<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K/A-1
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 (d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended September 30, 1996 Commission file number 2-31876
------------------ -------
ACADEMIC COMPUTER SYSTEMS, INC.
(Exact name of registrant as specified in its charter)
- -------------------------------------------------------------------------------
New Jersey 22-1848316
- -------------------------------- --------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
2 West 45th Street
New York, New York 10036
- -------------------------------- ------------------
Registrant's telephone number, including
area code 212-532-3678
----------------
Securities registered pursuant to Section
12(b) of the Act:
Name of Each Exchange in
Title of Each Class Which Registered
-------------------- ------------------------
NONE Not applicable
Securities registered pursuant to Section 12 (g) of the Act:
Common Stock, $.05 par value, non-cumulative
--------------------------------------------
Title of Class
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 for such shorter period that the
Registrant was required to file such report), and (2) has been subject to
such filing requirements for the past 90 days. Yes X No _
-
The aggregate market value of the voting stock held by non-affiliates of
the registrant, based upon the bid price of such stock, as of September 30,
1996 was $227,500.
As of September 30, 1996, there were 910,000 shares of the Registrant's
common stock, $.05 par value, issued and 907,700 shares outstanding.
<PAGE>
PART I
------
Item 1. Business
- ----------------
(a) General Development of Business
-------------------------------
Registrant's only former business operations were previously conducted
through its wholly-owned subsidiary, Data Conversion, Inc., which was engaged in
the operation of a key punch service bureau in Palisades, New Jersey. This
service bureau translated financial and business records and transactions to
computer-ready input. On August 29, 1975, Data Conversion, Inc. suspended
operations entirely and there is presently no intention to resume them.
(b) Financial Information about Industry Segment
--------------------------------------------
During the years ended September 30, 1996 and 1995, Registrant's business
operations were primarily conducted in one industry segment - investments:
<TABLE>
<CAPTION>
Year Ended Year Ended
September 30, 1996 September 30, 1995
------------------ ------------------
<S> <C> <C>
Gross income: $ 31,436 $ 37,135
Operating profit
(after provision for taxes): 24,623 30,145
Identifiable assets: 579,036 514,513
</TABLE>
There was no material difference in income during the years ended September
30, 1996 and 1995. The income is a function of the return available on
investments, which may fluctuate on an annual basis.
(c) Narrative Description of Business
---------------------------------
Since discontinuing Data Conversion, Inc., the company has had no income
from operations. Currently its only income is from interest and dividends on
its investment portfolio which include money market funds. The Registrant is
presently exploring the possibility of other businesses or mergers.
Item 2. Properties
- ------------------
The Registrant owns no real property.
Item 3. Legal Procedures
- ------------------------
There are no pending lawsuits.
2
<PAGE>
Item 4. Security Ownership of Certain Beneficial Owners and Management
- ----------------------------------------------------------------------
The following table sets forth, as of September 30, 1996, the ownership of
the Registrant's common stock by each person who is known to the Registrant to
be the beneficial owner of more than (5%) five percent of its outstanding stock.
<TABLE>
<CAPTION>
AMOUNT AND NAME PERCENTAGE
NAME AND ADDRESS OF BENEFICIAL OF
TRADE OF CLASS OF OWNER OWNERSHIP CLASS
- ------------------- ------------------ ---------------- -----------
<S> <C> <C> <C>
Common stock $.05 Milton Fisher 235,000 25.82%
par value 2 West 45th Street (i)
New York, NY 10036
</TABLE>
3
<PAGE>
PART II
-------
Item 5. Market for the Registrant's Common Stock and Related Security Holder
- ----------------------------------------------------------------------------
Matters
- -------
The Registrant's common stock $.05 par value is registered pursuant to
Section 12 (g) of the Securities Exchange Act of 1934. There is no current
active market.
As of September 30, 1996 there were 150 record holders of the Registrant's
common stock, $.05 par value.
Since its inception, the Registrant has not paid any dividends to its
shareholders. No payments are anticipated at this time.
Item 6. Selected Financial Data
- -------------------------------
(a) The following summaries of operation should be read in conjunction with
the financial statements of Academic Computer Systems, Inc. for the years ended
September 30, 1996 and 1995, and the related notes and opinion of Lipner, Gordon
& Co., LLP, CPAs, with respect thereto, which appears elsewhere in this report.
