United States
Securities and Exchange Commission
Washington, D.C. 20549
Form 10-QSB
[ X ] QUARTERLY REPORT UNDER SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2000
[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE
EXCHANGE ACT
For the transition period from ______________ to ________________
Commission File Number: 0-27067
COMMUNITRONICS OF AMERICA, INC.
(Exact name of small business issuer as
specified in its charter)
Utah 87-0285684
------ ------------
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
27955 Hwy. 98, Suite WW, Daphne, Alabama 36526
------------------------------------------------
(Address of principal executive offices)
(334) 626-7650
----------------
(Issuer's telephone number)
Not Applicable
----------------
(Former name, former address and former
fiscal year, if changed since last report)
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 requirements for the past 90 days. Yes [X] No [ ]
APPLICABLE ONLY TO CORPORATE ISSUERS
State the number of shares outstanding of each of the issuer's classes
of common equity, as of the last practicable date: 7,922,936 shares.
Transitional Small Business Disclosure Format (check one): Yes [ ] No [X]
<PAGE>
COMMUNITRONICS OF AMERICA, INC.
and Subsidiaries
Table of Contents
Consolidated Balance Sheets 3
Consolidated Statements of Operations 4
Consolidated Statements of Cash Flows 5
Consolidated Statements of Stockholders' Equity 6
Part 1
Item 1. Notes to Consolidated Financial Statements 7
Item 2. Management's Discussion and Analysis or
Plan of Operations 7-13
Part II - Other Information 13
Signature 14
Exhibit 27 15
<PAGE>
COMMUNITRONICS OF AMERICA, INC.
and Subsidiaries
Consolidated Balance Sheets
<TABLE>
<CAPTION>
June 30 December 31
2000 1999
(Unaudited) (Audited)
------------- -------------
<S> <C> <C>
Assets
Current assets
Cash $ 5,848 $ 4,943
Accounts receivable - trade 57,469 71,210
Inventory 14,030 40,502
Due from stockholder 5,574 5,574
------------- -------------
Total current assets 82,921 122,229
Property and equipment, at cost, net of
accumulated depreciation 693,676 748,875
Investment in network 336,305 336,305
Prepaid expenses 303,750 303,750
Deposits 4,054 4,054
------------- -------------
$ 1,420,706 $ 1,515,213
============= =============
Liabilities and Stockholders' Equity
Current liabilities
Current maturities of long-term debt $ 94,829 $ 91,083
Accounts payable - trade 345,066 208,659
Payroll and sales taxes payable 11,357 10,383
------------- -------------
Total current liabilities 451,252 310,125
Long-term debt, less current maturities 221,087 226,358
Note payable to stockholder 309,623 296,386
------------- -------------
Total liabilities 981,962 832,869
------------- -------------
Commitments and contingencies
Stockholders' equity
Common stock, $.01 par value; 50,000,000 shares
authorized, 7,922,936 shares issued and outstanding 79,229 79,229
Additional paid-in capital 1,463,562 1,463,562
Accumulated deficit (1,104,047) (860,447)
------------- -------------
Total stockholders' equity 438,744 682,344
------------- -------------
$ 1,420,706 $ 1,515,213
============= =============
</TABLE>
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<PAGE>
COMMUNITRONICS OF AMERICA, INC.
and Subsidiaries
Consolidated Statements of Operations
(Unaudited)
<TABLE>
<CAPTION>
For the Three Months For the Six Months
Ended June 30 Ended June 30
2000 1999 2000 1999
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
Services, rent and maintenance
revenues $ 115,658 $ 243,261 $ 248,903 $ 497,801
Product sales 40,371 58,878 120,817 136,729
------------- ------------- ------------- -------------
Total revenues 156,029 302,139 369,720 634,530
Less cost of product sales 34,707 26,593 94,237 88,874
------------- ------------- ------------- -------------
Net revenues 121,322 275,546 275,483 545,656
------------- ------------- ------------- -------------
Operating expenses
Services, rent and maintenance 53,647 46,768 134,790 149,673
General and administrative 148,541 235,784 310,680 354,569
Depreciation 27,922 24,479 57,721 43,857
------------- ------------- ------------- -------------
Total operating expenses 230,110 307,031 503,191 548,099
------------- ------------- ------------- -------------
Operating loss (108,788) (31,485) (227,708) (2,443)
------------- ------------- ------------- -------------
Other expenses
Non-recurring charges - 10,820 - 42,707
Interest expense 9,924 1,000 15,892 3,479
------------- ------------- ------------- -------------
Total other expenses 9,924 11,820 15,892 46,186
------------- ------------- ------------- -------------
Net loss $ (118,712) $ (43,305) $ (243,600) $ (48,629)
============= ============= ============= =============
Net loss per share $ (0.01) $ (0.01) $ (0.03) $ (0.01)
============= ============= ============= =============
</TABLE>
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<PAGE>
COMMUNITRONICS OF AMERICA, INC.
