-----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, A2GQynJILF0K9cVqbotKkO43uEL8NgciEIa7FXkCvh17+gzNwOl5IY4nngBycjPF SMckFZ8lP8S4QYNpV52gww== 0000950169-96-000521.txt : 19961126 0000950169-96-000521.hdr.sgml : 19961126 ACCESSION NUMBER: 0000950169-96-000521 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960930 FILED AS OF DATE: 19961125 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: EXOTECH INC CENTRAL INDEX KEY: 0000034047 STANDARD INDUSTRIAL CLASSIFICATION: INSTRUMENTS FOR MEAS & TESTING OF ELECTRICITY & ELEC SIGNALS [3825] IRS NUMBER: 540700888 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-04076 FILM NUMBER: 96671577 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 EXOTECH, INC. 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, 1996 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, 1996 942,387 ------- EXOTECH INCORPORATED INDEX PART I FINANCIAL INFORMATION PAGE NO. CONSOLIDATED CONDENSED BALANCE SHEET SEPTEMBER 30, 1996 AND JUNE 30, 1996................. 2 CONSOLIDATED CONDENSED STATEMENT OF OPERATIONS - THREE MONTHS ENDED SEPTEMBER 30, 1996 AND 1995........................... 3 STATEMENT OF CASH FLOWS FOR THREE MONTHS ENDED SEPTEMBER 30, 1996 AND 1995.............. 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........................... 7/8 SIGNATURES .................................... 9 EXOTECH INCORPORATED CONSOLIDATED BALANCE SHEET ASSETS
SEPTEMBER 30, June 30, 1996 1996 (Unaudited) CURRENT ASSETS Accts. Receivable, Net $ 18,560 $ 11,073 Inventories Work in Process 533,417 505,062 Raw Materials 32,625 32,625 Finished Goods 14,000 14,000 Cash and Other Current Assets 837 449 -------- -------- Total Current Assets $599,439 $563,209 PROPERTY, PLANT AND EQUIPMENT NET 368 411 OTHER NON CURRENT ASSETS 6,689 6,921 -------- -------- TOTAL ASSETS $606,496 $570,541 ======== ======== LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES Accts. Payable & Other Accrued Expenses $122,612 $105,664 Other Current Liabilities 343,631 347,994 Notes Payable 392,294 372,294 -------- -------- Total Current Liabilities $858,537 $825,952 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 (1,406,280) (1,409,650) Treasury Stock (27,748 shares) (112,420) (112,420) --------- --------- Total Shareholders' Equity (252,041) (255,411) TOTAL LIABILITIES & SHAREHOLDERS' EQUITY $606,496 $570,541 ======== ========
See accompanying Notes to Consolidated Condensed Financial Statements. 2 EXOTECH INCORPORATED CONSOLIDATED CONDENSED STATEMENT OF OPERATIONS 1996 1995 THREE MONTHS THREE MONTHS ENDED ENDED SEPTEMBER 30 SEPTEMBER 30 ---------------- -------------- REVENUES Contract Sales $110,796 $ 55,517 EXPENSES Direct Labor 654 766 Overhead 786 5,862 Materials - 142 General & Administrative 144 853 Inventory Costs 98,712 45,050 -------- -------- Cost of Contract Sales 100,296 52,531 Operating Income (Loss) 10,500 2,986 Other Revenue (Expenses): - - Interest & Other (7,130) (6,601) NET INCOME BEFORE TAXES 3,370 (3,615) State Income Tax - - NET INCOME (LOSS) 3,370 (3,615) Weighted Average Number of Common Stock Outstanding 942,387 942,387 EARNINGS (LOSS) PER COMMON SHARE .004 (.004) 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,