Academic Computer Systems, Inc.
-------------------------------
Summaries of Selected Financial Data
------------------------------------
<TABLE>
<CAPTION>
Year Ended Year Ended
September 30, 1996 September 30, 1995
------------------ ------------------
<S> <C> <C>
Gross income $ 31,436 $ 37,135
Income from operations
(before provision for taxes) 27,437 33,434
Net income (after
provision for taxes) 24,623 30,145
Total assets 579,036 514,513
Long-term obligations - -
Cash dividends - -
</TABLE>
4
<PAGE>
Item 7. Management's Discussion and Analysis of Financial Condition and Results
- --------------------------------------------------------------------------------
of Operations
- -------------
In 1975, the operations of Data Conversion, Inc., a subsidiary of Academic
Computer Systems, Inc. were suspended, and there is no intention to resume such
operations. Decreased demand for this corporation's services and the operating
losses sustained, made this necessary.
The Registrant is presently exploring the possibility of other businesses
or mergers. In the meantime, management has cut all expenses to an irreducible
minimum in order to conserve its capital.
Item 8. Financial Statements and Supplementary Data
- ---------------------------------------------------
Registrant is not required to provide the supplementary financial
information specified by Item 12 of Regulation S-K.
The following are the required Financial Statements, including an index
thereof:
Index to Financial Statements Page Number
----------------------------- -----------
Financial statements:
Independent auditors' report 7
Balance sheets at September 30, 1996 and 1995 8
Statement of income for years ended
September 30, 1996, 1995 and 1994 9
Statement of retained earnings for years ended
September 30, 1996, 1995 and 1994 10
Statement of cash flows for the years ended
September 30, 1996, 1995 and 1994 11
Notes to financial statements 12
Independent auditors' report on schedules 13
Schedule I - marketable securities for the
years ended September 30, 1996 and 1995 14, 15, 16, 17
5
<PAGE>
ACADEMIC COMPUTER SYSTEMS, INC.
-------------------------------
COMPARATIVE FINANCIAL STATEMENTS
--------------------------------
SEPTEMBER 30, 1996, 1995 AND 1994
---------------------------------
6
<PAGE>
[LETTERHEAD OF LIPNER, GORDON & CO., LLP]
INDEPENDENT AUDITORS' REPORT
----------------------------
Board of Directors
Academic Computer Systems, Inc.
We have audited the accompanying balance sheets of Academic Computers, Inc.
as of September 30, 1996 and 1995, and the related statements of income,
retained earnings, and cash flows for the years ended September 30, 1996, 1995
and 1994. These financial statements are the responsibility of the Company's
management. Our responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audits to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Academic Computers, Inc. as
of September 30, 1996 and 1995 and the results of its operations and its cash
flows for the years then ended, and for the year ended September 30, 1994, in
conformity with generally accepted accounting principles.
/s/ Lipner, Gordon & Co. LLP
Great Neck, New York
November 8, 1996
7
<PAGE>
ACADEMIC COMPUTER SYSTEMS, INC.
-------------------------------
BALANCE SHEET
-------------
ASSETS
------
<TABLE>
<CAPTION>
September 30,
---------------------
1996 1995
------ ----
Current assets:
<S> <C> <C>
Cash and cash equivalents $167,657 $149,375
Interest receivable 2,770 768
Prepaid federal income tax 418 -
-------- --------
Total current assets 170,845 150,143
Long-term assets:
Marketable securities (Note 2) 408,191 364,370
-------- --------
$579,036 $514,513
======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY
------------------------------------
Current liabilities:
Taxes payable $ 1,795 $ 4,716
Accounts payable and accrued expenses 1,250 2,250
-------- --------
Total current liabilities 3,045 6,966
-------- --------
Commitments and contingencies (Note 3) - -
Deferred taxes payable (Note 4) 38,437 21,414
Stockholders' equity:
Common stock, par value of $.05 per
share; authorized 1,250,000 shares;
issued 910,000 shares at September
30, 1996 and 1995 45,500 45,500
Additional paid-in capital 312,571 312,571
Unrealized gain on securities
reported at fair value (Notes 2 and
4) 88,578 61,780
Retained earnings 93,061 68,438
-------- --------
578,147 509,703
Less treasury stock - at cost (2,300
shares) ( 2,156) ( 2,156)
-------- --------
575,991 507,547
-------- --------
$579,036 $514,513
======== ========
</TABLE>
The accompanying notes are an integral part hereof.
