micro10q052612.htm

0001010549-12-000773.txt : 20120716 0001010549-12-000773.hdr.sgml : 20120716 20120716151240 ACCESSION NUMBER: 0001010549-12-000773 CONFORMED SUBMISSION TYPE: 10-Q/A PUBLIC DOCUMENT COUNT: 11 CONFORMED PERIOD OF REPORT: 20120526 FILED AS OF DATE: 20120716 DATE AS OF CHANGE: 20120716 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MICROPAC INDUSTRIES INC CENTRAL INDEX KEY: 0000065759 STANDARD INDUSTRIAL CLASSIFICATION: SEMICONDUCTORS & RELATED DEVICES [3674] IRS NUMBER: 751225149 STATE OF INCORPORATION: DE FISCAL YEAR END: 0529 FILING VALUES: FORM TYPE: 10-Q/A SEC ACT: 1934 Act SEC FILE NUMBER: 000-05109 FILM NUMBER: 12963699 BUSINESS ADDRESS: STREET 1: 905 E WALNUT ST CITY: GARLAND STATE: TX ZIP: 75040 BUSINESS PHONE: 2142723571 MAIL ADDRESS: STREET 1: 905 E WALNUT CITY: GARLAND STATE: TX ZIP: 75040 FORMER COMPANY: FORMER CONFORMED NAME: FARSI INDUSTRIES INC DATE OF NAME CHANGE: 19700911 10-Q/A 1 micro10q052612.htm MICROPAC INDUSTRIES, INC. micro10q052612.htm

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.20549

FORM 10-Q/A

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended May 26, 2012

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number 0-5109

MICROPAC INDUSTRIES, INC.

Delaware	75-1225149
(State of Incorporation)	(IRS Employer Identification No.)

905 E. Walnut, Garland, Texas	75040
(Address of Principal Executive Office)	(Zip Code)

Registrant’s Telephone Number, including Area Code	(972) 272-3571

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 o

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer o	Accelerated filer o
Non-accelerated filero	Smaller reporting company x

(Do not check if a smaller reporting company)

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x

On July 10, 2012 there were 2,578,315 shares of Common Stock, $.10 par value outstanding.

MICROPAC INDUSTRIES, INC.

FORM 10-Q/A

May 26, 2012

INDEX

PART I-FINANCIAL INFORMATION

	ITEM 1 - FINANCIAL STATEMENTS

	Condensed Balance Sheets as of May 26, 2012 (unaudited) and November 30, 2011
	Condensed Statements of Operations for the three and six months ended May 26, 2012 and May 28, 2011 (unaudited)
	Condensed Statements of Cash Flows for the six months ended May 26, 2012 and May 28, 2011 (unaudited)
	Notes to Condensed Financial Statements (unaudited)

	ITEM 2 - MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS


	ITEM 3 - QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

	ITEM 4 - CONTROLS AND PROCEDURES



PART II-OTHER INFORMATION

	ITEM 1 - LEGAL PROCEEDINGS
	ITEM 1A -RISK FACTORS
	ITEM 2 - UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
	ITEM 3 - DEFAULTS UPON SENIOR SECURITIES
	ITEM 4 - MINE SAFETY DISCLOSURE
	ITEM 5 - OTHER INFORMATION
	ITEM 6 - EXHIBITS




SIGNATURES

EXPLANATORY NOTE TO AMENDMENT NO.1 ON FORM 10-Q/A

This is Amendment No. 1 to the Registrant's quarterly report on Form 10-Q for the quarter ended May 26, 2012, which was originally filed with the Securities and Exchange Commission on July 10, 2012. This Amendment No. 1 is being filed to change a typographical error on the income before taxes line for the three months ended 05/28/2011 of the Condensed Statement of Operations.

As reported on 10-Q

	Three months ended				Six months ended
	05/26/12		05/28/11		05/26/12		05/28/11

INCOME BEFORE TAXES	$	19	$	691 8	$	141	$	1,750

Change on 10-Q/A

	Three months ended				Six months ended
	05/26/12		05/28/11		05/26/12		05/28/11

INCOME BEFORE TAXES	$	19	$	691	$	141	$	1,750

This Amendment No. 1 does not modify or update disclosures presented in the original Form 10-Q.

PART I - FINANCIAL INFORMATION

ITEM 1 - FINANCIAL STATEMENTS

MICROPAC INDUSTRIES, INC.

CONDENSED BALANCE SHEETS

(Dollars in thousands, except per share data)

ASSETS

CURRENT ASSETS	05/26/12			11/30/11
	(Unaudited)

Cash and cash equivalents	$	7,404		$	8,488
Short-term investment		2,003			2,000
Accounts receivable		2,430			1,911
Inventories:
Raw materials		2,825			2,803
Work-in process		2,570			2,475
Total inventories		5,395			5,278
Prepaid expenses and other current assets		114			145
Prepaid income tax		432			474
Deferred income tax		720			720
Total current assets		18,498			19,016

PROPERTY, PLANT AND EQUIPMENT, at cost:
Land		80			80
Buildings		498			498
Facility improvements		1,059			1,059
Machinery and equipment		7,610			7,526
Furniture and fixtures		672			672
Total property, plant, and equipment		9,919			9,835
Less accumulated depreciation		(8,067	)		(7,901	)
Net property, plant, and equipment		1,852			1,934
Total assets	$	20,350		$	20,950

LIABILITIES AND SHAREHOLDERS’ EQUITY

CURRENT LIABILITIES:
Accounts payable	$	391		$	359
Accrued compensation		388			570
Other accrued liabilities		387			471
Deferred revenue		39			175
Income taxes payable		36			98
Total current liabilities		1,241			1,673

DEFERRED INCOME TAXES		420			420

SHAREHOLDERS’ EQUITY
Common stock, ($.10 par value), authorized 10,000,000 shares, 3,078,315 issued and 2,578,315 outstanding at May 26, 2012 and November 30, 2011		308			308
Paid-in capital		885			885
Treasury stock, 500,000 shares, at cost		(1,250	)		(1,250	)
Retained earnings		18,746			18,914

Total shareholders’ equity		18,689			18,857

Total liabilities and shareholders’ equity	$	20,350		$	20,950

See accompanying notes to financial statements.

MICROPAC INDUSTRIES, INC.

CONDENSED STATEMENTS OF OPERATIONS

(Dollars in thousands except share data)

(Unaudited)

	Three months ended						Six months ended
	05/26/12			05/28/11			05/26/12			05/28/11


NET SALES	$	4,098		$	5,437		$	7,812		$	11,027

COST AND EXPENSES:

Cost of goods sold		(3,054	)		(3,529	)		(5,659	)		(6,931	)

Research and development		(81	)		(246	)		(203	)		(395	)

Selling, general & administrative expenses		(947	)		(978	)		(1,815	)		(1,958	)

Total cost and expenses		(4,082	)		(4,753	)		(7,677	)		(9,284	)

OPERATING INCOME BEFORE INTEREST,OTHER INCOME AND INCOME TAXES		16			684			135			1,743

Interest and other income		3			7			6			7

INCOME BEFORE TAXES	$	19		$	691		$	141		$	1,750

Provision for taxes		(7	)		(249	)		(51	)		(630	)

NET INCOME	$	12		$	442		$	90		$	1,120
NET INCOME PER SHARE, BASIC AND DILUTED	$	-		$	.17		$	.03		$	.43

DIVIDENDS PER SHARE	$	-		$	-		$	.10		$	.10

WEIGHTED AVERAGE OF SHARES, Basic and diluted		2,578,315			2,578,315			2,578,315			2,578,315

See accompanying notes to financial statements.

