-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, RPaYLDUwZHe6rNxxPQnzg4NjgjD//FfzZ0Qoarj9dvnDYDFg4rOiC+w2uBe3ZOvU vOhc1Anrw3NSLdyGBUBCdw== 0000950124-94-000402.txt : 19940302 0000950124-94-000402.hdr.sgml : 19940302 ACCESSION NUMBER: 0000950124-94-000402 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19940129 FILED AS OF DATE: 19940301 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DUPLEX PRODUCTS INC CENTRAL INDEX KEY: 0000030547 STANDARD INDUSTRIAL CLASSIFICATION: 2761 IRS NUMBER: 362109817 STATE OF INCORPORATION: DE FISCAL YEAR END: 1025 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 34 SEC FILE NUMBER: 001-07208 FILM NUMBER: 94513853 BUSINESS ADDRESS: STREET 1: 1947 BETHANY RD CITY: SYCAMORE STATE: IL ZIP: 60178 BUSINESS PHONE: 8158952101 MAIL ADDRESS: STREET 1: PO BOX 1947 CITY: SYCAMORE STATE: IL ZIP: 60178 10-Q 1 10-Q (REGISTRATION) 1 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q QUARTERLY REPORT Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended: January 29, 1994 Commission file number: 1-7208 DUPLEX PRODUCTS INC. - ----------------------------------------------------------------- (Exact name of registrant as specified in its charter) Delaware (State or other jurisdiction of Incorporation or Organization) I.R.S. Employer Identification Number: 36-2109817 1947 Bethany Road, Sycamore, IL 60178 (Address of principal executive offices) (Zip code) (815) 895-2101 (Registrant's telephone number, including area code) 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 2 Item 1. FINANCIAL STATEMENTS DUPLEX PRODUCTS INC. CONSOLIDATED CONDENSED BALANCE SHEET (Amounts in Thousands)
Jan. 29,1994 Oct. 30,1993 (Unaudited) (Audited) ------------ ------------ ASSETS Current assets: Cash and cash equivalents $14,745 $18,419 Receivables 77,152 76,021 Inventories 8,838 9,107 Income tax refund receivable 1,051 1,537 Deferred income tax benefits 3,500 3,500 ------- ------- Total current assets 105,286 108,584 Property, plant, and equipment-net 43,396 44,511 Other assets 2,249 2,964 ------ ------ Total Assets $150,931 $156,059 -------- --------- -------- --------- LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Current portion of long-term debt $ 1,212 $ 1,562 Accounts payable 7,288 10,505 Accrued liabilities 12,651 13,145 ------ ------ Total current liabilities 21,151 25,212 Long term debt 6,994 7,150 Deferred liabilities 6,409 6,434 Stockholder's equity 116,377 117,263 ------- ------- Total Liabilities & Equity $150,931 $156,059 -------- -------- -------- --------
The accompanying notes are an integral part of these consolidated condensed financial statements. 3 DUPLEX PRODUCTS INC. CONSOLIDATED CONDENSED INCOME STATEMENT (Amounts in Thousands-Except Per Share) Unaudited
First Quarter Jan. 29, 1994 Jan. 30, 1993 ------------- ------------- Net sales $66,482 $64,788 Cost of goods sold 50,425 48,456 -------- -------- Gross profit 16,057 16,332 Selling and administrative expenses 15,853 15,746 -------- -------- Operating profit 204 586 Other income (expense): Interest expense (147) (150) Other income 152 211 -------- -------- 5 61 -------- -------- Earnings before income taxes 209 647 Income taxes 71 246 -------- -------- Earnings before cumulative effect of a change in accounting for income taxes 138 401 Cumulative effect of a change in accounting for income taxes --- 1,000 -------- -------- NET EARNINGS $ 138 $ 1,401 -------- -------- -------- -------- Earnings per share before cumulative effect of a change in accounting for income taxes $.02 $.05 Cumulative effect of a change in accounting for income taxes --- .13 -------- -------- Earnings per share $ .02 $ .18 -------- -------- -------- -------- Average common shares outstanding 7,647,000 7,757,000
The accompanying notes are an integral part of these consolidated condensed financial statements. 4 DUPLEX PRODUCTS INC. CONSOLIDATED CONDENSED STATEMENT OF CASH FLOWS (Amounts in Thousands-Except Per Share) Unaudited