8
<PAGE>
ACADEMIC COMPUTER SYSTEMS, INC.
-------------------------------
STATEMENT OF INCOME
-------------------
<TABLE>
<CAPTION>
Year Ended
September 30,
-------------------------
1996 1995 1994
---- ---- ----
<S> <C> <C> <C>
Income (Note 2):
Interest $ 8,690 $ 2,671 $ 2,566
Dividends 22,746 25,348 29,491
Gain on sale of securities - 9,116 19
------- ------- -------
31,436 37,135 32,076
------- ------- -------
Costs and expenses:
Operational costs, general and
administrative expenses 3,929 3,701 3,702
Interest expense 70 - -
------- ------- -------
3,999 3,701 3,702
------- ------- -------
Income before provision for income taxes 27,437 33,434 28,374
------- ------- -------
Provision for income taxes:
Federal 2,442 2,795 1,437
State 372 494 359
------- ------- -------
2,814 3,289 1,796
------- ------- -------
Net income $24,623 $30,145 $26,578
======= ======= =======
Earnings per share (based on weighted
average of the number of shares
outstanding) $ .03 $ .03 $ .03
======= ======= =======
Average number of common shares
outstanding 907,700 907,700 907,700
======= ======= =======
</TABLE>
The accompanying notes are an integral part hereof.
9
<PAGE>
ACADEMIC COMPUTER SYSTEMS, INC.
-------------------------------
STATEMENT OF RETAINED EARNINGS
------------------------------
<TABLE>
<CAPTION>
Year Ended
September 30,
-------------------------------------
1996 1995 1994
------ ------ -------
<S> <C> <C> <C>
Earnings at beginning $68,438 $38,293 $11,715
Net income 24,623 30,145 26,578
------- ------- -------
Earnings at end $93,061 $68,438 $38,293
======= ======= =======
</TABLE>
The accompanying notes are an integral part hereof.
10
<PAGE>
ACADEMIC COMPUTER SYSTEMS, INC.
-------------------------------
STATEMENT OF CASH FLOWS
-----------------------
<TABLE>
<CAPTION>
Year Ended
September 30,
----------------------------------
1996 1995 1994
--------- -------- ----------
<S> <C> <C> <C>
Cash flows derived from operating
activities:
Interest and dividends received $ 29,637 $ 27,477 $ 32,057
Cash paid to suppliers ( 5,184) ( 2,950) ( 4,202)
Income taxes paid ( 6,171) ( 365) ( 160)
-------- -------- ---------
Net cash provided by operating activities 18,282 24,162 27,695
-------- -------- ---------
Cash flows derived from investing
activities:
Proceeds from sales/redemptions of
securities - 17,446 19
Purchases of securities - ( 795) ( 21,660)
-------- -------- --------
Net cash provided (used) by investing
activities - 16,651 ( 21,641)
-------- -------- --------
Net increase in cash and cash equivalents 18,282 40,813 6,054
Cash and cash equivalents at beginning
of year 149,375 108,562 102,508
-------- -------- ---------
Cash and cash equivalents at end of year $167,657 $149,375 $ 108,562
======== ======== =========
Reconciliation of net income to net cash
provided (used) by operating
activities:
Net income $ 24,623 $ 30,145 $ 26,578
Adjustments to reconcile net income
to net cash provided by operations:
(Increase) in interest receivable ( 2,002) ( 542) -
(Increase) decrease in prepaid
federal income tax ( 418) 128 1,437
Increase (decrease) in accounts
payable and accrued expenses ( 1,000) 750 ( 500)
Increase (decrease) in taxes
payable ( 2,921) 2,797 199
(Gains) on sales/redemptions
of securities - ( 9,116) ( 19)
-------- ------- --------
$ 18,282 $ 24,162 $ 27,695
======== ======== =========
Supplementary information:
Interest paid $ - $ - $ -
Federal income taxes paid 1,430 - -
</TABLE>
The accompanying notes are an integral part hereof.
11
<PAGE>
ACADEMIC COMPUTER SYSTEMS, INC.