and Subsidiaries
Consolidated Statements of Cash Flows
(Unaudited)
<TABLE>
<CAPTION>
For the Six Months
Ended June 30
2000 1999
------------- -------------
<S> <C> <C>
Operating activities
Net loss $ (243,600) $ (48,629)
------------- -------------
Adjustments to reconcile net loss to net
cash used in operating activities
Depreciation 57,721 43,857
(Increase) decrease in
Accounts receivable 13,741 27,200
Inventory 26,472 (92,605)
Increase (decrease) in
Accounts payable 136,407 72,349
Accrued expenses 974 (195)
------------- -------------
Total adjustments 235,315 50,606
------------- -------------
Net cash used in operating activities (8,285) 1,977
------------- -------------
Investing activities
Purchase of property and equipment (2,522) (163,263)
Acquisition liability - (15,000)
Investment in network - (336,305)
Repayments (loans) of stockholder loans - 40,283
------------- -------------
Net cash used in investing activities (2,522) (474,285)
------------- -------------
Financing activities
Proceeds (repayments) from stockholder loans 13,237 240,178
Borrowing of long-term debt 13,800 233,063
Repayments of long-term debt (15,325) (18,881)
------------- -------------
Net cash provided by financing activities 11,712 454,360
------------- -------------
Increase (decrease) in cash 905 (17,948)
Cash
Beginning of period 4,943 31,865
------------- -------------
End of period $ 5,848 $ 13,917
============= =============
</TABLE>
-5-
<PAGE>
COMMUNITRONICS OF AMERICA, INC.
and Subsidiaries
Consolidated Statements of Stockholders' Equity
For the Six Months Ended June 30, 2000
(Unaudited)
<TABLE>
<CAPTION>
Additional
Common Paid-in Accum. Stockholders'
Stock Capital (Deficit) Equity
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
Balance, December 31, 1999 $ 79,229 $ 1,463,562 $ (860,447) $ 682,344
Net loss - - (243,600) (243,600)
------------- ------------- ------------- -------------
Balance, June 30, 2000 $ 79,229 $ 1,463,562 $ (1,104,047) $ 438,744
============= ============= ============= =============
</TABLE>
-6-
<PAGE>
PART I
ITEM 1. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Note 1. Basis of Presentation:
In the opinion of management, the accompanying financial statements contain
all adjustments (which include only normal recurring adjustments) necessary to
present fairly the balance sheets of Communitronics of America, Inc. and
subsidiaries as of June 30, 2000, and the results of their operations and
their cash flows for the six months ended June 30, 2000 and 1999,
respectively. The financial statements are consolidated to include the
accounts of Communitronics of America, Inc. and its subsidiary companies
(together "the Company").
The accounting policies followed by the Company are set forth in Note 1 to the
Company's consolidated financial statements as stated in its Form 10-KSB for
the year ended December 31, 1999.
Note 2. Income (Loss) Per Common Share:
Income (loss) per common share is based on the weighted average number of
common shares are outstanding during the period.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATIONS
You should read the following discussion and analysis of financial condition
and results of operations of Communitronics together with the financial
statements and the notes to the financial statements which appear elsewhere in
this quarterly report and Communitronics's Form 10-KSB for the year ended
December 31, 1999.
FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-QSB includes forward-looking statements. We
have based these forward- looking statements on our current expectations and
projections about future events. These forward-looking statements are subject
to risks, uncertainties and assumptions, which include, among other things:
- our need for substantial capital;
- our ability to service debt;
- our history of net operating losses;
- our ability to integrate our various acquisitions;
- the risks associated with our ability to implement our business
strategies;
- the impact of competition and technological developments;
- subscriber turnover;
- litigation and regulatory changes;
- dependence on key suppliers; and
- reliance on key personnel.
