-----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, LbTmr+QbxM0h51ILQWvMXp9X7MbajsrfAqvoud5Gml2X70/4Cpel0o/USgVT7X1R DT+Cy0sdA7t5GUwnaWw6+Q== 0000948830-96-000226.txt : 19961118 0000948830-96-000226.hdr.sgml : 19961118 ACCESSION NUMBER: 0000948830-96-000226 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960930 FILED AS OF DATE: 19961114 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: METEOR INDUSTRIES INC CENTRAL INDEX KEY: 0000912875 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-AUTO & HOME SUPPLY STORES [5531] IRS NUMBER: 841236619 STATE OF INCORPORATION: CO FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-12401 FILM NUMBER: 96662811 BUSINESS ADDRESS: STREET 1: 216 16TH ST STE 730 CITY: DENVER STATE: CO ZIP: 80202 MAIL ADDRESS: STREET 1: 216 16TH ST STREET 2: STE 730 CITY: DENVER STATE: CO ZIP: 80202 10-Q 1 U.S. 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 the quarterly period ended September 30, 1996 Commission File Number: 0-27968 METEOR INDUSTRIES, INC. (Exact Name of Issuer as Specified in its Charter) COLORADO 84-1236619 (State or Other Jurisdiction of (I.R.S. Employer Identification Number) Incorporation or Organization) 216 SIXTEENTH STREET, SUITE 730 DENVER, COLORADO 80202 (Address of Principal Executive Offices) (303) 572-1137 (Registrant's Telephone Number, Including Area Code) Check whether the Issuer (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter period that the Issuer was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No___ There were 3,294,903 shares of the Registrant's $.001 par value common stock outstanding as of September 30, 1996. METEOR INDUSTRIES, INC. CONSOLIDATED BALANCE SHEET September 30, 1996 December 31, (Unaudited) 1995 ASSETS Current assets Cash and cash equivalents $ 407,005 $ 95,150 Restricted Cash 783,971 541,964 Accounts receivable-trade, net of allowance 5,243,993 4,232,071 Notes receivable 54,462 156,962 Inventory 1,311,903 1,332,642 Deferred tax asset 100,420 149,824 Other current assets 122,801 151,103 Total current assets 8,024,555 6,659,716 Property, plant and equipment, net 8,580,281 8,568,392 Other assets Notes receivable, related party 2,279,818 2,202,210 Investments in closely held businesses 796,155 409,141 Other assets 919,355 661,737 Total other assets 3,995,328 3,273,088 TOTAL ASSETS $20,600,164 $18,501,196 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities Accounts payable, trade $ 3,319,275 $ 2,870,045 Bank overdraft -- 71,657 Current portion, long-term debt 576,823 561,048 Accrued expenses 255,316 196,909 Taxes payable 1,439,000 898,102 Revolving credit facility 1,855,363 2,275,512 Total current liabilities 7,446,377 6,873,273 Long-term debt 2,402,813 2,194,773 Deferred tax liability 1,773,240 1,893,579 Minority interest in subsidiary 3,996,346 3,615,398 Total liabilities 15,618,776 14,577,023 Shareholders' equity Common stock, $.001 par value; authorized 10,000,000 shares, 3,294,903 shares issued and outstanding 3,295 3,025 Paid-in capital 3,215,538 2,508,813 Retained earnings 1,762,555 1,412,335 Total shareholders' equity 4,981,388 3,924,173 Total liabilities and share- Holders' equity $20,600,164 $18,501,196 The accompanying notes are an integral part of the financial statements. -2- METEOR INDUSTRIES, INC. CONSOLIDATED STATEMENTS OF OPERATIONS For the Three Months Ended September 30, 1996 and 1995 (UNAUDITED) September 30, September 30, 1996 1995 Net sales $16,152,325 $ 290,528 Cost of sales 13,474,885 -- Gross profit 2,677,440 290,528 Selling, general and adminis- trative expenses 2,043,903 295,963 Depreciation 209,937 15,000 Total expenses 2,253,840 310,963 Income (loss) from operations 423,600 (20,435) Other income and (expenses) Interest income 94,256 -- Interest expense (126,337) -- Gain (loss) on sale of assets (2,500) -- Total other income (34,581) -- Income (loss) before income taxes and minority interest 389,019 (20,435) Provision for income taxes 151,718 -- Income (loss) from continuing oper- ations before minority interest 237,301 (20,435) Minority interest 95,316 -- Income (loss) from continuing operations 141,985 (20,435) Discontinued operations: Income from discontinued operations -- 162,236 Gain and disposal of discontinued operations -- 1,426,395 Net income (loss) $ 141,985 $ 1,568,196 Income (loss) per common share from continuing operations $ .04 $ (.01) Net income per common share $ .04 $ .90 The accompanying notes are an integral part of the financial statements. -3- METEOR INDUSTRIES, INC. CONSOLIDATED STATEMENTS OF OPERATIONS For the Nine Months Ended September 30, 1996 and 1995 (UNAUDITED) September 30, September 30, 1996 1995 Net sales $45,530,883 $724,417 Cost of sales 37,735,245 -- Gross profit 7,795,638 724,417 Selling, general and adminis- trative expenses 6,042,709 777,726 Depreciation 643,515 30,000 Total expenses 6,686,224 807,726 