-----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, LpxrSNNM/vvSvjuU+WMBBNN4gKcfyou8AbgHCHv8ZsLK4veq2mwBlb1RZRdDus+O q9GE/eR/f5SMvyTMXkxkcw== 0000850476-97-000015.txt : 19970520 0000850476-97-000015.hdr.sgml : 19970520 ACCESSION NUMBER: 0000850476-97-000015 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970331 FILED AS OF DATE: 19970516 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 SEC ACT: 1934 Act SEC FILE NUMBER: 000-17824 FILM NUMBER: 97610023 BUSINESS ADDRESS: STREET 1: 46147 7TH STREET WEST 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 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, 1997 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: 2,636,030 as of 5/12/97. REXHALL INDUSTRIES, INC. INDEX PART 1 - FINANCIAL INFORMATION PAGE NUMBER Item 1. Financial Statements: Balance Sheets at March 31, 1997 3 and December 31, 1996 Statements of Operations for the three months ended March 31,1997 and March 31, 1996 4 Statements of Cash Flows for the three months ended March 31, 1997 and March 31, 1996 5 Notes to Condensed Financial Statements as of March 31, 1997 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 10 8 Exhibits - Exhibit 11. Computation supporting earnings per common and common equivalent share amounts 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 Computation Supporting Earnings Per Share 10 (Audited) (Unaudited) December 31 Mar 31 PART I - FINANCIAL INFORMATION 1996 1997 Item 1. - Financial Statements REXHALL INDUSTRIES, INC. CONDENSED BALANCE SHEETS Assets: Current Assets $ $ Cash and Cash Equivalents 742,000 46,000 Accounts Receivable 3,208,000 4,971,000 Inventories 13,793,000 12,618,000 Other Current Assets 151,000 181,000 Income Tax Receivable 271,000 --- Deferred Income Taxes 439,000 439,000 Total Current Assets 18,604,000 18,255,000 Property and Equipment - Net 4,885,000 4,929,000 Other Assets 7,000 7,000 TOTAL ASSETS $23,496,000 $23,191,000 Liabilities and Shareholders' Equity: Current Liabilities $ $ Accounts Payable 7,591,000 6,785,000 Warranty Allowance 355,000 262,000 Reserve for Self-Insurance 365,000 365,000 Other Accrued Liabilities 748,000 860,000 Current Portion of long-term dept 26,000 26,000 Total Current Liabilities 9,085,000 8,298,000 Deferred Income Tax Liabilities 4,000 --- Long Term Debt 826,000 818,000 Total Liabilities $9,915,000 $9,116,000 Shareholders' Equity: Preferred Stock - no par value; Authorized 1,000,000 shares; no shares outstanding at Mar 31, 1997 and December 31, 1996 Common Stock - no par value; Authorized 10,000,000 shares; Outstanding 2,636,030 shares atMay 12, 1997 and 2,636,030 shares at December 31, 1996 $ 6,533,000 $ 6,488,000 Retained Earnings 7,048,000 7,587,000 Total Shareholders' Equity 13,581,000 14,075,000 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $23,496,000 $23,191,000 PART I - FINANCIAL INFORMATION Item 1. - Financial Statements REXHALL INDUSTRIES, INC. CONDENSED STATEMENTS OF OPERATIONS (UNAUDITED) Three Months Ended Mar. 31, 1996 Mar. 31, 1997 Sales 15,071,000 17,665,000 Cost of Sales 12,840,000 15,265,000 Gross Profit 2,231,000 2,400,000 Selling, General, Administrative Expenses and Other Expenses 1,477,000 1,496,000 Income Before Taxes 754,000 904,000 Income Taxes 293,000 366,000 Net Income $ 461,000 $ 538,000 Net Income Per Common Share $ .17* $ .20 Weighted Average Number of Common Shares Outstanding 2,736,328 2,725,131 *Originally reported as $.18 per share of 2,606,027 shares outstanding, however, considering the 5% stock dividend paid on 4/17/96, adjusted earnings to $.17 per share. PART I - FINANCIAL INFORMATION Item 1. - Financial Statements REXHALL INDUSTRIES, INC. CONDENSED STATEMENTS OF CASH FLOWS FOR THE THREE MONTHS ENDED MARCH 31, 1996 AND 1997 1996 1997 CASH FLOWS FROM OPERATING ACTIVITIES: Net Income(loss) $ 461,000 $ 538,000 Adjustments to reconcile net income to net cash provided(used)by operating activities: Depreciation and amortization 100,000 50,000 (Increase)Decrease in accounts receivable 561,000 (1,763,000) (Increase)Decrease in inventories 682,000 1,175,000 (Increase)Decrease in other current assets 2,000 (30,000) Increase(Decrease) in accounts payable (568,000) (806,000) Increase(Decrease) in reserve for self insurance 132,000 --- Provision for income taxes --- (4,000) (Decrease) in other current liab. inc. warranty (55,000) (93,000) Increase in non-current accrued liabilities -0- 112,000 Income tax receivable -0- 271,000 Net cash provided(Used) by operating activities 1,315,000 (550,000) CASH FLOWS FROM INVESTING ACTIVITIES: Additions to property and equipment (2,533,000) (93,000) (Increase) in other assets -0- -0- Disposition of property and equipment -0- -0- Net cash(used) in investing activities (2,533,000) (93,000) CASH FLOWS FROM FINANCING ACTIVITIES: Borrowings of long-term debt 876,000 -0- Repayment of long-term debt 6,000 (8,000) Repurchase of stock -0- (45,000) Net cash provided in financing activities 870,000 (53,000) NET INCREASE(DECREASE) IN CASH AND CASH EQUIVALENTS (852,000) (696,000) BEGINNING CASH AND CASH EQUIVALENTS 1,998,000 742,000 ENDING CASH AND CASH EQUIVALENTS $ 1,146,000 $ 46,000 PART I - FINANCIAL INFORMATION Item 1. REXHALL INDUSTRIES, INC. Notes to the Condensed Financial Statements March 31, 1997 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, 1996. 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, 1997 December 31,1996 Raw Material $ 7,684,000 $ 6,608,000 Work in Process 2,113,000 2,753,000 Finished Motorhomes 2,821,000 4,432,000 TOTAL $12,618,000 $13,793,000 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, 1997 and For the Three Months ended March 31, 1996 Sales - 1997 Compared with 1996 Sales for the quarter ended March 31, 1997, totalled $17,665,000 as compared to $15,071,000 in 1996. The units sold in 1997 were 310 vs. 274 in 1996. Management believes that the increase in Sales from 1996 is primarily due to an improving economy, with an expanded dealer network, and the company's decision to hold its prices despite cost increases associated with product improvements. Cost of Sales - 1997 compared with 1996 The Cost of Sales as a percentage of sales for the 1st quarter of 1997 was 86.4% vs 85.2% in the 1st quarter of 1996. The cost of sales percentage for 1997 increased due to cost absorbtion of product improvements. Gross Profit - 1997 compared with 1996 Gross Profit for the 1st quarter of 1997 decreased to 13.6% from 14.8% for the 1st quarter of 1996. This decrease was due to the cost increases discussed in Cost of Sales above. Selling, General Administrative and Other Expenses-1997 compared with 1996 Selling, General Administrative, and Other Expenses increased in the 1st quarter of 1997 by $18,000. Selling, General Administrative and Other Expenses were 8.5% of Sales in 1997 as compared to 9.8% in the 1st quarter of 1996. PART I - FINANCIAL INFORMATION Item 2. - Management Discussion and Analysis or Plan of Operations Income before taxes - 1997 compared with 1996 The increase in income before taxes in the first quarter of 1997 was due to higher costs as discussed in sections Sales, Cost of Sales and Selling, General Administrative and Other Expense above. Financial Condition, Capital Resources and Liquidity At March 31, 1997, working capital was $9,957,000 as compared to working capital of $8,596,000 at March 31, 1996. 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: May 15, 1997 /S/William J. Rex William J. Rex Chairman, President and Chief Executive Officer Date: May 15, 1997 /S/Phillip J. Parks Phillip J. Parks Controller Exhibit 11. Computation Supporting Earnings per Common Share First Quarter 1996 1997 Net Income $ 461,000 $ 538,000 Net Income per Common Share .17* .20 Weighted Average Number of Common 2,736,328 2,725,131 Shares Outstanding *Originally reported as $.18 per share of 2,606,027 shares outstanding, however, considering the 5% stock dividend paid on 4/17/96, adjusted earnings to $.17 per share. EX-27 2
5 3-MOS DEC-31-1996 MAR-31-1997 46,000 0 4,971,000 0 12,618,000 18,255,000 4,929,000 0 23,191,000 8,298,000 0 0 0 6,488,000 0 23,191,000 17,665,000 17,665,000 15,265,000 15,265,000 0 0 0 905,000 366,000 538,000 0 0 0 538,000 .20 0
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