-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, TxN0dov/A0zMlui/o3pdd2OTihsZI3MnGrc8MKZISyBRub2of1T6p6LKLCBXfV3x aNVqqcx8/1YuYxbgnWOoXQ== 0000357064-95-000010.txt : 19950517 0000357064-95-000010.hdr.sgml : 19950517 ACCESSION NUMBER: 0000357064-95-000010 CONFORMED SUBMISSION TYPE: 10-Q/A PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19941231 FILED AS OF DATE: 19950516 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: TCI INTERNATIONAL INC CENTRAL INDEX KEY: 0000357064 STANDARD INDUSTRIAL CLASSIFICATION: RADIO & TV BROADCASTING & COMMUNICATIONS EQUIPMENT [3663] IRS NUMBER: 943026925 STATE OF INCORPORATION: DE FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 10-Q/A SEC ACT: 1934 Act SEC FILE NUMBER: 000-10877 FILM NUMBER: 95540176 BUSINESS ADDRESS: STREET 1: 222 CASPIAN DR CITY: SUNNYVALE STATE: CA ZIP: 94089 BUSINESS PHONE: 4087476100 MAIL ADDRESS: STREET 1: 222 CASPIN DRIVE CITY: SUNNYVALE STATE: CA ZIP: 94089 FORMER COMPANY: FORMER CONFORMED NAME: TECHNOLOGY FOR COMMUNICATIONS INTERNATIONAL INC DATE OF NAME CHANGE: 19880606 10-Q/A 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q X QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended December 31, 1994 * OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period N/A Commission file number: 0-10877 TCI INTERNATIONAL, INC. (Exact name of registrant as specified in its charter) Delaware 94-3026925 (State of other jurisdiction of (I.R.S. Employer Identification Number) incorporation or organization) 222 Caspian Drive, Sunnyvale, California 94089-1014 (Address of principal executive offices) (Zip Code) (408)747-6100 (Registrant's telephone number, including area code) *The Company is on a 52/53 week fiscal year. The quarter ended on January 1, 1995. For presentation purposes, the Company has indicated its quarter end as December 31, 1994. 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 ___ As of January 31, 1995, 3,150,311 shares of Common Stock were outstanding. TCI INTERNATIONAL, INC. PART I FINANCIAL INFORMATION Condensed Consolidated Financial Statements (Unaudited) The unaudited condensed consolidated financial statements included herein have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations, although the Company believes the information included herein, when read in conjunction with the financial statements and related notes included in the Company's Annual Report on Form 10-K for the year ended September 30, 1994, filed with the Securities and Exchange Commission, to be not misleading. Further, the following financial statements reflect, in the opinion of management, all adjustments necessary to present fairly the financial position and results of operations as of and for the periods indicated. E The results of operations for the three months ended December 31, 1994, are not necessarily indicative of results to be expected for the entire year ending September 30, 1995. TCI INTERNATIONAL, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) Three Months Ended December 31, (In thousands, except per share amounts) 1994 1993_ Revenues $ 6,839 $ 5,981 Operating Costs and Expenses: Cost of revenues 3,923 3,735 Marketing, general and administrative 2,678 2,186 6,601 5,921 Income from operations 238 60 Investment income, net 188 124 Income before provision for income taxes 426 184 Provision for income taxes 26 6 Income before change in accounting for income taxes and extraordinary item 400 178 Change in accounting for income taxes (SFAS 109) 0 1,511 Net Income $ 400 $ 1,689 Per Share: Income before change in accounting for income taxes and extraordinary item$ 0.12 $ 0.05 Net income $ 0.12 $ 0.49 Shares used in per share computations 3,237 3,439 See accompanying Notes to Condensed Consolidated Financial Statements. TCI INTERNATIONAL, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (In Thousands) December 31 September 30 1994 1994___ ASSETS Current Assets Cash and cash equivalents $ 5,579 $ 7,578 Short-term investments 14,348 11,938 Accounts receivable - Billed 1,566 2,686 Unbilled 3,178 2,935 Refundable income taxes 172 739 Inventories 4,868 4,901 Prepaid expenses 497 490 Total current assets 30,208 31,267 Property and Equipment, net 1,805 1,889 Other Assets 89 85 Total Assets $32,102 $33,241 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable $ 1,890 $ 2,168 Customer deposits and billings on uncompleted contracts in excess of revenue recognized 1,964 2,477 Accrued liabilities 4,063 4,524 Total current liabilities 7,917 9,169 Stockholders' Equity: Common Stock: Authorized - 5,000 shares, $.01 par value Issued - 3,341 shares 11,993 11,993 Shares held in treasury at cost: 142 Shares in Dec. 1994 (590) (311) 78 Shares in Sept. 1994 0 0 Retained earnings 12,884 12,483 Valuation allowance-short -term investments (102) (93) Total stockholders' equity 24,185 24,072 Total Liabilities and Stockholders Equity $32,102 $33,241 See accompanying Notes to Condensed Consolidated Financial Statements. TCI INTERNATIONAL, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) Three Months Ended December 31, (In thousands) 1994 1993___ Cash provided by (used in): Operations: Net income $ 400 $ 1,689 Reconciliation to cash provided by (used in) operations: Depreciation 153 206 Gain on sale of investments 0 (82) Effect of change in accounting for income taxes (SFAS 109) 0 (1,511) Changes in assets and liabilities: Accounts receivable 877 (2,051) Refundable income taxes 567 0 Inventories 34 577 Prepaid expenses (11) (67) Accounts payable (133) 282 Customer deposits (514) (746) Accrued liabilities (606) (441) Cash provided by (used in) operations 767 (2,144) Investing activities: Purchases of property and equipment (69) (4) Purchases of short-term investments(2,419) (9,065) Proceeds from sale of short-term investments 0 11,154 Other 0 38 Cash provided by (used in) investing activities (2,488) 2,123 Financing activities: Repurchase of common stock for treasury stock (278) (24) Cash used in financing activities (278) (24) Net decrease in cash and cash equivalents(1,999) (45) Cash and cash equivalents at beginning of year 7,578 5,739 Cash and cash equivalents at end of year$ 5,579 $ 5,694 See accompanying Notes to Condensed Consolidated Financial Statements TCI INTERNATIONAL, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) Note 1 Inventories included in the consolidated balance sheet consist of the following: December 31, September 30, 1994 1994 (In thousands) Material and component parts $3,182 $3,235 Work-in-Process 1,686 1,666 $4,868 $4,901 Note 2 At December 31, 1994, there were outstanding standby letters of credit of approximately $3,100,000 serving as performance and payment bonds. The standby letters of credit expire at various dates through 1996; however, certain performance bonds are automatically renewable until canceled by the beneficiary. These outstanding standby letters of credit are fully secured by the Company's short term investments. TCI INTERNATIONAL, INC. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS RESULTS OF OPERATIONS First Fiscal Quarter of 1995 Compared to First Fiscal Quarter of 1994 Revenues for the first three months of fiscal year 1995 were $6,839,000, an increase of 14% over revenues of $5,981,000 for the same period in fiscal year 1994. The increase in revenues is due to increased material flows on various fixed price contracts. Gross profit as a percentage of revenue for the first quarter increased from 38% in fiscal year 1994 to 42% in fiscal year 1995 principally due to the recent completion of a significantly sized, long-term contract which contributed little or no gross profit over each of the respective reporting periods during the last four years. Marketing, general and administrative expenses increased 23% from $2,186,000 in the first quarter of fiscal year 1994 to $2,678,000 in the first quarter of fiscal year 1995. This increase is due to intensified marketing efforts as well as an increase in independent research and development expenditures, a portion of which are targeted to position the Company's products for sale into related commercial markets. Investment income, net for the first three months of fiscal year 1995 was $188,000, an increase of 52% from investment income, net of $124,000 for the same period in fiscal year 1994. This increase is due to the higher balance of cash, cash equivalents and short-term investments as well as the benefit of comparatively higher interest rates. Net income for the first three months of fiscal year 1995 was $400,000, or $0.12 per share, compared to net income of $1,689,000, or $0.49 per share for the same period in fiscal year 1994. The net income for fiscal year 1994 included the benefit of $1,511,000, or $0.44 per share, to reflect the cumulative effect of adopting SFAS No. 109 "Accounting for Income Taxes." The average number of shares outstanding was 3,236,698 for the first three months of fiscal year 1995, and 3,439,451 for the same period in fiscal year 1994. The decline in the number of outstanding shares is a reflection of the Company's continuing efforts to repurchase its stock under a stock repurchase program initially authorized by its Board of Directors in December of 1993. The results of operations for the first three months in fiscal year 1995 are not necessarily indicative of future quarterly or annual performance expectations. FINANCIAL CONDITION December 31, 1994 Compared to September 30, 1994 Consolidated cash, cash equivalents and marketable securities totaled $19,927,000 on December 31, 1994, compared to $19,516,000 on September 30, 1994. The Company currently believes that its cash, cash equivalents and short-term investments, together with expected revenues from operations, will be sufficient to fund its operations through fiscal 1995. As of December 31, 1994 , the Company has standby letters of credit outstanding of approximately $3,100,000. The standby letters of credit are collateralized by the Company's short-term investments. TCI INTERNATIONAL, INC. PART II OTHER INFORMATION Item 6. Exhibits and Reports on Form 8-K a. Exhibits: 10.6 First Amendment to Credit agreement between the Company and Wells Fargo Bank, National Association b. Reports on Form 8-K: None No other applicable items. SIGNATURES Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. TCI INTERNATIONAL, INC. (Registrant) __________________________________ John W. Ballard III Vice President , Chief Financial Officer (Duly authorized officer of the registrant and principal financial officer of the registrant) ___________________________ Date EX-27 2
5 This schedule contains summary financial information extracted from SEC Form 10Q and is qualified in its entirety by reference to such financial statements. 0000357064 TCI INTERNATIONAL, INC. 3-MOS DEC-30-1994 OCT-01-1994 DEC-31-1994 5,579 14,348 4,916 0 4,868 30,208 9,948 8,142 32,102 7,917 0 11,993 0 0 12,192 32,102 6,839 6,839 3,923 3,923 2,678 0 0 426 26 400 0 0 0 400 .12 .12
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