-------------------------------
NOTES TO FINANCIAL STATEMENTS
-----------------------------
SEPTEMBER 30, 1996, 1995 AND 1994
---------------------------------
1. Statement of Significant Accounting Policies:
---------------------------------------------
a) The Company's only income at present is from interest and dividends
received on its investment portfolio. It records its investment income on the
accrual basis. There were no operating activities during the periods of these
statements.
b) Money market funds are considered to be cash equivalents.
2. Marketable Securities:
----------------------
For the years ended September 30, 1995 and thereafter, the Company has
adopted Statement of Financial Accounting Standards (SFAS) No. 115, "Accounting
for Certain Investments in Debt and Equity Securities." Under SFAS No. 115,
debt and equity securities are classified into three categories: trading,
available-for-sale, and held-to-maturity.
Management determines the appropriate classification of its investments at
the time of purchase, and reevaluates such determination at each balance sheet
date. The Company has categorized its marketable securities as available-for-
sale. SFAS No. 115 requires available-for-sale securities to be carried at fair
value with unrealized gains and unrealized losses reported as a separate
component of shareholders' equity. Realized gains and losses are determined on
a specific identification basis. A decline in market value of any available-
for-sale security below cost that is deemed other than temporary is charged to
earnings, resulting in the establishment of a new cost basis for the security.
Marketable securities classified as available-for-sale securities at
September 30, 1996 and 1995 are included in Schedule I.
3. Commitments and Contingencies:
------------------------------
The Company's income tax returns have not been audited by the Internal
Revenue Service.
4. Deferred Taxes:
---------------
Temporary differences arise from unrealized gains on securities that are
reported as an adjustment to stockholders' equity for financial reporting but
are not recorded in the tax return until the securities are sold. The Company
uses the liability method for calculating the deferred tax provision and charges
the tax effect directly to stockholders' equity. The deferred taxes relate
solely to the available-for-sale securities, and, as such, have no effect on the
components of net income (see Note 2).
12
<PAGE>
[LETTERHEAD OF LIPNER, GORDON & CO., LLP]
INDEPENDENT AUDITORS' REPORT ON SCHEDULES
-----------------------------------------
In connection with our audits of the financial statements of Academic
Computer Systems Inc. as of September 30, 1996 and 1995, we also audited the
supporting schedules listed in the preceding index. In our opinion, these
schedules present fairly, when read in conjunction with the related statements,
the financial data required to be set forth therein.
/s/ Lipner, Gordon & Co., LLP
Great Neck, NY
November 8, 1996
13
<PAGE>
ACADEMIC COMPUTER SYSTEMS,INC.
------------------------------
SCHEDULE I - MARKETABLE SECURITIES
----------------------------------
SEPTEMBER 30, 1996
------------------
<TABLE>
<CAPTION>
Number of
Shares Value Based on
or Units of Current Market
Principal Quotations Unrealized
Name of Issuer and Amount Cost/ At Gain/(Loss)
Title of Security Bonds and Basis Balance Sheet On
- ----------------- Notes Adjusted Date Securities
------------ -------- -------------- -----------
<S> <C> <C> <C> <C>
Rapid American Corp. Sub.
Deb. 7% 1994 $10,000 $ 100 $ - ($ 100)
Metromedia International
Sub Deb. 9-1/2% 1998 -
(Formerly Actava Group Inc.) 9,000 6,100 8,944 2,844
Zenith Electronics Corp.
Conv. Sub. Deb. 6-1/4%
2011 20,000 8,117 16,750 8,633
Fedders Corp. Sub. Deb. Conv.
8-1/2% 2012 (Formerly NYCOR
Inc., CV EX PFD) 80,000 61,605 72,800 11,195
AM Annuity Group Inc. - common -
(Formerly STI Group Inc.) 508 shares 2,398 6,795 4,397
Barrett Resources Corp., New 2,000 shares 8,007 70,500 62,493
Fleet Financial Group Inc.
Depository SH Reptg 1/4
PFD. IV Pref. 2,000 shares 51,757 51,500 ( 257)
Chase Manhattan Corp. PFD
(Formerly Chemical Banking
Corp. 10.96 PFD) 1,000 shares 29,395 29,625 230
Barclays Bank PLC Amern Dep.
Shs. UTS SR D 1,000 shares 29,271 28,750 ( 521)
-------- -------- --------
Sub total 196,750 285,664 88,914
</TABLE>
14
<PAGE>
ACADEMIC COMPUTER SYSTEMS,INC.
