UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-QSB/A
[x] Quarterly Report pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
For the period ended September 30, 1998.
[ ] 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 0-29098
NAVIDEC, INC.
---------------------------------------------------------------
(Exact name of small business issuer as specified in its charter)
COLORADO 33-0502730
- -------------------------------- -----------------
(State or other jurisdiction (IRS Employer
of incorporation or organization) Identification No.)
14 INVERNESS DRIVE, SUITE F-116, ENGLEWOOD, CO 80112
----------------------------------------------------
(Address of principal executive offices) (Zip Code)
Issuer's telephone number: 303-790-7565
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 required for the past 90 days. Yes X No ___
APPLICABLE ONLY TO CORPORATE ISSUERS:
As of October 31, 1998, the Registrant had 3,606,221 shares of common
stock outstanding
<PAGE>
NAVIDEC, INC.
INDEX
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
Balance Sheets as of September 30, 1998 and December 31,
1997
Statements of Operations, Three and Nine months ended
September 30, 1998 and 1997
Statements of Cash Flows, Nine months September 30, 1998
and 1997
Notes to Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition
and Results of Operations
PART II. OTHER INFORMATION
Item 1. Legal Proceedings
Item 2. Changes in Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Submission of Matters to a Vote of Security Holders
Item 5. Other Information
Item 6. Exhibits and Reports on Form 8-K
SIGNATURES
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
<PAGE>
<TABLE>
<CAPTION>
NAVIDEC, INC.
BALANCE SHEETS
September 30, December 31,
1998 1997
ASSETS ------------- -----------
CURRENT ASSETS:
<S> <C> <C>
Cash and cash equivalents $395,000 $369,000
Accounts Receivable:
Trade net of $50,000 allowance
for doubtful accounts 1,523,000 726,000
Retainage 0 21,000
Cost and estimated earnings in
excess of billing 325,000 106,000
Notes Receivable 23,000 60,000
Inventory 502,000 549,000
Prepaid expenses and other
current assets 247,000 86,000
---------- ----------
Total current assets $3,015,000 $1,917,000
PROPERTY AND EQUIPMENT, net 808,000 713,000
OTHER ASSETS
Restricted certificate of deposit 0 300,000
Intangibles, net 84,000 169,000
----------- ----------
Total Assets $3,907,000 $3,099,000
=========== ===========
LIABILITIES AND STOCKHOLDERS EQUITY
CURRENT LIABILITIES
Current portion of capital
lease obligations $ 36,000 $ 37,000
Notes payable 578,000 63,000
Accounts payable 1,032,000 778,000
Payable to factor 202,000 190,000
Other accrued liabilities 245,000 171,000
----------- ----------
Total current liabilities $2,093,000 $1,239,000
CAPITAL LEASE OBLIGATIONS,
net current portion 69,000 95,000
NOTES PAYABLE,
net current portion 0 215,000
STOCKHOLDERS EQUITY
Common stock, no par value;
20,000,000 shares authorized
3,606,221 and 3,201,000 shares
issued and outstanding $8,619,000 $6,768,000
Accumulated deficit (6,874,000) (5,218,000)
Total stockholders
equity $1,745,000 $1,550,000
----------- ----------
TOTAL LIABILITIES and
STOCKHOLDERS EQUITY $3,907,000 $3,099,000
=========== ===========
</TABLE>
See accompanying notes to these financial statements.
<PAGE>
<TABLE>
<CAPTION>
NAVIDEC, INC.
STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS FOR THE NINE MONTHS
ENDED SEPTEMBER 30, ENDED SEPTEMBER 30,
-------------------------- --------------------------
1998 1997 1998 1997
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
NET SALES $ 2,139,000 $ 1,926,000 $ 5,678,000 $ 4,877,000
Cost of sales 1,394,000 1,308,000 3,733,000 3,234,000
----------- ----------- ----------- -----------
GROSS MARGIN 745,000 618,000 1,945,000 1,643,000
Operating expense 1,266,000 968,000 3,496,000 2,959,000
----------- ----------- ----------- -----------
OPERATING INCOME
(LOSS) (521,000) (350,000) (1,551,000) (1,316,000)
OTHER INCOME (EXPENSE):
Interest, net (97,000) (9,000) (101,000) (255,000)
Other 1,000 0 (4,000) 1,000
----------- ----------- ----------- -----------
Other, Net (96,000) (9,000) (105,000) (254,000)
----------- ----------- ----------- -----------
NET INCOME (LOSS) $ (617,000) $ (359,000) $(1,656,000) $(1,570,000)
=========== =========== =========== ===========
NET LOSS PER
SHARE (Basic) $ (.17) $ (.12) $ (.50) $ (.60)
NET LOSS PER
SHARE (Diluted) $ (.17) $ (.12) $ (.50) $ (.60)
=========== =========== =========== ===========
WEIGHTED AVERAGE COMMON
SHARES AND EQUIVALENTS
OUTSTANDING 3,606,000 2,943,000 3,335,000 2,610,000
=========== =========== =========== ===========
</TABLE>
See accompanying notes to these financial statements.