Income (loss) from operations 1,109,414 (83,309) Other income and (expenses) Interest income 281,170 -- Interest expense (376,290) -- Gain (loss) on sale of assets 28,605 -- Total other income (66,515) -- Income (loss) before income taxes and minority interest 1,042,899 (83,309) Provision for income taxes 406,731 -- Income (loss) from continuing oper- ations before minority interest 636,168 (83,309) Minority interest 285,948 -- Income (loss) from continuing operations 350,220 (83,309) Discontinued operations: Income from discontinued operations -- 395,222 Gain on disposal of discontinued operations -- 1,426,395 Net income (loss) $ 350,220 $1,738,308 Income (loss) per common share from continuing operations $ .11 $ (.05) Net income per common share $ .11 $ 1.00 The accompanying notes are an integral part of the financial statements. -4- METEOR INDUSTRIES, INC. CONSOLIDATED STATEMENT OF CASH FLOWS For the Nine Months Ended September 30, 1996 and 1995 (UNAUDITED) September 30, September 30, 1996 1995 Cash flows from operating activities Net income (loss) $ 350,220 $1,738,308 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 643,515 30,000 Gain (loss) on disposal of property & equipment (28,605) -- Deferred income taxes (70,935) -- Minority interest 285,948 -- Changes in assets and liabilities, net of effects from reverse acquisition (Increase) decrease in accounts receivable (1,011,922) (51,113) (Increase) in inventories 20,739 -- (Increase) decrease in other current assets 28,302 776 Increase in accounts payable 449,230 79,401 Increase (decrease) in accrued liabilities 58,407 -- Increase (decrease) in taxes payable 541,498 -- (Increase) in other assets (257,618) -- Discontinued operations -- (1,821,617) Net cash provided by operating activities 1,008,779 (24,245) Cash flows from investing activities Purchases of property, equipment and investment (918,813) (2,624) Net cash used by investing activities (918,813) (2,624) Cash flows from financing activities Payments on revolving credit facilities (420,149) -- Decrease in bank overdraft (71,657) -- Note receivable payments 24,892 -- Payments on long-term debt (299,440) -- Borrowings 523,255 -- Restricted cash (242,007) -- Sale of Stock 706,995 -- Net cash provided by financing activities 221,889 -- Net increase in cash and equivalents 311,855 (26,869) Cash and equivalents, beginning of period 95,150 1,277 Cash and equivalents, end of period $ 407,005 $(25,592) The accompanying notes are an integral part of the financial statements. -5- METEOR INDUSTRIES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 1996 NOTE 1 -- BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES Meteor Industries, Inc. ("Meteor" or "Company") was incorporated on December 22, 1992, as a Colorado based holding company. Graves Oil & Butane Co., Inc. ("Graves"), which was acquired effective September 1, 1993, is a distributor of petroleum products primarily in northern New Mexico, Colorado, Arizona and Utah. Graves also operates gasoline and convenience stores in northern New Mexico and Colorado. El Boracho, Inc., which was acquired September 1, 1993, holds a liquor license for use by an Albuquerque, New Mexico convenience store. Hillger Oil Company ("Hillger"), which was acquired effective April 1, 1995, is a distributor of petroleum products primarily in southern New Mexico. In addition, Hillger operates gasoline and convenience stores in southern New Mexico. Capco Resources, Inc. ("CRI"), is a holding Company which owns an equity in Saba Power Company Ltd. ("Saba Power") which is involved in developing a power project in Pakistan, and Capco Analytical Services, Inc. ("CAS") which is involved in providing environmental consulting and laboratory analysis in California, both were acquired in November 1995. The acquisition of CRI was accounted for as a reverse acquisition with CRI treated as the acquirer. The historical accounts of CRI are reflected in the financial statements for the previous year. The consolidated financial statements include the accounts of Meteor Industries, Inc., and its wholly owned subsidiaries, Graves, (including its wholly owned subsidiary, El Boracho, Inc.) Hillger, CRI and CAS. All significant intercompany transactions and balances have been eliminated in consolidation. These financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, such interim statements reflect all adjustments (consisting of normal recurring accruals) necessary to present fairly the financial position and the results of operations and cash flows for the interim periods presented. The results of operations for these interim periods are not necessarily indicative of the results to be expected for the full year. These financial statements should be read in conjunction with the audited consolidated financial statements and footnotes for the year ended December 31, 