (169) $ (2,807) Investing activities: Cash paid for Uniden product line (2,016) - Property and equipment purchases (217) (634) Proceeds from disposals of assets 5,246 - Proceeds from sale of marketable securities - 748 Collections on note receivable 6 400 Other - (47) ------------ ------------ Cash provided by investing activities 3,019 467 Financing activities: Net change in line of credit (1,141) 1,644 Proceeds from long term debt 3,250 1,849 Payment of long term debt (4,551) (1,549) Payment of debt issuance costs (280) - ------------ ------------ Cash provided (used) by financing activities (2,722) 1,944 Increase (decrease) in cash 128 (396) Cash and cash equivalents at beginning of period 1 464 ------------ ------------ Cash and cash equivalents at end of period $ 129 $ 68 ============ ============ Supplemental disclosure: Interest paid $ 735 $ 810 ============ ============ Non-cash transactions: Common stock and common stock warrants payable for debt issuance and acquisition costs $ 1,059 $ - ============ ============ Warrants issued for consulting services $ 226 $ - ============ ============ Common stock issued for conversion of debt $ 100 $ - ============ ============
See notes to condensed consolidated financial statements. Notes to Condensed Consolidated Financial Statements (Unaudited) (In thousands except share data) 1. Condensed Consolidated Financial Statements The condensed consolidated balance sheet as of September 30, 2000, the condensed consolidated statements of operations for the three and nine months ended September 30, 2000 and 1999 and the condensed consolidated statements of cash flows for the nine months ended September 30, 2000 and 1999 have been prepared by RELM Wireless Corporation (the Company), without audit. In the opinion of management, all adjustments (which include normal recurring adjustments) necessary for a fair presentation have been made. The balance sheet at December 31, 1999 has been derived from the audited financial statements at that date. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted. It is suggested that these condensed consolidated financial statements be read in conjunction with the financial statements and notes thereto included in the Company's December 31, 1999 Annual Report to Stockholders. The results of operations for the three and nine month period ended September 30, 2000 are not necessarily indicative of the operating results for a full year. The Company maintains its records on a calendar year basis. The Company's first, second, and third quarters normally end on the Friday closest to the last day of the last month of such quarter, which was September 29, 2000 for the third quarter of fiscal 2000. The quarter began on July 1, 2000. Certain prior period amounts have been reclassified to correspond to the current period presentation. 2. Significant Events and Transactions Acquisition of Product Line On March 13, 2000, the Company completed the acquisition of certain private radio communication products from Uniden America Corporation (Uniden) for $1,864 which included assumption of certain liabilities related to the product line. Additionally, the Company incurred acquisition costs of $639. The entire purchase price was allocated to tooling and inventory based on their estimated fair values, pending final determination of certain acquired balances. Uniden will continue to provide manufacturing support for certain Uniden land mobile radio products, which will be marketed by the Company. Acquisition costs included grants of 150,000 shares at $3.25 per share of the Company's common stock valued at $488. ITEM 1 - FINANCIAL STATEMENTS - continued ----------------------------------------- Significant Events and Transactions - Continued Private Placement On March 16, 2000, the Company completed the private placement of $3,250 of convertible subordinated notes. The notes earn interest at 8% per annum, are convertible at $3.25 per share, and are due on December 31, 2004. Additionally, the Company incurred approximately $778 in costs related to the private placement. These costs are currently being amortized on a straight line basis over the life of the notes. The debt issuance costs included grants to Simmonds Capital Limited of 50,000 shares at $3.25 per share of the Company's common stock valued at $163 and warrants to purchase 300,000 shares of the Company's common stock valued at $409. The warrants have a five year term and an exercise price of $3.25 per share. The registration of the common stock shares underlying the convertible notes was effective on June 16, 2000. Portions of the proceeds from this private placement were used to acquire the Uniden land mobile radio products. Sale of West Melbourne, Florida Facility and Completion of Manufacturing Agreement On March 24, 2000, the Company completed the sale of its 144 square foot facility located in West Melbourne, Florida for $5,600. The gain of approximately $1,165 is reflected in the statement of operations for the nine month period ended September 30, 2000. Additionally, the Company secured a lease for a nearby facility that is approximately 54 square feet in size. The Company has entered into a contract manufacturing agreement for the manufacture of certain land mobile radio subassemblies. Under this agreement, the contract manufacturer employed sixty-eight of the Company's direct manufacturing workforce and agreed to purchase certain existing raw material inventories from the Company as needed, based on material requirements indicated by purchase orders for finished product placed by the Company. Revenues are recognized as the contract manufacturer uses these inventories. Until that time, they are treated as an asset of