-----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, VEEs2XtQkTLW6/ZRryb++0DrUZ/5XCaNhCcjUJh1o/V/jh0Nyd3qhj6OkLsXpTa2 OJx8ujKLkjMJpx+VC8d5fg== /in/edgar/work/0000928385-00-002990/0000928385-00-002990.txt : 20001110 0000928385-00-002990.hdr.sgml : 20001110 ACCESSION NUMBER: 0000928385-00-002990 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20000930 FILED AS OF DATE: 20001109 FILER: COMPANY DATA: COMPANY CONFORMED NAME: EXOTECH INC CENTRAL INDEX KEY: 0000034047 STANDARD INDUSTRIAL CLASSIFICATION: [3825 ] IRS NUMBER: 540700888 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-04076 FILM NUMBER: 756609 BUSINESS ADDRESS: STREET 1: 8502 DAKOTA DR CITY: GAITHERSBURG STATE: MD ZIP: 20877 BUSINESS PHONE: 3019483060 MAIL ADDRESS: STREET 1: 8502 DAKOTA DR CITY: GAITHERSBURG STATE: MD ZIP: 20877 FORMER COMPANY: FORMER CONFORMED NAME: RADIATION SYSTEMS INC DATE OF NAME CHANGE: 19681121 10-Q 1 0001.txt FORM 10-Q SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. FORM 10-Q QUARTERLY REPORT UNDER SECTION 13 OR 15 (D) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR QUARTER ENDED: SEPTEMBER 30, 2000 COMMISSION FILE NO. 0-4076 ------------------ ------ EXOTECH INCORPORATED -------------------- (Exact name of Registrant as Specified in Charter) State or Jurisdiction of Incorporation or Organization: DELAWARE IRS Identification No: 54-0700888 Address of Principal Office: 8502 Dakota Drive Gaithersburg, MD. 20877 Registrant's Telephone Number: (301) 948-3060 Indicate by checkmark 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 requirement 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 close of the period covered by this Report. CLASS: COMMON STOCK, PAR VALUE $0.10 ----------------------------- OUTSTANDING AT SEPTEMBER 30, 2000 942,387 ------- EXOTECH INCORPORATED INDEX PART I FINANCIAL INFORMATION PAGE NO. CONSOLIDATED CONDENSED BALANCE SHEET SEPTEMBER 30, 2000 AND JUNE 30, 2000..................... 2 CONSOLIDATED CONDENSED STATEMENT OF OPERATIONS - THREE MONTHS ENDED SEPTEMBER 30, 2000 AND 1999.............................. 3 STATEMENT OF CASH FLOWS FOR THREE MONTHS ENDED SEPTEMBER 30, 2000 AND 1999................. 4 NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS..................................... 5 MANAGEMENT'S DISCUSSION AND ANALYSIS OF CONSOLIDATED CONDENSED STATEMENT OF OPERATIONS............................................ 6 PART II OTHER INFORMATION OTHER FINANCIAL INFORMATION.............................. 8 SIGNATURES............................................... 9 EXOTECH INCORPORATED CONSOLIDATED BALANCE SHEET
ASSETS ------ SEPTEMBER 30, JUNE 30, 2000 2000 ------------------- ----------- (Unaudited) CURRENT ASSETS Accts. Receivable, Net $ 13,078 $ 12,633 Inventories Work in Process 283,532 267,217 Raw Materials 32,625 32,625 Finished Goods 14,000 14,000 Cash and Other Current Assets 3,692 3,861 ----------- ----------- Total Current Assets $ 346,927 $ 330,336 PROPERTY, PLANT AND EQUIPMENT NET 2,123 2,265 OTHER NON CURRENT ASSETS 4,080 4,080 ----------- ----------- TOTAL ASSETS $ 353,130 $ 336,681 =========== =========== LIABILITIES AND SHAREHOLDERS' EQUITY ------------------------------------ CURRENT LIABILITIES Accts. Payable & Other Accrued Expenses $ 10,696 $ 13,053 Other Current Liabilities 399,258 396,267 Notes Payable 403,484 403,223 ----------- ----------- Total Current Liabilities $ 813,438 $ 812,543 SHAREHOLDERS EQUITY Common Stock, Par Value $.10 per share; 1,500,000 shares authorized; 970,135 issued; 942,387 outstanding 97,014 97,014 Paid-in-Surplus 1,169,645 1,169,645 Deficit (1,614,547) (1,630,101) Treasury Stock (27,748 shares) (112,420) (112,420) ----------- ----------- Total Shareholders' Equity (460,308) (475,862) TOTAL LIABILITIES & SHAREHOLDERS' EQUITY $ 353,130 $ 336,681 =========== ===========
See accompanying Notes to Consolidated Condensed Financial Statements. 2 EXOTECH INCORPORATED CONSOLIDATED CONDENSED STATEMENT OF OPERATIONS
