-----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, A4MbkXzFi0GzwlbHEXRyfUdJeelnxa7I3Y+//uCeeMHUFJkNMDL9GLMHXHUtv2IQ N+5HhDRnA/bs4nB6rM1FLQ== 0001019687-97-000062.txt : 19970724 0001019687-97-000062.hdr.sgml : 19970724 ACCESSION NUMBER: 0001019687-97-000062 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970630 FILED AS OF DATE: 19970723 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: RADIANT TECHNOLOGY CORP CENTRAL INDEX KEY: 0000310235 STANDARD INDUSTRIAL CLASSIFICATION: INDUSTRIAL PROCESS FURNACES & OVENS [3567] IRS NUMBER: 952800355 STATE OF INCORPORATION: CA FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-10125 FILM NUMBER: 97644122 BUSINESS ADDRESS: STREET 1: 1340 N JEFFERSON ST CITY: ANAHEIM STATE: CA ZIP: 92807 BUSINESS PHONE: 7149610200 MAIL ADDRESS: STREET 1: 1340 N JEFFERSON ST CITY: ANAHEIM STATE: CA ZIP: 92807 10-Q 1 SECURITIES AND EXCHANGE COMMISSION WASHINGTON D.C. 20549 FORM 10Q Quarterly Report Under Section 13 or 15 (d) of the Securities Exchange Act of 1934 For the Quarter ended June 30, 1997 Commission File Number 0-10125 Radiant Technology Corporation ------------------------------ (Exact name of registrant as specified in its charter) California 95-2800355 -------------- -------------- (State or other jurisdiction of (IRS Employer incorporation or organization) identification number) 1335 South Acacia Avenue, Fullerton, CA 92831 ---------------------------------------------- (Address of principal executive offices)(Zip Code) (714)991-0200 ------------- (Registrant's Telephone number, including area code) Inapplicable ------------ (Former name, former address and former fiscal year, if changed since last report) 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. Common Stock, no par value 1,867,638 - -------------------------- ------------- (Class) (Outstanding at June 30, 1997) RADIANT TECHNOLOGY CORPORATION INDEX Part I Financial Information........................................Page No. Condensed Balance Sheets - June 30, 1997 and September 30, 1996 (unaudited)..............................3 Condensed Statement of Operations - Three Months Ended June 30, 1997 and 1996 (unaudited)........................4 Condensed Statement of Cash Flows - Nine Months Ended June 30, 1997 (unaudited).................................5 Condensed Statement of Cash Flows - Three Months Ended June 30, 1997 and 1996 (unaudited)........................6 Notes to Condensed Financial Statements (unaudited)..............7 Management's Discussion and Analysis of Financial Condition and Results of Operation..............................7 Part II Other Information Legal Proceedings and Exhibits...................................8 Signature Page...................................................9 RADIANT TECHNOLOGY CORPORATION PART I FINANCIAL INFORMATION Item 1. Financial Statements Condensed Balance Sheets (Unaudited) ASSETS ------ June 30 September 30 1997 1996 ----------- ----------- Current Assets: Cash $ 837,536 $ 610,128 Accounts Receivables - Net 900,643 759,123 Inventories 707,880 640,846 Prepaid Expenses and other Current Assets 2,107 5,900 --------- --------- Total Current Assets 2,448,166 2,015,997 Machinery and Equipment - Net 468,979 444,446 Other Assets 92,645 63,930 --------- --------- Total Assets $3,009,790 $2,524,373 ---------- ---------- LIABILITIES AND STOCKHOLDERS' EQUITY ------------------------------------ Current Liabilities: Notes Payables and Current Portion Long-Term Debt $ 0 $ 0 Accounts Payable 191,526 174,761 Accrued and other Expenses 949,671 760,612 Income Taxes Payable 511 511 ------- ------- Current Liabilities 1,141,708 935,884 Long-Term Debt, Net of Current Portion 0 0 ------- ------- Total Liabilities 1,141,708 935,884 Stockholders' Equity Common Stock, no par value 1,143,008 1,143,008 Additional Paid-in-Capital Retained Earning (deficit) 725,074 445,481 ------- ------- Total Stockholder's Equity 1,868,082 1,588,489 --------- --------- Total Liabilities and Stockholders' Equity $3,009,790 $2,524,373 ---------- ---------- RADIANT TECHNOLOGY CORPORATION PART I FINANCIAL INFORMATION-CONTINUED CONDENSED STATEMENT OF OPERATIONS (UNAUDITED)