First Quarter Jan. 29, 1994 Jan. 30, 1993 ------------- ------------- Cash flows from operating activities: Net earnings $ 138 $ 1,401 Depreciation and amortization 1,691 1,750 Other items (4,421) (4,855) --------- --------- Net cash flows from operating activities (2,592) (1,704) Cash flows from investing activities: Property, plant, & equipment (additions) net of disposals (576) 268 --------- --------- Net cash used in investing activities (576) 268 --------- --------- Cash flows from financing activities: Payments on long-term obligations (506) (426) --------- --------- Net cash used in financing activities (506) (426) Net (decrease)in cash and cash equivalents (3,674) (1,862) Cash and cash equivalents at beginning of period 18,419 22,326 --------- --------- Cash and cash equivalents at end of period $ 14,745 $ 20,464 --------- --------- --------- ---------
The accompanying notes are an integral part of these consolidated condensed financial statements. 5 DUPLEX PRODUCTS INC. NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS Note 1. The Consolidated condensed financial statements included herein have been prepared by the Corporation, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations, although the Corporation believes that the disclosures are adequate to make the information presented not misleading. Note 2. These statements reflect all adjustments (which include only normal recurring accruals) necessary, in the opinion of management, for a fair presentation of the information contained therein. It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in the Corporation's annual report on Form 10-K for the year ended October 30, 1993. Note 3. Operating results for interim periods are not necessarily indicative of annual results. Note 4. Earnings per share are based on the weighted average number of common shares outstanding. 6 DUPLEX PRODUCTS INC. Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The Company's 1993 Annual Report to Stockholders contains management's discussion and analysis of financial condition and results of operations at, and for the year ended, October 30, 1993. The following discussion and analysis covers material changes in the Company's financial condition from October 30, 1993, and the end of the first quarter of 1993, to the end of the first quarter of 1994, while the analysis of results of operations compares the results for the quarter ended January 29, 1994, with the first quarter of fiscal 1993. Liquidity and Capital Resources No significant changes occurred relative to liquidity or capital during the first quarter of 1994 or from the end of the first quarter of 1993 to the end of the first quarter of 1994. Results of Operations For the first quarter ended January 29, 1994, net income was $138,000, or 2 cents per share, down from $1,401,000, or 18 cents per share in the first quarter of 1993. The cumulative effect of a change in accounting for income taxes increased earnings in last year's quarter by $1,000,000, or 13 cents per share. Sales were $66,482,000, up 3% from $64,788,000 in the first quarter of 1993. It is encouraging to report higher sales. Excluding the fourth quarter of 1992 which had an extra week, the last time the company reported higher revenues was the fourth quarter of 1989. Gross margins declined, however, as lower-realized selling prices offset the higher revenues and the benefits of our reduced cost structure. Earnings for the quarter were below our expectations. The business forms industry continues to be affected by weak demand, over-capacity, and strong pricing pressures. Higher revenues in the quarter are an indication of the progress we have made in focusing our sales organization to provide customer solutions using our forms management capabilities. This consultative selling approach in combination with current initiatives to reduce costs should lead to improved results over the balance of the year. Item 6. Reports on Form 8-K No report on Form 8-K was filed for the quarter ended January 29, 1994. 7 DUPLEX PRODUCTS INC. FORM 10-Q For the Quarterly Period Ended January 29, 1994 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. DUPLEX PRODUCTS INC February 25, 1994 Date Ben L. McSwiney President & Chief Executive Officer February 25, 1994 Date Andrew N. Peterson Vice President-Finance & C.F.O. -----END PRIVACY-ENHANCED MESSAGE-----