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Previous: TLM CORP, 8-K/A, 1995-06-13 |
Next: ARIS INDUSTRIES INC, 10-Q, 1995-06-13 |
SECURITIES AND EXCHANGE COMMISSIONS
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 April 30, 1995
Commission File Number: 1-6339
UNIFLEX, INC.
(Exact Name of Registrant As Specified In Its Charter)
Delaware 11-2008652
(State or other jurisdiction of (I.R.S. employer
incorporation or organization) identification no.)
383 West John Street, Hicksville, New York 11802
(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code: 516 - 932 - 2000
Indicate by check mark whether the registrant (1) has filed all report required
to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934
during 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 issuer's classes of
common stock, as of the latest practicable date: 2,240,332 shares of the
Company's common stock - $.10 par value - were outstanding as of June 1, 1995.
<PAGE>
UNIFLEX, INC.
INDEX
Page No.
PART I. FINANCIAL INFORMATION
Item 1. Financial statements
Consolidated condensed balance sheets -
April 30, 1995 (unaudited) and January 31, 1995 1
Consolidated condensed statements of income (unaudited)
for the three months ended April 30, 1995 and 1994 2
Consolidated condensed statements of cash flows (unaudited)
for the three months ended April 30, 1995 and 1994 3
Notes to consolidated condensed financial statements (unaudited) 4
Item 2. Management's discussion and analysis of financial
condition and results of operations 5
PART II. OTHER INFORMATION
Item 6. Exhibits and reports on Form 8-K 6
SIGNATURES 7
-2-
<PAGE>
PART I - FINANCIAL INFORMATION
ITEM 1. Financial Statements
UNIFLEX, INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS
<TABLE>
<CAPTION>
April 30, January 31,
ASSETS 1995 1995
---- ----
(Unaudited)
<S> <C> <C>
Current Assets
Cash and cash equivalents $ 1,070,270 $ 527,725
Accounts receivable 4,339,323 4,187,063
Inventory 3,063,181 3,081,291
Prepaid expenses 409,034 438,192
Other current assets 208,081 272,035
Deferred tax asset 299,000 301,000
------------ ------------
Total Current Assets 9,388,889 8,806,206
Property and Equipment 6,108,423 5,641,333
Intangible Assets 177,743 138,588
Other Assets 548,320 730,330
------------ ------------
Total Assets $ 16,223,375 $ 15,318,457
============ ============
LIABILITIES, MINORITY INTEREST AND STOCKHOLDERS' EQUITY
Current Liabilities
Current maturities of long-term debt $ 136,469 $ 110,940
Acquisition note payable 60,000 60,000
Accounts payable and accrued expenses 2,391,416 2,815,095
------------ ------------
Total Current Liabilities 2,587,885 2,986,035
Long-Term Debt 4,539,655 3,847,077
Deferred Rent 100,000 88,746
Deferred Compensation and Postretirement Medical Benefits 1,136,460 1,111,478
------------ ------------
Total Liabilities 8,364,000 8,033,336
------------ ------------
Minority Interest 192,500 --
------------ ------------
Stockholders' Equity
Common stock - par value $.10 per share
10,000,000 shares authorized, 2,240,332 shares
issued and outstanding 224,033 224,033
Additional paid-in capital 424,695 424,695
Retained earnings 7,095,450 6,720,821
------------ ------------
7,744,178 7,369,549
Less note receivable - stock purchase (77,303) (84,428)
------------ ------------
Total Stockholders' Equity 7,666,875 7,285,121
------------ ------------
Total Liabilities, Minority Interest and Stockholders' Equity $ 16,223,375 $ 15,318,457
============ ============
</TABLE>
The condensed consolidated balance sheet at January 31, 1995 has been derived
from the audited financial statements at that date.
The accompanying notes are an integral part of these condensed consolidated
financial statements.
-1-
<PAGE>
UNIFLEX, INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF INCOME
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended
April 30,
---------
1995 1994
---- ----
<S> <C> <C>
Net sales $ 7,960,409 $ 6,922,139
Cost of sales 5,026,669 4,344,966
----------- -----------
Gross profit 2,933,740 2,577,173
----------- -----------
Shipping and selling expenses 1,486,626 1,260,158
General and administrative expenses 706,665 674,778
----------- -----------
2,193,291 1,934,936
----------- -----------
Income before other expenses 740,449 642,237
----------- -----------
Other expenses:
Deferred compensation and postretirement medical benefits -- 23,163
Interest - net 121,820 88,478
----------- -----------
121,820 111,641
----------- -----------
Income before provision for income taxes 618,629 530,596
----------- -----------
Provision for income taxes:
Current 280,000 255,000
Deferred (36,000) (38,000)
----------- -----------
244,000 217,000
----------- -----------
Net income $ 374,629 $ 313,596
=========== ===========
Earnings per share $ .14 $ .12
=========== ===========
</TABLE>
The accompanying notes are an integral part of these condensed consolidated
financial statements.
-2-
<PAGE>
UNIFLEX, INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(Unaudited)
INCREASE (DECREASE) IN CASH
<TABLE>
<CAPTION>
Three Months Ended
April 30,
---------
1995 1994
---- ----
<S> <C> <C>
Net cash provided by operating activities $ 259,910 $ 34,453
----------- -----------
Cash flows from investing activities:
Purchase of property and equipment (279,949) (177,791)
Purchase of intangibles (56,261) (10,401)
----------- -----------
Net cash used in investing activities (336,210) (188,192)
----------- -----------
Cash flows from financing activities:
Minority interest contributed 27,500 --
Proceeds from long-term debt 624,900 --
Payment of long-term debt (33,555) (177,735)
----------- -----------
Net cash provided by (used in) financing activities 618,845 (177,735)
----------- -----------
Net increase (decrease) in cash 542,545 (331,474)
Cash - beginning of period 527,725 692,196
----------- -----------
Cash - end of period $ 1,070,270 $ 360,722
=========== ===========
</TABLE>
The accompanying notes are an integral part of these condensed consolidated
financial statements.
