-----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, LQuLIOZXH1Sygpm/+jC/MxJBalZlWC6bwxQ/wkzRWyXszzkKhUIEp0ZXoWAytJ1A EuIZSzPEul/hWXCEhJzdew== 0001019687-98-000192.txt : 19980720 0001019687-98-000192.hdr.sgml : 19980720 ACCESSION NUMBER: 0001019687-98-000192 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19980630 FILED AS OF DATE: 19980717 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: 98667824 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 QUARTERLY REPORT FOR 6 MONTHS 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, 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 1,887,638 - -------------------------- ---------------------- (Class) (Outstanding at June 30, 1998) 1 RADIANT TECHNOLOGY CORPORATION INDEX Part I Financial Information:...........................................Page No. Condensed Balance Sheets- June 30, 1998 and September 30, 1997 (unaudited)......................................3 Condensed Statement of Operations - Nine Months and Three Months Ended June 30, 1998 and 1997 (unaudited)................................4 Condensed Statement of Cash Flows - Nine Months Ended June 30, 1998 and 1997 (unaudited)................................5 Condensed Statement of Cash Flows - Three Months Ended June 30, 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 ------
June 30 September 30 1998 1997 ------------ ------------ Current Assets: Cash $ 1,838,774 $ 1,817,316 Accounts Receivables - Net 494,047 756,505 Inventories 898,431 714,458 Prepaid Expenses and other Current Assets 170,000 170,000 ------------ ------------ Total Current Assets 3,406,252 3,458,279 Machinery and Equipment - Net 594,811 573,504 Other Assets 48,943 70,222 ------------ ------------ Total Assets $ 4,050,006 $ 4,102,005 ============ ============ LIABILITIES AND STOCKHOLDERS' EQUITY ------------------------------------ Current Liabilities: Notes Payable $ 900,000 $ 1,000,000 Accounts Payable 29,961 168,598 Accrued Expenses 383,995 384,722 Customer Deposits 12,240 368,384 Income Tax Payable 49,653 0 ------------ ------------ Total Liabilities 1,375,849 1,921,704 ------------ ------------ Stockholders' Equity Common Stock, no par value 1,152,608 1,143,008 Retained Earnings 1,521,549 1,037,293 ------------ ------------ Total Stockholders' Equity 2,674,157 2,180,301 ------------ ------------ Total Liabilities and Stockholders' Equity $ 4,050,006 $ 4,102,005 ============ ============
RADIANT TECHNOLOGY CORPORATION PART I FINANCIAL INFORMATION-CONTINUED Condensed statement of income (unaudited)
THREE MONTHS ENDED NINE MONTHS ENDED JUNE 30 JUNE 30 ------------------------------- ----------------------------------- 1998 1997 1998 1997 ---- ---- ---- ---- NET SALES $1,262,112 $1,242,303 $3,654,009 $3,064,251 COST OF SALES 738,956 897,113 2,182,924 2,183,387 ----------- ----------- ----------- ----------- GROSS PROFIT 523,155 345,190 1,471,085 880,864 OPERATING EXPENSES 332,723 234,205 969,800 685,863 ----------- ----------- ----------- ----------- OPERATING INCOME 190,422 110,985 501,285 195,001 OTHER INCOME 10,291 26,066 32,624 86,363 ----------- ----------- ----------- ----------- INCOME BEFORE PROVISION FOR TAXES 200,714 137,051 533,909 281,364 PROVISION FOR TAXES 18,666 1,771 49,653 1,771 ----------- ----------- ----------- ----------- NET INCOME $ 182,048 $ 135,280 $ 484,256 $ 279,593 =========== =========== =========== =========== EARNINGS PER SHARE: NET INCOME PER SHARE $0.10 $0.07 $0.26 $0.15 WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING-RESTATED 1,884,304 1,867,638 1,873,193 1,867,638