THREE MONTHS ENDED NINE MONTHS ENDED JUNE 30 JUNE 30 ----------------------- ----------------------- 1997 1996 1997 1996 ---- ---- ---- ---- NET SALES $1,242,303 $1,207,509 $3,064,251 $3,533,010 COST OF SALES 897,113 826,496 2,183,387 2,465,532 ---------- ---------- ---------- ---------- GROSS PROFIT 345,190 381,013 880,864 1,067,478 OTHER OPERATING EXPENSE 234,205 266,426 685,863 793,202 ------- ------- ------- ------- OPERATIING INCOME (LOSS) 110,985 114,587 195,001 274,276 OTHER INCOME (EXPENSE) 26,066 (20,000) 86,363 (74,858) INTEREST EXPENSE 0 0 0 (10,020) ------ ------- ------ -------- TOTAL OTHER INCOME (EXPENSE) 26,066 (20,000) 86,363 (84,878) ------ -------- ------ -------- INCOME BEFORE REORGANIZATION ITEMS AND TAX BENEFITS 137,051 94,587 281,364 189,398 REORGANIZATION ITEMS PROVISION FOR BANKRUPTCY CLAIMS PROFESSIONAL FEES 0 (31,211) 0 (31,211) ------- -------- ------- -------- INCOME (LOSS) BEFORE TAX BENEFIT AND EXTRAORDINARY ITEMS 137,051 63,376 281,364 158,187 PROVISION (BENEFIT) FOR TAXES FEES 1,771 800 1,771 800 ------- ------ ------- ------- INCOME (LOSS) BEFORE EXTRAORDINARY ITEM 135,280 62,576 279,593 157,387 EXTRAORDINARY ITEM: GAIN (LOSS) ON DEBT EXTINGUISHMENT 0 0 0 223,691 ------- ------ -------- ------- NET INCOME (LOSS) $135,280 $62,576 $279,593 $381,078 ======== ======= ======== ======== EARNINGS PER SHARE: - ------------------- INCOME BEFORE REORGANIZATION ITEMS REORGANIZATION ITEMS $0.07 $0.03 $0.15 $0.08 EXTRAORDINARY ITEM 0.00 0.00 0.00 0.12 ----- ----- ----- ----- NET INCOME PER SHARE $0.07 $0.03 $0.15 $0.20 WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING-RESTATED 1,867,638 1,867,638 1,867,638 1,867,638
RADIANT TECHNOLOGY CORPORATION PART I FINANCIAL INFORMATION-CONTINUED CONDENSED STATEMENT OF CASH FLOWS (UNAUDITED) NINE MONTHS ENDED June 30 --------------------------- 1997 1996 ---- ---- CASH FLOWS FROM OPERATING ACTIVITIES: NET INCOME $279,593 $381,078 ADJUSTMENTS TO RECONCILE INCOME BEFORE EXTRAORDINARY ITEM TO NET CASH PROVIDED BY OPERATING ACTIVITIES: BAD DEBT EXPENSE DEPRECIATION AND AMORTIZATION 75,540 82,351 INVENTORY WRITEDOWN GAIN (LOSS) ON ASSET DISPOSAL CHANGES IN ASSETS AND LIABILITIES: ACCOUNTS AND NOTES RECEIVABLE (141,520) 94,809 INVENTORIES (67,034) 228,673 PREPAID EXPENSES AND OTHER ASSETS (24,922) 14,460 ACCOUNTS PAYABLE 16,765 (22,935) ACCRUED EXPENSES 189,059 (125,658) ------- --------- NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES 327,481 652,778 ------- ------- CHANGES IN REORGANIZATION ITEMS: INCREASE (DECREASE) IN LIABILITIES NOT SUBJECT TO COMPROMISE 0 0 INCREASE (DECREASE) IN LIABILITIES SUBJECT TO COMPROMISE 0 (273,400) ------- --------- NET CHANGE IN REORGANIZATION ITEMS 0 (273,400) ------- --------- NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES 327,481 379,378 ------- ------- CASH FLOWS FROM INVESTING ACTIVITIES: PAYMENTS FOR PURCHASE OF PROPERTY AND EQUIPMENT (100,073) (28,351) NET INCREASE (DECREASE) IN CASH 227,408 351,027 CASH AT BEGINNING OF PERIOD 610,128 379,936 ------- ------- CASH AT END OF PERIOD $837,536 $730,963 RADIANT TECHNOLOGY CORPORATION PART I FINANCIAL INFORMATION-CONTINUED CONDENSED STATEMENT OF CASH FLOWS (UNAUDITED) THREE MONTHS ENDED JUNE 30 -------------------------- 1997 1996 ---- ---- CASH FLOWS FROM OPERATING ACTIVITIES: NET INCOME $135,280 $94,586 ADJUSTMENTS TO RECONCILE INCOME BEFORE EXTRAORDINARY ITEM TO NET CASH PROVIDED BY OPERATING ACTIVITIES BAD DEBT EXPENSE DEPRECIATION AND AMORTIZATION 25,180 16,646 INVENTORY WRITEDOWN GAIN (LOSS) ON ASSET DISPOSAL CHANGES IN ASSETS AND LIABILITIES: ACCOUNTS AND NOTES