-----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, MohhcaRyC02GV3TYhImT0aE6Mn2Eoe5wWo70Io434TTPzl/vNFcmcBYtlUyeAznf sERaV6+SrKHclzvOiKqGRw== 0001019687-98-000033.txt : 19980210 0001019687-98-000033.hdr.sgml : 19980210 ACCESSION NUMBER: 0001019687-98-000033 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19971231 FILED AS OF DATE: 19980209 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: SEC FILE NUMBER: 000-10125 FILM NUMBER: 98526221 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 QTR END 12/31/97 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, 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 December 31, 1997) 1 RADIANT TECHNOLOGY CORPORATION INDEX Part I Financial Information:...........................................Page No. Condensed Balance Sheets- December 31, 1997 and September 30, 1997 (unaudited)...................................3 Condensed Statement of Operations - Three Months Ended December 31, 1997 and 1996 (unaudited)........................4 Condensed Statement of Cash Flows - Three Months Ended December 31, 1997 and 1996 (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.........................................6 Signature Page.........................................................7 2 RADIANT TECHNOLOGY CORPORATION PART I FINANCIAL INFORMATION Item 1. Financial Statements Condensed Balance Sheets (Unaudited) ASSETS December 31 September 30 1997 1997 -------------- -------------- Current Assets: Cash $ 1,856,960 $ 1,817,316 Accounts Receivables - Net 1,114,714 756,505 Inventories 850,143 714,458 Prepaid Expenses and other Current Assets 170,000 170,000 ------------ ------------ Total Current Assets 3,991,817 3,458,279 Machinery and Equipment - Net 593,605 573,504 Other Assets 73,204 70,222 ------------ ------------ Total Assets $4,658,626 $4,102,005 ------------ ------------ LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Notes Payable $ 1,000,000 $ 1,000,000 Accounts Payable 191,571 168,598 Accrued Expenses 387,799 384,722 Customer Deposits 764,527 368,384 Income Tax Payable 12,502 0 ------------ ------------ Total Liabilities 2,356,399 1,921,704 Stockholders' Equity Common Stock, no par value 1,143,008 1,143,008 Retained Earnings 1,159,219 1,037,293 ------------ ------------ Total Stockholders' Equity 2,302,227 2,180,301 ------------ ------------ Total Liabilities and Stockholders' Equity $4,658,626 $4,102,005 ============ ============ 3 RADIANT TECHNOLOGY CORPORATION PART I FINANCIAL INFORMATION-CONTINUED CONDENSED STATEMENT OF OPERATIONS (UNAUDITED) THREE MONTHS ENDED DECEMBER 31 1997 1996 --------- --------- NET SALES $ 1,094,566 $ 949,500 COST OF SALES 684,760 706,665 ------------ ---------- GROSS PROFIT 409,806 242,835 OPERATING EXPENSE 288,413 186,293 ------------ ---------- OPERATING INCOME 121,393 56,542 OTHER INCOME - INTEREST 13,035 246 ------------ ---------- INCOME BEFORE PROVISION FOR TAXES 134,428 56,788 PROVISION FOR TAXES 12,502 0 ------------ ---------- NET INCOME $ 121,926 $ 56,788 ============ ========== EARNINGS PER SHARE: - ------------------- NET INCOME PER SHARE $0.07 $0.03 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 ------------------------- 1997 1996 ---- ---- CASH FLOWS FROM OPERATING ACTIVITIES: NET INCOME $121,926 $ 56,788 ADJUSTMENTS TO RECONCILE INCOME BEFORE EXTRAORDINARY ITEM TO NET CASH PROVIDED BY OPERATING ACTIVITIES: DEPRECIATION AND AMORTIZATION 28,271 25,180 CHANGES IN ASSETS AND LIABILITIES: ACCOUNTS RECEIVABLE (358,209) (127,896) INVENTORIES (135,685) 110,386 PREPAID EXPENSES & OTHER ASSETS (2,982) (31,688) ACCOUNTS PAYABLE 22,973 (118,008) ACCRUED EXPENSES 3,077 104,925 CUSTOMER DEPOSITS 396,143 INCOME TAX PAYABLE 12,502 0 ---------- ---------- NET CASH PROVIDED BY OPERATING ACTIVITIES 88,016 19,687 CASH FLOWS FROM INVESTING ACTIVITIES: PAYMENTS FOR PURCHASE OF PROPERTY AND EQUIPMENT (48,372) (10,096) ---------- ---------- NET INCREASE IN CASH 39,644 9,591 CASH AT BEGINNING OF PERIOD 1,817,316 610,128 ---------- ---------- CASH AT END OF PERIOD $1,856,960 $ 619,719 =========== =========== 5 RADIANT TECHNOLOGY CORPORATION PART I FINANCIAL INFORMATION - CONTINUED Notes to Condensed Financial Statement for December 31, 1997 (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, 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. 6 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 6, 1998 /s/ L. R. McNamee ------------------------------- Lawrence R. McNamee Chairman of the Board, Chief Operating Officer, Chief Executive Officer 7 EX-27 2 FINANCIAL DATA SCHEDULE
5 3-MOS SEP-30-1998 OCT-01-1997 DEC-31-1997 1,856,960 0 1,114,714 0 850,143 3,991,817 593,605 0 4,658,626 2,356,399 0 0 0 1,143,008 1,159,219 4,658,626 1,094,566 1,094,566 684,760 684,760 288,413 0 0 134,428 12,502 121,926 0 0 0 121,926 0.07 0.07
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