SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-Q/A
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 1998
Commission file number 0-27042
AlphaNet Solutions, Inc.
------------------------------------------------------
(Exact Name of Registrant as Specified in Its Charter)
New Jersey 22-2554535
------------------------------- ------------------------------------
(State or Other Jurisdiction of (I.R.S. Employer Identification No.)
Incorporation or Organization)
7 Ridgedale Ave., Cedar Knolls, New Jersey 07927
- ------------------------------------------ ----------
(Address of Principal Executive Offices) (Zip Code)
(973) 267-0088
-------------------------------
(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:
Indicate the number of shares outstanding of each of the Registrant's
classes of common stock, as of April 30, 1998:
CLASS NUMBER OF SHARES
- ----- ----------------
Common Stock, $.01 par value 6,283,310
<PAGE>
PART II. OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K.
(A) EXHIBIT.
<TABLE>
<S> <C> <C>
27.1 Financial Data Schedule For the Period ending March 31, 1998
27.2 Financial Data Schedule For the Year ending December 31, 1997
27.3 Financial Data Schedule For the Period ending September 30, 1997
27.4 Financial Data Schedule For the Period ending June 30, 1997
27.5 Financial Data Schedule For the year ending December 31, 1996
27.6 Financial Data Schedule For the Period ending September 30, 1996
27.7 Financial Data Schedule For the Period ending June 30, 1996
27.8 Financial Data Schedule For the Period ending March 31, 1996
</TABLE>
(B) REPORTS ON FORM 8-K.
No reports on Form 8-K were filed during the quarter for which
this report on Form 10-Q/A is filed.
<PAGE>
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.
ALPHANET SOLUTIONS, INC.
DATE: June 24, 1998 BY: /S/ STAN GANG
-----------------------
Stan Gang,
President and Chief
Executive Officer
(Principal Executive
Officer)
DATE: June 24, 1998 BY: /S/ ROBERT G. PETOIA
-----------------------
Robert G. Petoia
Vice President and
Chief Financial Officer
(Principal Financial and
Accounting Officer)
<PAGE>
EXHIBIT INDEX
EXHIBIT DESCRIPTION
- ------- -----------
27.1 Financial Data Schedule For the Period ending March 31, 1998
27.2 Financial Data Schedule For the Year ending December 31, 1997
27.3 Financial Data Schedule For the Period ending September 30, 1997
27.4 Financial Data Schedule For the Period ending June 30, 1997
27.5 Financial Data Schedule For the year ending December 31, 1996
27.6 Financial Data Schedule For the Period ending September 30, 1996
27.7 Financial Data Schedule For the Period ending June 30, 1996
27.8 Financial Data Schedule For the Period ending March 31, 1996
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from the
Registrant's unaudited interim consolidated Financial Statements as of
March 31, 1998 and March 31, 1997 contained in the Registrant's
quarterly reports on Form 10-Q for each of the periods ended March 31,
1998 and March 31, 1997 and is qualified in its entirety by reference
to such Financial Statements.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C> <C>
<PERIOD-TYPE> 3-MOS 3-MOS
<FISCAL-YEAR-END> DEC-31-1998 DEC-31-1997
<PERIOD-START> JAN-01-1998 JAN-01-1997
<PERIOD-END> MAR-31-1998 MAR-31-1997
<CASH> 7,311 117
<SECURITIES> 0 0
<RECEIVABLES> 46,038 34,440
<ALLOWANCES> 1,255 303
<INVENTORY> 5,589 3,594
<CURRENT-ASSETS> 61,798 39,977
<PP&E> 10,419 5,756
<DEPRECIATION> 3,160 1,289
<TOTAL-ASSETS> 71,854 46,142
<CURRENT-LIABILITIES> 28,036 25,385
<BONDS> 0 0
0 0
0 0
<COMMON> 63 51
<OTHER-SE> 43,080 20,031
<TOTAL-LIABILITY-AND-EQUITY> 71,854 46,142
<SALES> 31,297 38,768
<TOTAL-REVENUES> 45,491 46,501
<CGS> 27,377 34,493
<TOTAL-COSTS> 36,772 39,521
<OTHER-EXPENSES> 0 0
<LOSS-PROVISION> 0 0
<INTEREST-EXPENSE> 26 61
<INCOME-PRETAX> 2,230 1,968
<INCOME-TAX> 914 807
<INCOME-CONTINUING> 1,316 1,161
<DISCONTINUED> 0 0
<EXTRAORDINARY> 0 0
<CHANGES> 0 0
<NET-INCOME> 1,316 1,161
<EPS-PRIMARY><F1> 0.21 0.23<F2>
<EPS-DILUTED> 0.21 0.22<F2>
<FN>
<F1>The word "Primary" should be deleted and replaced with the word "Basic".
