<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10Q
(Mark One)
[X] Quarterly Report Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
For the period ended December 31, 1995
or
[ ] Transition Report Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
For the transition period from ___________ to ___________
COMMISSION FILE NUMBER: 0-9247
AUTO-TROL TECHNOLOGY CORPORATION
(Exact name of registrant as specified in its charter)
Colorado 84-0515221
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
12500 North Washington Street, Denver, Colorado 80241-2400
(Address of principal executive offices)
(303) 452-4919
(Registrant's telephone number, including area code)
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 reports), and (2) has been subject to such filing
requirements for the past 90 days. [X] Yes [ ] No
Number of shares outstanding as of February 8, 1996: 3,947,780
<PAGE>
AUTO-TROL TECHNOLOGY CORPORATION
--------------------------------
REPORT TO SECURITIES AND EXCHANGE COMMISSION ON FORM 10Q
--------------------------------------------------------
FOR THE THREE MONTHS ENDED DECEMBER 31, 1995
--------------------------------------------
Page Number
Part I. Financial Information
Item 1. Financial Statements
Consolidated Statements of Operations three months ended
December 31, 1995 and 1994 1
Consolidated Balance Sheets December 31, 1995 and
September 30, 1995 2-3
Consolidated Statements of Cash Flow December 31, 1995
and 1994 4
Notes to Consolidated Statements 5-6
Item 2. Management's Discussion and Analysis of Financial Condition
and Results of Operations 7-10
Part II. Other Information, Item 4, Item 5, Item 6, Reports on Form 8-K 11
Signatures 12
<PAGE>
AUTO-TROL TECHNOLOGY CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands except per share amounts)
(unaudited)
<TABLE>
<CAPTION>
Three Months Ended
December 31,
1995 1994
------------------
<S> <C> <C>
Revenues:
Sales......................................... $2,095 $3,652
Service....................................... 3,098 4,160
------------------
5,193 7,812
Costs and expenses:
Cost of sales................................. 680 1,491
Cost of service............................... 1,517 1,782
Research and product development.............. 2,154 2,070
Marketing, general and administrative......... 3,510 4,163
------------------
7,861 9,506
Loss from operations............................ (2,668) (1,694)
Interest income............................... 72 62
Interest expense related party portion,
$162,000 and $222,000......................... (200) (240)
------------------
Loss before income taxes........................ (2,796) (1,872)
Income tax benefit.............................. 2 0
------------------
Net loss........................................ $(2,794) $(1,872)
==================
Loss per share.................................. $ (.07) $ (.09)
Weighted average number of shares outstanding... 39,096 21,382
</TABLE>
See Notes to Consolidated Financial Statements
1
<PAGE>
AUTO-TROL TECHNOLOGY CORPORATION
CONSOLIDATED BALANCE SHEETS
(in thousands)
<TABLE>
<CAPTION>
December 31, September 30,
1995 1995
(unaudited)
--------------------------------
<S> <C> <C>
ASSETS
Current Assets:
Cash and cash equivalents............. $ 2,016 $ 2,388
Receivables net of allowance of
$127,000 and $132,000................ 3,028 4,325
Inventories........................... 221 196
Service parts and prepaid expenses.... 478 330
--------------------------------
Total current assets.............. $ 5,743 $ 7,239
--------------------------------
Property, facilities and equipment:
Land.................................. 355 355
Building and improvements............. 8,098 8,098
Machinery and equipment............... 9,085 8,574
Furniture, fixtures and leasehold
improvements......................... 897 898
--------------------------------
18,435 17,925
Less accumulated depreciation
and amortization..................... (11,493) (11,421)
--------------------------------
6,942 6,504
Purchased software, net of accumulated
amortization of $1,072,000 and
$991,000............................... 561 548
Other assets............................ 99 97
--------------------------------
Total assets...................... $13,345 $14,388
================================
</TABLE>
See Notes to Consolidated Financial Statements
2
<PAGE>
AUTO-TROL TECHNOLOGY CORPORATION
CONSOLIDATED BALANCE SHEETS
(in thousands)
<TABLE>
<CAPTION>
December 31, September 30,
1995 1995
(unaudited)
------------------------------
<S> <C> <C>
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Current portion of long-term debt............. $ 240 $ 240
Current portion of capital lease obligations.. 239 254
Accounts payable.............................. 1,247 1,309
Interest payable, related party portion
$105,000 and $370,000........................ 173 407
Unearned service revenue and customer
deposits..................................... 1,190 1,188
Accrued compensation and related taxes........ 547 554
Other liabilities............................. 1,419 1,910
------------------------------
