-----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, EI3zlnPyiONAPt7I9YT6qv156JUeBNfvJgWwudwx20LGgg+ocb/yjL/m7iYAx0nr mt5N9xgYhCvVjpQMaKZWng== 0001019687-97-000011.txt : 19970222 0001019687-97-000011.hdr.sgml : 19970222 ACCESSION NUMBER: 0001019687-97-000011 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19961231 FILED AS OF DATE: 19970214 SROS: NASD 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: 97534848 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 December 31, 1996 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 S. Acacia Street, 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 December 31, 1996) 1 RADIANT TECHNOLOGY CORPORATION INDEX Part I Financial Information:...................................Page No. Condensed Balance Sheets- December 31, 1996 and September 30, 1996 (unaudited)..............................3 Condensed Statement of Operations - Three Months Ended December 31, 1996 and 1995 (unaudited)...................4 Condensed Statement of Cash Flows - Three Months Ended December 31, 1996 and 1995 (unaudited)....................5 Notes to Condensed Financial Statements (unaudited)...............6 Management's Discussion and Analysis of Financial Condition and Results of Operation..............................6 Part II Other Information Legal Proceedings and Exhibits....................................9 Signature Page...................................................10 2 RADIANT TECHNOLOGY CORPORATION PART I FINANCIAL INFORMATION Item 1. Financial Statements Condensed Balance Sheets (Unaudited) ASSETS ------ December 31 September 30 1996 1996 ----------- ------------ Current Assets: Cash $ 619,719 $ 610,128 Accounts Receivables - Net 887,019 759,123 Inventories 530,460 640,846 Prepaid Expenses and other Current Assets 3,540 5,900 ----------- ----------- Total Current Assets 2,040,738 2,015,997 Machinery and Equipment - Net 429,362 444,446 Other Assets 97,978 63,930 ----------- ----------- Total Assets $2,568,078 $2,524,373 =========== =========== LIABILITIES AND STOCKHOLDERS' EQUITY ------------------------------------ Current Liabilities: Notes Payables and Current Portion Long-Term Debt $ 0 $ 0 Accounts Payable 56,753 174,761 Accrued and Other Expenses 865,537 760,612 Income Taxes Payable 511 511 ---------- ---------- Current Liabilities 922,801 935,884 Liabilities Subject to Compromise 0 0 ---------- ---------- Long-Term Debt, Net of Current Portion 0 0 ---------- ---------- Total Liabilities 922,801 935,884 Stockholders' Equity Common Stock, no par value 1,143,008 1,143,008 Additional Paid-in-Capital Retained Earnings (deficit) 502,269 445,481 ---------- ---------- Total Stockholders' Equity 1,645,277 1,588,489 ---------- ---------- Total Liabilities and Stockholders' Equity $2,568,078 $2,524,373 ========== ========== RADIANT TECHNOLOGY CORPORATION PART I FINANCIAL INFORMATION CONTINUED Condensed Statements of Income (Unaudited) THREE MONTHS ENDED DECEMBER 31 --------------------- 1996 1995 ---- ---- NET SALES $ 949,500 $1,299,339 COST OF SALES 706,665 935,804 ----------- ----------- GROSS PROFIT 242,835 363,535 OTHER OPERATING EXPENSE 186,293 243,624 ----------- ----------- OPERATING INCOME 56,542 119,911 OTHER INCOME (EXPENSE) 246 (49,858) INTEREST EXPENSE 0 (10,020) ----------- ----------- TOTAL OTHER INCOME (EXPENSE) 246 (59,878) ----------- ----------- INCOME BEFORE REORGANIZATION ITEMS AND TAX BENEFITS 56,788 60,033 REORGANIZATION ITEMS PROVISION FOR BANKRUPTCY CLAIMS PROFESSIONAL FEES 0 (31,211) ----------- ----------- INCOME (LOSS) BEFORE TAX BENEFIT AND EXTRAORDINARY ITEMS 56,788 28,822 PROVISION (BENEFIT) FOR TAXES 0 800 ----------- ----------- INCOME (LOSS) BEFORE EXTRAORDINARY ITEM 56,788 28,022 EXTRAORDINARY ITEM: GAIN ON EXTINGUISHMENT OF DEBT 0 224,516 ----------- ----------- NET INCOME (LOSS) $ 56,788 $ 252,538 =========== =========== EARNINGS PER SHARE: INCOME BEFORE EXTRAORDINARY ITEM $0.03 $0.02 EXTRAORDINARY ITEM 0.00 0.12 ----------- ----------- NET INCOME PER SHARE $0.03 $0.14 WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING-RESTATED 1,867,638 1,867,638 4 RADIANT TECHNOLOGY CORPORATION PART I FINANCIAL INFORMATION-CONTINUED CONDENSED STATEMENT OF CASH FLOWS (UNAUDITED) THREE MONTHS ENDED DECEMBER 31 --------------------- 1996 1995 ---- ---- CASH FLOWS FROM OPERATING ACTIVITIES: NET INCOME $ 56,788 $ 252,538 ADJUSTMENTS TO RECONCILE INCOME BEFORE EXTRAORDINARY ITEM TO NET CASH PROVIDED BY OPERATING ACTIVITIES: BAD DEBT EXPENSE DEPRECIATION AND AMORTIZATION 25,180 32,853 INVENTORY WRITE DOWN GAIN (LOSS) ON ASSET DISPOSAL CHANGES IN ASSETS AND LIABILITIES: ACCOUNTS AND NOTES