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<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 March 31, 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 1,867,638
- -------------------------- ----------------------
(Class) (Outstanding at March 31, 1998)
1
<PAGE>
RADIANT TECHNOLOGY CORPORATION
INDEX
Part I Financial Information:...........................................Page No.
Condensed Balance Sheets- March 31, 1998
and September 30, 1997 (unaudited).................................3
Condensed Statement of Operations - Three Months
Ended March 31, 1998 and 1997 (unaudited)..........................4
Condensed Statement of Cash Flows - Six Months
Ended March 31, 1998 and 1997 (unaudited)..........................5
Condensed Statement of Cash Flows - Three Months
Ended March 31, 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>
March 31 September 30
1998 1997
--------------- ---------------
<S> <C> <C>
Current Assets:
Cash $ 1,541,708 $ 1,817,316
Accounts Receivables - Net 824,919 756,505
Inventories 818,325 714,458
Prepaid Expenses and other
Current Assets 170,000 170,000
--------------- ---------------
Total Current Assets 3,354,952 3,458,279
Machinery and Equipment - Net 571,370 573,504
Other Assets 83,353 70,222
--------------- ---------------
Total Assets $ 4,009,675 $ 4,102,005
=============== ===============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Notes Payable $ 850,000 $ 1,000,000
Accounts Payable 108,933 168,598
Accrued Expenses 336,639 384,722
Customer Deposits 200,607 368,384
Income Tax Payable 30,988 0
--------------- ---------------
Total Liabilities 1,527,167 1,921,704
--------------- ---------------
Stockholders' Equity
Common Stock, no par value 1,143,008 1,143,008
Retained Earnings 1,339,500 1,037,293
--------------- ---------------
Total Stockholders' Equity 2,482,508 2,180,301
--------------- ---------------
Total Liabilities and
Stockholders' Equity $ 4,009,675 $ 4,102,005
=============== ===============
</TABLE>
3
<PAGE>
<TABLE>
RADIANT TECHNOLOGY CORPORATION
PART I FINANCIAL INFORMATION-CONTINUED
Condensed statement of income
(unaudited)
<CAPTION>
THREE MONTHS ENDED SIX MONTHS ENDED
MARCH 31 MARCH 31
--------------------------------- -----------------------------------
1998 1997 1998 1997
---- ---- ---- ----
<S> <C> <C> <C> <C>
NET SALES $ 1,297,331 $ 872,448 $ 2,391,897 $ 1,821,948
COST OF SALES 759,207 579,609 1,443,967 1,286,274
------------ ------------ ------------ ------------
GROSS PROFIT 538,124 292,839 947,930 535,674
OPERATING EXPENSES 348,654 265,365 637,067 451,658
------------ ------------ ------------ ------------
OPERATING INCOME 189,470 27,474 310,863 84,016
OTHER INCOME - INTEREST 9,297 60,051 22,332 60,297
------------ ------------ ------------ ------------
INCOME BEFORE PROVISION
FOR TAXES 198,767 87,525 333,195 144,313
PROVISION FOR TAXES 18,486 0 30,988 0
------------ ------------ ------------ ------------
NET INCOME $ 180,281 $ 87,525 $ 302,207 $ 144,313
============ ============ ============ ============
EARNINGS PER SHARE:
NET INCOME PER SHARE $0.10 $0.05 $0.17 $0.08
WEIGHTED AVERAGE
NUMBER OF SHARES
OUTSTANDING-RESTATED 1,867,638 1,867,638 1,867,638 1,867,638
</TABLE>
4
<PAGE>
<TABLE>
RADIANT TECHNOLOGY CORPORATION
PART I FINANCIAL INFORMATION-CONTINUED
CONDENSED STATEMENT OF CASH FLOWS
(UNAUDITED)
<CAPTION>
THREE MONTHS ENDED
