-----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, EpDne3vrrlMoehnLpvTlZc0aJ8fKvRHfPMF1fJqmbpxk3BWu5YA3J8g51tszRDIc EdRljA9SSALKsOek9doUvQ== 0000812083-96-000001.txt : 19960410 0000812083-96-000001.hdr.sgml : 19960410 ACCESSION NUMBER: 0000812083-96-000001 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19951231 FILED AS OF DATE: 19960209 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: LOGITEK INC /NY CENTRAL INDEX KEY: 0000812083 STANDARD INDUSTRIAL CLASSIFICATION: INSTRUMENTS FOR MEAS & TESTING OF ELECTRICITY & ELEC SIGNALS [3825] IRS NUMBER: 112203507 STATE OF INCORPORATION: NY FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-15545 FILM NUMBER: 96514301 BUSINESS ADDRESS: STREET 1: 101 CHRISTOPHER ST CITY: RONKONKOMA STATE: NY ZIP: 11779 BUSINESS PHONE: 5164674200 MAIL ADDRESS: STREET 2: 101 CHRISTOPHER ST CITY: RONKONKOMA STATE: NY ZIP: 11779 10-Q 1 Form 10-QSB CONFORMED Securities and Exchange Commission Washington, D.C. 20549 (Mark One) [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended December 31, 1995 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from Commission File Number 0-15545 Logitek, Incorporated (Exact name of registrant as specified in its charter) New York No. 11-2203507 State or other jurisdiction of (I.R.S Employer incorporation or organization Identification No.) 101 Christopher St., Ronkonkoma, N.Y. 11779 (Address of principal executive offices and ZIP Code) Registrant's Telephone Number, including area code 516-467-4200 Securitie s registered pursuant to Section 12(g) of the Act: Common Stock, $.001, par value None Title of Class Name of each exchange on which registered Check whether the issuer (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the past 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 February 1, 1994, their were 3,424,000 shares of common stock outstanding. LOGITEK, INC. Quarterly Report on Form 10-QSB INDEX Page # Part 1: FINANCIAL INFORMATION Item 1. Financial Statements Balance Sheets as of December 31, 1995 and June 30, 1995 3 Statements of Operations and Retained Earnings for the Six and Three Months Ended December 31, 1995 and 1994 4 Statements of Cash Flows for the Six and Three Months Ended December 31, 1995 and 1994 5 Notes to Financial Statements 6 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 7 Part II:OTHER INFORMATION Item 4. Submission of Matters to a Vote of Security Holders 9 Item 6. Exhibits and Reports on Form 8-K a) Exhibits 9 b) Reports on Form 8-K 9 Signatures 10 PART I - FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENT LOGITEK, INC. BALANCE SHEETS December 31, June 30, ASSETS 1995 1995 Current Assets: (Unaudited) Cash $96,585 $139,751 Accounts Receivable 586,430 341,777 Inventories (Note 2) 931,036 811,036 Prepaid expenses and other 52,928 38,764 Due from officer 30,500 3,500 Total Curent Assets 1,697,479 1,334,828 Property and equipment, less accumulated depreciation 712,737 694,378 Other Assets: Deferred Income Taxes 7,000 7,000 Goodwill 34,441 34,441 Other 30,120 29,756 Total Assets 2,481,777 2,100,403 LIABILITIES AND STOCKHOLDERS EQUITY: Current Liabilities: Current portion of long-term debt 285,209 297,254 Accounts payable 520,260 312,952 Accrued expenses 124,477 92,545 Total current liabilities 929,946 702,751 Long-term debt 464,170 461,265 Deferred income taxes 35,980 13,380 Total liabilities 1,430,096 1,177,396 STOCKHOLDERS EQUITY Common Stock, $.01 par value; authorized 10,000,000 shares;issued 3,600,000 36,000 36,000 Capital in excess of par value 280,355 280,355 Retained earnings 740,826 612,152 Sub-total 1,057,181 928,507 Less: Treasury shares,at cost,176,000 sh (5,500) (5,500) Total Stockholders equity 1,051,681 923,007 Total liabilities and equity 2,481,777 2,100,403 See notes to financial statements. LOGITEK, INC STATEMENTS OF OPERATIONS AND RETAINED EARNINGS For the Three and Six Months Ended December 31, 1995 and 1994 (Unaudited) Three Months Ended