1995, filed with the Company's Form 10. Earnings per common and common equivalent share are computed by dividing the net income by the weighted average number of common shares. The number of shares used in the earnings per share computation for the three months ended September 30, 1996, is 3,294,903; for the nine months ended September 30, 1996, is 3,144,903; and for the three and nine month periods ended September 30, 1995 is 1,745,000. The number of shares reflects Meteor's share activity during 1996 and CRI's equivalent share activity during 1995. -6- MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS FOR METEOR INDUSTRIES, INC. LIQUIDITY AND CAPITAL RESOURCES Effective November 2, 1995, Meteor acquired CRI. The acquisition was treated as a reverse acquisition of Meteor by CRI. Accordingly, the historical accounts of CRI are reflected in the financial statements, so comparisons with prior year are not very meaningful. Net cash provided by operating activities totaled $1,009,000 for the nine months ended September 30, 1996 compared to a use of funds of $24,000 for the nine months ended September 30, 1995. The increase in cash provided is primarily related to increases in net income from continuing operations before depreciation. As of September 30, 1996, the Company had working capital of $578,000 compared to a working capital deficit of $214,000 at December 31, 1995. The increase in the working capital is due primarily to sale of stock yielding net proceeds of $707,000. Net cash used by investing activities totaled $919,000 for the nine months ended September 30, 1996, compared to a use of $3,000 for the nine months ended September 30, 1995. The increase is for property and equipment purchases and investments in 1996. Because of the Company's continued expansion and development efforts, the Company's liquidity requirements have increased and are expected to continue to increase as a result of the need to reduce the Company's existing debt related to prior acquisitions. Net cash provided by financing activities totaled $222,000 for the nine months ended September 30, 1996 compared to a use of $0 for the nine months ended September 30, 1995. The provision is primarily related to sale of stock and borrowings related to property purchases net of payments on all debt. The Company has two revolving bank credit facilities with Norwest Business Credit, Inc. - one for $3,000,000 and one for $1,500,000. The credit lines are subject to the borrowing base of the Company's subsidiaries, as defined and on September 30, 1996, $1,549,000 and $307,000 were borrowed against the facilities. The Company has been in default on timely filing of information with the lender. Rather than change the due dates of various reports, the lender has given written waivers of this requirement in the past and has indicated they will probably continue to waive it in the future whenever the Company might be late in filing such information. The Company has filed such information in a timely manner during the past several months, but because of very short time requirements the Company may not be able to file timely in the future. The Company has a term loan with a New Mexico bank which is due in January, 1998 and a term loan with Norwest Business Credit, Inc which is due in September, 1998. The balances at September 30, 1996, were $263,000 and $219,000, respectively. The loans are collateralized by real estate and buildings and equipment and require approximately $29,000 per month in payments. The Company owns 50% of a limited liability company which in June, 1996, acquired a convenience store using financing from Phillips 66. The Company is -7- a co-signer on this loan which has a term of 10 years. The balance at September 30, 1996, is $515,000. A subsidiary of the Company has preferred stock outstanding which requires no periodic payments but accrues an 8% dividend and must be redeemed for $3,543,500 plus accrued dividends at the holders request any time after September 15, 2000 unless earlier converted into common stock pursuant to its terms. This preferred stock is treated as a minority interest on the balance sheet and recorded at its discounted value. The Company owes the founder of one of its subsidiaries $1,868,000 payable in semi-annual installments of $200,000 which includes principal and interest calculated at 2 percentage points in excess of Citibank's prime rate. All previously unpaid principal and interest is due October 1, 1997. It is anticipated that $435,000 will be offset by payments on notes receivable from the founder also due October 1, 1997. The Company is obligated to pay lease costs of approximately $61,000 monthly for land, building, facilities, and equipment. In order to pay its obligations, the interest on such obligations and other expenses, the Company must generate cash flows from operations