MICROPAC INDUSTRIES, INC.

CONDENSED STATEMENTS OF CASH FLOWS

(Dollars in thousands)

(Unaudited)

	Six months ended
	5/26/12			5/28/11
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	90		$	1,120
Adjustments to reconcile net income to
net cash provided by (used in) operating activities:
Depreciation		166			148
Changes in certain current assets and liabilities
(Increase) decrease in accounts receivable		(519	)		933
(Increase) decrease in inventories		(117	)		5
Decrease in prepaid expense and other current assets		73			8
Decrease in deferred revenue		(136	)		(676	)
Increase in accounts payable		32			87
Decrease in accrued compensation		(182	)		(241	)
Decrease in other accrued liabilities		(84	)		(128	)
Decrease in income taxes payable		(62	)		(64	)

Net cash provided by (used in) operating activities		(739	)		1,192

CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of short term investments		(3	)		(1,000	)
Additions to property, plant and equipment		(84	)		(682	)

Net cash used in investing activities		(87	)		(1,682	)

CASH FLOWS FROM FINANCING ACTIVITIES
Cash dividend		(258	)		(258	)

Net cash used in financing activities		(258	)		(258	)

Net change in cash and cash equivalents		(1,084	)		(748	)

Cash and cash equivalents at beginning of period		8,488			9,085

Cash and cash equivalents at end of period	$	7,404		$	8,337

Supplemental Cash Flow Disclosure:

Cash paid for income taxes	$	69		$	694

See accompanying notes to financial statements.

MICROPAC INDUSTRIES, INC.

NOTES TO FINANCIAL STATEMENTS

(Unaudited)

Note 1 BASIS OF PRESENTATION

Business Description

Micropac Industries, Inc. (the “Company”), a Delaware corporation, manufactures and distributes various types of hybrid microelectronic circuits, solid state relays, power operational amplifiers, and optoelectronic components and assemblies. The Company’s products are used as components in a broad range of military, space and industrial systems, including aircraft instrumentation and navigation systems, power supplies, electronic controls, computers, medical devices, and high-temperature (200o C) products. The Company’s products are either custom (being application specific circuits designed and manufactured to meet the particular requirements of a single customer) or standard, proprietary components such as catalog items.

The Company’s facilities are certified and qualified by Defense Logistics Agency (DLA) to MIL-PRF-38534 (class K-space level), MIL-PRF-19500 JANS (space level), and MIL-PRF-28750 (class K-space level) and is certified to ISO 9001-2002. Micropac is a NASA core supplier, and is registered to AS9100-Aerospace Industry standard for supplier certification.

The Company’s core technology is the packaging and interconnecting of miniature electronic components, utilizing thick film and thin film substrates, and forming microelectronics circuits. Other technologies include light emitting and light sensitive materials and products, including light emitting diodes and silicon phototransistors used in the Company’s optoelectronic components and assemblies.

In the opinion of management, the unaudited financial statements include all adjustments (consisting of only normal, recurring adjustments) necessary to present fairly the financial position as of May 26, 2012, the results of operations for the three months and six months ended May 26, 2012 and May 28, 2011, and the cash flows for the six months ended May 26, 2012 and May 28, 2011. Unaudited financial statements are prepared on a basis substantially consistent with those audited for the year ended November 30, 2011. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles have been condensed or omitted pursuant to the rules and regulations promulgated by the Securities and Exchange Commission. However, management believes that the disclosures contained are adequate to make the information presented not misleading.

Note 2 SIGNIFICANT ACCOUNTING POLICIES

Use of Estimates

The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of sales and expenses during the reporting period. Actual results could differ from those estimates.

Revenue Recognition

Revenues are recorded as shipments are made based upon contract prices. Any losses anticipated on fixed price contracts are provided for currently. Sales are recorded net of sales returns, allowances and discounts.

The Company recognizes revenue in accordance with Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Subtopic 605-10-S99, Revenue Recognition (ASC 605-10-S99). ASC 605-10-S99 requires that four basic criteria must be met before revenues can be recognized: (1) persuasive evidence of an arrangement exists; (2) shipment has occurred or services have been rendered; (3) the fee is fixed and determinable; and (4) collectibility is reasonably assured.

Deferred revenue represents prepayments from customers and will be recognized as revenue when the products are shipped per the terms of the contract.

Short-Term Investments

The Company has $2,003,000 in short term investments at May 26, 2012. Short-term investments consist of certificates of deposit with maturities greater than 90 days. These investments are reported at historical cost, which approximates fair value. All highly liquid investments with maturities of 90 days or less are classified as cash equivalents. All short-term investments are securities which the Company has the ability and intent to hold to maturity and mature within one year.

Inventories

Inventories are stated at lower of cost or market value and include material, labor and manufacturing overhead. All inventories are valued using the FIFO (first-in, first-out) method of inventory valuation. The Company writes down obsolete and overstocked inventory based on the usage of inventory over a three year period and projected usage based on current backlog.

Income Taxes

The Company accounts for income taxes using the asset and liability method. Under this method the Company records deferred income taxes for the temporary differences between the financial reporting basis and the tax basis of assets and liabilities at enacted tax rates expected to be in effect when such amounts are realized or settled. The resulting deferred tax liabilities and assets are adjusted to reflect changes in tax law or rates in the period that includes the enactment date.

Property, Plant, and Equipment

Property, plant, and equipment are carried at cost, and depreciation is provided using the straight-line method at rates based upon the following estimated useful lives (in years) of the assets:

Buildings	15
Facility improvements	8-15
Machinery and equipment	5-10
Furniture and fixtures	5-8

The Company assesses long-lived assets for impairment under ASC 360-10-35, Property, Plant and Equipment – Subsequent Measurement. When events or circumstances indicate that an asset may be impaired, an assessment is performed. The estimated future undiscounted cash flows associated with the asset are compared to the asset’s net book value to determine if a write down to market value less cost to sell is required.

Repairs and maintenance are expensed as incurred. Improvements which extend the useful life of property, plant, and equipment are capitalized.

Research and Development Costs

Costs for the design and development of new products are expensed as incurred.

Note 3 FAIR VALUE MEASUREMENT

The Company had no financial assets and liabilities measured at fair value on a recurring basis as of May 26, 2012 and November 30, 2011. The fair value of financial instruments such as cash and cash equivalents, short term investments, accounts receivable, and accounts payable approximate their carrying amount based on the short maturity of these instruments. There were no nonfinancial assets measured at fair value on a nonrecurring basis at May 26, 2012 and November 30, 2011.