1996 1995 ---- ---- CASH FLOWS FROM OPERATING TRANSACTIONS Net Income (Loss) $ 3,370 $ (3,615) Add: Non cash Income Determinants Depreciation and Amortization 275 289 Add (Deduct): Changes in Current Assets & Liabilities (Increase) Decrease in Accounts Receivable (7,487) 5,495 (Increase) Decrease in Prepaid Expenses 6 564 (Increase) Decrease in Inventory (28,355) (79,339) Increase (Decrease) in Accts. Payable 16,948 21,982 Increase (Decrease) in Payroll/Emp. Benefits (11,493) 14,744 Increase (Decrease) in Accrued Interest 7,130 6,582 -------- -------- Cash Provided By or (Used) For Operating Transactions (19,606) (33,298) ----------- ---------- CASH FLOWS FROM FINANCING TRANSACTIONS: Proceeds from Notes 30,000 33,219 Payment on Notes 10,000 -------- -------- Cash Provided By or (Used For) Financing Transactions 20,000 33,219 ----------- ---------- CASH FLOWS FROM INVESTING TRANSACTIONS: Deposits - 128 -------- -------- Cash Provided By or (Used For) Investing Transactions -0- 128 ----------- ---------- INCREASE (DECREASE) IN CASH 394 49 CASH BALANCE - BEGINNING 105 32 -------- -------- CASH BALANCE - ENDING $ 499 $ 81
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, 1996 and June 30, 1996 and the results of operations and changes in financial position for the three months ended September 30, 1996 and 1995 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, 1996 and 1995. NOTE 3. Notes Payable at September 30, 1996 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 $217,294 are payable with interest at 8.5% per annum to one officer/employee. Periodically, the Company has obtained producer loans from Spiral Biotech, Inc. that are secured by inventory instruments (bacteria colony counters). At September 30, 1996, there was an outstanding Producer Loan of $20,000 with interest at 9% per annum. This loan may be prepaid, in whole or in part, at any time, without penalty. 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 1996 1996 1996 1995 ------- ------- ------- ------- Net Sales $110,796 $106,244 $110,796 $55,517 Cost of Sales 1,440 5,164 1,440 6,628 General & Administrative Expenses 144 295 144 853 Inventory Costs 98,712 103,170 98,712 45,050 Interest & Other 7,130 7,036 7,130 6,601
6 PART II. OTHER FINANCIAL INFORMATION ITEM 5. As in the past, a shortage of working capital continues to be a significant problem, resulting in occasional slow payments to creditors, and hampering the development of new business to the fullest extent possible. In the opinion of Management, the Company should be in a position to sustain operations at least until such time as the results of current contracts and negotiations for new business is 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, 1996 was $237,952, a decrease of $41,048 from the backlog of the preceding quarter ended June 30, 1996. ITEM 6 (B) No reports on Form 8-K were filed in this quarter. 7 I. CHANGE IN FINANCIAL POSITION IN THE THREE MONTHS ENDED SEPTEMBER 30, 1996. In the three months period ended September 30, 1996, an increase of working capital of $3,645 resulted from a net profit from operations of $3,370 and non-fund charges of $275. II. INCOME AND EXPENSE IN THE MOST RECENT QUARTER AND THE SAME THREE MONTH PERIOD LAST YEAR. Revenue for the quarter ended September 30, 1996, was higher by $55,279 or 96% than the results one year earlier. Operating costs were increased in the most recent quarter by $47,765 or 91% compared to the prior year. The result was an operating profit of $10,500 and a net gain of $3,370 compared to a net loss of $3,615 in the quarter ended one year earlier. 8 SIGNATURES Pursuant to the requirements of the Securities Act of 1934, the Company has duly caused this Report to be signed on its behalf by the undersigned thereunto duly authorized. EXOTECH INCORPORATED REGISTRANT DATE: November 19, 1996 /s/ Robert G. Lyle - --------------------------------------- ROBERT G. LYLE, PRESIDENT AND CHIEF EXECUTIVE OFFICER 9 EX-27 2 EXOTECH, INC.
5 3-MOS JUN-30-1997 SEP-30-1996 837 0 18,560 0 580,042 599,439 231,530 231,162 606,496 858,537 0 0 0 97,014 (349,055) 606,496 110,796 110,796 100,296 100,296 0 0 7,130 3,370 0 3,370 0 0 0 3,370 0.004 0.004
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