Other matters set forth in this Quarterly Report on Form 10-QSB may also cause
actual results to differ materially from those described in the
forward-looking statements. We undertake no obligation to update or revise any
forward-looking statements, whether as a result of new information, future
events or otherwise. In light of these risks, uncertainties and assumptions,
the forward-looking events discussed in this Quarterly Report on Form 10-QSB
may not occur.
-7-
<PAGE>
OVERVIEW
The Company is a provider of wireless message paging and information delivery
services. Wireless message paging is comprised of numeric paging that permits
a pager to register the telephone number of the caller to the customer.
Information delivery systems is comprised of both numeric paging and text
messaging services.
The Company has a network of 14 radio towers (one tower is owned by the
Company and 13 towers are leased) to deliver wireless messaging services in
the coastal regions of Alabama, Louisiana, Mississippi and the Florida
panhandle. The Company owns seven Certificates of Public Convenience and
Necessity issued by the Alabama Public Service Commission and 34 frequencies
licensed by the Federal Communications Commission. These certificates and
licenses allow the Company to provide wireless messaging services in these
geographic areas.
The Company supports its operations from its executive offices in Daphne,
Alabama, and from its operation offices located in Foley, Alabama; Metairie,
Louisiana; Gulfport, Mississippi; and Pascagoula, Mississippi.
The geographic areas served by the Company covers approximately 10,000,000
persons. In its markets, the Company presently serves approximately 4,200
subscribers to its message paging and information delivery services at June
30, 2000.
The Company derives the majority of its revenues from fixed, periodic (usually
monthly) fees, generally not dependent on usage, charged to subscribers for
paging services. While a subscriber continues to use the Company's services,
operating results benefit from this recurring revenue stream with minimal
requirements for incremental selling expenses or other fixed costs.
RESULTS OF OPERATIONS FOR THE THREE MONTHS AND SIX MONTHS ENDED JUNE 30, 2000
The Company's total revenues have decreased by approximately 48.3% to $156,000
for the three month period ended June 30, 2000 compared to $302,000 for the
three month period ended June 30, 1999. The Company's total revenues have
decreased by approximately 41.7% to $370,000 for the six month period ended
June 30, 2000 compared to $635,000 for the six month period ended June 30,
1999. Overall, subscribers have decreased by approximately 300 or
approximately 10% to 4,000 at June 30, 2000 from 4,300 at June 30, 1999. The
decrease in the subscriber base was attributable to normal attrition which was
not offset with new pager sales due to a lack of inventory in 2000 and
management's efforts were concentrated on new acquisition possibilities at
that time.
The Company's growth, whether internal or through acquisitions, requires
significant capital investment for paging equipment and technical
infrastructure. During the three and six month periods ended June 30, 2000,
capital expenditures totaled approximately $1,500 and $2,500, respectively.
For the six months ended June 30, 2000, capital expenditures were funded
through cash generated from operations.
For the remainder of 2000 and throughout the year 2001, the Company's business
strategy will be focused on increasing stockholder value by expanding the
subscriber base and increasing revenues, cost efficiencies and operating cash
flow. This focus will include the following:
- Managing capital requirements and increasing free cash flow by:
-- increasing revenues and cash flows through sales of value-added
advanced messaging and information services which generate
higher average monthly revenue per unit (ARPU) than standard
messaging or paging services; and
-- further increasing the utilization of the southeast network to
serve more customers per frequency and expand presence in
existing markets with minimal capital outlay.
-8-
<PAGE>
- Managing and lowering operating costs through cost containment
initiatives;
- Maximizing internal growth potential by continuing to broaden the
Company's distribution network and expanding target markets to
capitalize on the growing appeal of messaging and other wireless
products; and
- Completing the integration of the operations of its acquisitions.
The Company may also continue to expand its operations and subscriber base
through additional industry consolidation. While there are no current
outstanding commitments, potential future consolidation opportunities would be
evaluated on several key operating and financial elements including:
geographic presence and FCC regulatory licenses held; overall valuation of
potential target, including subscriber base and potential synergies;
consideration to be given; potential increase to net income and operating cash
flow; and availability of financing and the ability to reduce the combined
companies long-term debt. Such potential transactions may result in
substantial capital requirements for which additional financing may be
required. No assurance can be given that such additional financing would be
available on terms satisfactory to the Company.