<PAGE>
NAVIDEC, INC.
STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED
SEPTEMBER 30
1998 1997
CASH FLOWS FROM OPERATING ACTIVITIES: ----------- ------------
Net loss $(1,656,000) $(1,570,000)
Adjustments to reconcile net loss to net
cash used in operating activities:
Depreciation and amortization 422,000 233,000
(Increase) Decrease in:
Accounts receivable (776,000) (800,000)
Amortization of loan discount 75,000 0
Costs and estimated earnings in
excess of billings (219,000) (153,000)
Inventories 47,000 (105,000)
Other assets (161,000) (66,000)
Increase (decrease) in:
Accounts payable and accrued
liabilities 254,000 (536,000)
Other liabilities 74,000 (227,000)
----------- -----------
Net cash used in operating activities (1,940,000) (3,224,000)
CASH FLOWS FROM INVESTING ACTIVITIES:
Decrease in Notes Receivable 37,000 0
Capital expenditures for property and
equipment (432,000) (403,000)
Cash acquired in acquisition of
TouchSource 0 7,000
Release of restricted CD 300,000 0
----------- -----------
Net cash used in investing activities (95,000) (396,000)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from factoring of accounts
receivable 1,059,000 240,000
Payment to factor (1,047,000) (747,000)
Proceeds from issuance of common
stock 1,551,000 5,349,000
Proceeds from issuance of notes payable 800,000 300,000
Proceeds from notes payable related
parties 40,000 0
Payment on notes payable-related parties (40,000) 0
Payment on notes payable and capital leases (302,000) (1,202,000)
Payment for deferred financing cost 0 (38,000)
----------- -----------
Net cash provided by financing activities 2,061,000 3,902,000
INCREASE IN CASH AND CASH EQUIVALENTS 26,000 282,000
CASH AND CASH EQUIVALENTS,
beginning of period 369,000 231,000
----------- -----------
CASH AND CASH EQUIVALENTS, end of period $ 395,000 $ 513,000
=========== ===========
SUPPLEMENTAL SCHEDULE OF CASH
FLOW INFORMATION:
Cash payments for interest $ 18,000 $ 231,000
=========== ===========
Debentures converted to common stock $ -- $ 1,437,000
=========== ===========
See accompanying notes to these financial statements.
<PAGE>
NAVIDEC, INC.
NOTES TO FINANCIAL STATEMENTS
Unaudited Financial Statements
The unaudited financial statements and related notes to the financial statements
presented herein have been prepared by the Company pursuant to the rules and
regulations of the Securities and Exchange Commission. Accordingly, certain
information and footnote disclosures normally included in financial statements
prepared in accordance with generally accepted accounting principles have been
omitted pursuant to such rules and regulations. The accompanying financial
statements were prepared in accordance with the accounting policies used in the
preparation of the Company's audited financial statements included in its Annual
Report on Form 10-KSB for the fiscal year ended December 31, 1997, and should be
read in conjunction with such financial statements and notes thereto.
In the opinion of management, all adjustments (consisting only of normal
recurring adjustments) which are necessary for a fair presentation of operating
results for the interim periods presented have been made.
Stockholders' Equity
Public Stock Offering - On February 14, 1997, the Company completed an initial
public stock offering of 1,000,000 Units (comprised of 1,000,000 shares of
common stock and warrants for the purchase of 1,000,000 shares of common stock)
which provided gross proceeds to the Company of approximately $4,555,000.
