UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q/A
(Amendment No. 1)
[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
For the transition period from _______________ to _________________
Commission file number: 1-13563
LASER MORTGAGE MANAGEMENT, INC.
(Exact name of registrant as specified in its charter)
MARYLAND 22-3535916
(State or other jurisdiction of incorporation or (I.R.S. Employer
organization) Identification No.)
151 WEST PASSAIC STREET
ROCHELLE PARK, NEW JERSEY 07662
(Address of principal executive offices)
(Zip Code)
(201) 909-3722
(Registrant's telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all
documents and 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 ____
Indicate the number of shares outstanding of each of the issuer's
classes of stock, as of the last practicable date: 17,733,183 shares of common
stock, $0.001 par value, outstanding as of August 11, 1999.
<PAGE>
This Form 10-Q/A is being filed to clarify statements made in the
Company's Form 10-Q for the quarter ended June 30, 1999.
1. In Notes to Financial Statements, Note 10, the second paragraph
is hereby amended in its entirety to read as follows:
For the three months and six months ended June 30, 1999, a net
operating gain (loss) as calculated for tax purposes is estimated at
approximately $(1.09) million and $(14.26) million, respectively, or $(0.06) and
$(0.80), respectively, per weighted average share. Net operating losses ("NOLs")
may be carried forward for 20 years. Taxable income (loss) requires an annual
calculation; consequently, for the year ended December 31, 1999, taxable income
(loss) may be different from net income (loss) as calculated according to
generally accepted accounting principles ("GAAP income (loss)") as a result of
differing treatment of unrealized gains and losses on securities transactions.
For the Company's tax purposes, unrealized gains (losses) will be recognized at
the end of the year and will be aggregated with operating gains (losses) to
produce total taxable income (loss) for the year. For the three months and six
months ended June 30, 1999, the Company had unrealized gains of approximately
$4.71 million and $4.91 million, respectively. For the year ended December 31,
1998, a NOL is estimated at approximately $(51.3) million, or $(2.65) per
weighted average share.
2. In Management's Discussion and Analysis of Financial Condition
and Results of Operations, the first paragraph of "Taxable Income (Loss) and
GAAP Income (Loss)" is hereby amended in its entirety to read as follows:
For the three months and six months ended June 30, 1999, a net
operating gain (loss) is estimated at approximately $(1.09) million and $(14.26)
million, respectively, or $(0.06) and $(0.80), respectively, per weighted
average share. NOLs may be carried forward for 20 years. Taxable income (loss)
requires an annual calculation; consequently, for the year ended December 31,
1999, taxable income (loss) may be different from GAAP income (loss) as a result
of differing treatment of unrealized gains and losses on securities
transactions. For the Company's tax purposes, unrealized gains (losses) will be
recognized at the end of the year and will be aggregated with operating gains
(losses) to produce total taxable income (loss) for the year. For the three
months and six months ended June 30, 1999, the Company had unrealized gains of
approximately $4.71 million and $4.91 million, respectively. For the year ended
December 31, 1998, a NOL is estimated at approximately $(51.3) million, or
$(2.65) per weighted average share.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
LASER MORTGAGE MANAGEMENT, INC.
Dated: August 24, 1999 By: FREDERICK N. KHEDOURI
--------------------------
Frederick N. Khedouri
President
(authorized officer of registrant)