<F2>This amount was restated in accordance with Financial Accounting Standards
Board Statement No. 128 and Staff Accounting Bulletin No. 98.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
AUDITED CONSOLIDATED FINANCIAL STATEMENTS OF REGISTRANT. AS OF DECEMBER
31, 1997 AND FOR THE 12 MONTH PERIOD ENDED DECEMBER 31, 1997 AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH AUDITED FINANCIAL
STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> DEC-31-1997
<CASH> 2,689,000
<SECURITIES> 0
<RECEIVABLES> 51,643,000
<ALLOWANCES> 1,255,000
<INVENTORY> 4,941,000
<CURRENT-ASSETS> 63,267,000
<PP&E> 8,970,000
<DEPRECIATION> 2,584,000
<TOTAL-ASSETS> 72,541,000
<CURRENT-LIABILITIES> 30,144,000
<BONDS> 0
0
0
<COMMON> 63,000
<OTHER-SE> 41,659,000
<TOTAL-LIABILITY-AND-EQUITY> 72,541,000
<SALES> 191,392,000
<TOTAL-REVENUES> 191,392,000
<CGS> 159,327,000
<TOTAL-COSTS> 22,761,000
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 158,000
<INCOME-PRETAX> 9,365,000
<INCOME-TAX> 3,844,000
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 5,521,000
<EPS-PRIMARY><F1> 0.97<F2>
<EPS-DILUTED> 0.93<F2>
<FN>
<F1> The word "Primary" should be deleted and replaced with the word "Basic".
<F2> This amount was restated in accordance with Financial Accounting Standards
Board Statement No. 128 and Staff Accounting Bulleting No. 98.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from the
Registrant's unaudited interim consolidated Financial Statements
included in the Registrant's quarterly report on Form 10-Q for the
period ended September 30, 1997 and is qualified in its entirety by
reference to such Financial Statements.
</LEGEND>
<MULTIPLIER> 1,000
<CURRENCY> US DOLLARS
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> SEP-30-1997
<EXCHANGE-RATE> 1
<CASH> 8,350
<SECURITIES> 0
<RECEIVABLES> 42,579
<ALLOWANCES> 549
<INVENTORY> 7,121
<CURRENT-ASSETS> 61,170
<PP&E> 8,324
<DEPRECIATION> 2,050
<TOTAL-ASSETS> 69,877
<CURRENT-LIABILITIES> 29,361
<BONDS> 0
0
0
<COMMON> 63
<OTHER-SE> 39,778
<TOTAL-LIABILITY-AND-EQUITY> 69,877
<SALES> 104,967
<TOTAL-REVENUES> 134,803
<CGS> 92,973
<TOTAL-COSTS> 112,699
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 149
<INCOME-PRETAX> 6,236
<INCOME-TAX> 2,557
<INCOME-CONTINUING> 3,679
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 3,679
<EPS-PRIMARY><F1> 0.66<F2>
<EPS-DILUTED> 0.64<F2>
<FN>
<F1> The word "Primary" should be deleted and replaced with the word "Basic".
<F2> This amount was restated in accordance with Financial Accounting Standards
Board Statement No. 128 and Staff Accounting Bulleting No. 98.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from the
Registrant's unaudited interim consolidated Financial Statements
included in the Registrant's quarterly report on Form 10-Q for the
period ended June 30, 1997 and is qualified in its entirety by
reference to such Financial Statements.
