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Previous: PELICAN PROPERTIES INTERNATIONAL CORP, 10SB12B/A, 1998-11-12 |
Next: AZUREL LTD, 10QSB, 1998-11-12 |
U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-QSB/A
[ X ] Quarterly Report Under Section 13 or 15(d) of the
Securities Exchange Act of 1934
For the quarterly period ended June 30, 1998
[ ] Transition Report Under Section 13 or 15(d) of
the Exchange Act
For the transition period from ____________ to ____________.
Commission file number 0-23075
PELICAN PROPERTIES, INTERNATIONAL CORP.
- --------------------------------------------------------------------------------
(Exact Name of Small Business Issuer as Specified in Its Charter)
FLORIDA 65-0616879
----------------------- -----------
(State or Other Jurisdiction of (I.R.S. Employer
Incorporation or Organization) Identification No.)
12520 SW 195 TERRACE
MIAMI, FLORIDA 33177
--------------------
(Address of Principal Executive Office)
(305) 251-4060
--------------
(Issuer's Telephone Number, Including Area Code)
Check whether the issuer: (1) 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 registrant was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days.
Yes [ X ] No [ ]
The number of shares outstanding of the issuer's common stock, par value $.001
per share as of August 3, 1998 was 5,094,185.
Transitional Small Business Disclosure Format: Yes [ ] No [ X ]
Page 1
<PAGE>
PELICAN PROPERTIES, INTERNATIONAL CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
<TABLE>
<CAPTION>
(HISTORICAL) (PROFORMA)
JUNE 30 DECEMBER 31 DECEMBER 31
ASSETS 1998 1997 1997
------------ -------------- -------------
<S> <C> <C> <C>
CURRENT ASSETS
Cash $ 253,951 $ 63,335 $ 63,335
Cash, restricted 7,859,440 - -
Accounts receivable - 54,535 -
Inventories - 52,992 -
Other current assets 17,492 27,303 -
------------ -------------- -------------
Total current assets 8,130,883 198,165 63,335
PROPERTY AND EQUIPMENT, NET 17,784 6,171,103 14,105
OTHER ASSETS 4,003 123,870 4,003
------------ -------------- -------------
TOTAL ASSETS $ 8,152,670 $ 6,493,138 $ 81,443
============ ============== =============
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable & accrued expenses $ 39,039 $ 252,824 $ -
Deferred revenues - 222,764 -
Current portion of pre-petition debt - 32,260 32,260
Other current liabilities 88,820 620,045 89,956
Current maturities of long-term debt 9,838 1,065,018 -
Net current liabilities of discontinued operations - - 605,648
Income taxes payable: discontinued operations 1,569,785 - -
Loans payable to stockholders - 241,153 241,153
------------ -------------- -------------
Total current liabilities 1,707,482 2,434,064 969,017
------------ -------------- -------------
LONG-TERM LIABILITIES
Long-term portion of pre-petition debt - 120,546 120,547
Long-term debt, less current maturities - 4,946,649 -
Deferred income taxes 1,942,135 - -
------------ -------------- -------------
Total long-term liabilities 1,942,135 5,067,195 120,547
------------ -------------- -------------
STOCKHOLDERS' EQUITY (DEFICIT)
Preferred stock (6%), par value $.001; 1,000,000 shares
authorized and 195,907shares as of December 31, 1997 - 196 196
Common stock, par value $.001; 100,000,000 shares
authorized 4,954,185 shares issued as of December 31,
1997 and 5,094,185 shares issued as of June 30, 1998 5,094 4,954 4,954
Additional Paid-in Capital 3,278,590 3,536,894 3,536,894
Retained earnings (accumulated deficit) 1,219,369 (4,550,165) (4,550,165)
------------ -------------- -------------
Total stockholders' equity (deficit) 4,503,053 (1,008,121) (1,008,121)
------------ -------------- -------------
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY (DEFICIT) $ 8,152,670 $ 6,493,138 $ 81,443
============ ============== =============
</TABLE>
Page 2
<PAGE>
PELICAN PROPERTIES, INTERNATIONAL CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
-------------------------------------- ------------------------------------
(Historical) (Proforma) (Historical) (Proforma)
-------------------------------------- ------------------------------------
Jun 30 Jun 30 Jun 30 Jun 30 Jun 30 Jun 30
1998 1997 1997 1998 1997 1997
-------------------------------------- ------------------------------------
<S> <C> <C>
REVENUES - 768,330 - - 2,313,468 -
COST OF REVENUES - 290,097 - - 668,823 -
-------------------------------------- -------------------------------------
GROSS PROFIT - 478,233 - - 1,644,645 -
-------------------------------------- -------------------------------------
EXPENSES:
General & administrative 91,674 169,144 32,694 142,565 351,990 55,855
Operating - 322,491 - - 688,148 -
Interest expense 51,768 109,878 - 51,768 219,754 -
Depreciation & amortization 194 78,698 - 194 161,001 -
Total expenses 143,636 680,211 32,694 194,527 1,420,893 55,855
-------------------------------------- -------------------------------------