RESULTS OF OPERATIONS
The following table sets forth certain operating information regarding the
Company:
<TABLE>
<CAPTION>
For the Three Months For the Six Months
Ended June 30 Ended June 30
2000 1999 2000 1999
------------- ------------- ------------- -------------
(unaudited) (unaudited)
<S> <C> <C> <C> <C>
Revenues . . . . . . . . . . . . . . . $ 156,029 $ 302,139 $ 369,720 $ 634,530
Cost of goods sold . . . . . . . . . . 88,354 73,361 229,027 238,547
General and administrative expenses. . 148,541 246,604 310,680 397,276
Depreciation . . . . . . . . . . . . . 27,922 24,479 57,721 43,857
Interest . . . . . . . . . . . . . . . 9,924 1,000 15,892 3,479
------------- ------------- ------------- -------------
Net income (loss). . . . . . . . . . . $ (118,712) $ (43,305) $ (243,600) $ (48,629)
============= ============= ============= =============
Net income (loss) per share. . . . . . $ (.01) $ (.01) $ (.03) $ (.01)
</TABLE>
The definitions below will be helpful in understanding the discussion of the
Company's results of operations.
- Service, rent and maintenance revenues include primarily monthly,
quarterly, semi-annually and annually billed recurring revenue, not
generally dependent on usage, charged to subscribers for paging and
related services such as voice mail and pager repair and
replacement.
- ARPU means average monthly paging revenue per unit. ARPU is
calculated by dividing (a) service, rent and maintenance revenues
for the period by (b) the average number of units in service for the
period.
- Net revenues include service, rent and maintenance revenues and
sales of pagers less cost of products sold.
-9-
<PAGE>
- Service, rent and maintenance expenses include costs related to the
management, operation and maintenance of the Company's network
systems and customer support centers.
- General and administrative expenses include executive management,
accounting, office telephone, repairs and maintenance, management
information systems, salaries and employee benefits.
THREE MONTHS ENDED JUNE 30, 2000 COMPARED WITH 1999
Total revenues decreased approximately $146,000, or approximately 48.3%, from
$302,000 for the three months ended June 30, 1999 ("1999") to $156,000 for the
three months ended June 30, 2000 ("2000"). Net revenues decreased
approximately $154,000, or 55.9%, from $275,000 in 1999 to $121,000 in 2000.
The decrease in net revenues was primarily the result of a lack of inventory
due to operating constraints. The company is trying to get its stock
re-listed on the OTC Bulletin Board and has concentrated all efforts in this
area. Lack of capital due to the de-listing in August 1999. The total number
of subscribers decreased by 300 since June 30, 1999. This decrease was due to
normal attrition which was not offset with new pager sales due to a lack of
inventory in 2000.
Product sales, which consist primarily of sales of paging equipment, decreased
approximately $18,500 or 31.0% from $58,500 in 1999 to $40,000 in 2000. The
cost of product sales increased approximately $8,000 or 30.5% from $27,000 in
1999 to $35,000 in 2000 due to higher prices paid for pagers. Pagers are
classified as inventory when purchased and the cost is included in cost of
product sales when the unit is sold.
Service, rent and maintenance expenses increased approximately $7,000 from
$47,000 in 1999 to $54,000 in 2000. This increase was attributable to
increases in telephone costs and tower site rents offset by a reduction in
personnel expenses. The Company expects its service, rent and maintenance
expenses to decrease as a percentage of revenues and per subscriber unit in
future periods as it continues to renegotiate certain of its
telecommunications and third party services contracts and decommissions
redundant transmitter and tower sites. The Company expects such expense
savings to be partially offset by an increase in rental costs for other
transmitter and tower sites as the Company enhances its presence in the
Southeastern United States.
General and administrative expenses decreased approximately $98,000 from
$247,000 in 1999 to $149,000 in 2000,. The decrease in general and
administrative expenses is attributable to consulting fees and travel costs
associated with prospective acquisitions during 1999.
Depreciation expense increased approximately $4,000 from $24,000 in 1999 to
$28,000 in 2000. The increase in depreciation expense resulted primarily from
depreciation expense on subscriber equipment and other capitalized assets
acquired later in 1999 through financing.
