<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 December 31, 1997
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 (IRS Employer
incorporation or organization) identification number)
1335 South Acacia Avenue, Fullerton, CA 92831
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(Address of principal executive offices)(Zip Code)
(714)991-0200
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(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 December 31, 1997)
1
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RADIANT TECHNOLOGY CORPORATION
INDEX
Part I Financial Information:...........................................Page No.
Condensed Balance Sheets- December 31, 1997
and September 30, 1997 (unaudited)...................................3
Condensed Statement of Operations - Three Months
Ended December 31, 1997 and 1996 (unaudited)........................4
Condensed Statement of Cash Flows - Three Months
Ended December 31, 1997 and 1996 (unaudited).........................5
Notes to Condensed Financial Statements (unaudited)....................6
Management's Discussion and Analysis of Financial
Condition and Results of Operation...................................6
Part II Other Information
Legal Proceedings and Exhibits.........................................6
Signature Page.........................................................7
2
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RADIANT TECHNOLOGY CORPORATION
PART I FINANCIAL INFORMATION
Item 1. Financial Statements
Condensed Balance Sheets
(Unaudited)
ASSETS
December 31 September 30
1997 1997
-------------- --------------
Current Assets:
Cash $ 1,856,960 $ 1,817,316
Accounts Receivables - Net 1,114,714 756,505
Inventories 850,143 714,458
Prepaid Expenses and other
Current Assets 170,000 170,000
------------ ------------
Total Current Assets 3,991,817 3,458,279
Machinery and Equipment - Net 593,605 573,504
Other Assets 73,204 70,222
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Total Assets $4,658,626 $4,102,005
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Notes Payable $ 1,000,000 $ 1,000,000
Accounts Payable 191,571 168,598
Accrued Expenses 387,799 384,722
Customer Deposits 764,527 368,384
Income Tax Payable 12,502 0
------------ ------------
Total Liabilities 2,356,399 1,921,704
Stockholders' Equity
Common Stock, no par value 1,143,008 1,143,008
Retained Earnings 1,159,219 1,037,293
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Total Stockholders' Equity 2,302,227 2,180,301
------------ ------------
Total Liabilities and
Stockholders' Equity $4,658,626 $4,102,005
============ ============
3
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RADIANT TECHNOLOGY CORPORATION
PART I FINANCIAL INFORMATION-CONTINUED
CONDENSED STATEMENT OF OPERATIONS
(UNAUDITED)
THREE MONTHS ENDED
DECEMBER 31
1997 1996
--------- ---------
NET SALES $ 1,094,566 $ 949,500
COST OF SALES 684,760 706,665
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GROSS PROFIT 409,806 242,835
OPERATING EXPENSE 288,413 186,293
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OPERATING INCOME 121,393 56,542
OTHER INCOME - INTEREST 13,035 246
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INCOME BEFORE
PROVISION FOR TAXES 134,428 56,788
PROVISION FOR TAXES 12,502 0
------------ ----------
NET INCOME $ 121,926 $ 56,788
============ ==========
EARNINGS PER SHARE:
- -------------------
NET INCOME PER SHARE $0.07 $0.03
WEIGHTED AVERAGE NUMBER OF
SHARES OUTSTANDING-RESTATED 1,867,638 1,867,638
4
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RADIANT TECHNOLOGY CORPORATION
PART I FINANCIAL INFORMATION-CONTINUED
CONDENSED STATEMENT OF CASH FLOWS
(UNAUDITED)
THREE MONTHS ENDED
December 31
-------------------------
1997 1996
---- ----
CASH FLOWS FROM OPERATING ACTIVITIES:
NET INCOME $121,926 $ 56,788
ADJUSTMENTS TO RECONCILE INCOME BEFORE
EXTRAORDINARY ITEM TO NET CASH PROVIDED
BY OPERATING ACTIVITIES:
DEPRECIATION AND AMORTIZATION 28,271 25,180
CHANGES IN ASSETS AND LIABILITIES:
ACCOUNTS RECEIVABLE (358,209) (127,896)
INVENTORIES (135,685) 110,386
PREPAID EXPENSES & OTHER ASSETS (2,982) (31,688)
ACCOUNTS PAYABLE 22,973 (118,008)
ACCRUED EXPENSES 3,077 104,925
CUSTOMER DEPOSITS 396,143
INCOME TAX PAYABLE 12,502 0
---------- ----------
NET CASH PROVIDED BY OPERATING
ACTIVITIES 88,016 19,687
CASH FLOWS FROM INVESTING ACTIVITIES:
PAYMENTS FOR PURCHASE OF PROPERTY AND
EQUIPMENT (48,372) (10,096)
---------- ----------
NET INCREASE IN CASH 39,644 9,591
CASH AT BEGINNING OF PERIOD 1,817,316 610,128
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CASH AT END OF PERIOD $1,856,960 $ 619,719
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5
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RADIANT TECHNOLOGY CORPORATION
PART I FINANCIAL INFORMATION - CONTINUED
Notes to Condensed Financial Statement for
December 31, 1997
(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, 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.
6
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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:February 6, 1998 /s/ L. R. McNamee
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Lawrence R. McNamee
Chairman of the Board,
Chief Operating Officer,
Chief Executive Officer
7
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<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> SEP-30-1998
<PERIOD-START> OCT-01-1997
<PERIOD-END> DEC-31-1997
<CASH> 1,856,960
<SECURITIES> 0
<RECEIVABLES> 1,114,714
<ALLOWANCES> 0
<INVENTORY> 850,143
<CURRENT-ASSETS> 3,991,817
<PP&E> 593,605
<DEPRECIATION> 0
<TOTAL-ASSETS> 4,658,626
<CURRENT-LIABILITIES> 2,356,399
<BONDS> 0
0
0
<COMMON> 1,143,008
<OTHER-SE> 1,159,219
<TOTAL-LIABILITY-AND-EQUITY> 4,658,626
<SALES> 1,094,566
<TOTAL-REVENUES> 1,094,566
<CGS> 684,760
<TOTAL-COSTS> 684,760
<OTHER-EXPENSES> 288,413
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 134,428
<INCOME-TAX> 12,502
<INCOME-CONTINUING> 121,926
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 121,926
<EPS-PRIMARY> 0.07
<EPS-DILUTED> 0.07
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