</LEGEND>
<MULTIPLIER> 1,000
<CURRENCY> US DOLLARS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> JUN-30-1997
<EXCHANGE-RATE> 1
<CASH> 16,721
<SECURITIES> 0
<RECEIVABLES> 33,032
<ALLOWANCES> 453
<INVENTORY> 4,575
<CURRENT-ASSETS> 55,329
<PP&E> 6,788
<DEPRECIATION> 1,609
<TOTAL-ASSETS> 61,705
<CURRENT-LIABILITIES> 22,615
<BONDS> 0
0
0
<COMMON> 63
<OTHER-SE> 38,352
<TOTAL-LIABILITY-AND-EQUITY> 61,705
<SALES> 70,377
<TOTAL-REVENUES> 88,311
<CGS> 62,496
<TOTAL-COSTS> 74,260
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 146
<INCOME-PRETAX> 3,832
<INCOME-TAX> 1,571
<INCOME-CONTINUING> 2,261
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 2,261
<EPS-PRIMARY><F1> 0.44<F2>
<EPS-DILUTED> 0.42<F2>
<FN>
<F1> The word "Primary" should be deleted and replaced with the word "Basic".
<F2> This amount was restated in accordance with Financial Accounting Standards
Board Statement No. 128 and Staff Accounting Bulleting No. 98.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from the
Registrant's audited consolidated Financial Statements included in the
Registrant's annual report on Form 10-K for the period ended December
31, 1996 and is qualified in its entirety by reference to such audited
Financial Statements.
</LEGEND>
<MULTIPLIER> 1,000
<CURRENCY> US DOLLARS
<S> <C> <C>
<PERIOD-TYPE> YEAR YEAR
<FISCAL-YEAR-END> DEC-31-1995 DEC-31-1996
<PERIOD-START> JAN-01-1995 JAN-01-1996
<PERIOD-END> DEC-31-1995 DEC-31-1996
<EXCHANGE-RATE> 1 1
<CASH> 1,223 1,610
<SECURITIES> 0 0
<RECEIVABLES> 13,966 30,111
<ALLOWANCES> 81 263
<INVENTORY> 946 4,089
<CURRENT-ASSETS> 16,639 38,417
<PP&E> 1,814 4,870
<DEPRECIATION> 436 1,014
<TOTAL-ASSETS> 18,770 43,647
<CURRENT-LIABILITIES> 11,606 24,010
<BONDS> 0 0
0 0
0 0
<COMMON> 34 51
<OTHER-SE> 6,540 18,870
<TOTAL-LIABILITY-AND-EQUITY> 18,770 43,647
<SALES> 62,516 99,468
<TOTAL-REVENUES> 74,016 119,605
<CGS> 54,579 88,218
<TOTAL-COSTS> 61,448<F1> 101,133<F1>
<OTHER-EXPENSES> 0 0
<LOSS-PROVISION> 0 0
<INTEREST-EXPENSE> 140 106
<INCOME-PRETAX> 4,089 5,854
<INCOME-TAX> 124 1,970
<INCOME-CONTINUING> 3,695 3,884
<DISCONTINUED> 0 0
<EXTRAORDINARY> 0 0
<CHANGES> 0 0
<NET-INCOME> 3,695 3,884
<EPS-PRIMARY><F2> 1.17<F3> 0.83<F3>
<EPS-DILUTED> 1.17<F3> 0.82<F3>
<FN>
<F1> Reflects reclassification of certain indirect costs which were previously
classified as costs of services to general, and administrative expenses to
conform to current industry practices.
<F2> The word "Primary" should be deleted and replaced with the word "Basic".
<F3> This amount was restated in accordance with Financial Accounting Standards
Board Statement No. 128 and Staff Accounting Bulleting No. 98.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from the
Registrant's unaudited interim consolidated Financial Statements
included in the Registrant's quarterly report on Form 10-Q for the
period ended September 30, 1996 and is qualified in its entirety by
reference to such Financial Statements.