Total current liabilities............. 5,055 5,862
Capital lease obligations....................... 117 173
Long-term debt, related party, $5,900,000
and $2,900,000................................. 7,820 4,820
------------------------------
Total liabilities..................... 12,992 10,855
------------------------------
Shareholders' equity:
Common stock, $.01 par value authorized
40,000,000 shares; issued (including
treasury shares) 39,361,582 and
32,205,669 shares............................ 394 393
Additional paid-in capital.................... 71,367 71,360
Cumulative currency translation adjustments... (805) (411)
Accumulated deficit........................... (70,118) (67,324)
Treasury stock 261,400 and 261,400 common
shares at cost............................... (485) (485)
------------------------------
Total shareholders' equity........... 353 3,533
------------------------------
$13,345 $14,388
==============================
</TABLE>
See Notes to Consolidated Financial Statements
3
<PAGE>
AUTO-TROL TECHNOLOGY CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
<TABLE>
<CAPTION>
Three Months Ended
December 31,
1995 1994
------------------
<S> <C> <C>
Cash flow from operating activities:
Net loss........................................... $(2,794) $(1,872)
Adjustments to reconcile net loss to net cash
used by operating activities:
Depreciation and amortization...................... 338 449
Gain on disposal of property, facilities and
equipment......................................... 11 (27)
Provision for inventory obsolescence and shrinkage. 0 0
(Increase) decrease receivables.................... 1,058 192
Decrease inventories............................... (37) 44
(Increase) decrease service parts and prepaids..... (127) 41
Decrease accounts payable.......................... (121) (538)
Decrease interest payable.......................... (234) (324)
Decrease income tax payable........................ (34) (32)
Increase (decrease) unearned service revenue
and customer deposits............................. 2 (5)
Increase (decrease) other liabilities.............. (538) 438
------------------
Net cash used by operating activities................ (2,476) (1,634)
Cash flow from investing activities:
Capital expenditures............................... (799) (265)
Proceeds from sale of property, facilities
and equipment..................................... 0 53
(Increase) decrease of non-current service parts
and other assets.................................. (2) (20)
------------------
Net cash used by investing activities................ (801) (232)
Cash flow from financing activities:
Proceeds from issuance of notes payable,
related party..................................... 3,000 2,000
Payments on notes payable, capital lease and
long-term debt.................................... (71) 0
Proceeds from issue of common stock................ 8 10
Capital contributions to subsidiary................ 0 188
------------------
Net cash provided by financing activities............ 2,937 2,198
Effect of exchange rate changes on cash.............. (32) (18)
------------------
Net increase in cash and cash equivalents............ (372) 314
Cash and cash equivalents at the beginning of
the year............................................ 2,388 2,120
------------------
Cash and cash equivalents at the end of the period... $2,016 $2,434
==================
Supplemental disclosures of cash flow information:
Cash paid during the period for:
Interest, related party portion $433,000 and
$559,000.......................................... $ 433 $ 559
Income taxes....................................... 0 0
</TABLE>
See Notes to Consolidated Financial Statements
4
<PAGE>
AUTO-TROL TECHNOLOGY CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
THREE MONTHS ENDED DECEMBER 31, 1995
(1) BASIS OF PRESENTATION
The accompanying unaudited condensed consolidated financial statements have been
prepared in accordance with generally accepted accounting principles for the
interim financial information and with the instructions to Form 10-Q and Rule
10-01 of Regulation S-X. Financial information as of September 30, 1995 has
been derived from the audited consolidated financial statements of Auto-trol
Technology Corporation and subsidiaries (the Company).
The condensed consolidated financial statements do not include all information
and notes required by generally accepted accounting principles for complete
financial statements. However, except as disclosed herein, there has been no
material change in the information disclosed in the notes to the consolidated
financial statements as of and for the year ended September 30, 1995 included in
Form 10-K previously filed with the SEC. In the opinion of management, all
adjustments (consisting of normal recurring accruals) considered necessary for a
fair presentation have been included in the accompanying Condensed Consolidated
Financial Statements. Operating results for the three month periods ending
December 31, 1995 are not necessarily indicative of the results that may be
expected for the year ending September 30, 1996.
