-----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, HeUPSboenAophVbNX9tFb23+2flIdLQmqxwXuqeh+B9tzoVzvBA5VEeC0taVzdhd nqlV8cHbk323lde/QwNkYA== 0000850476-96-000012.txt : 19960620 0000850476-96-000012.hdr.sgml : 19960620 ACCESSION NUMBER: 0000850476-96-000012 CONFORMED SUBMISSION TYPE: 10-Q/A PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19960331 FILED AS OF DATE: 19960619 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: REXHALL INDUSTRIES INC CENTRAL INDEX KEY: 0000850476 STANDARD INDUSTRIAL CLASSIFICATION: MOTOR HOMES [3716] IRS NUMBER: 954135907 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q/A SEC ACT: 1934 Act SEC FILE NUMBER: 000-17824 FILM NUMBER: 96582840 BUSINESS ADDRESS: STREET 1: 46147 7TH STREET CITY: LANCASTER STATE: CA ZIP: 93534 BUSINESS PHONE: 8057260565 MAIL ADDRESS: STREET 1: 46147 7TH STREET WEST CITY: LANCASTER STATE: CA ZIP: 93534 10-Q/A 1 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For Quarter Ended March 31, 1996 Commission file number: 0-17824 REXHALL INDUSTRIES, INC. (Exact name of Registrant as specified in its charter) California 95-4135907 (State of Incorporation) (IRS Employer Identification No.) 46147 7th Street West, Lancaster California 93534 (Address of principal executive offices) (Zip Code) (805) 726-0565 (Registrant's telephone number, including area code) 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 _____. Applicable only to Corporate Issuers State the number of shares outstanding of each of the issuer's classes of common equity, as of the latest practicable date: 2,626,030 as of 5/1/96. REXHALL INDUSTRIES, INC. INDEX PART 1 - FINANCIAL INFORMATION PAGE NUMBER Item 1. Financial Statements: Balance Sheets at March 31, 1996 3 and December 31, 1995 Statements of Operations for the three months ended March 31,1996 and March 31, 1995 4 Statements of Cash Flows for the three months ended March 31, 1996 and March 31, 1995 5 Notes to Condensed Financial Statements as of March 31, 1996 6 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 7, 8 PART II - OTHER INFORMATION Item 6. Exhibits and reports on Form 8-K 8 Reports on Form 8-K. No reports on Form 8-K have been filed during the quarter for which this report is filed. Signatures 9 Exhibits - Exhibit 11 Computation supporting 10 earnings per common and common equivalent share amounts (Audited) (Unaudited) December 31 Mar 31 PART I - FINANCIAL INFORMATION 1995 1996 Item 1. - Financial Statements REXHALL INDUSTRIES, INC. CONDENSED BALANCE SHEETS Assets: Current Assets: Cash and Short Term Investments $1,998,000 $1,146,000 Accounts Receivable 5,063,000 5,177,000 Inventories 8,651,000 10,245,000 Other Current Assets 163,000 17,000 Deferred Income Taxes 286,000 279,000 Total Current Assets 16,161,000 16,864,000 Property and Equipment - Net 3,807,000 4,081,000 Other Assets 7,000 7,000 TOTAL ASSETS $19,975,000 $20,952,000 Liabilities and Shareholders' Equity: Current Liabilities: Accounts Payable $5,747,000 $5,542,000 Warranty Allowance 311,000 311,000 Reserve for Self-Insurance 365,000 335,000 Other Accrued Liabilities 469,000 1,853,000 Income Taxes Payable -0- 227,000 Total Current Liabilities 6,892,000 8,268,000 Deferred Income Tax Liabilities 6,000 -0- Long Term Debt 852,000 -0- Total Liabilities $ 7,750,000 $ 8,268,000 Shareholders' Equity: Preferred Stock - no par value; Authorized 1,000,000 shares; no shares outstanding at Mar 31, 1996 and December 31, 1995 Common Stock - no par value; Authorized 10,000,000 shares; Outstanding 2,626,030 shares at May 1, 1996 and 2,501,000 shares at December 31, 1995 $ 6,461,000 6,461,000 Retained Earnings 5,764,000 6,223,000 Total Shareholders' Equity 12,225,000 12,684,000 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $19,975,000 $20,952,000 PART I - FINANCIAL INFORMATION Item 1. - Financial Statements REXHALL INDUSTRIES, INC. CONDENSED STATEMENTS OF OPERATIONS (UNAUDITED) Three Months Ended Mar. 31, 95 Mar. 31, 96 Sales $ 15,281,000 15,071,000 Cost of Sales 13,109,000 12,840,000 Gross Profit 2,172,000 2,231,000 Selling, General, Administrative Expenses and Other Expenses 1,410,000 1,477,000 Income Before Taxes 762,000 754,000 Income Taxes 305,000 293,000 Net Income $ 457,000 $ 461,000 Net Income Per Common Share $ .18 $ .18 Weighted Average Number of Common Shares Outstanding $2,528,000 $2,606,027 Subsequent Event: Considering the 5% stock dividend paid on 4/17/96, the following reflects Net Income per Common Share Net Income per Common Share $ .17 $ .17 Weighted Average Number of Common 2,654,400 2,736,328 Shares Outstanding PART I - FINANCIAL INFORMATION Item 1. - Financial Statements REXHALL INDUSTRIES, INC. CONDENSED STATEMENTS OF CASH FLOWS FOR THE THREE MONTHS ENDED MARCH 31, 1995 AND 1996 1995 1996 CASH FLOWS FROM OPERATING ACTIVITIES: Net Income $ 458,000 $ 461,000 Adjustments to reconcile net income to net cash provided(used)by operating activities: Depreciation and amortization 29,000 100,000 (Increase)Decrease in accounts receivable (424,000) 561,000 (Increase)Decrease in inventories (2,143,000) 682,000 (Increase)Decrease in other current asset 2,000 Increase(Decrease) in accounts payable 1,323,000 (568,000) Increase(Decrease) in reserve for self insurance 31,000 132,000 (Decrease) in other current liab. inc. warranty 568,000 (55,000) Increase in non-current accrued liabilities -0- -0- Net cash provided(Used) by operating activities (158,000) 1,315,000 CASH