UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report May 28, 1998
HAWKS INDUSTRIES, INC.
(Exact name of registrant as specified in its charter)
Wyoming 0-5781 83-0211955
(State or other juris- (Commission File (IRS Employer
diction of Incorporation.) Number) Identification No.)
913 Foster Road 82601
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number (including area code) (307) 234-1593
N/A
(Former name or former address, if changed since last report.)
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ITEM 5 - OTHER EVENTS
On the Company's First Quarter 10Q for the period ended March 31, 1998, the
Company did not satisfy NASDAQ's small cap market requirement of $2,000,000 net
assets. As of April 30, 1998, this requirement has been met per the
Consolidated Balance Sheet attached. The Company does not anticipate any
problem meeting this requirement in future periods.
ITEM 7 - FINANCIAL STATEMENT AND EXHIBITS
Balance Sheet as of April 30, 1998.
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HAWKS INDUSTRIES, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
<TABLE>
<CAPTION>
April 30, December 31,
1998 1997
(unaudited)
<S> <C> <C>
ASSETS
CURRENT ASSETS
Cash $ 7,000 $ 30,000
Accounts receivable 535,000 330,000
Short-term investments 208,000 205,000
Costs on uncompleted contracts in excess of
related billings 12,000 12,000
Other current assets 61,000 50,000
Total current assets 823,000 627,000
PROPERTY AND EQUIPMENT, net (successful efforts
method) 2,058,000 2,112,000
NOTE RECEIVABLE 37,000 38,000
LAND INVESTMENT 196,000 202,000
OTHER ASSETS 260,000 215,000
$ 3,374,000 $ 3,194,000
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Notes payable $ 304,000 $ 240,000
Current maturities of long-term debt 219,000 227,000
Accounts payable 376,000 275,000
Accrued liabilities 30,000 25,000
Total current liabilities 929,000 767,000
LONG-TERM DEBT 395,000 415,000
SHAREHOLDERS' EQUITY
Capital stock:
Preferred stock, $.01 par value; authorized
997,000 shares; no shares issued - -
Common stock, $.01 par value; authorized
5,000,000 shares; outstanding 1998 -
1,351,515 shares; 1997 - 1,351,515 shares 13,000 13,000
Capital in excess of par value of common stock 2,880,000 2,880,000
Retained (deficit) (since elimination of deficit
at December 31, 1988) (843,000) (881,000)
2,050,000 2,012,000
$ 3,374,000 $ 3,194,000
</TABLE>
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
HAWKS INDUSTRIES, INC.
Registrant
Date: May 28, 1998 /s/ James E. Meador, Jr.
James E. Meador, Jr.
Vice President