March 31
--------------------------------
1998 1997
---- ----
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
NET INCOME $ 180,281 $ 87,525
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 289,795 (14,757)
INVENTORIES 31,818 (14,448)
PREPAID EXPENSES & OTHER ASSETS (16,185) 3,343
ACCOUNTS PAYABLE (82,638) (34,078)
ACCRUED EXPENSES (51,160) 43,851
CUSTOMER DEPOSITS (563,920) 0
INCOME TAX PAYABLE 18,486 0
----------- -----------
NET CASH PROVIDED (USED) BY OPERATING
ACTIVITIES (165,252) 96,616
----------- -----------
CASH FLOWS FROM INVESTING ACTIVITIES:
PAYMENTS FOR PURCHASE OF PROPERTY AND
EQUIPMENT 0 (64,420)
----------- -----------
CASH FLOWS FROM FINANCING ACTIVITIES:
PRINCIPAL REDUCTIONS ON SHORT-TERM DEBT (150,000) 0
----------- -----------
NET INCREASE (DECREASE) IN CASH (315,252) 32,196
CASH AT BEGINNING OF PERIOD 1,856,960 619,719
------------ -----------
CASH AT END OF PERIOD $ 1,541,708 $ 651,915
============ ===========
</TABLE>
5
<PAGE>
<TABLE>
RADIANT TECHNOLOGY CORPORATION
PART I FINANCIAL INFORMATION-CONTINUED
CONDENSED STATEMENT OF CASH FLOWS
(UNAUDITED)
<CAPTION>
SIX MONTHS ENDED
March 31
---------------------------------------
1998 1997
---- ----
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
NET INCOME $ 302,207 $ 144,313
ADJUSTMENTS TO RECONCILE INCOME TO NET
CASH PROVIDED BY OPERATING ACTIVITIES:
DEPRECIATION AND AMORTIZATION 56,542 50,360
CHANGES IN ASSETS AND LIABILITIES:
ACCOUNTS RECEIVABLE (68,414) (142,653)
INVENTORIES (103,867) 95,938
PREPAID EXPENSES & OTHER ASSETS (19,167) (28,345)
ACCOUNTS PAYABLE (59,665) (152,086)
ACCRUED EXPENSES (48,083) 148,776
CUSTOMER DEPOSITS (167,777) 0
TAX PAYABLE 30,988 0
------------ ------------
NET CASH PROVIDED (USED) BY OPERATING
ACTIVITIES (77,236) 116,303
------------ ------------
CASH FLOWS FROM INVESTING ACTIVITIES:
PAYMENTS FOR PURCHASE OF PROPERTY AND
EQUIPMENT (48,372) (74,516)
------------ ------------
CASH FLOWS FROM FINANCING ACTIVITIES:
PRINCIPAL REDUCTIONS ON SHORT-TERM DEBT (150,000) 0
------------ ------------
NET INCREASE (DECREASE) IN CASH (275,608) 41,787
CASH AT BEGINNING OF PERIOD 1,817,316 610,128
------------ ------------
CASH AT END OF PERIOD $ 1,541,708 $ 651,915
============ ============
</TABLE>
6
<PAGE>
RADIANT TECHNOLOGY CORPORATION
PART I FINANCIAL INFORMATION - CONTINUED
Notes to Condensed Financial Statement for
March 31, 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: April 16, 1998 /s/ L. R. McNamee
-------------------------------
Lawrence R. McNamee
Chairman of the Board,
Chief Operating Officer,
Chief Executive Officer
8
<PAGE>
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1998
<PERIOD-START> OCT-01-1997
<PERIOD-END> MAR-31-1998
<CASH> 1541708
<SECURITIES> 0
<RECEIVABLES> 824919
<ALLOWANCES> 0
<INVENTORY> 818325
<CURRENT-ASSETS> 3354952
<PP&E> 571370
<DEPRECIATION> 0
<TOTAL-ASSETS> 4009675
<CURRENT-LIABILITIES> 1527167
<BONDS> 0
0
0
<COMMON> 1143008
<OTHER-SE> 1339500
<TOTAL-LIABILITY-AND-EQUITY> 4009675
<SALES> 2391897
<TOTAL-REVENUES> 2391897
<CGS> 1443967
<TOTAL-COSTS> 1443967
<OTHER-EXPENSES> 637067
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 22332
<INCOME-PRETAX> 333195
<INCOME-TAX> 30988
<INCOME-CONTINUING> 302207
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 302207
<EPS-PRIMARY> 0.17
<EPS-DILUTED> 0.17
</TABLE>
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