Note 4 RELATED PARTIES

Mr. Eugene Robinson, a director and member of the Company’s audit committee, provides advisory services to the Company. Mr. Robinson was paid $1,800 in advisory services fees in the second quarter of 2012 and 2011.

Note 5 STOCK-BASED COMPENSATION

On March 1, 2001, the Company’s shareholders approved the 2001 Employee Stock Option Plan (the “Stock Plan”) with 500,000 options available to be granted. No options have been granted to date.

Note 6 COMMITMENTS

On June 1, 2011, the Company renewed a $6,000,000 revolving line of credit agreement with a Texas banking institution for a term of two years. The interest rate is equal to the prime rate. The line of credit requires that the Company maintain a quick ratio of at least 1:1, maintain a tangible net worth of $10,000,000 and maintain a total liabilities to tangible net worth of less than 1.25:1. The Company has not, to date, used any of the available line of credit. The Company is currently in compliance with such financial requirements.

Note 7 EARNINGS PER COMMON SHARE

Basic and diluted earnings per share are computed based upon the weighted average number of shares outstanding during the respective periods. Diluted earnings per share give effect to all dilutive potential common shares. For the three and six months ended May 26, 2012 and May 28, 2011, the Company had no dilutive potential common stock.

Note 8 SHAREHOLDERS’ EQUITY

On December 16, 2010, the Board of Directors of Micropac Industries, Inc. approved the payment of a special dividend of $0.10 per share for shareholders of record as of January 18, 2011. The dividend was paid to the shareholders on February 10, 2011.

On December 12, 2011, the Board of Directors of Micropac Industries, Inc. approved the payment of a special dividend of $0.10 per share for shareholders of record as of January 18, 2012. The dividend was paid to the Company’s shareholders on February 14, 2012.

Note 9 SUBSEQUENT EVENTS

Management has evaluated subsequent events after the balance sheet date, through the issuance of the financial statements, for appropriate accounting and disclosure.

ITEM 2 - MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Business

The Company’s core technology is the packaging and interconnect of miniature electronic components, utilizing thick film and thin film substrates, and forming microelectronics circuits. Other technologies include light emitting and light sensitive materials and products, including light emitting diodes and silicon phototransistors used in the Company’s optoelectronic components and assemblies.

Results of Operations

	Three months ended						Six months ended
	5/26/2012			5/28/2011			5/26/2012			5/28/2011
NET SALES		100.0	%		100.0	%		100.0	%		100.0	%

COST AND EXPENSES:
Cost of Goods Sold		74.5	%		64.9	%		72.5	%		62.9	%
Research and development		2.0	%		4.5	%		2.6	%		3.5	%
Selling, general & administrative expenses		23.1	%		18.0	%		23.2	%		17.8	%
Total cost and expenses		99.6	%		87.4	%		98.3	%		84.2	%

OPERATING INCOME BEFORE INTEREST		.4	%		12.6	%		1.7	%		15.8	%
AND INCOME TAXES

Interest income		.1	%		.1	%		.1	%		.1	%

INCOME BEFORE TAXES		.5	%		12.7	%		1.8	%		15.9	%

Provision for taxes		.2	%		4.6	%		.6	%		5.7	%

NET INCOME		.3	%		8.1	%		1.2	%		10.2	%

Sales for the three and six month periods ended May 26, 2012 totaled $4,098,000 and $7,812,000, respectively. Sales for the second quarter decreased 24.6% or $1,339,000 below sales for the same period of 2011, while sales for the first six months of 2012 decreased 29.2% or $3,215,000 below the first six months of 2011. Sales were 26% in the commercial market, 61% in the military market, and 13% in the space market for the six months ended May 26, 2012 compared to 22% in the commercial market, 42% in the military market, and 36% in the space market for the six months ended May 28, 2011.

The major decrease in sales was in microcircuits space level products with a delay or decrease in new orders in the space industry and a delay in a new order for a custom military optoelectronics product. The Company received an addition to a purchase order for a custom military optoelectronics product and a new order for a standard solid state relay on a military program in May 2012 totaling approximately $2,600,000. The Company's management expects sales and operating income to increase in the second half of 2012 as compared to the first half of 2012, based on the current backlog and anticipated new orders in the second half of 2012.

Two customers each accounted for 12% of the Company’s sales for the three months ended May 26, 2012 and one customer accounted for 12% of the Company’s sales for the six months ended May 26, 2012, while one customer accounted for 23% and 11% of the Company’s sales for the three and six months ended May 28, 2011, respectively.

Cost of goods sold for the second quarters of 2012 and 2011 totaled 74.5% and 64.9% of net sales, respectively, while cost of goods sold for the six months ended May 26, 2012 and May 28, 2011 totaled 72.5% and 62.9% of net sales, respectively. The increase in cost of goods sold as a percentage of sales is attributable to changes in product mix and underabsorbed overhead cost. In actual dollars, cost of goods sold decreased $475,000 for the second quarter and decreased $1,272,000 for the first six months of 2012 as compared to the same periods in 2011.

Research and development expense decreased $165,000 for the second quarter of 2012 versus 2011 and decreased $192,000 for the first six months of 2012 compared to the same period of 2011. The research and development expenditures were associated with continued development of power management products. The decrease in research and development expense is a result of engineers supporting customer paid non-recurring engineering for the development of custom products for specific applications and supporting current manufacturing production orders requiring engineering support. In addition, the Company had several engineers leave the Company at the end of 2011 and first quarter of 2012. One engineer was replaced in the second quarter of 2012, while the other replacement has been delayed for several months.

Selling, general and administrative expense for the second quarter and first six months of 2012 totaled 23.1% and 23.2% of net sales, respectively, compared to 18.0% and 17.8% for the same periods in 2011. In actual dollars, selling, general and administrative expense decreased $31,000 for the second quarter and decreased $143,000 for the first six months of 2012 compared to the same periods in 2011. The major decrease was associated with a reduction in overall administrative cost with several administrative employees leaving the company for other opportunities and the Company assigning those job duties to other administrative associates. In addition, selling expense decreased with a reduction in commission expenses with the lower sales.

Accounts receivable, net, totaled $2,430,000 as of May 26, 2012 and represents an increase of $519,000 since November 30, 2011, due to slower collections with days sales of 53 compared to 40 days at November 30, 2011. The Company expects to collect all accounts receivable due.

Provisions for taxes decreased $579,000 for the first six months of 2012 compared to the same period in 2011. The estimated effective tax rate was 36% for both periods.

Liquidity and Capital Resources

Cash and cash equivalents totaled $7,404,000 as of May 26, 2012 compared to $8,488,000 on November 30, 2011, a decrease of $1,084,000. The decrease in cash and cash equivalents is primarily attributable to $739,000 cash used from operations, the payment of a cash dividend of $258,000, and the investment of $84,000 in equipment.

The Company expects to continue to generate adequate amounts of cash to meet its liquidity needs from the sale of products and services and the collection thereof for at least the next twelve months.

