SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 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 JUNE 30, 1999
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Commission File No. 0-21391
TURBODYNE TECHNOLOGIES INC.
(Exact Name of Registrant as Specified in its Charter)
DELAWARE 95-4699061
(State or other Jurisdiction of (I.R.S. Employer
Incorporation or Organization) Identification No.)
21700 Oxnard Street, Suite 1550, Woodland Hills, California 91367
(Address of Principal Executive Offices) (Zip Code)
(818) 593-2282
(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 _____
Shares of Common Stock, par value $0.001, outstanding as of August 17, 1999:
46,363,210 shares.
<PAGE>
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
EXHIBITS
--------
11.1 Statement re computation of per share earnings
27.1 Financial Data Schedule
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Company
has duly caused this report to be signed on its behalf by the undersigned
thereunto duly authorized.
TURBODYNE TECHNOLOGIES INC.
Date: August 17, 1999 By /S/KHAL A. KADER
----------------------------
Khal A. Kader
Chief Financial Officer
(Principal Accounting Officer)
EXHIBIT 11.1
TURBODYNE TECHNOLOGIES INC AND SUBSIDIARIES
Schedule of Computation of Earnings Per Share
<TABLE>
<CAPTION>
LOSS PER SHARE Three Months Ended Six Months Ended
June 30, June 30,
1999 1998 1999 1998
------------- ------------ ------------ ------------
<S> <C> <C> <C> <C>
Net loss $ (3,339,000) $ (3,751,000) $ (6,823,000) $ (7,769,000)
Basic EPS - Weighted Average Shares
Outstanding 43,056,000 38,886,000 42,083,000 37,854,000
Less: Shares in Escrow (4,150,000) (4,150,000) (4,150,000) (4,150,000)
------------- ------------ ------------ ------------
Basic EPS - Weighted Average Shares
Outstanding Adjusted 38,906,000 34,736,000 37,933,000 33,704,000
============= ============ ============ ============
Basic Loss per Share $ (0.09) $ (0.11) $ (0.18) $ (0.23)
============= ============ ============ ============
Basic EPS - Weighted Average Shares
Outstanding Adjusted 38,906,000 34,736,000 37,933,000 33,704,000
============= ============ ============ ============
Effect of Diluted Securities:
Warrants and Stock Options (1) - - - -
------------- ------------ ------------ ------------
Diluted EPS - Weighted Average Shares
Oustanding 38,906,000 34,736,000 37,933,000 33,704,000
============= ============ ============ ============
Diluted Loss per Share $ (0.09) $ (0.11) $ (0.18) $ (0.23)
============= ============ ============ ============
<FN>
(1) The Company's outstanding stock options and warrants have an
antidilutive effect on net loss per share. As a result such amounts
have been excluded from the computations of diluted loss per share.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> JUN-30-1999
<CASH> 525,000
<SECURITIES> 0
<RECEIVABLES> 14,256,000
<ALLOWANCES> 232,000
<INVENTORY> 6,425,000
<CURRENT-ASSETS> 23,065,000
<PP&E> 32,289,000
<DEPRECIATION> 11,080,000
<TOTAL-ASSETS> 58,153,000
<CURRENT-LIABILITIES> 30,723,000
<BONDS> 0
0
0
<COMMON> 45,000
<OTHER-SE> 22,351,000
<TOTAL-LIABILITY-AND-EQUITY> 58,153,000
<SALES> 30,252,000
<TOTAL-REVENUES> 30,367,000
<CGS> 25,893,000
<TOTAL-COSTS> 36,473,000
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 148,000
<INTEREST-EXPENSE> 713,000
<INCOME-PRETAX> (6,823,000)
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (6,823,000)
<EPS-BASIC> (0.18)
<EPS-DILUTED> (0.18)
</TABLE>