Simultaneous with the offering convertible debenture holders converted
$1,438,000 in convertible notes into common stock and warrants. Included in the
1,000,000 Units are 245,000 shares of common stock offered by the holders of the
unsecured subordinated convertible promissory notes. Each warrant allows the
holder to purchase one share of common stock at an exercise price of $7.20 for a
period of five years after the date of the offering. The warrants are redeemable
by the Company at $.05 per warrant upon 30 days notice if the market price of
the common stock for 20 consecutive trading days within the 30-day period
preceding the date the notice is given equals or exceeds $8.40. The Company also
sold to the underwriter at the close of the public offering underwriters
warrants, at a price of $0.001 per warrant, to purchase 100,000 shares of common
stock exclusive of the over-allotment. The underwriters warrants are exercisable
for 4 years beginning in February 1998 at $7.38 per share.
Stock Split - During 1996, the Company declared a 1 for 2 reverse stock split
and 510.2041 to 1 stock split. The Company also declared a .85 for 1 reverse
stock split which became effective upon the initial public offering in February
1997. All common stock reflected in the financial statements and accompanying
notes reflect the effect of the split and reverse split.
Private Placement From November 1997 to April 1998, the Company raised
additional capital in a private placement offering of 594,500 units at $4.50 per
unit (comprised of 594,500 shares of common stock and warrants for the purchase
of 594,500 shares of common stock) which provided gross proceeds to the Company
of approximately $2,229,750. Each warrant allows the holder to purchase one
share of common stock at an exercise price of $7.20 for a period extending
through February 10, 2002. The warrants are redeemable by the Company at $.05
per warrant upon 30 days notice if the market price of the Company's common
stock for 20 consecutive trading days within the 30 day period preceding the
date the notice is given equals or exceeds $8.40. Offering costs associated with
the private placement included sales commissions and non-accountable expenses
totaling 13% of the proceeds of the offering, as well as placement agent
warrants to purchase 59,450 units for 5 years from the date of closing at $4.50
per unit. In addition, the Company agreed to issue any broker or registered
agent who placed four or more units (consisting of 6,000 units or $27,000 each)
one broker warrant for each $20 sold. During the private placement the Company
issued 121,613 warrants to brokers or registered agents. This offering was made
pursuant to Rule 506 of Regulation D under the Securities Act of 1933, as
amended, as an offering not involving any public offering solely to accredited
and not more than 35 sophisticated investors.
<PAGE>
COMPREHENSIVE INCOME
In June, 1997 the Financial Accounting Standards Board issued Statement of
Financial Accounting Standards No 130, Reporting Comprehensive Income ("FAS
130"). FAS 130, which is effective for fiscal years beginning after December 15,
1997, defines comprehensive income as all changes in shareholder equity
exclusive of transactions with owners, such as capital investments.
Comprehensive income includes net income or loss, changes in certain assets and
liabilities that are reported directly in equity such as translation adjustments
on investments in foreign subsidiaries, and certain changes in minimum pension
liabilities. The Company's comprehensive income (loss) was equal to its net
income (loss) for the three and nine month periods ended September 30, 1998 and
1997.
NOTES PAYABLE
Notes payable at September 30, 1998, consists of the following:
Long Term Debt
Note payable to VSI Holdings, Inc., at 9% per annum
due and payble upon maturity on December 31, 1998,
collateralized by the assets of the company. $ 800,000
Less detachable warrants the fair value of which is
treated as a discount, and is being amortized using
the interest method. (300,000)
-----------
Net Carrying Value $ 500,000
Note payable to officer/director /shareholder,
principal along with interest at 10% per annum
due on December 31, 1998. $ 3,000
<PAGE>
Item 2
MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Cautionary Statement Regarding Forward Looking Statements. The matters
discussed here and elsewhere in this report, when not historical matters, are
forward looking statements that involve a number of risks and uncertainties that
could cause actual results to differ materially from projected results. Such
factors include, among other things, the rapidly developing and unpredictable
nature of the Internet, availability of financings, intense competition in all
of the Company's markets, obsolescence of products and technological changes,
the need for management of growth and the dependence on relationships of the
Company with its customers and suppliers, as well as other risk factors
described elsewhere in this report.
Overview
The Company was organized as ACI Systems, Inc. in July 1993 and changed its
name to NAVIDEC, Inc. in July 1996 when it acquired Interactive Planet, Inc.