Outlook

New orders for the second quarter and year-to-date 2012 totaled $6,934,000 and $11,109,000, respectively, compared to $3,662,000 and $7,852,000 for the comparable periods of 2011. The fluctuation resulted from an increase in new orders for solid state relays and a custom optoelectronic product to the military. Management anticipates a continued upside in new orders for the remainder of 2012.

Backlog totaled $9,606,000 on May 26, 2012 compared to $8,024,000 as of May 28, 2011 and $6,231,000 on November 30, 2011. The majority of the backlog is expected to be shipped in the next twelve (12) months and represents a good mix of the company’s products and technologies with14% in the commercial market, 71% in the military market, and 15% in the space market compared to 26% in the commercial market, 48% in the military market, and 26% in the space market at May 28, 2011. The majority of the increase in the backlog is in solid state relays and a custom optoelectronic product ordered by the military.

The Company's management expects sales and operating income to increase in the second half of 2012 as compared to the first half of 2012, based on the current backlog and anticipated new orders in the second half of 2012.

The Company cannot assure that the results of operations for the interim period presented are indicative of total results for the entire year due to fluctuations in customer delivery schedules, or other factors over which the Company has no control.

Cautionary Statement

This Form 10-Q contains forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Actual results could differ materially. Investors are warned that forward-looking statements involve risks and unknown factors including, but not limited to, customer cancellation or rescheduling of orders, problems affecting delivery of vendor-supplied raw materials and components, unanticipated manufacturing problems and availability of direct labor resources.

The Company produces silicon phototransistors and light emitting diode die for use in certain military, standard and custom products. Fabrication efforts sometimes may not result in successful results, limiting the availability of these components. Competitors offer commercial level alternatives and our customers may purchase our competitors’ products if the Company is not able to manufacture the products using these technologies to meet the customer demands.

The Company disclaims any responsibility to update the forward-looking statements contained herein, except as may be required by law.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Not applicable

ITEM 4. CONTROLS AND PROCEDURES

(a)	Evaluation of disclosure controls and procedures.

The Chief Executive Officer and Chief Financial Officer of the Company evaluated the Company’s disclosure controls and procedures (as defined in Exchange Act Rules 13a-15 (e)) as of May 26, 2012 and, based on this evaluation, concluded that the Company’s disclosure controls and procedures are functioning in an effective manner to ensure that the information required to be disclosed by the Company in the reports that it files or submits under the Exchange Act, is recorded, processed, summarized and reported, within the time periods specified in the SEC’s rules and forms.

(b)	Changes in internal controls.

There has been no change in the Company’s internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting during the three month period ended May 26, 2012.

PART II - OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

The Company is not involved in any material current or pending legal proceedings.

ITEM 1A RISK FACTORS

Information about risk factors for the three months ended May 26, 2012 does not differ materially from that set forth in Part I, Item 1A, of our Annual Report on Form 10-K for the year ended November 30, 2011.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

None

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None

ITEM 4. MINE SAFETY DISCLOSURE

Not Applicable

ITEM 5. OTHER INFORMATION

None

ITEM 6. EXHIBITS

(a) Exhibits

31.1	Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes- Oxley Act of 2002
31.2	Certification of Chief Accounting Officer pursuant to Section 302 of the Sarbanes- Oxley Act of 2002
32.1	Certification of Chief Executive Officer pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley act of 2002.
32.2	Certification of Chief Accounting Officer pursuant to 18 U. S. C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley act of 2002.
101	Interactive data files pursuant to Rule 405 of Regulation S-T.

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 duly authorized.

MICROPAC INDUSTRIES, INC.

July 16, 2012	/s/ Mark King
Date	Mark King
	Chief Executive Officer


July 16, 2012	/s/ Patrick Cefalu
Date	Patrick Cefalu
	Chief Financial Officer

EX-31.1 2 micro10qex311052612.htm micro10qex311052612.htm

EXHIBIT 31.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Mark King, certify that:

1.	I have reviewed this quarterly report of Micropac Industries, Inc.;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.	The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a.	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b.	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Dated: July 16, 2012	/s/ Mark King
	Mark King
	Chief Executive Officer
	(Principal Executive Officer)

EX-31.2 3 micro10qex312052612.htm micro10qex312052612.htm

EXHIBIT 31.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Patrick S. Cefalu, certify that:

1.	I have reviewed this quarterly report of Micropac Industries, Inc.;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

c.	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

5.	The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a.	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b.	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Dated: July 16, 2012	/s/ Patrick S. Cefalu
	Patrick S. Cefalu
	Executive Vice President
	and Chief Financial Officer
	(Principal Accounting Officer)

EX-32.1 4 micro10qex321052612.htm micro10qex321052612.htm

EXHIBIT 32.1

CERTIFICATION

PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

Pursuant to section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code), the undersigned officer of Micropac Industries, Inc., a Delaware corporation (the “Company”), does hereby certify, to such officer’s knowledge, that:

1.	The Quarterly Report on Form 10-Q/A for the period ended May 26, 2012 (the “Form 10-Q”) of the Company fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2.	The information contained in the Form 10-Q/A fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated: July 16, 2012	/s/ Mark King
	Mark King
	Chief Executive Officer
	(Principal Executive Officer)

A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

EX-32.2 5 micro10qex322052612.htm micro10qex322052612.htm

EXHIBIT 32.2

CERTIFICATION

PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

1.	The Quarterly Report on Form 10-Q/A for the period ended May 26, 2012 (the “Form 10-Q”) of the Company fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2.	The information contained in the Form 10-Q/A fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated: July 16, 2012	/s/ Patrick S. Cefalu
	Patrick S. Cefalu
	Executive Vice President
	and Chief Financial Officer
	(Principal Accounting Officer)

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Note 1 BASIS OF PRESENTATION   Business Description   Micropac Industries, Inc. (the Company), a Delaware corporation, manufactures and distributes various types of hybrid microelectronic circuits, solid state relays, power operational amplifiers, and optoelectronic components and assemblies.  The Companys products are used as components in a broad range of military, space and industrial systems, including aircraft instrumentation and navigation systems, power supplies, electronic controls, computers, medical devices, and high-temperature (200o C) products.  The Companys products are either custom (being application specific circuits designed and manufactured to meet the particular requirements of a single customer) or standard, proprietary components such as catalog items.   The Companys facilities are certified and qualified by Defense Logistics Agency (DLA) to MIL-PRF-38534 (class K-space level), MIL-PRF-19500 JANS (space level), and MIL-PRF-28750 (class K-space level) and is certified to ISO 9001-2002. Micropac is a NASA core supplier, and is registered to AS9100-Aerospace Industry standard for supplier certification.   The Companys core technology is the packaging and interconnecting of miniature electronic components, utilizing thick film and thin film substrates, and forming microelectronics circuits. Other technologies include light emitting and light sensitive materials and products, including light emitting diodes and silicon phototransistors used in the Companys optoelectronic components and assemblies.   In the opinion of management, the unaudited financial statements include all adjustments (consisting of only normal, recurring adjustments) necessary to present fairly the financial position as of May 26, 2012, the results of operations for the three months and six months ended May 26, 2012 and May 28, 2011, and the cash flows for the six months ended May 26, 2012 and May 28, 2011. Unaudited financial statements are prepared on a basis substantially consistent with those audited for the year ended November 30, 2011. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles have been condensed or omitted pursuant to the rules and regulations promulgated by the Securities and Exchange Commission.  However, management believes that the disclosures contained are adequate to make the information presented not misleading.