the Company and are included in the Company's inventory reserve analysis. ITEM 1 - FINANCIAL STATEMENTS - continued ----------------------------------------- Significant Events and Transactions - Continued Investment Banking Services The Company has engaged Janney Montgomery Scott (JMS) to provide certain investment banking services. In connection with the engagement, the Company granted warrants to JMS, valued at $226, to purchase 166,153 shares of the Company's common stock at an aggregate purchase price of one hundred dollars. In August, the Company expanded the scope of the engagement to act as financial advisor in executing a program to enhance shareholder value. This engagement stipulates a cash fee, calculated as a percentage of the transaction value, to be paid by the Company to JMS upon closing a transaction. Note Receivable On June 16, 2000, the owner of a former RELM subsidiary defaulted on its obligations under a secured promissory note dated May 12, 1997. The principal amount outstanding on the note is $1,600. Under the note, principal payments of $400 each, together with all accrued and unpaid interest were to be paid to the Company on June 16, 2000 and 2001, with a final installment due on June 16, 2002. The note is secured pursuant to a security agreement under which the former subsidiary has granted the Company a lien and security interest in certain collateral. The Company's security interest is subordinated to a security interest granted to the former subsidiary's senior lender. Also, a principal of the former subsidiary has guaranteed the prompt and complete payment of the note. The former subsidiary has engaged financial advisors to pursue a refinancing program. Although such a program has not been finalized, the Company believes that it will include a substantial cash payment as well as restructured schedule for paying the remaining balance thereafter. 3. Inventories The components of inventory, net of reserves totaling $1,934 at September 30, 2000 and December 31, 1999, consist of the following: September 30 December 31 2000 1999 ------------- ------------ Finished goods $5,314 $ 5,065 Work in process 1,030 1,645 Raw materials 3,075 3,501 ------------- ------------ $9,419 $10,211 ============= ============ ITEM 1 - FINANCIAL STATEMENTS - continued ----------------------------------------- 4. Stockholders' Equity The consolidated changes in stockholders' equity for the nine months ended September 30, 2000 are as follows:
Additional Common Stock Paid-In Accumulated -------------------- Shares Amount Capital Deficit Total ------------------------------------------------------------------- Balance at December 31, 1999 5,090,405 $3,053 $20,195 $(16,871) $6,377 Common stock issued 200,000 120 531 651 Common stock warrants issued 635 635 Common stock issued for conversion of debt 30,769 19 81 100 Net loss (481) (481) ------------------------------------------------------------------- Balance at September 30, 2000 5,321,174 $3,192 $21,442 $(17,352) $7,282 ===================================================================
5. Loss Per Share The following table sets forth the computation of basic and diluted loss per share:
THREE MONTHS ENDED NINE MONTHS ENDED ------------------------------------------ ------------------------------------- September 30 September 30 September 30 September 30 2000 1999 2000 1999 ---------------- --------------- ---------------- -------------- Numerator: Net loss (numerator for basic and diluted loss per share) $ (330) $ (298) $ (481) $ (165) -------------- ------------- ------------- ------------ Denominator: Denominator for basic and diluted earnings per share-weighted average shares 5,303,114 5,046,416 5,193,213 5,046,416 -------------- ------------- ------------- ------------ Basic and diluted loss per share $ (0.06) $ (0.06) $ (0.09) $ (0.03) ============== ============= ============= ============
The effect of dilutive securities is not included in the computation for the three and nine months ended September 30, 2000 and September 30, 1999, because to do so would be antidilutive. ITEM 1 - FINANCIAL STATEMENTS - continued ----------------------------------------- 6. Comprehensive Loss The total comprehensive loss for the three and nine months ended September 30, 2000 was ($330) and ($481), respectively, compared to ($298) and ($165) for the same periods in the previous year. 7. Real Estate Assets Held for Sale The Company's remaining property held for sale was sold during the second quarter of 1999. The real estate operations produced sales of $908; selling, general and administrative expenses of $118; and operating income of $790 for the nine months ended September 30, 1999. ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND ----------------------------------------------------------------- FINANCIAL CONDITIONS -------------------- Results of Operations --------------------- As an aid to understanding the Company's operating results, the following table shows each item from the consolidated statement of operations expressed as a percentage of net sales:
Percentage of Sales Percentage of Sales ----------------------------------- ------------------------------------ THREE MONTHS ENDED NINE MONTHS ENDED September 30 September 30 September 30 September 30 2000 1999 2000 1999 ------------- ------------- ------------- ------------- Sales 100.0% 100.0% 100.0% 100.0% Cost of sales 71.9 73.5 73.7 71.3 ----------- ---------- ---------- ----------- Gross margin 28.1 26.5 26.3 28.7 Selling, general and administrative expenses (32.0) (32.3) (33.8) (28.3) Interest expense (3.5) (5.5) (4.7) (4.3) Other income 1.9 5.5 9.1 3.1 ----------- ---------- ---------- ----------- Net income (loss) (5.5)% (5.8)% (3.1)% (0.8)% =========== ========== ========== ===========
