-----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, Qlx65K+ADJYX6rUc72sOIpYa9YVRuQ4VrwTlJS4w9HFX0rB5OO8wVgy3RpheSp89 gMGR4soe2cDcX8yGE1DVdA== 0000768153-96-000024.txt : 19960222 0000768153-96-000024.hdr.sgml : 19960222 ACCESSION NUMBER: 0000768153-96-000024 CONFORMED SUBMISSION TYPE: 10QSB/A PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19951130 FILED AS OF DATE: 19960221 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: ENVIRONMENTAL TESTING TECHNOLOGIES INC CENTRAL INDEX KEY: 0000768153 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-TESTING LABORATORIES [8734] IRS NUMBER: 930845837 STATE OF INCORPORATION: OR FISCAL YEAR END: 0531 FILING VALUES: FORM TYPE: 10QSB/A SEC ACT: 1934 Act SEC FILE NUMBER: 001-10069 FILM NUMBER: 96523578 BUSINESS ADDRESS: STREET 1: 7500 PERIMETER RD CITY: SEATTLE STATE: WA ZIP: 98108 BUSINESS PHONE: 2067631919 MAIL ADDRESS: STREET 1: 7500 PERIMETER RD CITY: SEATTLE STATE: WA ZIP: 98108 FORMER COMPANY: FORMER CONFORMED NAME: PERIPHERAL SYSTEMS INC DATE OF NAME CHANGE: 19920703 10QSB/A 1 U.S. SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-QSB (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 [Fee Required] _ TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 [No Fee Required] For the Quarter Ended November 30, 1995 Commission file number 1-10069 ENVIRONMENTAL TESTING TECHNOLOGIES, INC. (formerly Peripheral Systems, Inc.) Washington 93-0845837 (State of Incorporation) (IRS Employer ID No.) 7500 Perimeter Road South Seattle, WA 98108 (Address of principal executive offices) (Zip Code) 206-763-1919 (Telephone Number) Check whether the registrant filed all documents and reports to be filed by Section 12, 13 or 15(d) of the Securities Exchange Act of 1934 after the distribution of securities under a plan confirmed by the bankruptcy court. YES __X__ NO _____ Common stock, no par value, $1,493,315 shares outstanding as of 12/31/95 Table of Contents Page PART I - Financial Information Page No. Item 1 Condensed Consolidated Balance Sheet 1 Condensed Consolidated Statement of Operations 2 Notes to Financial Statement 3 Item 2 Management Discussion & Analysis of 4 Financial Condition & Results of Operations PART II - Other Item 1 Legal Proceedings 5 Item 2 Reports on Form 8K 5 Signatures 6 Part I - Financial Information Environmental Testing Technologies, Inc. & its subsidiaries Balance Sheet 11/30/95 5/31/95 Unaudited Audited ASSETS Current Assets Cash $158 $12,659 Accounts Receivable - net of allowances 188,397 535,299 Other current assets 52,859 225,570 ------- ------- TOTAL current assets 241,414 773,528 Property, Plant & Equipment Building & leasehold improvements 115,912 126,178 Machinery & equipment 1,958,700 2,205,328 Vehicles & office trailers 242,052 325,943 Furniture & fixtures 60,405 86,112 Less accumulated depreciation <1,708,549> <1,735,668> ------- --------- Property, Plant & Equip. (Net) 668,520 1,007,893 Other Assets Deposits 21,241 30,058 TOTAL ASSETS $931,175 $1,811,479 LIABILITIES & STOCKHOLDER'S DEFICIT Current Liabilities Line of Credit $143,196 $522,452 Accounts Payable 430,041 370,284 Accrued Liabilities 137,287 164,473 Current portion of long term debt 568,644 529,041 -------- -------- TOTAL current liabilities 1,279,168 1,786,250 Long Term Debt 181,876 222,389 Income Tax Payable 175,000 175,000 Redeemable Preferred Stock 176,958 176,958 Stockholder's (Deficit) Equity Preferred Stock 100,000 200,000 Common Stock (no par value) 626,557 608,557 Accumulated deficit <1,608,384> <1,357,675> ----------- ----------- TOTAL Stockholder's Deficit <881,827> <549,118> TOTAL LIABILITIES & STOCKHOLDER'S DEFICIT $931,175 $1,811,479 Environmental Testing Technologies, Inc. & its subsidiaries Statement of Operations 6 Months 6 Months Ended Ended 11/30/95 11/30/94 Sales $996,181 $1,735,407 Cost of Sales 757,026 1,148,928 -------- ---------- Gross Profit 239,155 586,479 Operating Expenses: Selling, General & Administrative 414,751 406,562 Operating Income <175,596> 179,917 Other Income : Interest <83,333> <68,993> Net Loss on Discontinued Operations <34,920> <12,684> Gain on Sale of Discontinued Business 43,139 - - Total Income Before Income Taxes <250,710> 98,240 Federal Income Tax 0 0 Net Income <$250,710> <98,240> Net Income Per Share <.02> 01 Weighted Average Shares Outstanding 1,481,612 1,386,315 Notes to Condensed Consolidated Financial Statements Item 1 - The unaudited consolidated financial statements and related notes have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been omitted pursuant to such rules and regulations. The accompanying consolidated financial statements and related notes should be read in conjunction with the audited financial statements of the Company, and notes thereto, for the fiscal year ended May 31, 1995. The information furnished reflects, in the opinion of management, all adjustments, consisting of normal recurring accruals, necessary for a fair presentation of the results of the interim periods presented. Item 2 - Management's Discussion and Analysis of Financial Condition & Results of Operations Sales for the six months ended November 30, 1995 and November 30, 1994, were $996,181 and $1,735,407 respectively. The sales reductions of $739,226 were the result of an abnormal decline in business volume at X-Ray,Inc., coupled with the near disappearance of TankTek business caused by former managements leaving the Company and taking the business with it. In 1994 TankTek enjoyed a large Alaskan contract that did not reoccur in 1995. Cost of Sales for the 6 months ended November 30, 1995 and November 30,1994 were $757,226 and $1,148,928 respectively. These cost of sales resulted in gross profits of $239,155 in 1995 and $586,479 in 1994. The loss of gross profit is directly attributable to the lower sales volumes between this time period. Selling, general and administrative expenses remained relatively constant between this time period. Interest expense increased in 1995 over 1994 due to increased borrowings to cover the operating losses, as well as financing new equipment for TankTek's expected sales increases. Losses for discontinued operations of $34,920 in 1995 and $12,684 in 1994 and gains on sales of disposed assets of $43,139 in 1995 are directly attributable to the sale of Accu-Inspect, Inc. in June 1995. Future gains on the sale will be recorded as realized with the collection of the outstanding notes totaling $202,000. Net income for the 6 months ended November 30, 1995 were <$250,710> and $98,240 in 1994. The loss incurred was caused by the Company's inability to achieve the sales levels anticipated. PART II - Other Information 1. Legal Proceedings. The Company is not a party to any material pending legal proceedings other than ordinary routine litigation incidental to the business, except for a suit filed by Mr. Anton Kurtz, the owner of the Class A Preferred Stock. ETT is one of the defendents in this suit and intends to vigorously defend against this suit on a number of grounds and does not expect Mr. Kurtz to prevail in his assertions. Item 6 Exhibits and Reports on Form 8K No reports on Form 8K were filed for the 6 month period ending November 30,1995. Signatures In accordance with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf, by the undesigned, thereunto duly authorized: ENVIRONMENTAL TESTING TECHNOLOGIES, INC. __________________________________________________________________ Date George B. Maitland, VP Finance __________________________________________________________________ Date Lee G. Connel, Director EX-27 2 ART. 5 FDS FOR 3RD QUARTER 10-Q
5 1,000 9-MOS MAY-31-1995 AUG-31-1995 11,600 0 211,324 0 0 274,348 2,370,951 (1,670,702) 994,606 1,210,152 0 617,557 100,000 617,557 (797,398) 994,606 537,706 0 434,678 434,678 226,056 (123,028) (54,817) (157,260) 0 (157,260) 20,585 0 0 (157,260) 0 0 -----END PRIVACY-ENHANCED MESSAGE-----