("IPI"), a designer and developer of Internet World Wide Web sites. The
Company's principal sources of revenue are from the resale of computer
equipment, high technology peripherals and electronic components manufactured by
independent vendors (Product Distribution) and services related to
Internet/Intranet Solutions, license fees from recurring lead revenue from the
Wheels solution. The Company issued an aggregate of 678,877 shares of Common
Stock to the shareholders of IPI and a promissory note in the amount of $75,000
to one shareholder of IPI in exchange for all of the issued and outstanding
stock of IPI. The Company acquired TouchSource, Inc. ("TS"), a designer and
developer of interactive Kiosks, in July 1997. The Company issued an aggregate
of 207,000 shares of Common Stock to the shareholders of TS and TS was merged
into the Company in exchange for all of the issued and outstanding stock of TS.
The merger and acquisition were consummated in order to expand the Company's
business model of combined expertise in traditional marketing and distribution
and Internet/ Intranet technology. On August 5, 1998 the Company signed a letter
of intent to merge with VSI Holdings ("VSIH")in an anticipated stock for stock
exchange that was scheduled to be completed during the fourth quarter of 1998.
On August 20, 1998 the Company canceled its letter of intent to merge with VSIH
based on Management's and the Board of Directors belief that the merger was not
in the best interest of the shareholders.
The Company's strategy is to increase revenue generated by its three core
competencies: (1) NetSolutions (Internet/Intranet Solutions), which are focused
in five major market areas, including software and services, computer and
network infrastructure equipment, content aggregation, electronic commerce and
order fulfillment, (2) Automotive Solutions which includes the company's Wheels
Solution and software and services, and (3) Product Distribution. The Company
has built and intends to continue to build an infrastructure that assumes this
strategy will succeed. Management believes that, based on the current product
mix, the Company's new Wheels solution will provided for the majority of its
increased revenues in 1999 and years to follow. The Company is considering a
plan to establish a separate entity for its Internet based auto buying solutions
which include USWheels.com, CarWizard.com and LeaseSource.com. The Company may
decide to spin off the automotive group to take advantage of the high demand for
online car buying, providing consumers with a convenient method to research,
find and finance new and used cars. The Wheels solution combines two of the
Company's core competencies of NetSolutions and product distribution. Wheels is
designed on a state of the art platform that allows it to distribute electronic
information out to consumers through regional wheels web sites, individual
dealer web sites, remote automotive kiosks and also in mobile sales laptops.
<PAGE>
The Company recognizes revenue upon delivery of its NetSolutions,
Automotive Solutions and Product Distribution goods. NetSolutions generally
begin with consulting arrangements that are billed on an hourly basis and
progress to a bid for a proposed project. Deposits are then taken upon
acceptance of the bid. Most of the Company's customers elect to update and
expand their solution frequently, and clients are billed monthly on a time and
materials basis for these services. Additional sources of ongoing revenue
include revenue from advertising sold by the Company on clients Web sites,
revenue from sales of merchandise and services over clients Web sites and
revenue from maintenance and hosting of client Web sites.
From August through October, 1996, the Company raised net proceeds of
approximately $1,233,000 from the sale of 10% Unsecured Subordinated Convertible
Promissory Notes (the "Bridge Promissory Notes") in a private placement (the
"Bridge Private Placement"). These notes were converted by their terms into an
aggregate of 349,126 Units upon consummation of the Company's public offering
described below. These Units were identical to the Units offered in the 1997
public offering.
On February 14, 1997, the Company consummated a public offering of
1,000,000 Units consisting of one share of Common Stock and one Common Stock
purchase warrant ("Warrant"). Each Warrant entitles the holder to purchase one
share of Common Stock at a price of $7.20 per share until February 10, 2002. The
Warrants are redeemable at the option of the Company, at $.05 per Warrant, at
any time on or after February 10, 1998 or such earlier date as may be determined
by Joseph Charles & Associates ("JCA"). Of the 1,000,000 shares of Common Stock
and 1,000,000 Warrants included in the offering, 755,000 shares of Common Stock
and 1,000,000 Warrants were sold by the Company, for net proceeds of
approximately $3,436,000 (after subtracting the underwriting discount and other
expenses of the offering). The remaining 255,000 shares of Common Stock were
sold by the investors in the Bridge Private Placement.