-3-
<PAGE>
UNIFLEX, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
(Unaudited)
NOTE 1. BASIS OF PRESENTATION:
In the opinion of management of the Company, the accompanying unaudited
consolidated condensed financial statements contain all adjustments (consisting
of only normal recurring adjustments) necessary to present fairly the financial
position of the Company and its Subsidiaries as of April 30, 1995 and the
consolidated results of operations and cash flows for the three months ended
April 30, 1995 and 1994 and have been prepared pursuant to the rules and
regulations of the Securities and Exchange Commission.
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 condensed financial
statements be read in conjunction with the audited financial statements and
notes thereto included in the Company's annual report on Form 10-K for the year
ended January 31, 1995.
The results of operations for the three months ended April 30, 1995 are not
necessarily indicative of the operating results for the full year.
NOTE 2. INVENTORY:
A summary of inventory follows:
April 30, January 31,
1995 1995
---- ----
(Unaudited)
Raw materials and supplies $ 1,974,668 $ 2,101,460
Work in process 269,058 356,888
Finished products 819,455 622,943
--------------- ---------------
$ 3,063,181 $ 3,081,291
=============== ===============
-4-
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
NET SALES:
Net sales for the quarter ended April 30, 1995, compared to
the quarter ended April 30, 1994, increased $1,038,000, or 15.0%, to $7,960,000.
The increase in net sales was largely attributable to increased net sales of
approximately $600,000 in the Registrant's Advertising Specialty Division and
approximately $350,000 in the Registrant's Medical Products Division.
Net sales for the quarter ended April 30, 1995, as compared to
the immediately preceding quarter ended January 31, 1995, decreased by
approximately $103,000, or 1.3%, to $7,960,000.
The Registrant's backlog at April 30, 1995, was $4,433,000
compared to $3,624,000 for the quarter ended April 30, 1994, an increase of
$809,000 or 22.3%.
COST OF SALES AND EXPENSES:
Cost of sales for the quarter ended April 30, 1995, compared
to the quarter ended April 30, 1994, increased approximately $682,000, or 15.7%,
to $5,027,000 from $4,345,000. Cost of sales, as a percentage of net sales for
the quarter ended April 30, 1995, compared to the same quarter in the prior year
increased from 62.8% to 63.2%. This nominal percentage increase was primarily
due to an increase in raw materials prices.
Cost of sales for the quarter ended April 30, 1995, as
compared to the immediately preceding quarter ended January 31, 1995, decreased
$304,000, or 5.7%, from $5,331,000 to $5,027,000. This decrease was primarily
attributable to increased manufacturing efficiencies.
Shipping, Selling, General and Administrative expenses for the
quarter ended April 30, 1995, compared to the quarter ended April 30, 1994,
increased $258,000, or 13.4%, from $1,935,000 to $2,193,000. This increase was
primarily due to increased commissions as a direct result of increased net
sales.
INTEREST EXPENSE:
Interest expense for the quarter ended April 30, 1995,
compared to the quarter ended April 30, 1994, increased $33,000, or 37.7%, from
$88,000 to $121,000. This increase was attributable to the increased borrowings
required to fund the start-up of the Registrant's Cycle Plastics subsidiary and
higher interest rates.
WORKING CAPITAL AND LIQUIDITY:
Working capital increased to $6,801,000 at April 30, 1995,
compared to $5,303,000 at April 30, 1994, an increase of $1,498,000. This was a
direct result of the profitability of the Registrant during the preceding
quarters. The Registrant believes it has sufficient working capital and unused
lines of credit to meet its expected liquidity and capital reserve requirements
for the foreseeable future.
-5-
<PAGE>
PART II - OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits
Exhibit 27; Financial Data Schedule
(b) Report on Form 8-K - The Company filed no reports on Form
8-K during the quarter ended April 30, 1995.
-6-
<PAGE>
S I G N A T U R E S
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf of the
undersigned thereunto duly authorized.
UNIFLEX, INC.
(Registrant)
/s/ Herbert Barry
-------------------------------------
Herbert Barry (Chairman Of The Board)
/s/ Robert Gugliotta
-------------------------------------
Robert Gugliotta (VP Finance)
Date: June 13, 1995
-7-
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from the
Company's Form 10-Q for the quarter ended April 30, 1995 and is qualified in its
entirety by reference to such financial statements.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> JAN-31-1996
<PERIOD-END> APR-30-1995
<CASH> $1,070,270
<SECURITIES> 0
<RECEIVABLES> 4,339,323
<ALLOWANCES> 196,020
<INVENTORY> 3,063,181
<CURRENT-ASSETS> 9,388,889
<PP&E> 6,108,423
<DEPRECIATION> 7,325,061
<TOTAL-ASSETS> 16,223,375
<CURRENT-LIABILITIES> 2,587,885
<BONDS> 0
<COMMON> 224,033
0
0
<OTHER-SE> 7,442,842
<TOTAL-LIABILITY-AND-EQUITY> 16,223,375
<SALES> 7,960,409
<TOTAL-REVENUES> 7,960,409
<CGS> 5,026,669
<TOTAL-COSTS> 7,219,960
<OTHER-EXPENSES> 121,820
<LOSS-PROVISION> 40,284
<INTEREST-EXPENSE> 121,820
<INCOME-PRETAX> 618,629
<INCOME-TAX> 244,000
<INCOME-CONTINUING> 374,629
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 374,629
<EPS-PRIMARY> .14
<EPS-DILUTED> .14
</TABLE>
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