(2) BUSINESS COMBINATION WITH RELATED PARTY
On June 30, 1995, AT Development Inc., a wholly owned subsidiary of Auto-trol
Technology Corporation, acquired a 100% interest in Metaware, Inc., doing
business as Centra 2000, Inc. The consideration for the purchase was four
shares of Auto-trol Technology Corporation common stock for each share of Centra
2000, Inc. common stock outstanding. The 1,212,008 shares of Auto-trol
Technology Corporation common stock exchanged were not registered under Federal
or State securities laws and are subject to restrictions on resale. Additional
consideration for existing Centra 2000, Inc. shareholders consists of a cash
bonus and stock in Auto-trol Technology Corporation in each of the next four
years, which is contingent upon meeting a development schedule and market
acceptance of the Centra 2000 product.
Auto-trol Technology Corporation's President and Chairman of the Board, Howard
B. Hillman, controls, through various affiliates, the majority of the
outstanding shares of capital stock of both Auto-trol Technology Corporation and
Centra 2000, Inc. (Centra).
The effect of applying the purchase method of accounting to the acquisition of
the common stock of Centra owned by the other shareholders was not significant.
Accordingly, the acquisition has been accounted for in a manner similar to a
pooling of interests of entities under common control. The accompanying
consolidated financial statements have been restated for all periods prior to
the merger to include the accounts and operations of Centra with those of the
Company from the commencement of Centra's operations of October 1, 1994. The
effects of restating the Company's December 31, 1994, consolidated balance sheet
for the business combination were not significant. Intercompany transactions
between Centra and the Company prior to the date of the combination have been
eliminated.
(3) LOSS PER SHARE
Loss per share is computed on the basis of the weighted average number of shares
outstanding and is adjusted, if applicable, for common stock equivalents. At
December 31, 1995 and 1994, the weighted average number of shares outstanding
includes no weighted common stock equivalent shares because their effect would
be antidilutive.
5
<PAGE>
(4) SUBSEQUENT EVENT
On January 30, 1996, during the Company's annual meeting, the shareholders of
the Company approved a proposal to amend the Company's Articles of Incorporation
and to recapitalize the Company to effect a one-for-ten reverse stock split.
The total number of shares which the Company was authorized to issue is
40,000,000 shares of Class A Common Stock, $.02 par value, herein after called
Common Stock. The shareholders also approved a proposal to amend the Company's
Special Purpose Stock Option Plan and Incentive Stock option Plan to establish
400,000 as the number of shares of New Common Stock available for grant
collectively under the Plans. Lastly, the shareholders approved a proposal to
amend the Company's Employee Stock Purchase Plan to establish 80,000 as the
number of shares of New Common Stock available to purchase under the Plan.
6
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
RESULTS OF OPERATIONS
OVERVIEW
Operating losses for the first quarter ended December 31, 1995 continued due to
decreased revenue in mature product areas. New product revenue from the Product
Data Management (PDM), network configuration and Electronic Publishing Solutions
(EPS) markets grew in the first quarter ended December 31, 1995 over the same
period ended December 31, 1994, however, the Company continues to operate below
breakeven. The Company continues to believe that its products in these market
areas, when complete, will present a unique complementary combination that will
differentiate the Company from its competitors.
Due to the nature of the software industry, the future operating results of the
Company depend largely on its ability to rapidly and continuously develop and
deliver new software products that are competitively priced and offer enhanced
performance. During fiscal 1995, the Company lowered its prices on its product
data management and network configuration products. The Company believes that
these products are competitive both functionally and from a pricing perspective.
However, the Company is unable to predict the impact of new products or the
effect that industry economic conditions will have on future results of
operations.
BUSINESS COMBINATION WITH RELATED PARTY - On June 30, 1995, AT Development
Inc., a wholly owned subsidiary of Auto-trol Technology Corporation, acquired a
100% interest in Metaware, Inc. doing business as Centra 2000, Inc. Financial
results for the quarter ended December 31, 1994 reflect the combination of the
Company's results of operations. Both the Company and Centra 2000, Inc. were
under common control at the date of acquisition.
