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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-Q/A
[ X ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended October 31, 1998
or
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from ______________ to ______________
Commission File Number: 0-28132
LANVISION SYSTEMS, INC.
(Exact name of registrant as specified in its charter)
Delaware 31-1455414
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
One Financial Way, Suite 400
Cincinnati, Ohio 45242-5859
(Address of principal executive offices) (Zip Code)
(513) 794-7100
(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
----- -----
Number of shares of Registrant's Common Stock ($.01 par value per
share) issued and outstanding, as of December 11, 1998: 8,814,520.
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<TABLE>
<CAPTION>
LANVISION SYSTEMS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Three and Nine Months Ended October 31,
(Unaudited)
Three Months Ended Nine Months Ended
--------------------------------- ---------------------------------
1998 1997 1998 1997
--------------- --------------- --------------- ---------------
<S> <C> <C> <C> <C>
Revenues:
Systems sales $ 1,307,886 $ 1,160,116 $ 4,979,826 $ 2,758,963
Service, maintenance and support 1,276,852 1,168,599 4,047,450 3,251,731
Service bureau operations 251,591 - 422,305 -
--------------- --------------- --------------- ---------------
Total revenues 2,836,329 2,328,715 9,449,581 6,010,694
Operating expenses:
Cost of systems sales 315,912 493,633 1,525,768 1,658,513
Cost of service, maintenance and support 1,340,522 1,276,395 4,298,875 3,630,152
Cost of service bureau operations 755,534 - 2,103,374 -
Selling, general and administrative 1,516,922 2,205,518 6,092,729 7,129,460
Product research and development 722,443 1,304,364 3,121,056 3,534,214
Restructuring expense - - 300,000 -
--------------- --------------- --------------- ---------------
Total operating expenses 4,651,333 5,279,910 17,441,802 15,952,339
--------------- --------------- --------------- ---------------
Operating (loss) (1,815,004) (2,951,195) (7,992,221) (9,941,645)
Interest income 94,112 287,484 291,741 901,005
Interest expense 390,000 - 457,500 -
--------------- --------------- --------------- ---------------
Net (loss) $ (2,110,892) $ (2,663,711) $ (8,157,980) $ (9,040,640)
=============== =============== =============== ===============
Basic net (loss) per common share $ (.24) $ (.30) $ (.93) $ (1.02)
=============== =============== =============== ===============
Diluted net (loss) per common share $ (.24) $ (.30) $ (.93) $ (1.02)
=============== =============== =============== ===============
Number of shares used in per common share computations 8,814,520 8,806,000 8,809,856 8,834,716
=============== =============== =============== ===============
</TABLE>
See Notes to Condensed Consolidated Financial Statements.
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Item 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits
10(a)* First Amendment to the Employment Agreement among LanVision
Systems, Inc., LanVision, Inc. and J. Brian Patsy.
10(b)* First Amendment to the Employment Agreement among LanVision
Systems, Inc., LanVision, Inc. and Eric S. Lombardo.
10(c)* First Amendment to Loan and Security Agreement between The
HillStreet Fund, L.P. and LanVision Systems, Inc.
11* Computation of Earnings (Loss) Per Common Share
27* Financial Data Schedule
* previously filed
(b) Reports on Form 8-K
None.
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.
LANVISION SYSTEMS, INC.
DATE: December 16, 1998 By: /s/ J. BRIAN PATSY
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J. Brian Patsy
Chief Executive Officer and
President
DATE: December 16, 1998 By: /s/ THOMAS E. PERAZZO
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Thomas E. Perazzo
Vice President, Chief Operating Officer,
Chief Financial Officer and Treasurer
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