-----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, Hvn2/2SeF48nWz+qCWO1kOzDqbZ6So5lqchYm83JWpV4r2QYcpZW+cfj7tr4qihg qlTimJomIQ4zxjwZNVyUlQ== 0001019687-99-000280.txt : 19990517 0001019687-99-000280.hdr.sgml : 19990517 ACCESSION NUMBER: 0001019687-99-000280 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19990331 FILED AS OF DATE: 19990514 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: 99623714 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 RADIANT TECHNOLOGY CORPORATION 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, 1999 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 1,895,678 - -------------------------- ------------------------------ (Class) (Outstanding at March 31, 1999) 1 RADIANT TECHNOLOGY CORPORATION INDEX Part I Financial Information:...........................................Page No. Condensed Balance Sheets- March 31, 1999 and September 30, 1998 (unaudited).................................3 Condensed Statement of Operations - Three Months Ended March 31, 1999 and 1998 (unaudited)..........................4 Condensed Statement of Operations - Six Months Ended March 31, 1999 and 1998 (unaudited)..........................4 Condensed Statement of Cash Flows - Three Months Ended March 31, 1999 and 1998 (unaudited)..........................5 Condensed Statement of Cash Flows - Six Months Ended March 31, 1999 and 1998 (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.......................................7 Signature Page.......................................................8 2 RADIANT TECHNOLOGY CORPORATION PART I FINANCIAL INFORMATION CONDENSED BALANCE SHEETS (UNAUDITED)
ASSETS ------ March 31 September 30 1999 1998 ------------- ------------- Current Assets: Cash $ 2,053,278 $ 2,327,925 Accounts Receivables - Net 826,079 565,777 Inventories 604,528 443,607 Prepaid Expenses 66,761 -- Deferred Income Taxes 170,000 170,000 ------------- ------------- Total Current Assets 3,720,646 3,507,309 Machinery and Equipment - Net 458,678 502,378 Other Assets -- 53,331 ------------- ------------- Total Assets $ 4,179,324 $ 4,063,018 ============= ============= LIABILITIES AND STOCKHOLDERS' EQUITY ------------------------------------ Current Liabilities: Notes Payable $ 1,200,000 $ 1,000,000 Accounts Payable 91,970 61,040 Accrued Expenses 149,339 197,884 Customer Deposits 86,585 159,466 Income Tax Payable 28,855 38,640 ------------- ------------- Total Liabilities 1,556,749 1,457,030 ------------- ------------- Stockholders' Equity Common Stock, no par value 1,153,108 1,153,108 Retained Earnings 1,469,467 1,452,880 ------------- ------------- Total Stockholders' Equity 2,622,575 2,605,988 ------------- ------------- Total Liabilities and Stockholders' Equity $ 4,179,324 $ 4,063,018 ============= =============
3 RADIANT TECHNOLOGY CORPORATION PART I FINANCIAL INFORMATION-CONTINUED CONDENSED STATEMENTS OF OPERATIONS (UNAUDITED)
THREE MONTHS ENDED SIX MONTHS ENDED MARCH 31 MARCH 31 ----------------------------- ---------------------------- 1999 1998 1999 1998 ------------ ------------ ------------ ------------ NET SALES $ 834,374 $ 1,297,331 $ 1,531,227 $ 2,391,897 COST OF SALES 508,703 759,207 879,961 1,443,967 ------------ ------------ ------------ ------------ GROSS PROFIT 325,671 538,124 651,266 947,930 OPERATING EXPENSES 333,714 348,654 662,326 637,067 ------------ ------------ ------------ ------------ OPERATING INCOME/(LOSS) (8,043) 189,470 (11,060) 310,863 OTHER INCOME - INTEREST 12,656 9,297 28,862 22,332 ------------ ------------ ------------ ------------ INCOME BEFORE PROVISION FOR TAXES 4,613 198,767 17,802 333,195 PROVISION FOR TAXES 0 18,486 1,215 30,988 ------------ ------------ ------------ ------------ NET INCOME $ 4,613 $ 180,281 $ 16,587 $ 302,207 ============ ============ ============ ============ EARNINGS PER SHARE: NET INCOME PER SHARE $ 0.00 $ 0.10 $ 0.01 $ 0.17 WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING-RESTATED 1,895,678 1,867,638 1,895,678 1,867,638