REVENUES - For the quarter ended December 31, 1995, total sales and service
revenue decreased $2.6 million, or 34%, from the quarter ended December 31,
1994. Total sales revenue for the first quarter of fiscal 1996 decreased $1.6
million, or 43%, from the quarter ended December 31, 1994. Hardware revenue for
the first quarter of fiscal 1996 declined $755,000, or 51%, as compared to
fiscal 1995. The Company continues to shift the sales and support focus from
hardware to internally developed software and systems integration. The Company
will continue to sell hardware primarily as part of a total systems solution.
Total software revenue declined $808,000, or 37%, as compared to the first
quarter of fiscal 1995. The decline can be attributed to reduced sales of
mature products such as the Company's Series 5000 and 7000 products, as sales
from the PDM, network configuration and EPS products increased. North America
hardware sales revenue decreased $451,000, or 51%, while North America software
sales revenue decreased $399,000, or 31% during the first quarter of fiscal
1996. European sales revenue decreased $600,000, or 47% from the first quarter
of fiscal 1995. This decrease consisted of an unfavorable exchange rate
variance of 7% and a 54% decrease in sales volume. The decrease in revenue was
due in part to a decrease of $326,000 in hardware revenue, as compared to the
first quarter of fiscal 1995. European software revenue decreased $274,000, or
39%, as compared to the first quarter of fiscal 1995.
Total service revenue for the quarter ended December 31, 1995, decreased $1.1
million, or 25%, from the previous quarter ended December 31, 1994. Service
revenue is comprised of hardware and software maintenance, training and billable
service revenue. Hardware maintenance revenue decreased $476,000, or 50%, while
software maintenance revenue decreased $435,000, or 21% for the first quarter of
fiscal 1996 as compared to the first quarter of fiscal 1995. The Company
experienced a decline in service revenue in all geographic locations. As the
Company shifts from being a hardware and software solution
7
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS-(CONTINUED)
provider to a software, systems integration, and service provider, revenue from
hardware and hardware maintenance will continue to decline. The Company's
management expects this trend to continue into the future. The declines in
software maintenance revenue can be attributed to a decline in older products
maintenance revenue, billable services and training revenue which decreased
$144,000, or 13%, as compared to the first quarter of fiscal 1995. This decrease
can be primarily attributed to lower training revenues as well as a change from
a gross billing to a net billing method for training courses in North America.
North American service revenue, which comprised 66% of the total worldwide
service revenue, declined $881,000, or 28%, as compared to the first quarter of
fiscal 1995. European service revenue declined $135,000, or 16%, as compared to
fiscal 1994.
COST OF SALES AND SERVICE - The result of operations for the quarter ended
December 31, 1995, continued to reflect shifts in product mix from hardware to
software and services. For the first quarter ended December 31, 1995, gross
profit margins on total revenue of 58% remained the same as the prior year first
quarter. Gross profit margins on sales revenue for the first quarter ending
December 31, 1995, decreased to 54% from 55% for the first quarter ended
December 31, 1995. In the first quarter of fiscal 1996 gross profit margins on
hardware declined slightly, yielding a gross margin of 27%, as compared to a
gross margin of 28% in the first quarter of fiscal 1995. This decline reflects
the continued pressure on hardware pricing throughout the computer industry. In
the first quarter of fiscal 1996 gross profit margins on software sales
increased to 89%, as compared to a gross margin of 80% in fiscal 1995. This
increase in gross profit margin during the first quarter of fiscal 1996 can be
attributed to a reduction in sales of lower margin third party software.
Gross profit margins for total service revenue in the first quarter of fiscal
1996 decreased $794,000, yielding a gross margin of 51%, as compared to a gross
margin of 57% in fiscal 1995. Gross margins on billable services in the first
quarter of fiscal 1996 decreased to 48% from 58% in the first quarter of fiscal
1995. The 10% decrease in gross profit margin for billable services was
primarly due to several new product installations which required more complex
support. Gross margins on training for the quarter ended December 31, 1995
decreased $183,000, yielding a gross margin of 24%, as compared to a gross
margin of 57% in the quarter ended December 31, 1994. The decline in training
revenue was not matched with decreased expenses, as expenses for the quarter
ended December 31, 1995 reflect fixed costs associated with training centers in
North America. Gross profit margins on hardware maintenance declined $233,000
yielding gross margins of 27% in the first quarter of fiscal 1996 as compared to
gross margins of 38% in the first quarter of fiscal 1995. The decline in
hardware maintenance revenue was not matched with commensurate cost reductions
in reducing hardware maintenance support costs. Software maintenance gross
margins remained steady at 62% in the first quarter of 1996, reflecting the
Company's efforts to control costs in its delivery of support.