which exceeds that which has been achieved in the past. In addition, even if historical cash flow is exceeded throughout the terms of its obligations, the Company will probably be required to raise capital or refinance its existing debt in order to pay its obligations as they become due. In June 1996, the Company reaffirmed a Letter of Intent with an underwriter concerning a proposed second public offering of the Company's Common Stock. Under the terms of the Letter of Intent, the proposed offering would be for at least $2 million on a "firm commitment" basis. Such offering is expected to occur during the fourth quarter of 1996 or the first quarter of 1997, subject to a number of contingencies including a registration statement filed with the Securities and Exchange Commission becoming effective. The Company utilizes underground tanks at various locations to store petroleum products and is therefore subject to various federal and state statutes concerning environmental protection, as well as the New Mexico Ground Water Protection Act. The various federal and state statutes are designed to identify environmental damage, identify hazardous material and/or operations, regulate operations engaged in hazardous activities, and establish procedures for remedial action as necessary. The state of New Mexico has recognized the potential cleanup costs resulting from regulations, and the New Mexico Ground Water Protection Act has included the establishment of a corrective action fund. The purpose of the fund is to provide monetary assistance in both assessing site damage and correcting the damage where such costs are in excess of $10,000. Assistance is not available to repair or replace underground tanks or equipment. The law specifies requirements which must have been met for an applicant to be eligible, including a provision that payments will be made in accordance with regulations (which have not yet been issued), and states that payment from the corrective action fund are limited to amounts in that fund. The Company is responsible for any contamination of land it owns or leases; however, the Company's responsibilities may be limited as a result of possible claims for reimbursement from third parties. -8- The Company maintains detailed inventory records and performs tank and line tightness tests on a regular basis on all underground storage tanks. Management has assessed the environmental contingencies and does not anticipate any potential liabilities that will have a material adverse effect on the consolidated financial position, results of operation, or liquidating of the Company. As of September 30, 1996, the Company has invested $653,000 in the Pakistan Power Project. Due to the changing political climate in Pakistan and the economic risks involved, the Company plans to take a smaller interest in the project than originally contemplated and in the event the project is never completed would have to write off its entire investment. The Pakistan Power Project will not provide any significant cash flow in the form of dividends to the Company for approximately three to four years even if completed in a reasonably timely manner. The Project Development and Shareholder's Agreement (the agreement among the equity partners of Saba Power) as amended on March 30, 1996 allows CRI to make approximately a $2,000,000 equity investment in the Saba Power Project in exchange for approximately an 8% interest in Saba Power. In addition, CRI has an option (the "Project Option") to increase its interest in Saba Power up to a total of 23%. If the Company chooses to fully exercise such Project Option, it will have to invest approximately $7,500,000 plus "interest" accruing at 14% per annum during the period in which the Project Option remains unexercised. CRI can take advantage of this Project Option to a lesser degree by making a proportionately smaller equity investment. The Project Option expires on March 30, 1997. On August 1, 1996, CRI entered into an agreement with Saba Petroleum Company ("Saba") whereby Saba, a related party, is participating with CRI in the power project. Saba has agreed to invest $500,000 in the Project for approximately a 2% interest. Saba has no interest in the Project Option. As a result of the above described agreements CRI may invest up to $1,500,000 for approximately a 6% interest in Saba Power and CRI may obtain an option to increase its interest. Because the project costs are not fixed, CRI's interest will change based on any change in the total project costs. Meteor is providing CRI with the necessary funds for its share of the Saba Power equity commitment from the proceeds of a private placement of Meteor's Common Stock completed in June 1996 and expects the partial collection (at least $500,000) of its note receivable from Saba Petroleum Company. CRI has a commitment outstanding