Note 2 SIGNIFICANT ACCOUNTING POLICIES   Use of Estimates   The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of sales and expenses during the reporting period.  Actual results could differ from those estimates.   Revenue Recognition   Revenues are recorded as shipments are made based upon contract prices.  Any losses anticipated on fixed price contracts are provided for currently.  Sales are recorded net of sales returns, allowances and discounts.   The Company recognizes revenue in accordance with Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Subtopic 605-10-S99, Revenue Recognition (ASC 605-10-S99). ASC 605-10-S99 requires that four basic criteria must be met before revenues can be recognized: (1) persuasive evidence of an arrangement exists; (2) shipment has occurred or services have been rendered; (3) the fee is fixed and determinable; and (4) collectibility is reasonably assured.   Deferred revenue represents prepayments from customers and will be recognized as revenue when the products are shipped per the terms of the contract.     Short-Term Investments   The Company has $2,003,000 in short term investments at May 26, 2012. Short-term investments consist of certificates of deposit with maturities greater than 90 days.  These investments are reported at historical cost, which approximates fair value. All highly liquid investments with maturities of 90 days or less are classified as cash equivalents.  All short-term investments are securities which the Company has the ability and intent to hold to maturity and mature within one year.   Inventories   Inventories are stated at lower of cost or market value and include material, labor and manufacturing overhead.  All inventories are valued using the FIFO (first-in, first-out) method of inventory valuation. The Company writes down obsolete and overstocked inventory based on the usage of inventory over a three year period and projected usage based on current backlog.   Income Taxes   The Company accounts for income taxes using the asset and liability method. Under this method the Company records deferred income taxes for the temporary differences between the financial reporting basis and the tax basis of assets and liabilities at enacted tax rates expected to be in effect when such amounts are realized or settled. The resulting deferred tax liabilities and assets are adjusted to reflect changes in tax law or rates in the period that includes the enactment date.   Property, Plant, and Equipment   Property, plant, and equipment are carried at cost, and depreciation is provided using the straight-line method at rates based upon the following estimated useful lives (in years) of the assets:   <div align="center"> <table width="75%" style="WIDTH:75%" cellpadding="0" cellspacing="0"> <tr> <td width="40%" style="BORDER-RIGHT:#e0dfe3; PADDING-RIGHT:0in; BORDER-TOP:#e0dfe3; PADDING-LEFT:0in; BACKGROUND:lightcyan; PADDING-BOTTOM:0in; BORDER-LEFT:#e0dfe3; WIDTH:40%; PADDING-TOP:0in; BORDER-BOTTOM:#e0dfe3" valign="top"> Buildings</td> <td width="36%" style="BORDER-RIGHT:#e0dfe3; PADDING-RIGHT:0in; BORDER-TOP:#e0dfe3; PADDING-LEFT:0in; BACKGROUND:lightcyan; PADDING-BOTTOM:0in; BORDER-LEFT:#e0dfe3; WIDTH:36%; PADDING-TOP:0in; BORDER-BOTTOM:#e0dfe3" valign="top"> 15</td></tr> <tr> <td width="40%" style="BORDER-RIGHT:#e0dfe3; PADDING-RIGHT:0in; BORDER-TOP:#e0dfe3; PADDING-LEFT:0in; BACKGROUND:white; PADDING-BOTTOM:0in; BORDER-LEFT:#e0dfe3; WIDTH:40%; PADDING-TOP:0in; BORDER-BOTTOM:#e0dfe3" valign="top"> Facility improvements</td> <td width="36%" style="BORDER-RIGHT:#e0dfe3; PADDING-RIGHT:0in; BORDER-TOP:#e0dfe3; PADDING-LEFT:0in; BACKGROUND:white; PADDING-BOTTOM:0in; BORDER-LEFT:#e0dfe3; WIDTH:36%; PADDING-TOP:0in; BORDER-BOTTOM:#e0dfe3" valign="top">  8-15</td></tr> <tr> <td width="40%" style="BORDER-RIGHT:#e0dfe3; PADDING-RIGHT:0in; BORDER-TOP:#e0dfe3; PADDING-LEFT:0in; BACKGROUND:lightcyan; PADDING-BOTTOM:0in; BORDER-LEFT:#e0dfe3; WIDTH:40%; PADDING-TOP:0in; BORDER-BOTTOM:#e0dfe3" valign="top"> Machinery and equipment</td> <td width="36%" style="BORDER-RIGHT:#e0dfe3; PADDING-RIGHT:0in; BORDER-TOP:#e0dfe3; PADDING-LEFT:0in; BACKGROUND:lightcyan; PADDING-BOTTOM:0in; BORDER-LEFT:#e0dfe3; WIDTH:36%; PADDING-TOP:0in; BORDER-BOTTOM:#e0dfe3" valign="top">  5-10</td></tr> <tr> <td width="40%" style="BORDER-RIGHT:#e0dfe3; PADDING-RIGHT:0in; BORDER-TOP:#e0dfe3; PADDING-LEFT:0in; BACKGROUND:white; PADDING-BOTTOM:0in; BORDER-LEFT:#e0dfe3; WIDTH:40%; PADDING-TOP:0in; BORDER-BOTTOM:#e0dfe3" valign="top"> Furniture and fixtures</td> <td width="36%" style="BORDER-RIGHT:#e0dfe3; PADDING-RIGHT:0in; BORDER-TOP:#e0dfe3; PADDING-LEFT:0in; BACKGROUND:white; PADDING-BOTTOM:0in; BORDER-LEFT:#e0dfe3; WIDTH:36%; PADDING-TOP:0in; BORDER-BOTTOM:#e0dfe3" valign="top">    5-8</td></tr></table></div>   The Company assesses long-lived assets for impairment under ASC 360-10-35, Property, Plant and Equipment Subsequent Measurement.  When events or circumstances indicate that an asset may be impaired, an assessment is performed.  The estimated future undiscounted cash flows associated with the asset are compared to the assets net book value to determine if a write down to market value less cost to sell is required.   Repairs and maintenance are expensed as incurred. Improvements which extend the useful life of property, plant, and equipment are capitalized.   Research and Development Costs   Costs for the design and development of new products are expensed as incurred.

Note 3 FAIR VALUE MEASUREMENT   The Company had no financial assets and liabilities measured at fair value on a recurring basis as of May 26, 2012 and November 30, 2011.  The fair value of financial instruments such as cash and cash equivalents, short term investments, accounts receivable, and accounts payable approximate their carrying amount based on the short maturity of these instruments.  There were no nonfinancial assets measured at fair value on a nonrecurring basis at May 26, 2012 and November 30, 2011.