NET SALES Net sales for the three months ended September 30, 2000 increased approximately $0.8 million (16.4%) compared to the same period for the prior year. Revenues for our core land mobile radio (LMR) products increased $1.0 million (21.9%) for the same period. This increase is due primarily to sales of our BK LMR products to the U. S. Forest Service. Also, new revenues for our Uniden products that were acquired earlier this year totaled approximately $0.2 million during the third quarter 2000. Non-LMR revenues decreased $0.2 million as we exited businesses and products that performed poorly or did not fit our strategic focus in wireless communications. These businesses and products included electronic components, consumer electronics, and commercial real estate. Net sales for the nine months ended September 30, 2000 decreased approximately $3.0 million (16.0%) compared to the same period for the prior year. Revenues for our core LMR products remained at approximately the same level as the previous year, totaling $15.1 million in 2000, compared to $15.2 million for the same period in 1999. Non-LMR revenues decreased $2.9 million as we exited businesses and products that performed poorly or did not fit our strategic focus in wireless communications. ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND ----------------------------------------------------------------- FINANCIAL CONDITIONS-continued ------------------------------ Cost of Sales and Gross Margin Cost of sales as a percentage of net sales for the three months ended September 30, 2000 was 71.9% compared to 73.5% for the same period in the prior year. This improvement is primarily the result of our continued actions to reduce manufacturing overhead costs while improving efficiency and quality. Specifically, we have moved operations to a smaller, lower cost facility and reduced both our direct and indirect workforce. Additionally, we have out- sourced the surface-mount and other portions of our front-end manufacturing processes as well as the production of our newly acquired Uniden products. For the nine months ended September 30, 2000, cost of sales as a percentage of sales was 73.7% compared to 71.3% for the previous year. The percentage for the prior year was favorably impacted by the sale of commercial real estate totaling $908,000. The book value of the real estate was significantly reduced in periods prior to 1999 as we increased valuation allowances to reflect current market conditions at the time. Excluding this sale, cost of sales for the prior year was 74.6%. Selling, General and Administrative Expenses Selling, general and administrative expenses (SG&A) consist of marketing, sales, engineering, research and development, information systems, accounting and headquarters expenses. For the three months ended September 30, 2000, SG&A expenses totaled $1,907,000 compared to $1,655,000 for the same period during the prior year and $1,886,000 for the second quarter 2000. Compared to the prior year, we expanded our sales and marketing efforts as a result of the acquisition of the Uniden PRC product line and to support our planned entry into the government and public safety digital markets. Also, we incurred additional legal fees, including those pertaining to the default of our former Brazilian dealer. Lastly, we incurred expenses related to the Uniden acquisition, financing initiatives, and strategic alternatives. For the nine months ended September 30, 2000, SG&A expenses totaled $5,312,000 compared to $5,301,000 for the same period during the prior year. Decreases in our overall SG&A workforce and other expenses were offset by expenses related to expanding our sales and marketing efforts and increased legal fees, as previously noted. During September 2000, we further reduced our SG&A workforce and specific expenses. Also, certain new product initiatives are largely completed, resulting in lower R&D expenses. ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND ----------------------------------------------------------------- FINANCIAL CONDITIONS-continued ------------------------------ Interest Expense For the three months ended September 30, 2000 interest expense totaled $213,000 compared to $282,000 for the same period during the prior year. For the nine months ended September 30, 2000 interest expense totaled $735,000 compared to $810,000 for the same period during the prior year. In March, we sold our West Melbourne, Florida facility and satisfied the related note and mortgage, which totaled approximately $3.6 million. We also issued $3.25 million in 8% subordinated convertible notes. Primarily due to these transactions, as well as revenue growth during the third quarter, we reduced the utilization of our revolving credit facility by approximately $2.0 million as of September 30, 2000 compared to September 30, 1999. Other Income On March 24, 2000, we completed the sale of our 144,000 square foot facility located in West Melbourne, Florida for $5.6 million. The transaction resulted in a gain of approximately $1.2 million and provided approximately $1.6 million in cash after related expenses and the satisfaction of the mortgage on the property. We have leased approximately 54,000 square feet of comparable space at a nearby location. Income Taxes No income tax provision was provided for the three or nine months ended September 30, 2000 as we have net operating loss carryforward benefits totaling approximately $12.0 million at September 30, 2000. We have evaluated our tax position in accordance with the requirements of SFAS No. 109, Accounting for Income Taxes, and do not believe that we meet the