|
|
|
|
|
|
|
|
|
|
|
|
|
|
Previous: TRANS WORLD AIRLINES INC /NEW/, S-4, 1998-07-17 |
Next: CANARGO ENERGY CORP, S-8, 1998-07-17 |
<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON D. C. 20549
FORM 10Q
Quarterly Report Under Section 13 or 15 (d)
Of the Securities Exchange Act of 1934
For the Quarter ended June 30, 1998
Commission File Number 0-10125
Radiant Technology Corporation
------------------------------
(Exact name of registrant as specified in its charter)
California 95-2800355
---------- ----------
(State or other jurisdiction of (I.R.S Employer
incorporation or organization) identification number)
1335 South Acacia Avenue, Fullerton, CA 92831
---------------------------------------------
(Address of principal executive offices)(Zip Code)
(714) 991 - 0200
----------------
(Registrant's Telephone number, including area code)
Inapplicable
------------
(Former name, former address and former fiscal year, if changed
since last report)
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.
Yes X No
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date.
Common Stock, no par value 1,887,638
- -------------------------- ----------------------
(Class) (Outstanding at June 30, 1998)
1
<PAGE>
RADIANT TECHNOLOGY CORPORATION
INDEX
Part I Financial Information:...........................................Page No.
Condensed Balance Sheets- June 30, 1998
and September 30, 1997 (unaudited)......................................3
Condensed Statement of Operations - Nine Months and Three Months
Ended June 30, 1998 and 1997 (unaudited)................................4
Condensed Statement of Cash Flows - Nine Months
Ended June 30, 1998 and 1997 (unaudited)................................5
Condensed Statement of Cash Flows - Three Months
Ended June 30, 1998 and 1997 (unaudited)................................6
Notes to Condensed Financial Statements (unaudited).......................7
Management's Discussion and Analysis of Financial
Condition and Results of Operation.......................................7
Part II Other Information
Legal Proceedings and Exhibits............................................8
Signature Page............................................................9
2
<PAGE>
RADIANT TECHNOLOGY CORPORATION
PART I FINANCIAL INFORMATION
Item 1. Financial Statements
<TABLE>
Condensed Balance Sheets
( Unaudited)
ASSETS
------
<CAPTION>
June 30 September 30
1998 1997
------------ ------------
<S> <C> <C>
Current Assets:
Cash $ 1,838,774 $ 1,817,316
Accounts Receivables - Net 494,047 756,505
Inventories 898,431 714,458
Prepaid Expenses and other
Current Assets 170,000 170,000
------------ ------------
Total Current Assets 3,406,252 3,458,279
Machinery and Equipment - Net 594,811 573,504
Other Assets 48,943 70,222
------------ ------------
Total Assets $ 4,050,006 $ 4,102,005
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
------------------------------------
Current Liabilities:
Notes Payable $ 900,000 $ 1,000,000
Accounts Payable 29,961 168,598
Accrued Expenses 383,995 384,722
Customer Deposits 12,240 368,384
Income Tax Payable 49,653 0
------------ ------------
Total Liabilities 1,375,849 1,921,704
------------ ------------
Stockholders' Equity
Common Stock, no par value 1,152,608 1,143,008
Retained Earnings 1,521,549 1,037,293
------------ ------------
Total Stockholders' Equity 2,674,157 2,180,301
------------ ------------
Total Liabilities and