Six Months Ended December 31, December 31 1995 1994 1995 1994 Net sales $970,077 $763,502 $1,671,837 $1,660,684 Cost of goods sold 564,981 521,070 994,103 1,094,848 Gross profit 405,096 242,432 677,734 565,836 Operating expenses: Selling 71,321 64,215 120,331 136,353 General and administrative 187,606 148,781 309,612 291,239 Research and development 32,855 22,661 54,246 45,573 Total operating expenses 291,782 235,657 484,189 473,165 Income (loss) from operations 113,314 6,775 193,545 92,671 Other (income) expense: Interest expense, net 20,927 26,777 42,271 50,266 Total other (income) expense 20,927 26,777 42,271 50,266 Income (loss) before provision for income taxes 92,387 (20,002) 151,274 42,405 Provision for income taxes (Note 3) 13,767 (11,940) 22,600 (7,841) Net income (loss) 78,620 (8,062) 128,674 50,246 Retained earnings, beginning of period 662,206 576,227 612,152 517,919 Retained earnings, end of period $740,826 $568,165 $740,826 $568,165 Per share amounts Net income (loss) $0.02 $0.00 $0.04 $0.01 Weighted average shares outstanding 3,424,000 3,424,000 3,424,000 3,424,000 See notes to financial statements. STATEMENTS OF CASH FLOWS For the Six and Three Months Ended December 31, 1995 and 1994 (Unaudited) Three Months Ended Six Months Ended December 31, December 31, 1995 1994 1995 1994 Net income (loss) 78,620 ($8,062) $128,674 $50,246 Adjustments to reconcile net income (loss) to cash provided (used) by operations: Depreciation 25,725 24,250 51,450 48,500 Amortization of unearned compensation - - - - Accounts receivable (99,065) 70,441 (244,653) 5,944 Inventories (93,500) (42,327) (120,000) 10,719 Prepaid expenses and other (23,470) (17,352) (14,164) (9,451) Other assets (187) 39 (364) (111) Accounts Payable 96,806 22,154 207,308 88,348 Accrued expenses 91,603 (56,909) 31,932 (165,145) Due from officer ( 27,000) 14,550 (27,000) 14,100 Deferred taxes 22,600 (10,000) 22,600 (10,000) Total adjustments (6,488) 4,846 ( 92,891) (17,096) Net cash provided (used) by operating activities 72,132 (3,216) 35,783 33,150 Cash flows from investing activities: Purchase of equipment (49,803) - (69,809) - Net cash provided by investing activities 0 0 0 0 Cash flows from financing activities: Repayment of long-term debt 18,314 (32,176) (9,140) (79,881) Capitalized lease obligation 0 (10,152) 0 (10,152) Net cash (used) by financing 18,314 (42,328) (9,140) (90,033) Net increase (decrease) 40,643 (45,544) (43,166) (56,883) Cash, beginning of period 55,942 267,884 139,751 279,223 Cash, end of period $96,585 $222,340 $96,585 $222,340 Supplemental disclosures: Cash paid for: Interest $20,927 $26,253 $42,271 $50,267 See notes to financial statements. LOGITEK, INC. Notes to Financial Statements Note 1 - Basis of Presentation The financial statements included herein have been prepared by the Company, without audit,pursuant to the rules and regulations of the Securities and Exchange Commission and reflect all adjustments which are, in the opinion of management, necessary to present fairly the information required therein. Certain information and footnote disclosures normally included in the financial statements prepared in accordance with generally accepted accounting principles have been omitted pursuant to such rules and regulations, although management believes that the disclosures are adequate to make the information presented not misleading. It is suggested that these financial statements be read in conjunction with the financial statements and notes thereto included in the Company's Form 10-KSB filed with the Securities and Exchange Commission for the year ended June 30, 1995. The results of operations for the three and six months ended December 31, 1995 are not necessarily indicative of the results of operations to be expected for the full year. NOTE 2 - Inventories Inventories consisted of the following: December 31, June 30, 1995 1995 Raw materials $454,879 $334,879 Work-in-process 205,089 205,089 Finished