Note 4 RELATED PARTIES   Mr. Eugene Robinson, a director and member of the Companys audit committee, provides advisory services to the Company. Mr. Robinson was paid $1,800 in advisory services fees in the second quarter  of 2012 and 2011.

Note 5 STOCK-BASED COMPENSATION   On March 1, 2001, the Companys shareholders approved the 2001 Employee Stock Option Plan (the Stock Plan) with 500,000 options available to be granted.  No options have been granted to date.

Note 6 COMMITMENTS   On June 1, 2011, the Company renewed a $6,000,000 revolving line of credit agreement with a Texas banking institution for a term of two years.  The interest rate is equal to the prime rate. The line of credit requires that the Company maintain a quick ratio of at least 1:1, maintain a tangible net worth of $10,000,000 and maintain a total liabilities to tangible net worth of less than 1.25:1. The Company has not, to date, used any of the available line of credit. The Company is currently in compliance with such financial requirements.

Note 7 EARNINGS PER COMMON SHARE  Basic and diluted earnings per share are computed based upon the weighted average number of shares outstanding during the respective periods. Diluted earnings per share give effect to all dilutive potential common shares. For the three and six months ended May 26, 2012 and May 28, 2011, the Company had no dilutive potential common stock.

Note 8 SHAREHOLDERS EQUITY   On December 16, 2010, the Board of Directors of Micropac Industries, Inc. approved the payment of a special dividend of $0.10 per share for shareholders of record as of January 18, 2011.  The dividend was paid to the shareholders on February 10, 2011.   On December 12, 2011, the Board of Directors of Micropac Industries, Inc. approved the payment of a special dividend of $0.10 per share for shareholders of record as of January 18, 2012.  The dividend was paid to the Companys shareholders on February 14, 2012.

Note 9 SUBSEQUENT EVENTS   Management has evaluated subsequent events after the balance sheet date, through the issuance of the financial statements, for appropriate accounting and disclosure.

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CURRENT ASSETS Document and Entity Information SIGNIFICANT ACCOUNTING POLICIES BASIS OF PRESENTATION {1} BASIS OF PRESENTATION Net cash used in investing activities Increase in accounts payable Provision for taxes Other accrued liabilities LIABILITIES AND SHAREHOLDERS EQUITY Less accumulated depreciation Land Entity Current Reporting Status Cost of goods sold Total current liabilities Total current assets Entity Common Stock, Shares Outstanding Entity Registrant Name Cash paid for income taxes Accounts payable Deferred income tax Statement [Table] EARNINGS PER COMMON SHARE {1} EARNINGS PER COMMON SHARE SIGNIFICANT ACCOUNTING POLICIES {1} SIGNIFICANT ACCOUNTING POLICIES Changes in certain current assets and liabilities Total cost and expenses Machinery and equipment Entity Voluntary Filers CASH FLOWS FROM INVESTING ACTIVITIES: Decrease in other accrued liabilities Inventories: EARNINGS PER COMMON SHARE OPERATING INCOME BEFORE INTEREST,OTHER INCOME AND INCOME TAXES Furniture and fixtures Work-in process Entity Central Index Key SUBSEQUENT EVENTS {1} SUBSEQUENT EVENTS BASIS OF PRESENTATION CASH FLOWS FROM OPERATING ACTIVITIES: Common stock, shares authorized Deferred revenue Cash and cash equivalents Current Fiscal Year End Date Amendment Flag Net cash provided by (used in) operating activities (Increase) decrease in inventories Selling, general and administrative expenses Total shareholders equity Income taxes payable Total assets Entity Filer Category STOCK-BASED COMPENSATION Cash and cash equivalents at beginning of period Cash and cash equivalents at beginning of period Cash and cash equivalents at end of period Net income NET INCOME PER SHARE, BASIC AND DILUTED Paid in capital Statement [Line Items] Purchase of short term investments INCOME BEFORE TAXES COST AND EXPENSES: Raw materials Document Fiscal Period Focus COMMITMENTS STOCK-BASED COMPENSATION {1} STOCK-BASED COMPENSATION Cash dividend Decrease in deferred revenue Decrease in prepaid expense and other current assets (Increase) decrease in accounts receivable DIVIDENDS PER SHARE Interest and other income Total inventories Accounts receivable FAIR VALUE MEASUREMENT Decrease in accrued compensation Depreciation NET INCOME Treasury stock, shares Common Stock, shares outstanding SHAREHOLDERS EQUITY DEFERRED INCOME TAXES Entity Well-known Seasoned Issuer SHAREHOLDERS' EQUITY. RELATED PARTIES Net change in cash and cash equivalents WEIGHTED AVERAGE OF SHARES, Basic and diluted The average number of shares or units issued and outstanding that are used in calculating basic and diluted EPS. Revenue: Total liabilities and shareholders equity Net property, plant, and equipment Prepaid income tax FAIR VALUE MEASUREMENT {1} FAIR VALUE MEASUREMENT Common stock, par value Parentheticals Retained earnings Common stock, ($.10 par value), authorized 10,000,000 shares,3,078,315 issued and 2,578,315 outstanding at May 26, 2012 and November 30, 2011 Document Fiscal Year Focus EX-101.PRE 11 mpad-20120526_pre.xml XML 12 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; word-wrap: break-word; } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } ZIP 13 0001010549-12-000773-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0001010549-12-000773-xbrl.zip M4$L#!!0````(`)EY\$!YUG,5RAT``$FT```1`!P`;7!A9"TR,#$R,#4R-BYX M;6Q55`D``[%G!%"Q9P10=7@+``$$)0X```0Y`0``W%UM<]LXDOY\5W7_`5M[ M.[&K+)O4NYS);BE^R>@FL;V6LW/[:0LF(0D;BM`0I&W-K[]N@)1`B:0DBHJ= M2]74R"30_:#1W>AN@.3/?WN9>N2)!9(+_\,[^]1Z1YCO")?[XP_ON!2U;K?5 MJ]GO_O;7__K/G_]4JY$;)BX\&D22U`B_YAXCPXB'+*%!&J?-9J-)2*V&/5X> M`X\`"U^>NXQ_>#<)P]GYV1E>/I7,.1V+IS.X<5:W;+MFV;6&_2YN/N+>HOGS M\_/IE#N!F%'GU!%3;%ZW6O5VW#C54-$6P1@:68TS[LN0^@Y+R+Y(GFK]W$C: MVF?_^^7ST)FP*:VM]?*X_RVKG]WK]<[4W:3I6LLT'KS]2.62,MSE.^"/9&U, MZ6S18T3EHVH=W\B0),QBLVYWBICH%B8F=V6RXK;M,WWS'4SN?_R,@SF72F3W M;$24',[#^8Q]>"?Y=.8A:G5M$K#1AW?3&75KR=2=ODCW'3E3=$`#SB^%$TV9 M'SY`=^((/V0OX3WVNK1MZ&'_*Y[QO]I6[>\_GZUV6:-SQP(NW"O?O:1A,4%$ M5+-:M7H[339%84&_#[=S;F,@RH'][0 M:3'2+X.+^]N[_@49W%Q^'3[<#ZZ&\/-"\\BBML+J`A`$U!OX+GOYE5GX MK]WJM'HF^14*"_H741#@\+ATJ/=/1H-M!%^K@:HV+$T_C\+J$,1T*OQA*)QO MPPD-F+R-0K00=%@D\KGFI&^]2W$?`-N.#?[-90Z?PMS`I9MKF/Y6I]NP6ZE1 M%C!9P8,>,+@`G&,1%`MT"#RA+;EG,Q&$"!?8S*@_-SFGR*T.74MHT7\8TA#< MY(V]//H;!F^DL=NH8KQ2-`XT^;_4KO'.K:.6RF__=,ZD9O13]VWN<75$Z6 M6OQU>+FNPFK56U'A3M-J_GQF$MF-*OQKK!M&M]GM%E`=3D")'E@P'?A/3(8X M.%D".RY`2RY91/?CFCTVX&KMP+7O.`)46]XSA_$G^NBQ&Q;&UE1FS,V&P;V( M>#4HLF5@]VR[!`J4D1^">[JGSU_`4P4<2)810K?>6K+/I+HGWYRI[YH*MP/? 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RELATED PARTIES	6 Months Ended
May 26, 2012
RELATED PARTIES
RELATED PARTIES	Note 4 RELATED PARTIES Mr. Eugene Robinson, a director and member of the Company’s audit committee, provides advisory services to the Company. Mr. Robinson was paid $1,800 in advisory services fees in the second quarter of 2012 and 2011.