FLOWS FROM INVESTING ACTIVITIES: Additions to property and equipment (145,000) (2,533,000) (Increase) in other assets -0- -0- Disposition of property and equipment -0- -0- Net cash(used) in investing activities (145,000) (2,533,000) CASH FLOWS FROM FINANCING ACTIVITIES: Borrowings of long-term debt -0- 876,000 Repayment of long-term debt -0- 6,000 Net cash provided in financing activities (28,000) 870,000 NET INCREASE(DECREASE) IN CASH AND CASH EQUIVALENTS (321,000) (852,000) BEGINNING CASH AND CASH EQUIVALENTS 2,518,000 1,998,000 ENDING CASH AND CASH EQUIVALENTS $ 2,197,000 $ 1,146,000 PART I - FINANCIAL INFORMATION Item 1. REXHALL INDUSTRIES, INC. Notes to the Condensed Financial Statements March 31, 1996 1. The accompanying condensed Financial Statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Rule Regulation S-B. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. Prior period financial statements have been restated to conform with current period financial statement presentation. In the opinion of management, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair presentation have been included. For further information refer to the Financial Statements and footnotes included in the Registrant's Annual Report on Form 10-K for year ended December 31, 1995. The Results of Operations for any interim period are not necessarily indicative of the results to be expected for the full year. 2. Detail of Inventory March 31, 1996 December 31,1995 Raw Material $ 5,949,000 $ 4,412,000 Work in Process 1,870,000 1,459,000 Finished Motorhomes 2,426,000 2,780,000 TOTAL $ 10,245,000 $ 8,651,000 3. Cash in Bank $ 1,146,000 Short Term Investments TOTAL $ 11,391,000 PART I - FINANCIAL INFORMATION Item 2. - Management Discussion and Analysis of Financial Condition and Results of Operations Results of Operations For the Three Months ended March 31, 1996 and For the Three Months ended March 31, 1995 Sales - 1996 Compared with 1995 Sales for the quarter ended March 31, 1996, totalled $15,071,000 as compared to $15,281,000 in 1995. The units sold in 1996 were 274 vs. 294 in 1995. Management believes that sales would have been greater for the first quarter of 1996. However, the California plant relocation in January 1996 caused two weeks of non-production, thereby decreasing availability of product. Cost of Sales - 1996 compared with 1995 The Cost of Sales as a percentage of sales for the first quarter of 1996 was 85.2% vs 85.8% in the first Quarter of 1995. The cost of sales percentage for 1996 stayed effectively the same for the like periods. Gross Profit - 1996 compared with 1995 Gross Profit for the first quarter of 1996 increased to 14.8% from 14.2% for the first quarter of 1995. This increase was due mainly to the cost efficiency of the new California plant. Selling, General Administrative and Other Expenses - 1996 compared with 1995 Selling, General Administrative, and Other Expenses increased in the first quarter of 1996 by $67,000. This increase was caused mainly by incentives given to dealers to stimulate sales in a down market and due to miscellaneous expenses. Selling, General Administrative and Other Expenses were 9.8% of Sales in 1996 as compared to 9.2% in the first quarter of 1995. PART I - FINANCIAL INFORMATION Item 2. - Management Discussion and Analysis or Plan of Operations Income before taxes - 1996 compared with 1995 The decrease in income before taxes in the first quarter of 1996 was due to higher costs as discussed in sections Cost of Sales and Selling, General Administrative and Other Expense above. Financial Condition, Capital Resources and Liquidity At March 31, 1996, working capital was $8,596,000 as compared to working capital of $9,152,000 at March 31, 1995. At present, the Company has a $2,000,000 line of credit with Wells Fargo Bank which can be used for working capital purposes. At March 31, 1996, the company had used $220,000 under this line of credit to obtain a Letter of Credit permitting the company to remain self-insured for Workers' Compensation. Management believes that internally generated funds, cash on hand, and borrowing available under its line of credit will be sufficient for the Company's cash needs for the next twelve months. PART II - OTHER INFORMATION Item 6. - Exhibits and Reports on Form 8-K Exhibits a) Exhibit 11. Computation supporting earnings per common and common equivalent share amounts. b) Reports on Form 8-K. No reports on Form 8-K have been filed during the quarter for which this report is filed. REXHALL INDUSTRIES, INC. 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 thereunto duly authorized. REXHALL INDUSTRIES, INC. by (Registrant) Date: June 18, 1996 /S/William J. Rex (Amends May 15, 1996 filing) William J. Rex Chairman, President and Chief Executive Officer Date: June 18, 1996 /S/Carmen Ignacio (Amends May 15, 1996 filing) Carmen Ignacio Controller Exhibit 11. Computation Supporting Earnings per Common Share First Quarter 1995 1996 Net Income $ 457,000 $ 461,000 Weighted Average Number of Common 2,528,000 2,606,027 Shares Outstanding Earnings per Share $ .18 $ .18 Subsequent Event: Considering the 5% stock dividend paid on 4/17/96, the following reflects Net Income per Common Share First Quarter 1995 1996 Net Income $ 457,000 $ 461,000 Net Income per Common Share $ .17 $ .17 Weighted Average Number of Common 2,654,400 2,736,328 Shares Outstanding -----END PRIVACY-ENHANCED MESSAGE-----