------------------------------
SCHEDULE I - MARKETABLE SECURITIES
----------------------------------
SEPTEMBER 30, 1996
------------------
<TABLE>
<CAPTION>
Number of
Shares Value Based on
or Units of Current Market
Principal Quotations Unrealized
Name of Issuer and Amount Cost/ At Gain/(Loss)
Title of Security Bonds and Basis Balance Sheet On
- ----------------- Notes Adjusted Date Securities
------------ -------- -------------- -----------
<S> <C> <C> <C> <C>
Sub total (carried forward) $196,750 $285,664 $ 88,914
Williams Cos. Inc. $2.21 Cum.
Pfd. 1,000 shares 25,000 26,000 1,000
American Banknote Corp. (formerly
United States Banknote Corp.) 1,000 shares 5,238 4,625 ( 613)
Corestates Financial Corp. common
(formerly Constellation
Bancorporation) 413 shares 7,254 17,862 10,608
LTV Corp. New 59 shares 615 686 71
LTV Corp. New WTS Ser A
expire 6/28/98 24 warrants 57 27 ( 30)
Cyprus Amax Minerals common
(formerly Amax, Inc.) 500 shares 12,122 10,750 ( 1,372)
Alumax, Inc. common 500 shares 12,122 16,750 4,628
Amax Gold common 300 shares 2,226 1,687 ( 539)
Glendale Federal Bank common 2,000 shares 14,255 35,500 21,245
Greyhound Lines, Inc. common 2,560 shares 5,537 8,640 3,103
-------- -------- --------
$281,176 $408,191 $127,015
======== ======== ========
</TABLE>
15
<PAGE>
ACADEMIC COMPUTER SYSTEMS,INC.
------------------------------
SCHEDULE I - MARKETABLE SECURITIES
----------------------------------
SEPTEMBER 30, 1995
------------------
<TABLE>
<CAPTION>
Number of
Shares Value Based on
or Units of Current Market
Principal Quotations Unrealized
Name of Issuer and Amount Cost/ At Gain/(Loss)
Title of Security Bonds and Basis Balance Sheet On
- ----------------- Notes Adjusted Date Securities
------------ -------- -------------- -----------
<S> <C> <C> <C> <C>
Rapid American Corp. Sub.
Deb. 7% 1994 $10,000 $ 100 $ 1 ($ 99)
Actava Group Inc. Conv.
Sub Deb. 9-1/2% 1998 -
(Formerly Fuqua Industries
Inc.) 9,000 6,100 8,966 2,866
Zenith Electronics Corp.
Conv. Sub. Deb. 6-1/4%
2011 20,000 8,117 14,600 6,483
NYCOR Inc., CV EX PFD 4,000 shares 61,605 58,000 ( 3,605)
AM Annuity Group Inc. common
(Formerly STI Group Inc.) 508 shares 2,398 5,588 3,190
Barrett Resources Corp., New 2,000 shares 8,007 45,000 36,993
Fleet Financial Group Inc.
Depository SH Reptg 1/4 PFD. IV
Pref. 2,000 shares 51,757 52,000 243
Chemical Banking Corp. 10.96
PFD. 1,000 shares 29,395 30,375 980
Barclays Bank PLC Amer. Dep.
Shs. UTS SR D 1,000 shares 29,271 28,875 ( 396)
-------- -------- ------
Sub total 196,750 243,405 46,655
</TABLE>
16
<PAGE>
ACADEMIC COMPUTER SYSTEMS,INC.
------------------------------
SCHEDULE I - MARKETABLE SECURITIES
----------------------------------
SEPTEMBER 30, 1995
------------------
<TABLE>
<CAPTION>
Number of
Shares Value Based on
or Units of Current Market
Principal Quotations Unrealized
Name of Issuer and Amount Cost/ At Gain/(Loss)
Title of Security Bonds and Basis Balance Sheet On
- ----------------- Notes Adjusted Date Securities
------------- -------- -------------- -----------
<S> <C> <C> <C> <C>
Sub total (carried forward) $196,750 $243,405 $ 46,655
Williams Cos. Inc. $2.21 Cum.
Pfd. 1,000 shares 25,000 26,125 1,125
American Banknote Corp. (formerly 1,000 shares 5,238 2,125 ( 3,113)
United States Banknote Corp.)