more-likely- than-not criteria for recognizing a deferred tax asset and have provided valuation allowances against net deferred tax assets. Inflation and Changing Prices ----------------------------- Inflation and changing prices for the three and nine months ended September 30, 2000 and 1999 have contributed to increases in wages, facilities, and raw material costs. Effects of these inflationary effects were partially offset by increased prices to customers. We believe that we will be able to pass on most of our future inflationary increases to our customers. We are also subject to changing foreign currency exchange rates in the purchase of some raw materials. We employ several methods to protect against increases in cost due to currency fluctuations. It is not always possible to pass on these effects. Competitors in the LMR markets are subject to similar fluctuations. ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND ----------------------------------------------------------------- FINANCIAL CONDITIONS-continued ------------------------------ Liquidity and Capital Resources ------------------------------- As of September 30, 2000, we had working capital of $7.8 million compared with $5.7 million as of December 31, 1999. This increase was primarily the result of 1) new product inventory that was part of our acquisition of Uniden America's private radio communications product lines, 2) increased accounts receivable as a result of improved revenues during August and September 2000, 3) the successful private placement of $3.25 million in subordinated convertible notes, and 4) the sale of our 144,000 square foot facility in West Melbourne, Florida. Please see the notes to the condensed consolidated financial statements for further information. On June 16, 2000, the owner of a former RELM subsidiary defaulted on its obligations under a secured promissory note dated May 12, 1997. (see Notes To Condensed Consolidated Financial Statements). Under the note, a principal payment of $400,000, together with accrued interest was to be paid on June 16, 2000. We believe that all sums due will be recovered. The former subsidiary has engaged financial advisors to execute a refinancing program. Although such a program is not yet complete and formalized, we believe that the former subsidiary will successfully complete its refinancing and that the terms will include a substantial cash payment to RELM as well as a restructured payment schedule for the remaining unpaid balance. We have a $7.0 million asset-based revolving line of credit. As of September 30, 2000, the formula under the terms of the agreement supported a borrowing base totaling approximately $5.8 million, of which, approximately $1.0 million was available. Capital expenditures for property and equipment for the nine months ended September 30, 2000 were $217,000 compared to $738,000 for the same period during the prior year. The expenditures during the prior year related to new product development projects, including tooling, that are now largely completed. ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND ------- ----------------------------------------------------------------- FINANCIAL CONDITIONS - continued -------------------------------- Forward-Looking Statements -------------------------- This report contains certain forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended, and is subject to the safe-harbor created by such sections. Such forward-looking statements concern our operations, economic performance and financial condition. Such statements involve known risks, uncertainties and other factors that may cause our actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following: general economic and business conditions; changes in customer preferences; competition; changes in technology; the integration of any acquisitions; changes in business strategy; our indebtedness; quality of management, business abilities and judgment of our personnel; the availability, terms and deployment of capital; and various other factors referenced in this Report. The words "believe", "estimate", "expect", "intend", "anticipate", "will", "may", "should" and similar expressions and variations thereof identify certain of such forward-looking statements. The forward-looking statements are made as of the date of this Report, and we assume no obligation to update those forward-looking statements or to update the reasons why actual results could differ form those projected in the forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements. ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES OF MARKET RISK ------- ------------------------------------------------------- None. PART II- OTHER INFORMATION --------------------------- ITEM 6. Exhibits and Reports of Form 8-K a) The following documents are filed as part of this report: 3. exhibits: The exhibits listed below are filed as a part of, or incorporated by reference in this report: number Exhibit ------- --------- 27 Financial Data Schedule b.) Reports on Form 8-K The Registrant was not required to file reports on Form 8K during the quarter ended September 30, 2000. Pursuant to the requirements of securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned there unto duly authorized. RELM WIRELESS CORPORATION /s/ William P. Kelly -------------------- William P. Kelly Chief Financial Officer and November 3, 2000 Vice President - Finance EX-27 2 0002.txt FINANCIAL DATA SCHEDULE
5 1,000 9-MOS DEC-31-2000 JAN-01-2000 SEP-30-2000 133 0 4,879 (1,666) 9,419 14,194 8,891 (4,910) 20,358 6,421 0 0 0 3,192 4,090 20,358 15,712 17,138 11,572 0 5,312 0 735 (481) 0 (481) 0 0 0 (481) (0.09) (0.09)
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