Loss from continuing operations
before other income (expenses) (143,636) (201,978) (32,694) (194,527) 223,752 (55,855)
OTHER INCOME (EXPENSES) 587 (67,301) (66,209) (45,532) (169,836) (153,978)
-------------------------------------- -------------------------------------
Loss from continuing operations
before income taxes (143,049) (269,279) (98,903) (240,059) 53,916 (209,833)
Provision for income taxes (tax benefit) (53,858) (89,331) (37,237) (90,382) 23,949 (79,002)
-------------------------------------- -------------------------------------
Loss from continuing operations (89,191) (179,948) (61,666) (149,677) 29,967 (130,831)
Gain on sale of discontinued operations
(net of income taxes) 5,477,012 - - 5,477,012 - -
Income (loss) from discontinued
operations (net of income taxes) (134,401) - (118,282) 80,629 - 160,798
-------------------------------------- -------------------------------------
Income (loss) before extraordinary gain 5,253,420 (179,948) (179,948) 5,407,964 29,967 29,967
Extraordinary gain (net of income taxes) 361,570 - - 361,570 - -
-------------------------------------- -------------------------------------
NET INCOME (LOSS) 5,614,990 (179,948) (179,948) 5,769,534 29,967 29,967
====================================== =====================================
BASIC AND DILUTED EARNINGS (LOSS)
PER SHARE:
Continued operations (0.02) (0.04) (0.01) (0.03) 0.01 (0.03)
Sale of discontinued operations 1.08 - - 1.08 - -
Discontinued operations (0.03) - (0.03) 0.02 - 0.04
Extraordinary gain 0.07 - - 0.07 - -
-------------------------------------- -------------------------------------
NET INCOME (LOSS) 1.10 (0.04) (0.04) 1.14 0.01 0.01
====================================== =====================================
Weighted average number of shares
basic and diluted 5,080,852 4,832,976 4,832,976 5,052,170 4,700,203 4,700,203
====================================== =====================================
</TABLE>
Page 3
<PAGE>
PELICAN PROPERTIES, INTERNATIONAL CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHS ENDED JUNE 30, 1998 AND 1997
(UNAUDITED)
<TABLE>
<CAPTION>
(HISTORICAL) (PROFORMA)
1998 1997 1997
------------ -------------- -------------
<S> <C> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) from continuing operations (149,677) $ 29,967 $ (130,831)
Adjustments to reconcile income from continuing operations
to net cash (used) provided by continuing operations:
Depreciation and amortization 194 161,001 -
Non-cash compensation - 6,250 -
Loss on disposal of asset - 14,933 -
Changes in working capital of continuing operations:
Decrease in accounts receivable - 50,176 -
Increase in inventories - (3,630) -
Decrease in other receivable - 292 -
Decrease (increase) in other assets (17,492) 251,792 95,542
Increase (decrease) in accounts payable
and accrued expenses 39,038 65,871 (57,135)
Increase in deferred revenues - (244,679) -
Increase in other current liabilities (1,136) 3,916 (79,002)
Decrease in due to affiliate - (57,435) -
Increase in deferred tax liabilities - 103 -
Decrease in pre-petition chapter 11 debt - (57,135) -
------------ ------------- -------------
Net cash used by continuing operations (129,073) 221,422 (171,426)
Net cash (used) provided by discontinued operations (643,043) - 392,848
------------ ------------- -------------
Net cash (used) provided by operating activities (772,116) 221,422 221,422
------------ ------------- -------------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures: discontinued operations (3,873) (100,878) (100,878)
Proceeds from sale of discontinued operations 14,983,262 - -
------------ ------------- -------------
Net cash (used) provided by investing activities 14,979,389 (100,878) (100,878)
------------ ------------- -------------
CASH FLOW FROM FINANCING ACTIVITIES:
Principal payments on long-term debt: discontinued operations (5,622,704) (130,000) (130,000)
Repayment of loan (241,153) - -
Cash redemption of preferred stock (293,860) - -
Proceeds from issuance of common stock 500 - -
------------ ------------- -------------
Net cash (used) provided by financing activities (6,157,217) (130,000) (130,000)
------------ ------------- -------------
NET INCREASE IN CASH 8,050,056 (9,456) (9,456)
CASH, BEGINNING OF PERIOD 63,335 105,342 105,342
------------ ------------- -------------
CASH, END OF PERIOD $ 8,113,391 $ 95,886 $ 95,886
============ ============= =============
</TABLE>
Page 4
<PAGE>
SIGNATURES
In accordance with Section 13 or 15 (d) of the Securities Exchange Act
of 1934, Pelican Properties, International, Corp. has caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
PELICAN PROPERTIES, INTERNATIONAL, CORP.
DATE: November 12, 1998 By: /S/ TIMOTHY M. BENJAMIN
----------------------------------
Timothy M. Benjamin, CFO/Treasurer
Page 5
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