RESEARCH AND PRODUCT DEVELOPMENT - Research and development expenses were
approximately 41% of revenue for the quarter ended December 31, 1995, and 26% of
revenues for the quarter ended December 31, 1994. The increase in research and
development spending as a percentage of revenue in the first quarter of fiscal
1996 is due in part to an increase of $84,000, or 4%, in spending coupled with
the overall 34% decrease in total revenue as compared to the first quarter of
fiscal 1995. The increase in spending is a result of the Company continuing to
invest in new product technology. For the balance of fiscal 1996 the Company
expects to increase its spending in research and development as it brings
several enhanced products to the marketplace.
In addition, the first quarter of fiscal 1995 research and product development
expenditures were restated to reflect the acquisition of Centra 2000, Inc.,
which occurred on June 30, 1995. Accordingly, research and product development
expenses were increased by $173,000 for the first fiscal quarter of 1995.
8
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS-(CONTINUED)
MARKETING, GENERAL, AND ADMINISTRATIVE - In the first quarter ended December 31,
1995, marketing, and general and administrative expenses decreased $653,000, or
16%, from the first quarter ended December 31, 1994. European marketing, and
general and administrative spending declined $68,000 due to an unfavorable
exchange rate variance of $117,000, a decrease in spending of $187,000 and
reduced headcount in the first quarter of 1996. In the first quarter of fiscal
1996, North American marketing, and general and administrative expenses,
decreased approximately $588,000, or 19%, as compared to the first quarter of
fiscal 1995 due primarly to reduced personnel related expenses and occupancy
costs.
INTEREST - In the quarter ended December 31, 1995, interest expense decreased
14% from the quarter ended December 31, 1994, as a result of converting $12.4
million of related party debt to common stock in three transactions during
fiscal 1995. Interest income increased $42,000 from the first quarter of fiscal
1994, due to an increase in cash investments during the first quarter of 1996.
LIQUIDITY AND CAPITAL RESOURCES
FINANCIAL CONDITION - At December 31, 1995, the Company had approximately $2.4
million in cash and cash equivalents, which was 6% higher than cash balances at
September 30, 1995. The Company's net working capital was approximately $.7
million at December 31, 1995, as compared to $1.4 million at December 31, 1994.
Other than the uncertainty of future profitability, there are no known demands,
commitments, events, or uncertainties that will result in the Company's
liquidity increasing or decreasing in any material way. However, during the
first quarter of fiscal 1996, the Company borrowed a total of $3,000,000, with
the notes bearing interest at 10% per annum, from an affiliate of Howard B.
Hillman, the Company's President, Chairman of the Board and principal
shareholder. In December 1995, the Company paid $433,000 of accrued interest on
the outstanding related party debt of $5,900,000. On May 2, 1989, the Company
announced a program to repurchase the Company's stock in the open market. The
maximum cost of the shares to be purchased was limited to $2 million. To date,
261,400 shares have been purchased at a cost of $485,000.
During fiscal 1994, the Company received a permanent waiver of financial
covenants of its outstanding Industrial Development Revenue Bonds. The Company
received a permanent wavier of financial ratio requirements which placed
restrictions on long-term lease agreements, debt agreements, and current ratio
requirements.
The Company will require additional funds from its majority shareholder to
continue to fund future operating losses. The shareholder has committed, in
writing, to continue providing financial support at least through December 31,
1996. If the Company is not able to achieve financial independence and
profitability through improved results in the near future, it will continue to
be dependent on its majority shareholder for additional funding and to continue
as a going concern.