4 RADIANT TECHNOLOGY CORPORATION PART I FINANCIAL INFORMATION-CONTINUED CONDENSED STATEMENT OF CASH FLOWS (UNAUDITED)
THREE MONTHS ENDED MARCH 31 ----------------------------- 1999 1998 ------------ ------------ CASH FLOWS FROM OPERATING ACTIVITIES: NET INCOME $ 4,613 $ 180,281 ADJUSTMENTS TO RECONCILE INCOME TO NET CASH USED IN OPERATING ACTIVITIES: DEPRECIATION AND AMORTIZATION 5,620 28,271 CHANGES IN ASSETS AND LIABILITIES: ACCOUNTS RECEIVABLE (199,020) 289,795 INVENTORIES (127,366) 31,818 PREPAID EXPENSES 11,248 (16,185) OTHER ASSETS 51,860 -- ACCOUNTS PAYABLE (36,942) (82,638) ACCRUED EXPENSES (25,257) (51,160) CUSTOMER DEPOSITS 13,625 (563,920) INCOME TAX PAYABLE (11,000) 18,486 ------------ ------------ NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES (312,619) (165,252) ------------ ------------ CASH FLOWS FROM INVESTING ACTIVITIES: PAYMENTS FOR PURCHASE OF PROPERTY AND EQUIPMENT (6,215) -- ------------ ------------ CASH FLOWS FROM FINANCING ACTIVITIES: BORROWING ON LINE OF CREDIT 100,000 -- REPAYMENT OF LINE OF CREDIT -- (150,000) ------------ ------------ NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 100,000 (150,000) NET INCREASE (DECREASE) IN CASH (218,834) (315,252) CASH AT BEGINNING OF PERIOD 2,272,112 1,856,960 ------------ ------------ CASH AT END OF PERIOD $ 2,053,278 $ 1,541,708 ============ ============
5 RADIANT TECHNOLOGY CORPORATION PART I FINANCIAL INFORMATION-CONTINUED CONDENSED STATEMENT OF CASH FLOWS (UNAUDITED)
SIX MONTHS ENDED MARCH 31 ---------------------------- 1999 1998 ------------ ------------ CASH FLOWS FROM OPERATING ACTIVITIES: NET INCOME $ 16,587 $ 302,207 ADJUSTMENTS TO RECONCILE INCOME TO NET CASH USED IN OPERATING ACTIVITIES: DEPRECIATION AND AMORTIZATION 102,208 56,542 CHANGES IN ASSETS AND LIABILITIES: ACCOUNTS RECEIVABLE (260,302) (68,414) INVENTORIES (160,921) (103,867) PREPAID EXPENSES (66,761) (19,167) OTHER ASSETS 53,331 -- ACCOUNTS PAYABLE 30,930 (59,665) ACCRUED EXPENSES (48,545) (48,083) CUSTOMER DEPOSITS (72,881) (167,777) TAX PAYABLE (9,785) 30,988 ------------ ------------ NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES (416,139) (77,236) ------------ ------------ CASH FLOWS FROM INVESTING ACTIVITIES: PAYMENTS FOR PURCHASE OF PROPERTY AND EQUIPMENT (58,508) (48,372) ------------ ------------ CASH FLOWS FROM FINANCING ACTIVITIES: BORROWING ON LINE OF CREDIT 200,000 -- REPAYMENT OF LINE OF CREDIT -- (150,000) ------------ ------------ NET CASH PROVIDED (USED) BY FINANCING ACTIVITIES 200,000 (150,000) NET INCREASE (DECREASE) IN CASH (274,647) (275,608) CASH AT BEGINNING OF PERIOD 2,327,925 1,817,316 ------------ ------------ CASH AT END OF PERIOD $ 2,053,278 $ 1,541,708 ============ ============
6 RADIANT TECHNOLOGY CORPORATION PART I FINANCIAL INFORMATION - CONTINUED NOTES TO CONDENSED FINANCIAL STATEMENTS FOR MARCH 31, 1999 (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, 1998. 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: May 14, 1999 /s/ L. R. McNamee --------------------------------- Lawrence R. McNamee Chairman of the Board, Chief Operating Officer, Chief Executive Officer EX-27 2 FINANCIAL DATA SCHEDULE
5 replace this with text 1 6-MOS SEP-30-1999 OCT-01-1998 MAR-31-1999 2,053,278 0 826,079 0 604,528 3,720,646 458,678 0 4,179,324 1,556,749 0 0 0 1,153,108 1,469,467 4,179,324 1,531,227 1,531,227 879,961 879,961 662,326 0 0 17,802 1,215 16,587 0 0 0 16,587 .01 .01
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