Stockholders' Equity $ 4,050,006 $ 4,102,005
============ ============
</TABLE>
<PAGE>
<TABLE>
RADIANT TECHNOLOGY CORPORATION
PART I FINANCIAL INFORMATION-CONTINUED
Condensed statement of income
(unaudited)
<CAPTION>
THREE MONTHS ENDED NINE MONTHS ENDED
JUNE 30 JUNE 30
------------------------------- -----------------------------------
1998 1997 1998 1997
---- ---- ---- ----
<S> <C> <C> <C> <C>
NET SALES $1,262,112 $1,242,303 $3,654,009 $3,064,251
COST OF SALES 738,956 897,113 2,182,924 2,183,387
----------- ----------- ----------- -----------
GROSS PROFIT 523,155 345,190 1,471,085 880,864
OPERATING EXPENSES 332,723 234,205 969,800 685,863
----------- ----------- ----------- -----------
OPERATING INCOME 190,422 110,985 501,285 195,001
OTHER INCOME 10,291 26,066 32,624 86,363
----------- ----------- ----------- -----------
INCOME BEFORE PROVISION
FOR TAXES 200,714 137,051 533,909 281,364
PROVISION FOR TAXES 18,666 1,771 49,653 1,771
----------- ----------- ----------- -----------
NET INCOME $ 182,048 $ 135,280 $ 484,256 $ 279,593
=========== =========== =========== ===========
EARNINGS PER SHARE:
NET INCOME PER SHARE $0.10 $0.07 $0.26 $0.15
WEIGHTED AVERAGE
NUMBER OF SHARES
OUTSTANDING-RESTATED 1,884,304 1,867,638 1,873,193 1,867,638
</TABLE>
4
<PAGE>
<TABLE>
RADIANT TECHNOLOGY CORPORATION
PART I FINANCIAL INFORMATION-CONTINUED
CONDENSED STATEMENT OF CASH FLOWS
(UNAUDITED)
<CAPTION>
NINE MONTHS ENDED
June 30
----------------------------------------
1998 1997
---- ----
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
NET INCOME $ 484,256 $ 279,593
ADJUSTMENTS TO RECONCILE INCOME TO NET
CASH PROVIDED BY OPERATING ACTIVITIES:
DEPRECIATION AND AMORTIZATION 84,813 75,540
CHANGES IN ASSETS AND LIABILITIES:
ACCOUNTS RECEIVABLE 257,458 (141,520)
INVENTORIES (183,973) (67,034)
PREPAID EXPENSES & OTHER ASSETS (14,969 (24,922)
ACCOUNTS PAYABLE (138,637) 16,765
ACCRUED EXPENSES (727) 189,059
CUSTOMER DEPOSITS (356,144) 0
INCOME TAX PAYABLE 49,653 0
------------- -------------
NET CASH PROVIDED BY OPERATING
ACTIVITIES 181,730 327,481
------------- -------------
CASH FLOWS FROM INVESTING ACTIVITIES:
PAYMENTS FOR PURCHASE OF PROPERTY AND
EQUIPMENT (69,872) (100,073)
------------- -------------
CASH FLOWS FROM FINANCING ACTIVITIES:
PRINCIPAL REDUCTIONS ON SHORT-TERM DEBT (100,000) 0
PROCEEDS FROM ISSUING COMMON STOCK 9,600 0
------------- -------------
NET CASH USED FOR FINANCING ACTIVITIES (90,400) 0
------------- -------------
NET INCREASE IN CASH 21,458 227,408
CASH AT BEGINNING OF PERIOD 1,817,316 610,128
------------- -------------
CASH AT END OF PERIOD $ 1,838,774 $ 837,536
============= =============
</TABLE>
5
<PAGE>
<TABLE>
RADIANT TECHNOLOGY CORPORATION
PART I FINANCIAL INFORMATION-CONTINUED
CONDENSED STATEMENT OF CASH FLOWS
(UNAUDITED)
<CAPTION>
THREE MONTHS ENDED
June 30
---------------------------------------
1998 1997
---- ----
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
NET INCOME $ 182,048 $ 135,280
ADJUSTMENTS TO RECONCILE INCOME TO NET
CASH PROVIDED BY OPERATING ACTIVITIES:
DEPRECIATION AND AMORTIZATION 28,271 25,180
CHANGES IN ASSETS AND LIABILITIES:
ACCOUNTS RECEIVABLE 325,872 1,133
INVENTORIES (80,106) (162,972)
PREPAID EXPENSES & OTHER ASSETS 4,198 3,423
ACCOUNTS PAYABLE (78,972) 168,851
ACCRUED EXPENSES 47,356 40,283
CUSTOMER DEPOSITS (188,367) 0
TAX PAYABLE 18,666 0
------------ ------------
NET CASH PROVIDED BY OPERATING
ACTIVITIES 258,966 211,178