RELATED PARTIES

6 Months Ended

May 26, 2012

RELATED PARTIES

RELATED PARTIES

Note 4 RELATED PARTIES

- Definition

The entire disclosure for related party transactions, including the nature of the relationship(s), a description of the transactions, the amount of the transactions, the effects of any change in the method of establishing the terms of the transaction from the previous period, stated interest rate, expiration date, terms and manner of settlement per the agreement with the related party, and amounts due to or from related parties. If the entity and one or more other entities are under common ownership or management control and this control affects the operating results or financial position, disclosure includes the nature of the control relationship even if there are no transactions between the entities. Disclosure may also include the aggregate amount of current and deferred tax expense for each statement of earnings presented where the entity is a member of a group that files a consolidated tax return, the amount of any tax related balances due to or from affiliates as of the date of each statement of financial position presented, the principal provisions of the method by which the consolidated amount of current and deferred tax expense is allocated to the members of the group and the nature and effect of any changes in that method. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

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FAIR VALUE MEASUREMENT

6 Months Ended

May 26, 2012

FAIR VALUE MEASUREMENT

FAIR VALUE MEASUREMENT

Note 3 FAIR VALUE MEASUREMENT

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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CONDENSED BALANCE SHEETS (USD $)	May 26, 2012	Nov. 30, 2011
CURRENT ASSETS
Cash and cash equivalents	$ 7,404	$ 8,488
Short-term investment	2,003	2,000
Accounts receivable	2,430	1,911
Inventories:
Raw materials	2,825	2,803
Work-in process	2,570	2,475
Total inventories	5,395	5,278
Prepaid expenses and other current assets	114	145
Prepaid income tax	432	474
Deferred income tax	720	720
Total current assets	18,498	19,016
PROPERTY, PLANT AND EQUIPMENT, at cost:
Land	80	80
Buildings	498	498
Facility improvements	1,059	1,059
Machinery and equipment	7,610	7,526
Furniture and fixtures	672	672
Total property, plant, and equipment	9,919	9,835
Less accumulated depreciation	(8,067)	(7,901)
Net property, plant, and equipment	1,852	1,934
Total assets	20,350	20,950
CURRENT LIABILITIES:
Accounts payable	391	359
Accrued compensation	388	570
Other accrued liabilities	387	471
Deferred revenue	39	175
Income taxes payable	36	98
Total current liabilities	1,241	1,673
DEFERRED INCOME TAXES	420	420
SHAREHOLDERS EQUITY
Common stock, ($.10 par value), authorized 10,000,000 shares,3,078,315 issued and 2,578,315 outstanding at May 26, 2012 and November 30, 2011	308	308
Paid in capital	885	885
Treasury stock, 500,000 shares, at cost	(1,250)	(1,250)
Retained earnings	18,746	18,914
Total shareholders equity	18,689	18,857
Total liabilities and shareholders equity	$ 20,350	$ 20,950

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BASIS OF PRESENTATION

6 Months Ended

May 26, 2012

BASIS OF PRESENTATION

BASIS OF PRESENTATION

Note 1 BASIS OF PRESENTATION

Business Description

- Definition

The entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure.

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SIGNIFICANT ACCOUNTING POLICIES

6 Months Ended

May 26, 2012

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES

Note 2 SIGNIFICANT ACCOUNTING POLICIES

Use of Estimates

Revenue Recognition

The Company recognizes revenue in accordance with Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Subtopic 605-10-S99, Revenue Recognition (ASC 605-10-S99). ASC 605-10-S99 requires that four basic criteria must be met before revenues can be recognized: (1) persuasive evidence of an arrangement exists; (2) shipment has occurred or services have been rendered; (3) the fee is fixed and determinable; and (4) collectibility is reasonably assured.

Deferred revenue represents prepayments from customers and will be recognized as revenue when the products are shipped per the terms of the contract.

Short-Term Investments

Inventories

Income Taxes

Property, Plant, and Equipment

Property, plant, and equipment are carried at cost, and depreciation is provided using the straight-line method at rates based upon the following estimated useful lives (in years) of the assets:

Buildings	15
Facility improvements	8-15
Machinery and equipment	5-10
Furniture and fixtures	5-8

The Company assesses long-lived assets for impairment under ASC 360-10-35, Property, Plant and Equipment – Subsequent Measurement. When events or circumstances indicate that an asset may be impaired, an assessment is performed. The estimated future undiscounted cash flows associated with the asset are compared to the asset’s net book value to determine if a write down to market value less cost to sell is required.

Repairs and maintenance are expensed as incurred. Improvements which extend the useful life of property, plant, and equipment are capitalized.

Research and Development Costs

Costs for the design and development of new products are expensed as incurred.

- Definition

The entire disclosure for all significant accounting policies of the reporting entity.

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CONDENSED BALANCE SHEETS PARENTHETICALS (USD $)	May 26, 2012	Nov. 30, 2011
Common stock, par value	$ 0.10	$ 0.10
Common stock, shares authorized	10,000,000	10,000,000
Common Stock, shares issued	3,078,315	3,078,315
Common Stock, shares outstanding	2,578,315	2,578,315
Treasury stock, shares	500,000	500,000

- Definition

Total number of shares of common stock held by shareholders. May be all or portion of the number of common shares authorized. These shares represent the ownership interest of the common shareholders. Shares outstanding equals shares issued minus shares held in treasury and other adjustments, if any.