4 RADIANT TECHNOLOGY CORPORATION PART I FINANCIAL INFORMATION-CONTINUED CONDENSED STATEMENT OF CASH FLOWS (UNAUDITED)
NINE MONTHS ENDED June 30 ---------------------------------------- 1998 1997 ---- ---- CASH FLOWS FROM OPERATING ACTIVITIES: NET INCOME $ 484,256 $ 279,593 ADJUSTMENTS TO RECONCILE INCOME TO NET CASH PROVIDED BY OPERATING ACTIVITIES: DEPRECIATION AND AMORTIZATION 84,813 75,540 CHANGES IN ASSETS AND LIABILITIES: ACCOUNTS RECEIVABLE 257,458 (141,520) INVENTORIES (183,973) (67,034) PREPAID EXPENSES & OTHER ASSETS (14,969 (24,922) ACCOUNTS PAYABLE (138,637) 16,765 ACCRUED EXPENSES (727) 189,059 CUSTOMER DEPOSITS (356,144) 0 INCOME TAX PAYABLE 49,653 0 ------------- ------------- NET CASH PROVIDED BY OPERATING ACTIVITIES 181,730 327,481 ------------- ------------- CASH FLOWS FROM INVESTING ACTIVITIES: PAYMENTS FOR PURCHASE OF PROPERTY AND EQUIPMENT (69,872) (100,073) ------------- ------------- CASH FLOWS FROM FINANCING ACTIVITIES: PRINCIPAL REDUCTIONS ON SHORT-TERM DEBT (100,000) 0 PROCEEDS FROM ISSUING COMMON STOCK 9,600 0 ------------- ------------- NET CASH USED FOR FINANCING ACTIVITIES (90,400) 0 ------------- ------------- NET INCREASE IN CASH 21,458 227,408 CASH AT BEGINNING OF PERIOD 1,817,316 610,128 ------------- ------------- CASH AT END OF PERIOD $ 1,838,774 $ 837,536 ============= =============
5 RADIANT TECHNOLOGY CORPORATION PART I FINANCIAL INFORMATION-CONTINUED CONDENSED STATEMENT OF CASH FLOWS (UNAUDITED)
THREE MONTHS ENDED June 30 --------------------------------------- 1998 1997 ---- ---- CASH FLOWS FROM OPERATING ACTIVITIES: NET INCOME $ 182,048 $ 135,280 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 325,872 1,133 INVENTORIES (80,106) (162,972) PREPAID EXPENSES & OTHER ASSETS 4,198 3,423 ACCOUNTS PAYABLE (78,972) 168,851 ACCRUED EXPENSES 47,356 40,283 CUSTOMER DEPOSITS (188,367) 0 TAX PAYABLE 18,666 0 ------------ ------------ NET CASH PROVIDED BY OPERATING ACTIVITIES 258,966 211,178 ------------ ------------ CASH FLOWS FROM INVESTING ACTIVITIES: PAYMENTS FOR PURCHASE OF PROPERTY AND EQUIPMENT (21,500) (25,557) ------------ ------------ CASH FLOWS FROM FINANCING ACTIVITIES: INCREASE OF PRINCIPAL ON SHORT-TERM DEBT 50,000 0 PROCEEDS FROM ISSUANCE OF COMMON STOCK 9,600 0 ------------ ------------ NET CASH PROVIDED BY FINANCING ACTIVITIES 59,600 0 ------------ ------------ NET INCREASE IN CASH 297,066 185,621 CASH AT BEGINNING OF PERIOD 1,541,708 651,915 ------------ ------------ CASH AT END OF PERIOD $ 1,838,774 $ 837,536 ============ ============
6 RADIANT TECHNOLOGY CORPORATION PART I FINANCIAL INFORMATION - CONTINUED Notes to Condensed Financial Statement for June 30, 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: July 17, 1998 /s/ L. R. McNamee ----------------------------------- Lawrence R. McNamee Chairman of the Board, Chief Operating Officer, Chief Executive Officer 8 EX-27 2 FINANCIAL DATA SCHEDULE
5 1 9-MOS SEP-30-1998 OCT-01-1997 JUN-30-1998 1838774 0 494047 0 898431 3406252 594811 0 4050006 1375849 0 0 0 1152608 1521549 4050006 3654009 3654009 2182924 2182924 969800 0 0 533909 49653 484256 0 0 0 484256 0.26 0.26
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