------------ ------------
CASH FLOWS FROM INVESTING ACTIVITIES:
PAYMENTS FOR PURCHASE OF PROPERTY AND
EQUIPMENT (21,500) (25,557)
------------ ------------
CASH FLOWS FROM FINANCING ACTIVITIES:
INCREASE OF PRINCIPAL ON SHORT-TERM DEBT 50,000 0
PROCEEDS FROM ISSUANCE OF COMMON STOCK 9,600 0
------------ ------------
NET CASH PROVIDED BY FINANCING ACTIVITIES 59,600 0
------------ ------------
NET INCREASE IN CASH 297,066 185,621
CASH AT BEGINNING OF PERIOD 1,541,708 651,915
------------ ------------
CASH AT END OF PERIOD $ 1,838,774 $ 837,536
============ ============
</TABLE>
6
<PAGE>
RADIANT TECHNOLOGY CORPORATION
PART I FINANCIAL INFORMATION - CONTINUED
Notes to Condensed Financial Statement for
June 30, 1998
(UNAUDITED)
ITEM 1 - Notes
1. General
-------
The accompanying unaudited consolidated financial statements of Radiant
Technology Corporation (the "Company") have been prepared in accordance
with the instructions to Form 10-Q and do not include all of the
information and footnotes required by generally accepted accounting
principles for complete financial statements. These statements should
be read in conjunction with the consolidated financial statements and
notes thereto included in the Company's Form 10-K for the year ended
September 30, 1997.
In the opinion of management, all adjustments, consisting of normal
recurring adjustments, considered necessary for the fair presentation
have been included. Operating results for interim periods are not
necessarily indicative of results expected for a full year.
ITEM 2 - Management's Discussion and Analysis of Financial Condition and Results
of Operation
All statements, other than statements of historical fact, included in
this Form 10-Q are, or may be deemed to be, "forward-looking
statements" within the meaning of Section 27A of the Securities Act of
1933, as amended, and Section 21E of the Securities Exchange Act of
1934. Such forward-looking statements involve assumptions, known and
unknown risks, uncertainties and other factors which may cause the
actual results, performance or achievements of the Company to be
materially different from any future results, performance or
achievements expressed or implied by such forward-looking statements
contained in this Form 10-Q.
RADIANT TECHNOLOGY CORPORATION
PART II - OTHER INFORMATION
Item 1. Legal Proceedings
-----------------
None.
Item 6. Reports on 8-K
--------------
None.
7
<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.
RADIANT TECHNOLOGY CORPORATION
------------------------------
(Registrant)
Dated: July 17, 1998 /s/ L. R. McNamee
-----------------------------------
Lawrence R. McNamee
Chairman of the Board,
Chief Operating Officer,
Chief Executive Officer
8
<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> SEP-30-1998
<PERIOD-START> OCT-01-1997
<PERIOD-END> JUN-30-1998
<CASH> 1838774
<SECURITIES> 0
<RECEIVABLES> 494047
<ALLOWANCES> 0
<INVENTORY> 898431
<CURRENT-ASSETS> 3406252
<PP&E> 594811
<DEPRECIATION> 0
<TOTAL-ASSETS> 4050006
<CURRENT-LIABILITIES> 1375849
<BONDS> 0
0
0
<COMMON> 1152608
<OTHER-SE> 1521549
<TOTAL-LIABILITY-AND-EQUITY> 4050006
<SALES> 3654009
<TOTAL-REVENUES> 3654009
<CGS> 2182924
<TOTAL-COSTS> 2182924
<OTHER-EXPENSES> 969800
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 533909
<INCOME-TAX> 49653
<INCOME-CONTINUING> 484256
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 484256
<EPS-PRIMARY> 0.26
<EPS-DILUTED> 0.26
</TABLE>
|
|