2000 1999 THREE MONTHS THREE MONTHS ENDED ENDED SEPTEMBER 30 SEPTEMBER 30 ---------------- ---------------- REVENUES Contract Sales $ 66,117 $ 207,081 EXPENSES Direct Labor 1,843 302 Overhead 7,132 2,829 Materials -0- 10,820 Other Direct 1,483 100 General & Administrative 2,019 1,872 Inventory Costs 30,219 155,214 -------- --------- Cost of Contract Sales 42,696 171,137 Operating Income (Loss) 23,421 35,944 Other Revenue (Expenses): 2 -0- Interest & Other (7,870) (7,784) NET INCOME BEFORE TAXES 15,553 28,160 State Income Tax -0- -0- NET INCOME (LOSS) 15,553 28,160 Weighted Average Number of Common Stock Outstanding 942,387 942,387 EARNINGS (LOSS) PER COMMON SHARE .02 .03 DIVIDENDS PER COMMON SHARE NONE NONE
See accompanying Notes to Consolidated Condensed Financial Statements. These statements have been prepared from the books of account without audit. 3 EXOTECH INCORPORATED AND SUBSIDIARY STATEMENT OF CASH FLOWS FOR THREE MONTHS ENDED SEPTEMBER 30, --------------------------------
2000 1999 ---- ---- CASH FLOWS FROM OPERATING TRANSACTIONS - -------------------------------------- Net Income (Loss) $ 15,553 $ 28,160 Add: Non cash Income Determinants Depreciation and Amortization 143 367 Add (Deduct): Changes in Current Assets & Liabilities (Increase) Decrease in Accounts Receivable (445) 20,219 (Increase) Decrease in Prepaid Expenses 730 600 (Increase) Decrease in Inventory (16,315) 54,534 Increase (Decrease) in Accts. Payable (2,357) 3,178 Increase (Decrease) in Payroll/Emp. Benefits (4,793) (17,947) Increase (Decrease) in Accrued Interest 7,784 7,784 Increase (Decrease) in Deferred Revenue -0- (45,000) --------- --------- Cash Provided By or (Used) For Operating Transactions 300 51,895 ----------- --------- CASH FLOWS FROM FINANCING TRANSACTIONS: Proceeds from Notes 2,500 -0- Payment on Notes 2,239 9,100 --------- ---------- Cash Provided By or (Used For) Financing Transactions 261 (9,100) ----------- ---------- CASH FLOWS FROM INVESTING TRANSACTIONS: - -------------------------------------- Deposits -0- (200) Purchase of Equipment -0- (1,149) --------- --------- Cash Provided By or (Used For) Investing Transactions -0- (1,349) ----------- --------- INCREASE (DECREASE) IN CASH 561 41,446 - --------------------------- CASH BALANCE - BEGINNING 1,921 8,868 -------- --------- CASH BALANCE - ENDING $ 2,482 $ 50,314
4 EXOTECH INCORPORATED NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS NOTE 1. In the opinion of Management, the accompanying unaudited consolidated condensed financial statements contain all adjustments (consisting of only normal recurring accruals) necessary to present fairly the financial position as of September 30, 2000 and June 30, 2000 and the results of operations and changes in financial position for the three months ended September 30, 2000 and 1999 of Exotech Incorporated and its inactive wholly-owned consolidated subsidiary, Exotech Research & Analysis, Inc. There are no significant intercompany transactions. NOTE 2. Per share computations have been based on the weighted average shares outstanding of 942,387 for the three months ended September 30, 2000 and 1999. NOTE 3. Notes Payable at September 30, 2000 consist of four demand notes of $100,000, $8,000 and $47,000, payable with interest at 8.5% per annum to three of the Company's former directors. In addition, notes amounting to $248,484 are payable with interest at 8.5% per annum to one officer/employee. NOTE 4. Inventory cost shown in the cost of sales represents the cost of production of goods sold that were incurred in the prior fiscal year. NOTE 5. The Company received cash deposits from its principal customer on orders for instruments and services amounting to $1,400 at June 30, 2000. The balance of this liability is reduced incrementally upon discounted billing for delivered instruments and services. At September 30, 2000 the balance of this liability remained at $1,400. 5 MANAGEMENT'S DISCUSSION AND ANALYSIS OF THE CONSOLIDATED CONDENSED STATEMENT OF OPERATIONS ---------------------------------------------- The following is Management's discussion and analysis of certain significant factors which have affected the Company's earnings during the periods included in the accompanying consolidated condensed statement of operations. A summary of the period to period changes in the principal items included in the consolidated statement of operations is shown below:
