-----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, Id7L30PKbOSKdglS/SOB0NXi2X5if1rqfUxxZRAY8NwTA3mpL3B98dQJ7yw6HOLV 5Fuchx779M/kKSsInQ8O+g== 0000950135-96-005213.txt : 19961209 0000950135-96-005213.hdr.sgml : 19961209 ACCESSION NUMBER: 0000950135-96-005213 CONFORMED SUBMISSION TYPE: 10-Q/A PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19960930 FILED AS OF DATE: 19961206 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: FERROFLUIDICS CORP CENTRAL INDEX KEY: 0000353286 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRONIC COMPONENTS, NEC [3679] IRS NUMBER: 020275185 STATE OF INCORPORATION: MA FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 10-Q/A SEC ACT: 1934 Act SEC FILE NUMBER: 001-12198 FILM NUMBER: 96676516 BUSINESS ADDRESS: STREET 1: 40 SIMON STREET CITY: NASHUA STATE: NH ZIP: 03061 BUSINESS PHONE: 6038839800 MAIL ADDRESS: STREET 1: 40 SIMON STREET CITY: NASHUA STATE: NH ZIP: 03061 10-Q/A 1 FERROFLUIDICS CORPORATION 1 FORM 10-Q/A SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 (Mark One) [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 1996 ------------------ OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from________________to__________________ ------------------------------------------------------------ Commission file number 0-10734 ---------------------------------- FERROFLUIDICS CORPORATION ------------------------------------------------------ (Exact name of registrant as specified in its charter) Massachusetts 02-0275185 ------------------------------- ------------------ (State or other jurisdiction of (I.R.S.Employer incorporation or organization Identification No.) 40 Simon Street, Nashua, New Hampshire 03061 ---------------------------------------- ----------------- (Address of principal executive offices) (Zip Code) (Registrant's telephone number, including area code) (603) 883-9800 ----------------- -------------------------------------------------------- (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. (1) Yes X No ----- ----- (2) Yes X No ----- ----- Indicate the number of shares outstanding of each of the Registrant's classes of Common Stock, as of October 31, 1996. Common Stock, $.004 par value per share 6,104,747 - --------------------------------------- --------------- (Class) (No. of Shares) 1 2 PART I. FINANCIAL INFORMATION ITEM 1. FERROFLUIDICS CORPORATION CONSOLIDATED BALANCE SHEETS September 30, 1996 and June 30, 1996
ASSETS September 30, 1996 June 30, 1996 - ------ ------------------ ------------- (unaudited) (note) Current Assets: Cash and cash equivalents $ 47,000 $ 1,701,000 Accounts receivable - trade, less allowance for doubtful accounts of $332,000 at September 30, 1996 and $331,000 at June 30, 1996 14,730,000 12,757,000 Inventories 14,287,000 13,829,000 Advances to suppliers 1,888,000 1,916,000 Prepaid and other current assets 890,000 672,000 ------------ ------------ Total Current Assets 31,842,000 30,875,000 ------------ ------------ Property, plant and equipment, at cost, net of accumulated depreciation of $9,961,000 at September 30, 1996 and $9,117,000 at June 30, 1996 8,592,000 8,784,000 Cash value of life insurance 1,731,000 1,731,000 Other assets, principally goodwill 2,225,000 2,249,000 ------------ ------------ TOTAL ASSETS $ 44,390,000 $ 43,639,000 ============ ============ LIABILITIES - ----------- Current Liabilities: Bank notes payable 4,975,000 4,262,000 Accounts payable 6,407,000 6,366,000 Customer deposits 4,434,000 4,368,000 Accrued expenses 2,950,000 3,739,000 ------------ ------------ Total Current Liabilities 18,766,000 18,735,000 ------------ ------------ Long-term debt obligations 5,000,000 5,000,000 Other liabilities 194,000 202,000 STOCKHOLDERS' EQUITY - -------------------- Preferred stock, $.001 par value, authorized 100,000 shares, issued and outstanding, none -- -- Common stock, $.004 par value, authorized 12,500,000 shares, issued and outstanding 6,060,902 shares at September 30, 1996 and at June 30, 1996 24,000 24,000 Additional paid-in capital 36,002,000 35,871,000 Retained deficit (15,037,000) (15,643,000) Currency translation adjustments (559,000) (550,000) ------------ ------------ Total Stockholders' Equity 20,430,000 19,702,000 ------------ ------------ TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 44,390,000 $ 43,639,000 ============ ============
Note: The balance sheet at June 30, 1996 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. The accompanying notes are an integral part of the consolidated financial statements 3 3 FERROFLUIDICS CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS For the Three Months Ended September 30, 1996 and 1995 (unaudited)
1996 1995 ---- ---- Cash flows from operating activities: Net income $ 606,000 $ 714,000 Adjustments to reconcile net income to net cash provided by (used in) operations: Depreciation and amortization 415,000 347,000 Restricted stock expense 130,000 98,000 Other 158,000 (74,000) Changes in assets and liabilities: Accounts receivable (1,995,000) 1,057,000 Inventories (463,000) (1,622,000) Prepaid expenses and other current assets (192,000) 187,000 Accounts payable and accrued expenses (753,000) (1,496,000) Customer deposits 64,000 1,128,000 ----------- ----------- Net cash provided by (used in) operating activities (2,030,000) 339,000 ----------- ----------- Cash flow from investing activities: Acquisition of property, plant and equipment (327,000) (488,000) ----------- ----------- Net cash used in investing activities (327,000) (488,000) ----------- ----------- Cash flow from financing activities: Short term borrowing, net 713,000 -- ----------- ----------- Net cash provided by financing activities 713,000 -- ----------- ----------- Effect of currency rate changes on cash (10,000) (93,000) ----------- ----------- Net decrease in cash (1,654,000) (242,000) ----------- ----------- Cash and cash equivalents at beginning of period 1,701,000 1,563,000 ----------- ----------- Cash and cash equivalents at end of period $ 47,000 $ 1,321,000 =========== =========== Cash paid for interest and income taxes for the three months ended September 30, 1996 and 1995 is as follows: 1996 1995 ---- ---- Interest $ 143,000 $ 50,000 Income taxes $ 320,000 $ 3,000
The accompanying notes are an integral part of the consolidated financial statements. 5 4 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this amendment to be signed on its behalf by the undersigned, thereunto duly authorized. FERROFLUIDICS CORPORATION (Registrant) Date: December 5, 1996 /s/ William B. Ford By_____________________________ William B. Ford Vice President and Chief Financial Officer -----END PRIVACY-ENHANCED MESSAGE-----