CURRENCY FLUCTUATIONS
The Company has four wholly owned subsidiaries and one branch operation. The
four subsidiaries are located in Germany, Sweden, Canada and the United Kingdom;
the branch is located in Australia. The Company does business in the local
currencies of these countries, in addition to other countries where the
subsidiaries may have customers, such as Norway, Finland and Italy. These local
currency revenues and expenses are translated into dollars for U.S. reporting
purposes. A stronger U.S. dollar will decrease the level of reported U.S.
dollar revenues and expenses. Approximately $123,000 of favorable exchange rate
variance and a $1,318,000 decrease in revenue volume resulted in a
$1,195,000 decrease in non-U.S.
9
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS-(CONTINUED)
revenue between the quarters ended December 31, 1995 and 1994. These effects on
the Company's results of operations could become significant if the percentage
of revenues and expenses attributed to International operations increases and/or
if the dollar fluctuates significantly against international currencies. The
Company's International operations are also subject to certain risks inherent in
doing business abroad and may be adversely affected by government policies,
restrictions, or other factors.
The Company does not use foreign exchange contracts, interest rate swaps, or
option contracts. Foreign currency risk for the Company is limited to
outstanding debt owed to the Company by the subsidiaries. The Company invoices
its subsidiaries in their local currencies for products that are sold to the
subsidiaries' end customers. Upon receipt of payment from the subsidiaries, a
foreign currency gain or loss can occur. As of December 31, 1995, and 1994, the
Company had realized a loss of approximately $1,000 and $5,000 respectively,
through payments it had received from its subsidiaries.
10
<PAGE>
PART II. OTHER INFORMATION
ITEM 4 SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
At the Company's annual meeting of stockholders, which was held on January 30,
1996, the Company's stockholders elected the following three persons as
directors, each to serve until the next annual meeting of stockholders or until
his successor is elected and qualified: Howard B. Hillman, Major General
William Usher, USAF (Ret.) and J. Roderick Heller III. All nominees were
elected.
The stockholders also approved an amendment to the Company's Articles of
Incorporation and to recapitalize the Company to effect a one-for-ten reverse
stock split. Voting in favor were 38,547,633, opposed were 43,000, abstaining
were 9,695 and broker non-votes were zero.
The stockholders also approved an amendment to the Company's Special Purpose
Stock Option Plan, and Incentive Stock Option Plan, to establish 400,000 shares
of New Common Stock as the number available for grant collectively under the
Plans. Voting in favor were 38,489,237, opposed were 31,292, abstaining were
19,319 and broker non-votes were zero.
The stockholders also approved an amendment to the Company's Employee Stock
Purchase Plan, to establish 80,000 as the number of shares of New Common Stock
available for purchase under the Plan. Voting in favor were 38,491,873, opposed
were 30,494, abstaining were 17,481 and broker non-votes were zero.
ITEM 5 OTHER ITEMS
On January 19, 1996, William W. Brett, Vice President resigned from the
Company.
ITEM 6(b) REPORTS ON FORM 8-K
No reports on Form 8-K were filed during the quarter for which this report is
filed.
11
<PAGE>
SIGNATURES
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, thereunto duly authorized.
AUTO-TROL TECHNOLOGY CORPORATION
(Registrant)
Date: February 13, 1996 /s/ HOWARD B. HILLMAN
--------------------------------
Howard B. Hillman,
President
Date: February 13, 1996 /s/ DAVID C. O'BRIEN
--------------------------------
David C. O'Brien,
Vice President, Treasurer
(Principal Financial Officer
and Principal Accounting Officer)
12
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-START> OCT-01-1995
<PERIOD-END> DEC-31-1995
<CASH> 2,016
<SECURITIES> 0
<RECEIVABLES> 3,155
<ALLOWANCES> 127
<INVENTORY> 221
<CURRENT-ASSETS> 5,743
<PP&E> 18,435
<DEPRECIATION> 11,493
<TOTAL-ASSETS> 13,345
<CURRENT-LIABILITIES> 5,055
<BONDS> 7,820
0
0
<COMMON> 394
<OTHER-SE> (41)
<TOTAL-LIABILITY-AND-EQUITY> 13,345
<SALES> 2,095
<TOTAL-REVENUES> 5,193
<CGS> 680
<TOTAL-COSTS> 2,197
<OTHER-EXPENSES> 5,664
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 200
<INCOME-PRETAX> (2,796)
<INCOME-TAX> (2)
<INCOME-CONTINUING> (2,794)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (2,794)
<EPS-PRIMARY> (.07)
<EPS-DILUTED> (.07)
</TABLE>