--------------------------------- COMPARISON OF ----------------------------- THREE MONTHS ENDED THREE MONTHS ENDED Sept 30 June 30 Sept 30 Sept 30 2000 2000 2000 1999 -------- -------- -------- -------- Net Sales $66,117 $22,751 $66,117 $207,081 Direct Cost & Overhead 10,458 7,514 10,458 14,051 General & Administrative Expense 2,019 1,785 2,019 1,872 Inventory Cost 30,219 35,588 30,219 155,214 Cost of Sales 42,696 44,887 42,696 171,137 Interest & Other 7,780 9,937 7,870 7,784
6 I. CHANGE IN FINANCIAL POSITION IN THE THREE MONTHS ENDED SEPTEMBER 30, 2000. ------------------------------------------------------------------------- In the three months period ended September 30, 2000, a decrease in the deficit of working capital of $15,696 resulted from a net profit from operations of $15,553 and non-fund charges of $143. The liability for deferred revenue remained at $1,400. II. INCOME AND EXPENSE IN THE MOST RECENT QUARTER AND THE SAME THREE MONTH ---------------------------------------------------------------------- PERIOD LAST YEAR. ---------------- Revenue for the quarter ended September 30, 2000, was $66,117, lower by $140,964 (68%) than the results one year earlier. Operating costs were lower in the most recent quarter by $128,441 or 75% compared to the prior year. The result was an operating profit of $23,421 and a net profit of $15,553 compared to a net profit of $28,160 in the quarter ended one year earlier. The variations shown in the period-to-period comparison are principally related to the phase out of the microbiological instruments product manufacturing that characterizes the recent three month period. In the prior year's quarter, deliveries of twenty-four Autoplate instruments was a continuation of deliveries from a large order that was put into production late in the second quarter of fiscal year 1999. In the most recent quarter, manufacturing was limited to Model 100BX Radiometers and Model 200A Vacuum Sources. This activity is reflected in the recent quarter by the increase of about $16,315 in inventory costs. Maintenance, repair and recalibration services yielded revenue of about $47,600. In the opinion of Management, an increase in backlog of orders for the Company's products and continued stringent control of costs will be necessary for profitable results in the following quarter. 7 PART II. OTHER FINANCIAL INFORMATION ITEM 5. As in the past, a shortage of working capital continues to be a significant problem, hampering the development of new business to the fullest extent possible. The shortage is the result of debt in the form of notes and interest payable to a current and three former directors of the Company. In the opinion of Management, the Company is in a position to sustain operations at least until such time as the results of current contracts and negotiations for new business are determinable. Ultimate realization of the carrying value of prepaid expenses and advances, property and equipment, and miscellaneous other assets shown in the accompanying balance sheet depends upon sustained operations as a going concern. The dollar amount of the backlog as of September 30, 2000 was $25,868, a decrease of $4,132 from the backlog of the preceding quarter ended June 30, 2000. ITEM 6 (B) No reports on Form 8-K were filed in this quarter, ended September 30, 2000. 8 SIGNATURES Pursuant to the requirements of the Securities Act of 1934, the Company has duly caused this amended Report to be signed on its behalf by the undersigned thereunto duly authorized. EXOTECH INCORPORATED REGISTRANT DATE: November 10, 2000 ------------------------------ /s/ Robert G. Lyle - ----------------------------------- ROBERT G. LYLE, PRESIDENT AND CHIEF EXECUTIVE OFFICER 9 EX-27 2 0002.txt FINANCIAL DATA SCHEDULE
5 3-MOS JUN-30-2001 SEP-30-2000 2,482 0 13,078 0 330,157 346,927 234,373 232,250 353,130 813,438 0 0 0 97,014 (557,322) 353,130 66,117 66,119 42,696 42,696 0 0 7,870 15,553 0 15,553 0 0 0 15,533 .017 .017
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