Interest expense increased approximately $9,000 from $1,000 in 1999 to $10,000
in 2000. Interest expense increased due to higher average debt balances
outstanding during 2000. Average debt balances were $167,000 greater in 2000
than in 1999 as a result of debt incurred related to capital expenditures and
working capital requirements.
The Company's net loss increased approximately $75,000 from $43,000 in 1999 to
$118,000 in 2000. The increase in net loss was primarily the result of the
decrease in subscribers as discussed above and the increase in costs
associated with pursuing and consummating these acquisitions and additional
reporting requirements incurred. The Company expects net losses to decrease
in future periods.
EBITDA means earnings before interest, taxes, depreciation and amortization.
While not a measure under generally accepted accounting principles (GAAP),
EBITDA is a standard measure of financial performance in the paging industry.
EBITDA may not be comparable to similarly titled measures reported by other
companies since all companies do not calculate EBITDA in the same manner.
EBITDA should not be considered in isolation or as an alternative to net
income (loss), income (loss) from operations, cash flows from operating
activities, or any other measure of performance under GAAP. EBITDA as defined
by the Company is used in its acquisition efforts. EBITDA decreased
approximately $64,000 from $(17,000) in 1999 to $(81,000).
-10-
<PAGE>
SIX MONTHS ENDED JUNE 30, 2000 COMPARED WITH 1999
Total revenues decreased approximately $265,000, or approximately 41.7%, from
$635,000 for the six months ended June 30, 1999 ("1999") to $370,000 for the
six months ended June 30, 2000 ("2000"). Net revenues decreased approximately
$270,000, or 49.5%, from $545,000 in 1999 to $275,000 in 2000. The decrease in
net revenues was primarily the result of a lack of inventory due to operating
constraints. The company is trying to get its stock re-listed on the OTC
Bulletin Board and has concentrated all efforts in this area. Lack of capital
due to the de-listing in August 1999. The total number of subscribers
decreased by 300 since June 30, 1999. This decrease was due to normal
attrition which was not offset with new pager sales due to a lack of inventory
in 2000 and management's efforts were concentrated on complying with all SEC
reporting requirements.
Product sales, which consist primarily of sales of paging equipment, decreased
approximately $16,000 or 11.6% from $137,000 in 1999 to $121,000 in 2000. The
cost of product sales increased approximately $5,000 or 6.0% from $89,000 in
1999 to $94,000 in 2000 principally due to an increase in unit costs. Pagers
are classified as inventory when purchased and the cost is included in cost of
product sales when the unit is sold.
Service, rent and maintenance expenses decreased approximately $15,000 from
$150,000 in 1999 to $135,000 in 2000. This decrease was attributable to a
reduction in telecommunications expenses. The Company expects its service,
rent and maintenance expenses to decrease as a percentage of revenues and per
subscriber unit in future periods as it continues to renegotiate certain of
its telecommunications and third party services contracts and decommissions
redundant transmitter and tower sites. The Company expects such expense
savings to be partially offset by an increase in rental costs for other
transmitter and tower sites as the Company enhances its presence in the
Southeastern United States.
General and administrative expenses decreased approximately $44,000 from
$355,000 in 1999 to $311,000 in 2000. The decrease in general and
administrative expenses is attributable to costs associated with acquisitions
during 1999.
Depreciation expense increased approximately $14,000 from $44,000 in 1999 to
$58,000 in 2000. The increase in depreciation expense resulted primarily from
depreciation expense on subscriber equipment and other capitalized assets
acquired in late 99 through financing.
Interest expense increased approximately $12,000 from $4,000 in 1999 to
$16,000 in 2000. Interest expense increased due to higher average debt
balances outstanding during 2000. Average debt balances were $120,000 greater
in 2000 than in 1999 as a result of debt incurred related to capital
expenditures and working capital requirements.
The Company's net loss increased approximately $195,000 from $49,000 in 1999
to $244,000 in 2000. The increase in net loss was primarily the result of the
decrease in subscribers as discussed above and the increase in costs
associated with pursuing and consummating these acquisitions and additional
reporting requirements incurred. The Company expects net losses to decrease
in future periods.
EBITDA means earnings before interest, taxes, depreciation and amortization.
While not a measure under generally accepted accounting principles (GAAP),
EBITDA is a standard measure of financial performance in the paging industry.
EBITDA may not be comparable to similarly titled measures reported by other
companies since all companies do not calculate EBITDA in the same manner.