From November 1997 to April 1998, the Company raised net proceeds of
approximately $2,229,750 from the issuance of 594,500 shares of commons stock
and warrants in a private placement. Each Warrant entitles the holder to
purchase one share of Common Stock at a price of $7.20 per share until February
10, 2002. The Warrants are redeemable at the option of the Company, at $.05 per
Warrant, at any time on or after February 10, 1998 when the Company's Common
Stock on 20 consecutive trading days has a closing market price above $8.40 per
share and there is an effective registration statement on file with the
Securities and Exchange Commission.
Results of Operations
The following tables set forth for the periods indicated the percentage of
net sales represented by certain line items included in the Company's statements
of operations.
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended
Sept 30 September 30
----------------------------------------------- ------------------------------------------------
1998 1997 1998 1997
---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Sales
Net Solutions $1,399,000 65% $ 822,000 43% $ 3,121,000 55% $2,065,000 42%
Wheels 177,000 8 25,000 1 806,000 14 25,000 1
Product 563,000 26 1,079,000 56 1,751,000 31 2,787,000 57
Net Sales $2,139,000 100% $1,926,000 100% $ 5,678,000 100% $4,877,000 100%
Cost of Sales 1,394,000 65 1,308,000 68 3,733,000 66 3,234,000 66
Gross Profit 745,000 35 618,000 32 1,945,000 34 1,643,000 34
Oper Expenses 1,266,000 59 968,000 50 3,496,000 62 2,959,000 61
Oper (Loss) (521,000) (24) (350,000) (18) (1,551,000) (27) (1,316,000) (27)
Other (96,000) (1) (9,000) (1) (105,000) (1) (254,000) (50
Net (Loss) $ (617,000) (25)% $ (359,000) (19) $(1,656,000) (28)% $(1,570,000) (32)%
</TABLE>
<PAGE>
Net sales for the nine months ended September 30, 1998 were $5,678,000
which represents an increase of $801,000 or 16% over net sales of $4,877,000 for
the first nine months of 1997. Net sales were $2,139,000 for the three months
ended September 30, 1998 an increase of $213,000 or 11% over sales of $1,926,000
for the three months ending September 30, 1997. The increase is primarily
attributed to increased sales of NetSolutions (Internet/Intranet solutions),
which accounted for $3,121,000 or 55% of total sales for the first nine months
of 1998, an increase of $1,056,000 or 51% over net sales of $2,065,000 during
the first nine months of 1997. NetSolutions sales were $1,399,000 for the three
months ending September 30, 1998 an increase of $577,000 or 70% over sales of
$822,000 for the three months ending September 30, 1997. Sales of the Company's
Wheels solution, increased from $25,000 in 1997 to $806,000 for the nine months
ended September 30,1998 and accounted for 14% of the total sales same period.
The increase in net sales in both categories was primarily attributable to
increased marketing activities, greater market acceptance and greater market
penetration.
Net sales in Product division were $1,751,000 for the first nine months of
1998 a decrease of 37% from net sales of $2,787,000 during the first nine months
of 1997. Net sales in Products were $563,000 for the three months ended
September 30, 1998 a decrease of 48% from net sales of $1,079,000 for the three
months ended September 30, 1997. The decrease in sales is attributed to the
discontinuation of products that did not have strong gross profit and or
recurring sales.
Gross margin was 35% during three months ending September 30, 1998, an
decrease of 3% over a gross margin of 32% during the same period in 1997. The
Company's gross margin continues to remain strong which is attributed to
management's elimination of several distribution products that carried low gross
margin and the strong gross margin on NetSolutions and Wheels.
Operating expenses for the first nine months of 1998 were $3,496,000 or 62%
of sales compared with $3,234,000 or 64% for the same period in 1997. The
increase in operating expenses was primarily the result of an increase in staff
and marketing activities associated with expanding the Wheels product and its
market area. Operating expenses are expected to remain stable as the Company
continues to invest in the development of high end Internet/Intranet Solutions.
Net interest expense for first nine months of 1998 was $105,000 compared
with $254,000 for the first nine months of 1997. The decrease was a result of
the Bridge Promissory Notes that were converted into common stock in February of
1997. The Company expects interest expense to increase due to the use of debt to
finance growth during the remainder of 1998.
