-----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, EUvT86KGCYGdV1x6uEjRzC8JZjcr/dGwvAFu6FtO1T/h4VgvLSYRGVlyGZW3mZlb 6HhzmH5g0G2Fqih3zv6SOg== 0001015569-96-000009.txt : 19961001 0001015569-96-000009.hdr.sgml : 19961001 ACCESSION NUMBER: 0001015569-96-000009 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19960630 FILED AS OF DATE: 19960920 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: WORLD SERVICES INC CENTRAL INDEX KEY: 0000767410 STANDARD INDUSTRIAL CLASSIFICATION: 6331 IRS NUMBER: 460355586 STATE OF INCORPORATION: SD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-13499 FILM NUMBER: 96632513 BUSINESS ADDRESS: STREET 1: 404 S LINCOLN CITY: ABERDEEN STATE: SD ZIP: 57401 BUSINESS PHONE: 6052294404 MAIL ADDRESS: STREET 1: 404 S LINCOLN CITY: ABERDEEN STATE: SD ZIP: 57401 10-Q 1 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q QUARTER REPORT UNDER SECTION 13 0R 15(d) June 30, 1996 0-13499 For Quarter Ended______________Commission File Number____________ World Services, Inc. _________________________________________________________________ (Exact name of registrant as specified in its charter) South Dakota 46-0355586 _________________________________________________________________ (State of other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 517 South Lincoln Aberdeen, South Dakota 57401 _________________________________________________________________ (Address if principal executive offices) (Zip Code) (605) 226-3900 Registrant's telephone number, including area code_______________ Not Applicable _________________________________________________________________ (Former name, former address and former fiscal year, if changed since last report.) Indicate by check whether the registrant (1) has filed all reports required to be filed by Section X 13 or 15 (d) of the Securities Exchange Act of 1934 Yes_____ during the preceding 12 months (or for such shorter period that the registrant was required to file such No______ reports), and (2) has been subject to such filing requirements for the past 90 days. 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 Outstanding at June 30,1996 ______________________________ _______________________________ Common stock, $.01 par value 5,292,000 WORLD SERVICES, INC. BALANCE SHEET ASSETS June 30, December 31, 1996 1995 CURRENT ASSETS Cash and cash equivalents $ 16,993 $ 9,000 Certificate of Deposit 240,000 200,000 ------------ ------------ TOTAL CURRENT ASSETS 256,993 209,000 PROPERTY AND EQUIPMENT Office Equipment 2,882 - ------------ ------------ INVESTMENTS AND OTHER ASSETS Investment in First Savings & Loan 307,000 307,000 Investment in Super 8 Motel Developers 568,000 568,000 Other 4,000 4,000 ------------ ------------ TOTAL OTHER ASSETS 879,000 879,000 ------------ ------------ TOTAL ASSETS $ 1,138,875 $ 1,088,000 ============ ============ LIABILITIES AND STOCKHOLDERS EQUITY CURRENT LIABILITIES Accounts payable and accrued expenses $ 3,186 $ 10,000 ----------- ------------ STOCKHOLDERS EQUITY Preferred stock, par value $.01, 10,000 shares authorized, no shares issued - - Common stock, par value $.01 per share; (50,000,000 shares authorized 5,292,000 shares issued) 53,000 53,000 Additional paid in capital 6,497,000 6,497,000 Treasury Stock at cost, 128,350 shares (3,000) (3,000) Accumulated Deficit (5,411,311) (5,469,000) ------------ ------------ TOTAL STOCKHOLDERS' EQUITY 1,135,689 1,078,000 ------------ ------------ TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 1,138,875 $ 1,088,000 ============ ============ See accompanying notes to these financial statements. WORLD SERVICES, INC. STATEMENTS OF OPERATIONS Six Months Ended June 30 ----------------------- 1996 1995 REVENUE Interest Income $ 13,153 $ 7,091 Dividend Income 79,701 20,399 Miscellaneous Income 232 11 ----------- ----------- Total Revenue 93,086 27,501 ----------- ----------- EXPENSES Legal and accounting 21,213 2,526 Other general and administrative expenses 14,184 106 ----------- ----------- Total Expenses 35,397 2,632 ----------- ----------- NET INCOME (LOSS) $ 57,689 $ 24,869 =========== =========== INCOME (LOSS) PER SHARE OF COMMON STOCK .01 * =========== =========== AVERAGE NUMBER OF SHARES OUTSTANDING 5,292,000 5,292,000 =========== =========== ____________________________________________ *Less than $.01 per share. See accompanying notes to these financial statements. WORLD SERVICES, INC. STATEMENTS OF CASH FLOWS Six Months Ended June 30 -------------------- 1996 1995 CASH FLOWS FROM OPERATING ACTIVITIES Net Income (Loss) $ 57,689 $ 24,869 Adjustment to reconcile net income (loss) to cash from operating activities: Decrease in accounts payable and accrued expenses (6,814) - ---------- -------- NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES 50,875 24,869 CASH FLOWS FROM INVESTING ACTIVITIES: Sale of certificate of deposit 100,000 - Purchase of certificate of deposit (140,000) - Purchase of Office Equipment (2,882) - ---------- -------- NET CASH PROVIDED BY INVESTING ACTIVITIES (42,882) 0 INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 7,993 24,869 CASH AND CASH EQUIVALENTS, AT BEGINNING OF PERIOD 9,000 8,000 ---------- -------- CASH AT END OF PERIOD $ 16,993 $ 32,869 ========== ======== SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: Cash payments to: Income taxes $ - $ - ========== ======== Interest $ 50 $ - ========== ======== See accompanying notes to these financial statements. WORLD SERVICES, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS JUNE 30, 1996 1. GENERAL: The Company has elected to omit substantially all other notes to the financial statements. These interim financial statements should be read in conjunction with the Company's annual report and report on Form 10-K for the year ended December 31, 1995. 2. UNAUDITED IMFORMATION: The information furnished herein was taken form the books and records of the Company without audit. However, such information reflects all adjustments (consisting only of normal recurring adjustments) which are, in the opinion of management, necessary to reflect results for the interim periods presented. The results of operation for the periods presented are not necessarily indicative of the results to be expected for the year. WORLD SERVICES, INC. AND SUBSIDIARIES MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS FINANCIAL CONDITION As expected, the Corporation received dividend income from Super 8 Motel Developers in the second quarter of over $79.000. The good performance of this investment is a major contributing factor to the overall improved financial condition of the Company. RESULTS OF OPERATIONS The Corporation showed an operating profit of $57,689 for the six months ended June 30, 1996 as comparted with $24,869 profit for the same period a year earlier. This improvement was mainly due to the increased dividend paid by Super 8 Motel Developers. SIGNATURES Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. August 13 _____________________ _____, 1996 WORLD SERVICES, INC. Ronne Tarrell By__________________________________ Ronne Tarrell, President Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated. August 13 Ronne Tarrell _____________________ ______, 1996 _________________________ Ronne Tarrell, President, Principal Executive Officer, and Director August 13 David Jorgenson _____________________ ______, 1996 _______________________ David Jorgenson, Secretary, Treasurer, Principal Accounting Officer, Principal Financial Officer, and Director August 13 Delores Bower _____________________ ______, 1996 ________________________ Delores Bower, Director August 13 Delbert Harty _____________________ ______, 1996 _________________________ Delbert Harty, Director August 13 Terry Heinz _____________________ ______, 1996 _________________________ Terry Heinz, Director -----END PRIVACY-ENHANCED MESSAGE-----