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Document and Entity Information	6 Months Ended
Document and Entity Information	May 26, 2012	Jul. 10, 2012
Document and Entity Information
Entity Registrant Name	MICROPAC INDUSTRIES INC
Document Type	10-Q
Document Period End Date	May 26, 2012
Amendment Flag	false
Entity Central Index Key	0000065759
Current Fiscal Year End Date	--11-30
Entity Common Stock, Shares Outstanding		2,578,315
Entity Filer Category	Smaller Reporting Company
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Document Fiscal Year Focus	2012
Document Fiscal Period Focus	Q2

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CONDENSED STATEMENTS OF OPERATIONS (USD $)	3 Months Ended		6 Months Ended
CONDENSED STATEMENTS OF OPERATIONS (USD $)	May 26, 2012	May 28, 2011	May 26, 2012	May 28, 2011
NET SALES	$ 4,098	$ 5,437	$ 7,812	$ 11,027
COST AND EXPENSES:
Cost of goods sold	(3,054)	(3,529)	(5,659)	(6,931)
Research and development	(81)	(246)	(203)	(395)
Selling, general and administrative expenses	(947)	(978)	(1,815)	(1,958)
Total cost and expenses	(4,082)	(4,753)	(7,677)	(9,284)
OPERATING INCOME BEFORE INTEREST,OTHER INCOME AND INCOME TAXES	16	684	135	1,743
Interest and other income	3	7	6	7
INCOME BEFORE TAXES	19	691	141	1,750
Provision for taxes	(7)	(249)	(51)	(630)
NET INCOME	$ 12	$ 442	$ 90	$ 1,120
NET INCOME PER SHARE, BASIC AND DILUTED	$ 0.00	$ 0.17	$ 0.03	$ 0.43
DIVIDENDS PER SHARE	$ 0.00	$ 0.00	$ 0.10	$ 0.10
WEIGHTED AVERAGE OF SHARES, Basic and diluted	2,578,315	2,578,315	2,578,315	2,578,315

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EARNINGS PER COMMON SHARE

6 Months Ended

May 26, 2012

EARNINGS PER COMMON SHARE

EARNINGS PER COMMON SHARE

Note 7 EARNINGS PER COMMON SHARE

- Definition

The entire disclosure for earnings per share.

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COMMITMENTS

6 Months Ended

May 26, 2012

COMMITMENTS

COMMITMENTS

Note 6 COMMITMENTS

- Definition

The entire disclosure for significant arrangements with third parties, which includes operating lease arrangements and arrangements in which the entity has agreed to expend funds to procure goods or services, or has agreed to commit resources to supply goods or services, and operating lease arrangements. Descriptions may include identification of the specific goods and services, period of time covered, minimum quantities and amounts, and cancellation rights.

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SHAREHOLDERS' EQUITY

6 Months Ended

May 26, 2012

SHAREHOLDERS' EQUITY.

SHAREHOLDERS' EQUITY

Note 8 SHAREHOLDERS’ EQUITY

- Definition

The entire disclosure for shareholders' equity, comprised of portions attributable to the parent entity and noncontrolling interest, if any, including other comprehensive income (as applicable). Including, but not limited to: (1) balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings; (2) accumulated balance for each classification of other comprehensive income and total amount of comprehensive income; (3) amount and nature of changes in separate accounts, including the number of shares authorized and outstanding, number of shares issued upon exercise and conversion, and for other comprehensive income, the adjustments for reclassifications to net income; (4) rights and privileges of each class of stock authorized; (5) basis of treasury stock, if other than cost, and amounts paid and accounting treatment for treasury stock purchased significantly in excess of market; (6) dividends paid or payable per share and in the aggregate for each class of stock for each period presented; (7) dividend restrictions and accumulated preferred dividends in arrears (in aggregate and per share amount); (8) retained earnings appropriations or restrictions, such as dividend restrictions; (9) impact of change in accounting principle, initial adoption of new accounting principle and correction of an error in previously issued financial statements; (10) shares held in trust for Employee Stock Ownership Plan (ESOP); (11) deferred compensation related to issuance of capital stock; (12) note received for issuance of stock; (13) unamortized discount on shares; (14) description, terms, and number of warrants or rights outstanding; (15) shares under subscription and subscription receivables, effective date of new retained earnings after quasi-reorganization and deficit eliminated by quasi-reorganization and, for a period of at least ten years after the effective date, the point in time from which the new retained dates; and (16) retroactive effective of subsequent change in capital structure.

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SUBSEQUENT EVENTS

6 Months Ended

May 26, 2012

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

Note 9 SUBSEQUENT EVENTS

Management has evaluated subsequent events after the balance sheet date, through the issuance of the financial statements, for appropriate accounting and disclosure.

XML 28 R5.htm IDEA: XBRL DOCUMENT

CONDENSED STATEMENTS OF CASH FLOWS (USD $)	6 Months Ended
CONDENSED STATEMENTS OF CASH FLOWS (USD $)	May 26, 2012	May 28, 2011
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 90	$ 1,120
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation	166	148
Changes in certain current assets and liabilities
(Increase) decrease in accounts receivable	(519)	933
(Increase) decrease in inventories	(117)	5
Decrease in prepaid expense and other current assets	73	8
Decrease in deferred revenue	(136)	(676)
Increase in accounts payable	32	87
Decrease in accrued compensation	(182)	(241)
Decrease in other accrued liabilities	(84)	(128)
Decrease in income taxes payable	(62)	(64)
Net cash provided by (used in) operating activities	(739)	1,192
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of short term investments	(3)	(1,000)
Additions to property, plant and equipment	(84)	(682)
Net cash used in investing activities	(87)	(1,682)
CASH FLOWS FROM FINANCING ACTIVITIES
Cash dividend	(258)	(258)
Net cash used in financing activities	(258)	(258)
Net change in cash and cash equivalents	(1,084)	(748)
Cash and cash equivalents at beginning of period	8,488	9,085
Cash and cash equivalents at end of period	7,404	8,337
Supplemental Cash Flow Disclosure:
Cash paid for income taxes	$ 69	$ 694

XML 29 R10.htm IDEA: XBRL DOCUMENT

STOCK-BASED COMPENSATION

6 Months Ended

May 26, 2012

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION

Note 5 STOCK-BASED COMPENSATION

On March 1, 2001, the Company’s shareholders approved the 2001 Employee Stock Option Plan (the “Stock Plan”) with 500,000 options available to be granted. No options have been granted to date.

- Definition

The entire disclosure for compensation costs, including compensated absences accruals, compensated absences liability, deferred compensation arrangements and income statement compensation items. Deferred compensation arrangements may include a description of an arrangement with an individual employee, which is generally an employment contract between the entity and a selected officer or key employee containing a promise by the employer to pay certain amounts at designated future dates, usually including a period after retirement, upon compliance with stipulated requirements. This type of arrangement is distinguished from broader based employee benefit plans as it is usually tailored to the employee. Disclosure also typically includes the amount of related compensation expense recognized during the reporting period, the number of shares (units) issued during the period under such arrangements, and the carrying amount as of the balance sheet date of the related liability.

+ References+ Details

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