for $75,000 as a finders fee to an unaffilated party and relating to the project, of which one half is expected to be reimbursed by one of the other shareholders of Saba Power. On July 14, 1996, the Government of Pakistan gave notice to Saba Power that Saba Power was in default of certain provisions in the Implementation Agreement which required construction of the power project to start by July 3, 1996. The Implementation Agreement and the notice states that Saba Power has 90 days from the date of the notice to cure such default. In October of 1996 Saba Power requested and received from the Government of Pakistan a written extension of time to cure the default. The time period was extended until November 11, 1996, which was further extended due to government changes in Pakistan to November 22, 1996. In early August 1996, Saba Power and the shareholders thereof completed the final negotiations with the project's construction lender. On August 20, 1996, the Engineering Procurement and Construction Contractor for Saba Power was given a limited release to commence construction activities on the -9- project, which was subsequently suspended. When: 1) all required equity capital is fully subscribed and paid by the partners; 2) when a $1,000,000 documentation fee is paid to the Government of Pakistan; 3) when the construction contractor is given a full release; and 4) when certain consents are obtained from the Government of Pakistan, which consents relate to the construction loan documents, the default would then be cured. There can be no assurance that all such requirements wil be fulfilled prior to the November 22, 1996 deadline. RESULTS OF OPERATIONS COMPARISON OF THE THREE MONTHS ENDED SEPTEMBER 30, 1996 TO SEPTEMBER 30, 1995 The Company is primarily engaged in the business of marketing and distributing refined petroleum and related products employing wholesale, convenience store operations and environmental services. The following discussion includes references to pro forma operations for the quarter ended September 30, 1995. The pro forma information is a combination of the operations of Meteor for the quarter ended August 31, 1995, and the operations of CRI and CAS for the three months ended September 30, 1995. The Company's sales for the three months ended September 30, 1996, were $16,152,000 compared to $291,000 for the comparable period ending September 30, 1995 and $14,985,000 on a pro forma basis. The increase in revenues is due to increases in volumes and prices. Sales are expected to be relatively constant throughout the remainder of the year. The Company's cost of sales for the three months ended September 30, 1996, were $13,475,000 compared to $0 for the comparable period ended September 30, 1995, and $12,232,000 on a pro forma basis. The increase in costs of sales on a pro forma basis is due to an increase in sales as discussed above. The Company's gross profit for the three months ended September 30, 1996, was $2,677,000 compared to $291,000 for the comparable period ended September 30, 1995 and $2,753,000 on a pro forma basis. The decrease in gross profit on a pro forma basis is primarily related to higher sales but decreased margins for gasoline at the retail level. Retail gasoline margins are dictated by competition in a given area and the Company has no control over such margins. The Company's selling, general and administrative expenses were $2,044,000 for the three months ended September 30, 1996, compared to $296,000 for the three months ended September 30, 1995 and $2,435,000 on a pro forma basis. The reduction in expenses on a pro forma basis is related to combining the operations of Hillger and Graves and realizing the benefits of overhead reduction and reduction of certain operating costs. The Company's depreciation for the three months ended September 30, 1996, was $210,000 compared to $15,000 for the comparable period ended September 30, 1995 and $196,000 on a pro forma basis. The increase in depreciation expense is due primarily to property acquisitions. The Company's other income for the three months ended September 30, 1996 was ($35,000) compared to $0 for the comparable period ended September 30, 1995 and ($98,000) on a pro forma basis. The reasons for the decrease on a pro forma basis are primarily related to an increase in interest income of $53,000 related to the notes receivable, a reduction in interest expense of $19,000 -10- due to a reduction in long term debt, and a decrease of $9,000 due to fewer sales of assets this quarter. The Company's income from continuing operations for the three months ended September 30, 1996 was $142,000 compared to a loss from continuing operations of $20,000 in the prior year and a loss of $4,000 on a pro forma basis. COMPARISON OF THE NINE MONTHS ENDED SEPTEMBER 30, 1996 TO SEPTEMBER 30, 1995 The Company is primarily