-----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, UGyvi0GOzSSc/FvKXrmEvN3Q1ZcZ0cRJa5cJXahnjhcLzE49jn0+d1bpOrTlIrcG YI7dY1ZjcaTn3crQvh16gA== /in/edgar/work/0001121887-00-000002/0001121887-00-000002.txt : 20001117 0001121887-00-000002.hdr.sgml : 20001117 ACCESSION NUMBER: 0001121887-00-000002 CONFORMED SUBMISSION TYPE: 10QSB PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20000930 FILED AS OF DATE: 20001116 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SYNERGISTICS INC CENTRAL INDEX KEY: 0000095986 STANDARD INDUSTRIAL CLASSIFICATION: [3690 ] IRS NUMBER: 042283157 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10QSB SEC ACT: SEC FILE NUMBER: 000-06421 FILM NUMBER: 771101 BUSINESS ADDRESS: STREET 1: 9 TECH CIRCLE CITY: NATICK STATE: MA ZIP: 01760 BUSINESS PHONE: 5086551340 MAIL ADDRESS: STREET 1: 9 TECH CIRCLE CITY: NAHCK STATE: MA ZIP: 01760 FORMER COMPANY: FORMER CONFORMED NAME: KILBANON CORP DATE OF NAME CHANGE: 19600201 10QSB 1 0001.txt SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q Quarterly Report Under Section 13 or 15(d) of the Securities Exchange Act of 1934 For Quarter Ended Commission File Number O-6421 September 30, 2000 SYNERGISTICS, INC. MASSACHUSETTS 04-2283157 (State of Incorporation) (IRS Employer ID Number) 9 Tech Circle, Natick, MA 01760 (Address of Principal Executive Office) (Zip Code) Registrant's telephone number, including area code (508)655-1340 Securities registered pursuant to Section 12(g) of the Act. Common Stock $0.01 Par Value 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 preceeding 12 months (or 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 There is no public market for, and thus no aggregate market value of, the registrants securities. Indicate the number of shares outstanding of each of the registrant's classes of common stock, as of the last practicable date. Class Outstanding at October 31, 2000 Common Stock, one cent par value, 9,632,561 NO DOCUMENTS INCORPORATED BY REFERENCE - ----------------------------------------------------------- SYNERGISTICS, INC. BALANCE SHEET ASSETS (UNAUDITED) Sept 30 Dec 31 2000 1999 CURRENT ASSETS Cash 9,599 52,325 Accounts receivable 549,505 500,015 Allowance for doubtful accts (18,300) (20,000) Inventories 428,239 377,344 Prepaid expenses 18,031 12,468 ---------------------- TOTAL CURRENT ASSETS 987,074 922,152 EQUIPMENT, less allowances of $79,493 38,626 43,073 and $123,891 for depreciation DEFERRED TAXES 759,674 759,674 ---------------------- TOTAL ASSETS 1,785,374 1,724,899 ====================== LIABILITIES, PREFERRED STOCK AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES Trade accounts payable 326,162 218,080 Accrued expenses and other current 74,305 91,235 Amount due stockholder 350,000 0 ---------------------- TOTAL CURRENT LIABLITIES 750,467 309,315 STOCKHOLDERS' EQUITY Common Stock ( 9,632,561 shares issued including shares held in Treasury 96,326 96,326 Additional paid-in capital 6,873,887 6,873,887 Retained earnings (deficit) (5,928,171)(5,547,494) 1,042,042 1,422,719 Cost of Common Stock held in Treasu (7,135) (7,135) ---------------------- 1,034,907 1,415,584 TOTAL LIABILITIES. PREFERRED STOCK ---------------------- AND SHAREHOLDERS' EQUITY 1,785,374 1,724,899 ====================== - ----------------------------------------------------------- SYNERGISTICS, INC. STATEMENT OF OPERATIONS PERIOD OF NINE MONTHS ENDED SEPTEMBER 30, 2000 AND 1999 (UNAUDITED) 2000 1999 Sales, net 1,964,782 2,128,516 Interest income 509 933 ---------------------- 1,965,291 2,129,449 Costs and expenses: Cost of sales 1,414,560 1,371,121 Selling, general and administrative 930,918 774,615 Interest expense 1,637 1,924 ---------------------- 2,347,115 2,147,660 ---------------------- Net gain (loss) (381,824) (18,211) ====================== Gain (loss) per share of Common Stock Assuming no dilution ($0.04) ($0.00) Assuming full dilution ($0.04) ($0.00) - ----------------------------------------------------------- SYNERGISTICS, INC. STATEMENT OF CHANGES IN FINANCIAL POSITION PERIODS OF NINE MONTHS SEPTEMBER 30, 2000 AND 1999 (UNAUDITED) 2000 1999 CASH FLOWS FROM OPERATING ACTIVITIES Net income (loss) (381,824) (18,211) Adjustments to reconcile net loss to net cash (used) provided by operating activities: Depreciation 13,455 15,075 (Increase) decrease in accounts rec (51,190) 113,977 (Increase) decrease in inventories (50,497) (71,510) (Increase) decrease in prepaid expenses and other assets (5,564) 6,148 Increase (decrease) in accounts pay 108,081 2,585 Increase (decrease) in accrued expenses and other current liabilities (16,179) (30,223) Increase (decrease) in amounts due shareholder 350,000 (23,269) ---------------------- TOTAL ADJUSTMENTS 348,106 12,783 ---------------------- NET CASH USED BY OPERATING ACTIVITIES (33,718) (5,428) CASH FLOWS FROM INVESTING ACTIVITIES Capital expenditures 9,008 10,032 Stock issued 0 0 ---------------------- NET CASH (USED) BY INVESTING ACTIVITI 9,008 10,032 NET CHANGE IN CASH (42,726) (15,460) CASH AT BEGINNING OF YEAR 52,325 84,376 ---------------------- CASH AT END OF PERIOD 9,599 68,916 ====================== - ----------------------------------------------------------- SYNERGISTICS, INC. SELECTED INFORMATION Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted. It is suggested that these financial statements be read in conjunction with the financial statements and notes thereto included in the Company's Annual Report Form 10-K. The results of operations for the period ended September 30, 2000 are not necessarily indicative of the operating results for the full year. Basis of Presentation It is the opinion of management that all significant adjustments which are routine recurring adjustments reflected in the accompanying September 30, financial statements which are necessary to present fairly such interim financial statements. Accounting Policy for Revenues and Costs of Sales Revenues are recognized at the time of product shipment. Cost of sales is computed using the "gross profit" method based upon historical results of operations. Other cost, included in costs of sales, are based upon such costs as actually incurred. Inventories Inventories are comprised of the following: * 9/30/00 12/31/99 Raw Materials 47,106 45,528 Finished Goods & WIP 381,133 331,816 ---------------------- Total Inventories 428,239 377,344 ====================== *Allocation Based Upon Estimate (Loss) per Common Share The weighted average number of shares of common stock outstanding used in computing (loss) per share does not include the effect of the conversion of the stock options as the exercise price exceeds the current market value of the security. The following schedule sets forth the number of shares used in computing earnings per share: Period of Nine Months Ended September 30 2000 1999 Assuming no dilution Common Stock Outstanding October 31 9,632,561 9,632,561 Shares held in Treasury 16,445 16,445 Total Shares Authorized 12,000,000 12,000,000 - ----------------------------------------------------------- PART I FINANCIAL INFORMATION ITEM 1. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS For the nine months ended Sept. 30, 2000, the Company recorded sales of $1,964,782 compared to $2,128,516 for the nine months ended Sept. 30, 1999. At Sept. 30,, 2000 the Company had a backlog of $62,013 compared to $36,081 at Sept. 30, 1999. Cost of sales as a percentage of sales increased to 72% from 64.4% for the nine months ended Sept. 30, 2000 and 1999, respectively. This is due to the increase in the engineering staff & a higher material content of products sold. For the period of nine months ended Sept. 30, 2000, selling, general and administrative expenses increased by $156,303 over the period of nine months ended Sept. 30, 1999. PART II OTHER INFORMATION ITEM 1. LEGAL PROCEEDINGS There are currently no pending legal proceedings to which the Company is a party or to which any of its property is subject. ITEM 2. CHANGE IN SECURITIES There have been no changes in the instruments defining the rights of holders of any class of securities of the Company during the first nine months of calendar year 2000. ITEM 3. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS A Special meeting in lieu of an annual meeting was held on May 25, 2000. William Tetrick, Dave Longworth, Larry Bishop, Thomas Gehman and Robert Pogorelc were elected as directors. A vote was taken to approve Livingston & Haynes, P.C. to continue as auditors for the coming year. Both votes were passed and no other votes were taken. ITEM 4. EXHIBITS AND FORM 8-K None. Pursuant to the requirements of the Securities Act of 1934, the registrant has duly caused this report to be signed on its behalf, the undersigned thereunto being duly authorized. DATE_____10/27/2000____________ /S/William M. Tetrick William M. Tetrick Chairman of the Board DATE_____10/27/2000____________ /S/David S. Longworth David S. Longworth President and Clerk EX-27 2 0002.txt
5 9-MOS DEC-31-2000 Sep-30-2000 9,599 0 549,505 18,300 428,239 987,074 118,119 79,493 1,785,374 750,467 0 0 0 96,326 938,581 1,785,374 1,964,782 1,965,291 1,414,560 1,414,560 0 0 1,637 (381,824) 0 (381,824) 0 0 0 (381,824) (0.04) (0.04)
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