-----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, QZPCMD/mnPgq6gHwpFKVNtEHfrI8w1OJ+XJF3JRLdFu6gLmqD7ep9h4mi9VK2oRB foeMLqAbNYbzMrbbit7Zhg== 0001019687-98-000110.txt : 19980417 0001019687-98-000110.hdr.sgml : 19980417 ACCESSION NUMBER: 0001019687-98-000110 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19980331 FILED AS OF DATE: 19980416 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: SEC FILE NUMBER: 000-10125 FILM NUMBER: 98595556 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 10-Q FOR THE SIX MONTHS ENDED 3/31/98 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 March 31, 1998 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 (I.R.S 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 March 31, 1998) 1 RADIANT TECHNOLOGY CORPORATION INDEX Part I Financial Information:...........................................Page No. Condensed Balance Sheets- March 31, 1998 and September 30, 1997 (unaudited).................................3 Condensed Statement of Operations - Three Months Ended March 31, 1998 and 1997 (unaudited)..........................4 Condensed Statement of Cash Flows - Six Months Ended March 31, 1998 and 1997 (unaudited)..........................5 Condensed Statement of Cash Flows - Three Months Ended March 31, 1998 and 1997 (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 2 RADIANT TECHNOLOGY CORPORATION PART I FINANCIAL INFORMATION Item 1. Financial Statements Condensed Balance Sheets (Unaudited) ASSETS ------
March 31 September 30 1998 1997 --------------- --------------- Current Assets: Cash $ 1,541,708 $ 1,817,316 Accounts Receivables - Net 824,919 756,505 Inventories 818,325 714,458 Prepaid Expenses and other Current Assets 170,000 170,000 --------------- --------------- Total Current Assets 3,354,952 3,458,279 Machinery and Equipment - Net 571,370 573,504 Other Assets 83,353 70,222 --------------- --------------- Total Assets $ 4,009,675 $ 4,102,005 =============== =============== LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Notes Payable $ 850,000 $ 1,000,000 Accounts Payable 108,933 168,598 Accrued Expenses 336,639 384,722 Customer Deposits 200,607 368,384 Income Tax Payable 30,988 0 --------------- --------------- Total Liabilities 1,527,167 1,921,704 --------------- --------------- Stockholders' Equity Common Stock, no par value 1,143,008 1,143,008 Retained Earnings 1,339,500 1,037,293 --------------- --------------- Total Stockholders' Equity 2,482,508 2,180,301 --------------- --------------- Total Liabilities and Stockholders' Equity $ 4,009,675 $ 4,102,005 =============== ===============
3 RADIANT TECHNOLOGY CORPORATION PART I FINANCIAL INFORMATION-CONTINUED Condensed statement of income (unaudited)
THREE MONTHS ENDED SIX MONTHS ENDED MARCH 31 MARCH 31 --------------------------------- ----------------------------------- 1998 1997 1998 1997 ---- ---- ---- ---- NET SALES $ 1,297,331 $ 872,448 $ 2,391,897 $ 1,821,948 COST OF SALES 759,207 579,609 1,443,967 1,286,274 ------------ ------------ ------------ ------------ GROSS PROFIT 538,124 292,839 947,930 535,674 OPERATING EXPENSES 348,654 265,365 637,067 451,658 ------------ ------------ ------------ ------------ OPERATING INCOME 189,470 27,474 310,863 84,016 OTHER INCOME - INTEREST 9,297 60,051 22,332 60,297 ------------ ------------ ------------ ------------ INCOME BEFORE PROVISION FOR TAXES 198,767 87,525 333,195 144,313 PROVISION FOR TAXES 18,486 0 30,988 0 ------------ ------------ ------------ ------------ NET INCOME $ 180,281 $ 87,525 $ 302,207 $ 144,313 ============ ============ ============ ============ EARNINGS PER SHARE: NET INCOME PER SHARE $0.10 $0.05 $0.17 $0.08 WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING-RESTATED 1,867,638 1,867,638 1,867,638 1,867,638
4 RADIANT TECHNOLOGY CORPORATION PART I FINANCIAL INFORMATION-CONTINUED CONDENSED STATEMENT OF CASH FLOWS (UNAUDITED)
