<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, 1998
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)
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 December 31, 1998, there were 20,006,586 shares of common stock
outstanding.
</PAGE>
<PAGE>
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, 1998, showed no income also.
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.
</PAGE>
<PAGE>
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: February 13, 1999
The remainder of this page is intentionally blank.
</PAGE>
<PAGE>
AMERICAN INDUSTRIES, LTD.
CONSOLIDATED BALANCE SHEETS
(unaudited)
as of December 31, 1998 and March 31, 1998
<TABLE>
<CAPTION>
12/31/98 3/31/98
<S> <C> <C>
ASSETS
Cash 13,760 13,826
______ ______
Total Current Assets 13,760 13,826
Equipment 3,347 13,826
Investments 61,134,822 61,084,822
__________ __________
Total Assets 61,151,929 61,098,648
__________ __________
__________ __________
LIABILITIES
Accounts Payable 22,932 37,455
___________ __________
Total Liabilities 22,932 37,455
___________ __________
STOCKHOLDERS' EQUITY
Common Stock, authorized 2,000,615 2,000,659
50,000,000 shares,
20,006,586 shares outstanding
par value $.10
Paid in Capital 60,033,400 60,042,884
Retained Earnings (loss) (905,018) (982,350)
__________ __________
Total Stockholders' Equity 61,128,997 61,061,193
__________ __________
Total Liabilities and
Stockholders' Equity 61,151,929 61,098,648
__________ __________
__________ __________
</TABLE>
[FN]
The above statement is unaudited and is prepared by management
</PAGE>
<PAGE>
<PAGE>
<TABLE>
AMERICAN INDUSTRIES, LTD.
CONSOLIDATED STATEMENTS OF OPERATIONS
for the nine months ended December 31, 1998 and 1997
and the six months ended September 30, 1998 and 1997
<CAPTION>
9 mth 9 mth 6 mth 6 mth
ended ended ended ended
12/30/98 12/30/97 9/30/98 9/30/97
<S> <C> <C> <C> <C>
Revenue - - - -
_________ ________ ______ _______
General and Administrative
Expenses 13,653 - 13,631 16,428
_________ ________ ______ _______
Net Income (Loss) before Taxes (13,653) - (13,361) (16,428)
Provision for Income Taxes - - - -
_________ ________ ______ _______
Net Income (Loss) (13,653) - (13,361) (16,428)
_________ ________ _______ _______
_________ ________ _______ _______
Earnings per Common Share a a a a
_________ ________ _______ _______
Weighted Average Number
of Shares Outstanding 20,006,586 20,006,150 20,006,586 20,006,150
__________ __________ __________ __________
</TABLE>
a less than $.01
[FN]
The above statement is unaudited and is prepared by management
</PAGE>
<PAGE>
<TABLE>
AMERICAN INDUSTRIES, LTD.
CONSOLIDATED STATEMENTS OF CASH FLOW
(unaudited)
for the nine months ended December 31, 1998 and 1997
<S> <C> <C>
9 mths 9 mths
ended ended
12/31/98 12/31/97
Cash from Operations
Net Income (Loss) (13,653) (16,428)
Change in Receivables - -
Change in Payables 5,000
Net Cash from Operations (13,653) (11,428)
Cash used for Investments - -
________ _______
Cash from Investments - -
________ _______
Net Change in Cash (13,653) (11,428)
Beginning Cash Balance 27,413 23,050
_________ ________
Ending Cash Balance 13,760 11,622
__________ ________
</TABLE>
[FN]
The above statement is unaudited and is prepared by management
</PAGE>
<PAGE>
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.
NOTE 2. Y2K PRECAUTIONS
"American Industries, Ltd. ("Company") has no significant exposure to the
hazards of "Y2K", vis-a-vis the Company's computer operations, as they are
soley confined to word processing tasks. All transfer agent tasks and other
computer generated tasks, are handled by an independent contractor.
Should the Company undertake to utilize its in-house computers for tasks
other than word processing, measures will be taken, if required, to
upgrade its systems to avoid "Y2K" problems that may at that time exist.
</PAGE>