engaged in the business of marketing and distributing refined petroleum and related products employing wholesale, convenience store operations and environmental services. The following discussion includes references to pro forma operations for the nine months ended September 30, 1995. The pro forma information is a combination of the operations of Meteor for the nine months ended August 31, 1995, the operations of Hillger for the three months ended March 31, 1995, and the operations of CRI and CAS for the nine months ended September 30, 1995. The Company's sales for the nine months ended September 30, 1996, were $45,531,000 compared to $724,000 for the comparable period ending September 30, 1995 and $44,001,000 on a pro forma basis. The increase in revenues is due to increases in volumes and prices. Sales are expected to be relatively constant throughout the remainder of the year. The Company's cost of sales for the nine months ended September 30, 1996, were $37,735,000 compared to $0 for the comparable period ended September 30, 1995, and $36,384,000 on a pro forma basis. The increase in costs of sales on a pro forma basis is due to an increase in sales as discussed above. The Company's gross profit for the nine months ended September 30, 1996, was $7,796,000 compared to $724,000 for the comparable period ended September 30, 1995 and $7,617,000 on a pro forma basis. The increase in gross profits on a prof forma basis is primarily related to higher sales and increased margins for gasoline at the retail level. Retail gasoline margins are dictated by competition in a given area and the Company has no control over such margins. The Company's selling, general and administrative expenses were $6,043,000 for the nine months ended September 30, 1996, compared to $778,000 for the comparable period ended September 30, 1995 and $7,251,000 on a pro forma basis. The reduction in expenses on a pro forma basis is related to combining the operations of Hillger and Graves and realizing the benefits of overhead reduction and reduction of certain operating costs. The Company's depreciation for the nine months ended September 30, 1996, was $644,000 compared to $30,000 for the comparable period ended September 30, 1995 and $516,000 on a pro forma basis. The increase in depreciation expense is due primarily to property acquisitions. The Company's other income for the nine months ended September 30, 1996 was ($67,000) compared to $0 for the comparable period ended September 30, 1995 and $40,000 on a pro forma basis. The reasons for the decrease on a pro forma basis are primarily related to an increase in interest income of $96,000 related to the notes receivable, a reduction in interest expense of $51,000 due to a reduction in long term debt, and a decrease of $254,000 due to fewer sales of assets this quarter. -11- The Company's provision for income taxes for the nine months ended September 30, 1996, was $407,000 compared to $0 for the comparable period ended September 30, 1995, and ($211,000) on a pro forma basis. The reasons for the increase is due to income from continuing operation this period compared to a loss for the comparable period last year. The Company's income from continuing operations for the nine months ended September 30, 1996 was $350,000 compared to a loss from continuing operations of $83,000 in the prior year and a loss of $281,000 on a pro forma basis. PART II - OTHER INFORMATION Item 1. Legal Proceedings. None. Item 2. Changes in Securities. None. Item 3. Defaults Upon Senior Securities. None. Item 4. Submission of Matters to a Vote of Security Holders. None. Item 5. Other Information. None. Item 6. Exhibits and Reports on Form 8-K. (a) Exhibits. EXHIBIT NO. DESCRIPTION LOCATION 27 Financial Data Schedule Filed herewith electronically (b) Reports on Form 8-K. None. -12- SIGNATURES In accordance with the requirements of the Exchange Act, the Issuer caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized. METEOR INDUSTRIES, INC. By /s/ Dennis R. Staal Dennis R. Staal, Treasurer(Chief Financial and Accounting Officer) Dated: November 13, 1996 -13- EXHIBIT INDEX EXHIBIT METHOD OF FILING - ------- ----------------------------- 27. FINANCIAL DATA SCHEDULE Filed herewith electronically EX-27 2
5 This schedule contains summary financial information extracted from the consolidated balance sheets and consolidated statements of operations found on pages 3, 4 and 5 of the Company's Form 10-Q for the year to date, and is qualified in its entirety by reference to such financial statements. 9-MOS DEC-31-1995 SEP-30-1996 1,190,976 0 5,298,455 0 1,311,903 8,024,555 8,580,281 0 20,600,164 7,446,377 0 3,295 0 0 4,978,093 20,600,164 45,530,883 45,530,883 37,735,245 37,735,245 6,042,709 0 376,290 1,042,899 406,731 350,220 0 0 0 350,220 .11 .11
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