</LEGEND>
<MULTIPLIER> 1,000
<CURRENCY> US DOLLARS
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> SEP-30-1996
<EXCHANGE-RATE> 1
<CASH> 4,818
<SECURITIES> 0
<RECEIVABLES> 22,766
<ALLOWANCES> 247
<INVENTORY> 3,279
<CURRENT-ASSETS> 31,843
<PP&E> 3,226
<DEPRECIATION> 796
<TOTAL-ASSETS> 35,330
<CURRENT-LIABILITIES> 17,768
<BONDS> 73
0
0
<COMMON> 51
<OTHER-SE> 17,438
<TOTAL-LIABILITY-AND-EQUITY> 35,330
<SALES> 60,334
<TOTAL-REVENUES> 74,120
<CGS> 53,389
<TOTAL-COSTS> 64,515
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 70
<INCOME-PRETAX> 3,472
<INCOME-TAX> 994
<INCOME-CONTINUING> 2,478
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 2,478
<EPS-PRIMARY><F1> 0.54<F2>
<EPS-DILUTED> 0.54<F2>
<FN>
<F1> The word "Primary" should be deleted and replaced with the word "Basic".
<F2> This amount was restated in accordance with Financial Accounting Standards
Board Statement No. 128 and Staff Accounting Bulleting No. 98.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from the
Registrant's unaudited interim Financial Statements included in the
Registrant's quarterly report on Form 10-Q for the period ended June
30, 1996 and is qualified in its entirety by reference to such
Financial Statements.
</LEGEND>
<MULTIPLIER> 1,000
<CURRENCY> US DOLLARS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> JUN-30-1996
<EXCHANGE-RATE> 1
<CASH> 6,686
<SECURITIES> 0
<RECEIVABLES> 16,890
<ALLOWANCES> 81
<INVENTORY> 1,886
<CURRENT-ASSETS> 27,281
<PP&E> 2,552
<DEPRECIATION> 623
<TOTAL-ASSETS> 29,322
<CURRENT-LIABILITIES> 12,712
<BONDS> 90
0
0
<COMMON> 51
<OTHER-SE> 16,469
<TOTAL-LIABILITY-AND-EQUITY> 29,322
<SALES> 34,868
<TOTAL-REVENUES> 43,541
<CGS> 30,907
<TOTAL-COSTS> 38,037
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 55
<INCOME-PRETAX> 1,829
<INCOME-TAX> 320
<INCOME-CONTINUING> 1,509
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 1,509
<EPS-PRIMARY><F1> 0.35<F2>
<EPS-DILUTED> 0.35<F2>
<FN>
<F1> The word "Primary" should be deleted and replaced with the word "Basic".
<F2> This amount was restated in accordance with Financial Accounting Standards
Board Statement No. 128 and Staff Accounting Bulleting No. 98.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from the
Registrant's unaudited interim Financial Statements
included in the Registrant's quarterly report on Form 10-Q for the
period ended March 31, 1996 and is qualified in its entirety by
reference to such Financial Statements.
</LEGEND>
<MULTIPLIER> 1,000
<CURRENCY> US DOLLARS
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> MAR-31-1996
<EXCHANGE-RATE> 1
<CASH> 11,352
<SECURITIES> 0
<RECEIVABLES> 13,948
<ALLOWANCES> 81
<INVENTORY> 750
<CURRENT-ASSETS> 27,117
<PP&E> 2,027
<DEPRECIATION> 519
<TOTAL-ASSETS> 28,727
<CURRENT-LIABILITIES> 13,545
<BONDS> 115
0
0
<COMMON> 50
<OTHER-SE> 15,017
<TOTAL-LIABILITY-AND-EQUITY> 28,727
<SALES> 15,191
<TOTAL-REVENUES> 19,296
<CGS> 13,283
<TOTAL-COSTS> 16,593
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 35
<INCOME-PRETAX> 961
<INCOME-TAX> (32)
<INCOME-CONTINUING> 993
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 993
<EPS-PRIMARY><F1> 0.28<F2>
<EPS-DILUTED> 0.28<F2>
<FN>
<F1> The word "Primary" should be deleted and replaced with the word "Basic".
<F2> This amount was restated in accordance with Financial Accounting Standards
Board Statement No. 128 and Staff Accounting Bulleting No. 98.
</FN>
</TABLE>