RECEIVABLE (127,896) (26,675) INVENTORIES 110,386 112,583 PREPAID EXPENSES & OTHER ASSETS (31,688) 11,720 ACCOUNTS PAYABLE (118,008) 0 ACCRUED EXPENSES 104,925 0 ----------- ---------- NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES 19,687 383,019 CHANGES IN REORGANIZATION ITEMS: INCREASE (DECREASE) IN LIABILITIES NOT SUBJECT TO COMPROMISE 0 (242,339) INCREASE (DECREASE) IN LIABILITIES SUBJECT TO COMPROMISE 0 (273,400) ----------- ----------- NET CHANGE IN REORGANIZATION ITEMS 0 (515,739) ----------- ----------- NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES 19,687 (132,720) ----------- ----------- CASH FLOWS FROM INVESTING ACTIVITIES: PAYMENTS FOR PURCHASE OF PROPERTY AND EQUIPMENT (10,096) (1,493) ----------- ----------- CASH FLOWS FROM FINANCING ACTIVITIES: SHORT-TERMS DEBT CONVERTED TO EQUITY 0 405,434 BORROWINGS FROM SHORT-TERM DEBT PRINCIPAL REDUCTIONS ON SHORT-TERM DEBT 0 0 ----------- ----------- NET CASH PROVIDED (USED) BY FINANCING ACTIVITIES 0 405,434 NET INCREASE (DECREASE) IN CASH 9,591 271,221 CASH AT BEGINNING OF PERIOD 610,128 379,936 ----------- ----------- CASH AT END OF PERIOD $ 619,719 $ 651,157 =========== ========== 5 RADIANT TECHNOLOGY CORPORATION PART I FINANCIAL INFORMATION - CONTINUED Notes to Condensed Financial Statement for December 31, 1996 (UNAUDITED) ITEM 1 - Notes 1. Inventories ----------- December ---------------------------- Inventories are summarized as follows: 1996 1995 ---------- ----------- Raw material $ 210,175 $ 272,149 Work in Process 307,285 173,365 Finished Goods 13,000 24,000 ----------- ----------- $ 530,460 $ 469,514 2. Machinery and Equipment ----------------------- Summary of machinery and equipment follows: December --------------------------- 1996 1995 ---------- ----------- Machinery and Equipment $ 434,722 $ 1,538,984 Office Furniture 32,272 293,461 Trucks and Automobiles 15,050 37,761 Leasehold Improvements 125,409 125,409 ---------- ----------- $ 607,453 $ 1,995,615 Less Accumulated Depreciation 178,091 1,822,974 ---------- ----------- Machinery and Equipment $ 429,362 $ 172,641 ========== =========== ITEM 2 - Management's Discussion and Analysis of Financial Condition and Results of Operation The three month earnings per share on income before the extraordinary item at December 31, 1996 and 1995 was $.03 and $.02, respectively. Comparative December shipments were down approximately $350,000 from the December 1995 quarter, a 27% decrease. The manufacturing operations were adversely affected by relocating facilities from Anaheim to Fullerton, California during the months of December and January. Some manufacturing impairment is expected to continue partially into the second quarter as a result of the facility relocation and production equipment "ramp up". 6 Comparative profit of $56,788 before the extraordinary item was generated in the fiscal year 1997 first quarter compared to a profit of $28,022 in the fiscal year 1996 first quarter. $31,211 in legal expenses and $10,200 interest charges were included in the December 31, 1995 quarter, but is not applicable for the December 31, 1996 quarter as a result of consummating the bankruptcy plan. The Company emerged from 27 months of Bankruptcy on February 20, 1996 and elected to adopt "Fresh Start Reporting" of assets. As a result, there is a lack of comparability before and after the "Fresh Start Reporting" of assets. RADIANT TECHNOLOGY CORPORATION PART II - OTHER INFORMATION Item 1. Legal Proceedings ----------------- None. Item 2. Changes in Securities --------------------- Pursuant to the Reorganization Plan, a 30 to 1 reverse split was transacted in December 1995. Common stock, no par value shares of 5,712,206 were converted to 177,825 new shares after repurchases by Radiant Technology Corporation. The shareholders also received 346,779 "spillover shares" from shares not claimed by creditors or total shares of 524,604. The composition of the new outstanding shares at December 31, 1996 and 1995 are approximately as follows: Creditors and Shareholders 534,775 Conversion of Insider Financing/Debt to Stock 1,332,863 --------- Total Stock Outstanding 1,867,638 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: February 12, 1997 /s/ L. R. McNamee ----------------------------- Lawrence R. McNamee Chairman of the Board, Chief Operating Officer, Chief Executive Officer 8 EX-27 2
5 3-MOS SEP-30-1997 OCT-01-1996 DEC-31-1997 619719 0 973019 (86000) 530460 2040738 607453 (178091) 2568078 922801 0 0 0 1143008 502269 1645277 949500 949500 706665 706665 186047 0 0 56788 0 56788 0 0 0 56788 .03 .03
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