goods 271,068 271,068 Total $931,036 $811,036 For the three and six months ended December 31, 1995 the Company used the gross profit method to calculate ending inventory values. Note 3 - Provision for Income Taxes Income taxes were different from the amounts computed by applying the federal income tax rate to the income before taxes due to the following: Three Months Ended Six Months Ended 12/31/95 12/31/94 12/31/95 12/31/94 Statutory rate 34% (34)% 34% (34%) Limitation of benefit of net operating losses 34 34 State income taxes, net of federal tax benefit 2 6 4 12 General Business Credit (11) (13) Refund of prior federal taxes (16) (7) Revrersal of prior year deferred tax provisions (10) (50) (10) (24) Effective tax rate 15% (60)% 15% (19%) ITEM 2 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following table presents selected financial information for the periods December 31, 1995 and 1994, respectively. Three Months Ended Six Months Ended December 31 December 31, 1995 1994 1995 1994 Net sales $970,077 $763,502 $1,671,837 $1,660,684 Gross profit $405,096 $242,432 $677,734 $565,836 Gross margin 41.7% 31.8% 40.5% 34.1% Operating expenses $291,782 $235,657 $484,189 $473,165 Legal settlement income - - - - Loss on disposal of fixed assets - - Net income (loss )$78,620 ($8,062) $128,674 $50,246 General Logitek, Inc. (the "Company") reported a profit of $128,674 for the six months ended December 31,1995 versus a profit of $50,246 for the prior year period.For the quarter ended December 31, 1995 the Company reported a profit of $78,620 compared to a loss of ($8,062) for the prior year quarter. Results of Operations Net sales for the first six months of fiscal 1995 were $1,671,837 compared to $1,660,684, or an increase of $11,153. Net sales for the quarter ended December 31, 1995 were $970,077 compared to $763,502 or an increase of $206,575. Gross profit increased to 40.5% in the current six month period compared to 34.1% for the prior year. Operating expenses for the six months ended December 31, 1995 increased $11,024. Liquidity As of December 31, 1995 and June 30, 1995 the Company had cash on hand of $96,585 and $139,751, respectively; and, as of December 31, 1995 the Company's current ratio was 1.83 compared to 1.90 as of June 30, 1995. Total borrowings were $749,379 at December 31, 1995, and $758,579 at June 30, 1995. This represents a decrease of $9,200. The Company does not anticipate any new borrowings, however, if the need arises to purchase equipment in its continuing effort to modernize its manufacturing capability it is the Company's intention to lease such equipment rather than purchase in order to conserve as much cash as possible. PART II - OTHER INFORMATION Item 4. Submission of Matters to a Vote of Security Holders At the Company's regularly scheduled Annual Meeting held on November 22, 1994 the following votes were recorded: 1. To elect a partial board of two directors, each to serve for a term of one year or until his successor shall have been duly elected and qualified: Votes Cast For Against Abstained Herbert L. Fischer 2,316,236 2,300 14,840 Howard Fein 2,278,001 2,300 14,840 Frank Vucci 2,272,988 2,000 14,840 2. To elect Marcum & Kliegman, Certified Public Accountants as the Company's Independent certified accountants: Votes Cast For Against Abstained 2,310,001 8,700 10,200 Item 6. Exhibits and Reports on Form 8-K (a) Exhibits - There are no exhibits being filed with this report. (b) Reports on Form 8-K - None 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. LOGITEK, INC. Registrant Date: 2/ 10 / 96 By: /s/ Herbert L. Fischer Herbert L. Fischer President and Chief Executive Officer SIGNATURES EX-27 2
5 6-MOS JUN-30-1996 DEC-31-1995 96,585 0 586,430 0 931,036 1,697,479 712,737 0 2,481,777 929,946 0 36,000 0 0 0 2,481,777 1,671,837 1,671,837 994,103 994,103 484,189 0 42,271 151,274 22,600 128,674 0 0 0 128,674 .04 .04
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