<PAGE> 1
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
Quarterly Report Under Section 13 or 15(d) of the
Securities Exchange Act of 1934
For the quarterly period ended December 31, 1997
Commission file Number 0-8730
AMERICAN INDUSTRIES, LTD.
(Registrant)
Nevada 88-119436
(State of Incorporation) (I.R.S. Employer
Identification No.)
Bank of America Center 89109
101 Convention Center Drive (Zip Code)
Suite 1212
Las Vegas Nevada
(Address of Principal Executive Offices)
Bank of America Center
101 Convention Center Drive
Suite 845
Las Vegas, Nevada 89109 (previous address)
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, and (2) has been subject to such
filing requirements for the past 90 days.
Yes _X_ No ___
As of March 31, 1998, there were 20,276,311 shares of common stock
outstanding.
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PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
Financial statements are attached at the end of the 10-Q.
Item 2. Management's Discussion and Analysis of Financial condition and
Operating Results
Results of Operations-Quarter Ended
During the quarter the Company had no income. The quarter ended December
31, 1996, showed no income also. The company President, Mr. Zack Monroe,
passed away on July 25, 1997. Since the illness and death of Mr. Monroe,
the Company's income stream was negatively affected. It did not have income
during the second quarter of the fiscal year ended March 31, 1998.
General administrative expenses decreased from the previous year's quarter.
These expenses represent bare bones administrative costs.
Liquidity and Capital Resources
As mentioned above, the Company has no income. The Company's newly elected
Chief Executive Officer, George Balis, is in the process of identifying the
income sources. The lack of income production has put the Company into a
negative cash flow position. Currently, any shortfall in the company's
administrative and operating expenses are beig paid by George Balis and
Mary Kinn, two shareholders. The investments listed on the balance sheet
are not liquid and will provide no immediate relief from the negative cash
flow. Mr. Balis is working on hiring new staff and revitalizing the revenue
stream. His efforts are being hampered by shortage of operating capital and,
therefore, there are no assurances that Mr. Balis' efforts will prove
successful.
The remainder of this page is intentionally blank.
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SIGNATURE
Pursuant to the requirements of the Securites and Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunder duly authorized.
AMERICAN INDUSTRIES, LTD.
Registrant
_________________________
/SS/ George Balis, President
(Chief Accounting Officer)
Date: May 4, 1998
The remainder of this page is intentionally blank.
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AMERICAN INDUSTRIES, LTD.
CONSOLIDATED BALANCE SHEETS
(unaudited)
as of December 31, 1997 and March 31, 1997
<TABLE>
<CAPTION>
12/31/97 3/31/97
<S> <C> <C>
ASSETS
Cash 13,909 23,050
Receivables 1,540 3,827
______ ______
Total Current Assets 15,449 26,877
Equipment 3,347 3,347
Investments 61,134,822 61,134,822
__________ __________
Total Assets 61,153,618 61,165,046
__________ __________
__________ __________
LIABILITIES
Accounts Payable 14,932 9,932
___________ __________
Total Liabilities 14,932 9,932
___________ __________
STOCKHOLDERS' EQUITY
Common Stock, authorized 2,000,615 2,000,615
50,000,000 shares,
20,006,150 shares outstanding
par value $.10
Paid in Capital 60,033,400 60,033,400
Retained Earnings (loss) (895,329) (878,901)
__________ __________
Total Stockholders' Equity 61,138,686 61,155,114
__________ __________
Total Liabilities and
Stockholders' Equity 61,153,618 61,165,046
__________ __________
__________ __________
</TABLE>
[FN]
The above statement is unaudited and is prepared by management
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<TABLE>
AMERICAN INDUSTRIES, LTD.
CONSOLIDATED STATEMENTS OF OPERATIONS
for the three months ended December 31, 1997 and 1996
and the nine months ended December 31, 1997 and 1996
<CAPTION>
3 mth 3 mth 9 mth 9 mth
ended ended ended ended
12/31/97 12/31/96 12/31/97 12/31/96
<S> <C> <C> <C> <C>
Revenue - - - 45,000
_________ ________ ______ _______
General and Administrative
Expenses - 16,659 16,428 69,388
_________ ________ ______ _______
Net Income (Loss) before Taxes - (16,659) (16,428) (24,388)
Provision for Income Taxes - - - -
_________ ________ ______ _______
Net Income (Loss) - (16,659) (16,428) (24,388)
_________ ________ _______ _______
_________ ________ _______ _______
Earnings per Common Share a a a a
_________ ________ _______ _______
Weighted Average Number
of Shares Outstanding 20,006,150 20,006,150 20,006,150 20,006,150
__________ __________ __________ __________
</TABLE>
a less than $.01
[FN]
The above statement is unaudited and is prepared by management
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<TABLE>
AMERICAN INDUSTRIES, LTD.
CONSOLIDATED STATEMENTS OF CASH FLOW
(unaudited)
for the nine months ended December 31, 1997 and 1996
<S> <C> <C>
9 mths 9 mths
ended ended
12/31/97 12/31/96
Cash from Operations
Net Income (Loss) (16,428) (24,388)
Change in Receivables 2,287 2,563
Change in Payables 5,000 14,607
________ ________
Net Cash from Operations (9,141) (7,218)
________ ________
Cash used for Investments - -
________ _________
Cash from Investments - -
________ _________
Net Change in Cash (9,141) (7,218)
Beginning Cash Balance 23,050 23,371
_________ ___________
Ending Cash Balance 13,909 16,153
__________ ___________
</TABLE>
[FN]
The above statement is unaudited and is prepared by management
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AMERICAN INDUSTRIES, LTD.
NOTES TO FINANCIAL STATEMENTS
Note 1. General and Accounting Policies
American Industries, Ltd. (the Company) was originally organized December
26, 1919 in Nevada. The company has one wholly owned subsidiary Global
Technologies S.A. Global Technologies was organized in Europe in the
country of Luxembourg. In 1993 the company purchased Global Technologies
from its previous owner. The purchase was done using purchase accounting.
Notwithstanding the use of purchase accounting, at the time of the merger
in 1993, the book value of Global's assets was equal to the fair market
value of the assets. At the time of the merger appraisals were obtained
to verify value. Subsequently, these appraisals have been updated.
Management feels that these statements correctly reflect the financial
condition and operations of the company for the period stated.
Principles of Consolidation
The consolidated financial statements include the companies of American
Industries, Ltd. and its wholly owned subsidiary Global Technologies, S.A.
All significant intercompany transactions have been eliminated.
Earnings per Share
Earnings per share is computed on the weighted average number of common
shares outstanding during the year.
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