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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q/A
(Mark One)
[ x ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2000
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 0-23239
UBICS, INC.
(Exact name of registrant as specified in its charter)
PENNSYLVANIA 34-1744587
(State or other Jurisdiction of (I.R.S. Employer Identification No.)
Incorporation or Organization)
333 TECHNOLOGY DRIVE, SUITE 210 SOUTHPOINTE, CANONSBURG, PENNSYLVANIA 15317
(Address of Principal Executive Offices) (Zip Code)
(724) 746-6001
(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 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:
Class Outstanding at October 31, 2000
----- -------------------------------
Common Stock, $.01 par value 7,012,151
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INTRODUCTORY STATEMENT
By this amendment, UBICS, Inc. ("UBICS" or the "Company") hereby
corrects the Statements of Cash Flows table that was set forth in Part I, Item 1
of the Form 10-Q for the period ended September 30, 2000 and filed with the
Commission on November 14, 2000. The following table restates the Statements of
Cash Flows table in its entirety.
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UBICS, INC.
Form 10-Q/A
TABLE OF CONTENTS
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
Statements of Cash Flows for the nine months ended September 30, 1999
and 2000
SIGNATURES
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UBICS, INC.
STATEMENTS OF CASH FLOWS
(DOLLARS IN THOUSANDS)
Nine Months
Ended September 30,
----------------------------
1999 2000
(Unaudited) (Unaudited)
------------- --------------
Cash flows from operating activities:
Net income $ 473 $ 139
Adjustments to reconcile net
income to net cash provided by
operating activities--
Depreciation 204 271
Amortization of goodwill 28
Stock based compensation 252
Changes in operating assets and
liabilities--
Accounts receivable, net (631) (943)
Unbilled receivables 144 (1,396)
Employee advances 66 (47)
Other long term asset (50) (733)
Due to affiliates, net (19) 108
Deferred tax asset (53)
Prepaids and other (253) (65)
Accounts payable 669 489
Payroll liabilities 414 559
Accrued taxes and other
current liabilities 38 628
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Net cash (used) provided by
operating activities 1,002 (710)
--------- ---------
Cash flows from investing activities:
Purchases of property and
equipment (419) (316)
Merger related expenses --- (388)
--------- ---------
Net cash used by investing
activities (419) (704)
--------- ---------
Net increase (decrease) in cash
and cash equivalents 583 (1,414)
Cash and cash equivalents, at
beginning of period 11,470 12,027
--------- ---------
Cash and cash equivalents, at
end of period $ 12,053 $ 10,613
========= =========
Supplemental data:
Cash payments for income taxes $ 750 $ 277
Stock issued for purchase of Cobalt
Creative, Inc. --- 1,175
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has caused the report to be signed on its behalf by the
undersigned thereunto duly authorized.
Date: December 19, 2000
UBICS, Inc.
(Registrant)
By: /s/Robert C. Harbage
-----------------------------
Robert C. Harbage
President
By: /s/Babu Srinivas
------------------------------
Babu Srinivas
Vice President - Finance and
Acting Chief Financial Officer
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