Liquidity and Capital Resources
Through September 30, 1998, the Company funded its operations primarily
through equity financing, from the Company's IPO and subsequent Private
Placement that was completed in April of 1998, and revenues generated from
operations, lines of credit and factoring arrangements made available to it by
banks, and other institutions. On September 30, 1998 the Company had cash and
cash equivalents of $395,000 and a net working capital of $589,000 compared to
cash and cash equivalents of $369,000 and a net working capital of $678,000 as
of December 31, 1997.
Cash used in operating activities for the Company totaled $1,940,000 and
$3,224,000 for first nine months of 1998 and 1997, respectively. Cash used in
investing activities consisted of expenditures for property and equipment.
Capital expenditures increased to $432,000 in first nine months of 1998 from
$403,000 during first nine months of 1997.
<PAGE>
Cash from financing activities in fiscal 1998 consisted of advances from
factoring arrangements of $1,059,000 net of repayments of $1,047,000, proceeds
from the issuance of common stock of $1,857,000. This compares to 1997
repayments of Notes of $1,437,000 from the Bridge Private Placement, $226,000 in
loans from shareholders and employees and $71,00 in repayment of factoring
arrangements.
The Company has not recorded a deferred tax asset as it cannot conclude to
date that it is more likely than not that the deferred tax asset will be
realized.
Year 2000
Computer programs or other embedded technology that have been written using
two digits (rather than four) to define the applicable year and that have time-
sensitive logic may recognize a date using "00" as the Year 1900 rather than the
Year 2000, which could result in widespread miscalculations or system failures.
Both information technology ("IT") systems and non-IT systems using embedded
technology may be affected by the Year 2000.
The Company has initiated an enterprise-wide program to prepare the
Company's IT systems and applications for the Year 2000. The Company has not
completed the assessment phase of its Year 2000 program, but expects to incur
internal staff costs as well as consulting and other expenses related to the
Company's Year 2000 program. In addition, the Company has not completed the
process of verification of whether vendors, suppliers and significant customers
with which the Company has material relationships are Year 2000 compliant. If
the Company and such third parties are unable to address Year 2000 issues in a
timely manner, it could result in material financial risk to the Company,
including the loss of revenue and substantial unanticipated costs. Accordingly,
the Company plans to devote all resources necessary to resolve significant Year
2000 issues in a timely manner. In addition, the Company plans to develop a Year
2000 contingency plan.
The Company currently is not able to determine the total costs for its Year
2000 program or whether the Year 2000 will have a material effect on the
Company's financial condition, results of operations or cash flows.
<PAGE>
PART II - OTHER INFORMATION
Item 1. Legal Proceedings
None
Item 2. Changes in Securities and Use of Proceeds
See "Notes to Financial Statements Private Placement"
Item 3. Defaults Upon Senior Securities
None
Item 4. Submission of Matters to a Vote of Security Holders
None
Item 5. Other Information
None
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
Exhibit 27 Financial Data Schedule
(b) Reports on Form 8-K
During the quarter for which this report is filed. The
Company did not file any Reports on Form 8-K.
SIGNATURES
In accordance with the requirements of the Exchange Act, the registrant caused
this report to be signed on its behalf by the undersigned, thereunto duly
authorized.
NAVIDEC, INC.
Date: November 16, 1998
By: /s/ RALPH ARMIJO
-------------------------------------
Ralph Armijo
President and CEO
By: /s/ PAT MAWHINNEY
------------------------------------
Pat Mawhinney
Chief Financial Officer
<TABLE> <S> <C>
<ARTICLE> 5
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> SEP-30-1998
<CASH> 395,000
<SECURITIES> 0
<RECEIVABLES> 1,573,000
<ALLOWANCES> 50,000
<INVENTORY> 502,000
<CURRENT-ASSETS> 3,015,000
<PP&E> 1,487,000
<DEPRECIATION> 679,000
<TOTAL-ASSETS> 3,907,000
<CURRENT-LIABILITIES> 2,318,000
<BONDS> 0
0
0
<COMMON> 8,319,000
<OTHER-SE> (6,799,000)
<TOTAL-LIABILITY-AND-EQUITY> 3,907,000
<SALES> 5,678,000
<TOTAL-REVENUES> 5,678,000
<CGS> 3,733,000
<TOTAL-COSTS> 3,496,000
<OTHER-EXPENSES> 4,000
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 26,000
<INCOME-PRETAX> (1,581,000)
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (1,581,000)
<EPS-PRIMARY> (.47)
<EPS-DILUTED> (.47)
</TABLE>