THREE MONTHS ENDED March 31 -------------------------------- 1998 1997 ---- ---- CASH FLOWS FROM OPERATING ACTIVITIES: NET INCOME $ 180,281 $ 87,525 ADJUSTMENTS TO RECONCILE INCOME TO NET CASH PROVIDED BY OPERATING ACTIVITIES: DEPRECIATION AND AMORTIZATION 28,271 25,180 CHANGES IN ASSETS AND LIABILITIES: ACCOUNTS RECEIVABLE 289,795 (14,757) INVENTORIES 31,818 (14,448) PREPAID EXPENSES & OTHER ASSETS (16,185) 3,343 ACCOUNTS PAYABLE (82,638) (34,078) ACCRUED EXPENSES (51,160) 43,851 CUSTOMER DEPOSITS (563,920) 0 INCOME TAX PAYABLE 18,486 0 ----------- ----------- NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES (165,252) 96,616 ----------- ----------- CASH FLOWS FROM INVESTING ACTIVITIES: PAYMENTS FOR PURCHASE OF PROPERTY AND EQUIPMENT 0 (64,420) ----------- ----------- CASH FLOWS FROM FINANCING ACTIVITIES: PRINCIPAL REDUCTIONS ON SHORT-TERM DEBT (150,000) 0 ----------- ----------- NET INCREASE (DECREASE) IN CASH (315,252) 32,196 CASH AT BEGINNING OF PERIOD 1,856,960 619,719 ------------ ----------- CASH AT END OF PERIOD $ 1,541,708 $ 651,915 ============ ===========
5 RADIANT TECHNOLOGY CORPORATION PART I FINANCIAL INFORMATION-CONTINUED CONDENSED STATEMENT OF CASH FLOWS (UNAUDITED)
SIX MONTHS ENDED March 31 --------------------------------------- 1998 1997 ---- ---- CASH FLOWS FROM OPERATING ACTIVITIES: NET INCOME $ 302,207 $ 144,313 ADJUSTMENTS TO RECONCILE INCOME TO NET CASH PROVIDED BY OPERATING ACTIVITIES: DEPRECIATION AND AMORTIZATION 56,542 50,360 CHANGES IN ASSETS AND LIABILITIES: ACCOUNTS RECEIVABLE (68,414) (142,653) INVENTORIES (103,867) 95,938 PREPAID EXPENSES & OTHER ASSETS (19,167) (28,345) ACCOUNTS PAYABLE (59,665) (152,086) ACCRUED EXPENSES (48,083) 148,776 CUSTOMER DEPOSITS (167,777) 0 TAX PAYABLE 30,988 0 ------------ ------------ NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES (77,236) 116,303 ------------ ------------ CASH FLOWS FROM INVESTING ACTIVITIES: PAYMENTS FOR PURCHASE OF PROPERTY AND EQUIPMENT (48,372) (74,516) ------------ ------------ CASH FLOWS FROM FINANCING ACTIVITIES: PRINCIPAL REDUCTIONS ON SHORT-TERM DEBT (150,000) 0 ------------ ------------ NET INCREASE (DECREASE) IN CASH (275,608) 41,787 CASH AT BEGINNING OF PERIOD 1,817,316 610,128 ------------ ------------ CASH AT END OF PERIOD $ 1,541,708 $ 651,915 ============ ============
6 RADIANT TECHNOLOGY CORPORATION PART I FINANCIAL INFORMATION - CONTINUED Notes to Condensed Financial Statement for March 31, 1998 (UNAUDITED) ITEM 1 - Notes 1. General -------- The accompanying unaudited consolidated financial statements of Radiant Technology Corporation (the "Company") have been prepared in accordance with the instructions to Form 10-Q and do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. These statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company's Form 10-K for the year ended September 30, 1997. In the opinion of management, all adjustments, consisting of normal recurring adjustments, considered necessary for the fair presentation have been included. Operating results for interim periods are not necessarily indicative of results expected for a full year. ITEM 2 - Management's Discussion and Analysis of Financial Condition and Results of Operation All statements, other than statements of historical fact, included in this Form 10-Q are, or may be deemed to be, "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements involve assumptions, known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements contained in this Form 10-Q. RADIANT TECHNOLOGY CORPORATION PART II - OTHER INFORMATION Item 1. Legal Proceedings ----------------- None. Item 6. Reports on 8-K -------------- None. 7 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: April 16, 1998 /s/ L. R. McNamee ------------------------------- Lawrence R. McNamee Chairman of the Board, Chief Operating Officer, Chief Executive Officer 8 EX-27 2
5 6-MOS SEP-30-1998 OCT-01-1997 MAR-31-1998 1541708 0 824919 0 818325 3354952 571370 0 4009675 1527167 0 0 0 1143008 1339500 4009675 2391897 2391897 1443967 1443967 637067 0 22332 333195 30988 302207 0 0 0 302207 0.17 0.17
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