RECEIVABLE 1,133 253,925 INVENTORIES (162,972) 187,712 PREPAID EXPENSES AND OTHER ASSETS 3,423 (8) ACCOUNTS PAYABLE 168,851 (18,041) ACCRUED EXPENSES 40,283 (176,317) INCOME TAX PAYABLE -------- --------- NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES 211,178 358,503 ------- ------- CASH FLOWS FROM INVESTING ACTIVITIES: PAYMENTS FOR PURCHASE OF PROPERTY AND EQUIPMENT (25,557) (20,830) NET INCREASE (DECREASE) IN CASH 185,621 337,673 CASH AT BEGINNING OF PERIOD 651,915 393,290 ------- ------- CASH AT END OF PERIOD $837,536 $730,963 RADIANT TECHNOLOGY CORPORATION PART I FINANCIAL INFORMATION - CONTINUED Notes to Condesed Financial Statement for June 30, 1997 (UNAUDITED) ITEM 1 - Notes 1. Inventories ----------- June -------------------- Inventories are summarized as follows: 1997 1996 -------- -------- Raw material $ 359,902 $ 238,149 Work in Process 347,978 108,075 Finished Goods 0 7,200 ------- ------- $ 707,880 $ 353,424 2. Machinery and Equipment ----------------------- Summary of machinery and equipment follows: June -------------------- 1997 1996 -------- -------- Machinery and Equipment $459,953 $293,680 Office Furniture 42,148 31,035 Trucks and Automobiles 15,050 15,050 Leasehold Improvements * 54,871 125,409 -------- -------- $572,022 $465,174 Less Accumulated Depreciation (103,043) (136,834) --------- --------- Machinery and Equipment - Net $ 468,979 $ 328,340 ========== ========== * Fully depreciated leasehold improvements of $125,409 were written off as a result of being abandoned upon moving to the company's new facility. Additional leasehold improvements costs of $54,871 were generated at the new facility to facilitate production requirements. ITEM 2- Management's Discussion and Analysis of Financial Condition and Results of Operation Comparative profit of $135,280 was generated in the fiscal year 1997 third quarter compared to a profit of $62,576 in the fiscal year 1996 third quarter. Cessation of reorganization expenses coupled with interest income earned on investment of excess funds comprised the bulk of the increase. The three month earnings per share on income before the extraordinary item at June 30, 1997 and 1996 was $.07 and $.03, respectively. Comparative June sales were up approximately $35,000 from the June 1996 quarter, a 3% increase. Comparative profit for the nine months ending June 30, 1997 and 1996 was $279,593 and $381,078, respectively. The current year to date profit exceeded the prior year by approximately $90,000 before reorganization and extraordinary items. Profits on Net Sales before extraordinary items is 9.1 percent for the nine months ending June 30, 1997, compared to 5.3 percent for the comparable period in 1996. The increase in profits are attributable to reversing prior period excess accruals related to a facility move. The nine month earnings per share on income before the exreaordinary item at June 30, 1997 and 1996 was $.15 and $.08. Comparative June year to date shipments were down nearly $500,000 from the prior years period as a result of disruptions attributed to the Company's move to new facilities during December and January 1997. RADIANT TECHNOLOGY CORPORATION PART II - OTHER INFORMATION Item 1. Legal Proceedings ----------------- None Item 6. Reports on 8-K -------------- None 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. RADIANT TECHNOLOGY CORPORATION ------------------------------ (Registrant) Dated: July 18, 1997 /s/L.R. McNamee --------------------------- Lawrence R. McNamee Chairman of the Board, Chief Operating Officer, Chief Executive Officer EX-27 2
5 9-MOS SEP-30-1997 JUN-30-1997 837,536 0 986,643 (86,000) 707,880 2,448,166 572,022 (103,043) 3,009,790 1,141,708 0 0 0 1,143,008 725,074 3,009,790 3,064,251 3,064,251 2,183,387 2,183,387 599,500 0 0 281,364 1,771 279,593 0 0 0 279,593 0 0
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