EBITDA should not be considered in isolation or as an alternative to net
income (loss), income (loss) from operations, cash flows from operating
activities, or any other measure of performance under GAAP. EBITDA as defined
by the Company is used in its acquisition efforts. EBITDA decreased
approximately $169,000 from $(1,000) in 1999 to $(170,000).
-11-
<PAGE>
FINANCIAL CONDITION, LIQUIDITY AND CAPITAL RESOURCES
Cash Flows
The following summary table (unaudited) presents comparative cash flows of the
Company for the periods indicated.
Six Months Ended
March 31
----------- -----------
2000 1999
----------- -----------
(unaudited)
Net cash provided by (used in) operating activities $ (8,285) $ 1,977
Net cash used in investing activities (2,522) (474,285)
Net cash provided by financing activities 11,712 454,360
For the six months ended June 30, 2000, the Company's cash used in operating
activities increased by approximately $10,000 from $2,000 for the six months
ended June 30, 1999 to $(8,000) for the six months ended June 30, 2000. The
increase in cash used in operating activities was primarily the result of a
net increase in accounts payable and inventory as of June 30, 2000 compared to
June 30, 1999, which net increase was a result of higher operating expenses
between periods.
Net cash used in investing activities decreased approximately $471,000 from
$474,000 for the six months ended June 30, 1999 to $3,000 for the six months
ended June 30, 2000. The decrease in net cash used in investing activities was
primarily the result of a decrease in purchases of property and equipment and
investment in network. Capital expenditures were approximately $163,000 and
$2,500 for the six months ended June 30, 1999 and 2000, respectively. Also,
approximately $336,000 was invested in expanding the Company's network during
the six months ended June 30, 1999. Total capital expenditures for fiscal
year 2000 are expected to be minimal. The Company expects to finance its
capital expenditures for the remainder of fiscal year 2000 through its
operating cash flows. Projected capital expenditures are subject to change
based on the progress of internal growth, general business and economic
conditions and competitive pressures.
Net cash provided by financing activities decreased approximately $443,000
from $454,000 for the six months ended June 30, 1999 to $11,000 for the six
months ended June 30, 2000. The decrease was primarily the result of
stockholder loans and long-term debt acquired during 1999.
Long-Term Debt
Borrowings and repayments from banks. During the six months ended June 30,
2000, the Company increased its borrowings from banks by $13,800 from December
31, 1999. However, the Company did not increase the amount of borrowings from
banks in the three months ended June 30, 2000. The borrowings were used to
purchase equipment. At June 30, 2000, $315,000 was outstanding to various
banks.
Stockholder note. During the six months ended June 30, 2000, the Company
received a stockholder note totaling $14,000 which bears interest at 8.00%.
The Company will begin making principal payments as cash flow becomes
available. At June 30, 2000, there was $310,000 outstanding on stockholder
notes.
-12-
<PAGE>
Access to Future Capital
The Company's ability to access borrowings and generate investments in the
company and to meet its debt service and other obligations will be dependent
upon its future performance and its cash flows from operations, which will be
subject to financial, business and other factors, certain of which are beyond
the Company's control, such as prevailing economic conditions. The Company
cannot assure you that, in the event it was to require additional financing,
such additional financing would be available on terms permitted by agreements
relating to existing indebtedness or otherwise satisfactory to it.
PART II - OTHER INFORMATION
Item l. Legal Proceedings
None
Item 2. Changes in Securities and Use of Proceeds
None
Item 3. Defaults upon Senior Securities
None
Item 4. Submission of Matters to a Vote of Security Holders
No matter was submitted to a vote of the security holders of the Company
during its quarter ended June 30, 2000.
Item 5. Other Information.
Not applicable.
Item 6. Exhibits and Reports on Form 8-K.
(a) Exhibits Required by Item 601 of Regulation S-K.
EXHIBIT
NUMBER EXHIBIT DESCRIPTION
------- -------------------
27 Financial data schedule.
(b) Reports on Form 8-K
None
-13-
<PAGE>
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this Amendment to be signed on its behalf by the
undersigned thereunto duly authorized.
Date: Communitronics of America, Inc.
September 15, 2000 By: /s/ David R. Pressler
-------------------- ---------------------------
David R. Pressler
President, Chief Executive Officer and
Principal Financial Officer
-14-