Corestates Financial Corp. common
(formerly Constellation
Bancorporation) 413 shares 7,254 15,126 7,872
LTV Corp. New 59 shares 615 826 211
LTV Corp. New WTS Ser A
expire 6/28/98 24 warrants 57 75 18
Cyprus Amax Minerals common
(formerly Amax, Inc.) 500 shares 12,122 14,063 1,941
Alumax, Inc. common 500 shares 12,122 16,875 4,753
Amax Gold common 300 shares 2,226 1,800 ( 426)
Glendale Federal Bank common 2,000 shares 14,255 32,750 18,495
Greyhound Lines, Inc. common 2,560 shares 5,537 11,200 5,663
-------- -------- --------
$281,176 $364,370 $ 83,194
======== ======== ========
</TABLE>
17
<PAGE>
PART III
Item 10. Directors and Executive Officers of the Registrant
- -----------------------------------------------------------
(a) Identification of Directors
---------------------------
Information regarding Registrant's directors as of September 30, 1996 is
listed below. Each director was elected at the annual meeting of the
Registrant's shareholders held on September 15, 1996, and will serve in his
capacity until the next annual elected and qualified, or until his prior
resignation or removal. Registrant knows of no arrangement between any of the
individuals named below and any other person pursuant to which such individuals
named below and any other person pursuant to which such individual was or is to
be selected as a director or nominee.
Name Age Position
---- --- --------
Milton Fisher 78 President
Herman V. Traub 77 Secretary/Treasurer
Joseph Kaminsky 52 Director
(b) Identification of Executive Officers
------------------------------------
Not applicable as no wages are paid.
(c) Identification of Certain Significant Employees
-----------------------------------------------
Not applicable as no wages are paid.
(d) Family Relationships
--------------------
There are no family relationships within the Board of the Directors of the
Registrant.
18
<PAGE>
PART III
Item 10. Directors and Executive Officers of the Registrant (continued)
- -----------------------------------------------------------------------
(e) Business Experience
-------------------
Milton Fisher is an attorney practicing law in the city of New York for
more than 40 years. He is the President of A.D. Gilhart and Co., Inc.,
investment bankers.
Herman V. Traub is an attorney practicing law in the City of New York for
more than 40 years.
Joseph Kaminsky is presently employed by Serena, Inc. of New York as a
sales manager, and was formerly an officer of the Registrant until he resigned
in 1971.
(f) Involvement in Certain Legal Proceedings
----------------------------------------
None (not applicable)
Item 11. Management Remuneration and Transactions
- -------------------------------------------------
No remuneration was paid during the fiscal year ended September 30, 1996.
Item 12. Exhibits, Financial Statements and Form 8-K
- ----------------------------------------------------
Financial Statements:
Independent Auditors' Report
Balance Sheets at September 30, 1996 and 1995
Statement of Income for the Years Ended
September 30, 1996, 1995 and 1994
Statement of Retained Earnings for
the Years Ended September 30, 1996, 1995 and
1994
Statement of Cash Flows for the Years Ended
September 30, 1996, 1995 and 1994
Notes to Financial Statements
Independent Auditors' Report on Schedules
Financial Statement Schedules:
Schedule I - Marketable Securities for the Years
Ended September 30, 1996 and 1995
Exhibits:
27 -Financial Data Schedule
Reports on Form 8-K:
None.
19
<PAGE>
SIGNATURES
----------
Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the Registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized.
ACADEMIC COMPUTER SYSTEMS, INC.
By /s/ Milton Fisher, President
---------------------------------
Milton Fisher, President
Dated: February 6, 1997
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-START> OCT-01-1995
<PERIOD-END> SEP-30-1996
<CASH> 167,657
<SECURITIES> 408,491
<RECEIVABLES> 2,770
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 579,036
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 579,036
<CURRENT-LIABILITIES> 3,045
<BONDS> 0
0
0
<COMMON> 45,500
<OTHER-SE> 492,054
<TOTAL-LIABILITY-AND-EQUITY> 579,036
<SALES> 0
<TOTAL-REVENUES> 31,436
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 3,929
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 70
<INCOME-PRETAX> 27,437
<INCOME-TAX> 2,814
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 24,623
<EPS-PRIMARY> .03
<EPS-DILUTED> .03
</TABLE>
