|
|
|
|
|
|
|
|
|
|
|
|
|
|
Previous: KFC NATIONAL PURCHASING COOPERATIVE INC, POS AM, 1999-07-27 |
Next: SCUDDER TAX FREE MONEY FUND, N-30D, 1999-07-27 |
<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, 1999
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 1,895,678
- -------------------------- ------------------------------------
(Class) (Outstanding at June 30, 1999)
1
<PAGE>
RADIANT TECHNOLOGY CORPORATION
INDEX
Part I Financial Information:...........................................Page No.
Condensed Balance Sheets- June 30, 1999
and September 30, 1998 (unaudited)..................................3
Condensed Statement of Operations - Three Months
Ended June 30, 1999 and 1998 (unaudited)............................4
Condensed Statement of Operations - Nine Months
Ended June 30, 1999 and 1998 (unaudited)............................4
Condensed Statement of Cash Flows - Three Months
Ended June 30, 1999 and 1998 (unaudited)............................5
Condensed Statement of Cash Flows - Nine Months
Ended June 30, 1999 and 1998 (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........................................7
Signature Page........................................................8
2
<PAGE>
<TABLE>
RADIANT TECHNOLOGY CORPORATION
PART I FINANCIAL INFORMATION
CONDENSED BALANCE SHEETS
(UNAUDITED)
<CAPTION>
ASSETS
------
June 30 September 30
1999 1998
------------- -------------
<S> <C> <C>
Current Assets:
Cash $ 1,821,324 $ 2,327,925
Accounts Receivables - Net 843,393 565,777
Inventories 669,990 443,607
Prepaid Expenses 117,361 -
Deferred Income Taxes 170,000 170,000
------------- -------------
Total Current Assets 3,622,068 3,507,309
Machinery and Equipment - Net 419,577 502,378
Other Assets - 53,331
------------- -------------
Total Assets $ 4,041,645 $ 4,063,018
============= =============
LIABILITIES AND STOCKHOLDERS' EQUITY
------------------------------------
Current Liabilities:
Notes Payable $1,200,000 $ 1,000,000
Accounts Payable 71,739 61,040
Accrued Expenses 114,851 197,884
Customer Deposits 14,440 159,466
Income Tax Payable 16,955 38,640
------------- -------------
Total Liabilities 1,417,985 1,457,030
------------- -------------
Stockholders' Equity
Common Stock, no par value 1,153,108 1,153,108
Retained Earnings 1,470,552 1,452,880
------------- -------------
Total Stockholders' Equity 2,623,660 2,605,988
------------- -------------
Total Liabilities and
Stockholders' Equity $ 4,041,645 $ 4,063,018
============= =============
</TABLE>
3
<PAGE>
<TABLE>
RADIANT TECHNOLOGY CORPORATION
PART I FINANCIAL INFORMATION-CONTINUED
CONDENSED STATEMENTS OF OPERATIONS
(UNAUDITED)
<CAPTION>
THREE MONTHS ENDED NINE MONTHS ENDED
JUNE 30 JUNE 30
---------------------------------- ----------------------------------
1999 1998 1999 1998
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
NET SALES $ 847,424 $ 1,262,112 $ 2,378,651 $ 3,654,009
COST OF SALES 497,647 738,956 1,377,608 2,182,924
------------- ------------- ------------- -------------
GROSS PROFIT 349,777 523,156 1,001,043 1,471,085
OPERATING EXPENSES 360,694 332,723 1,023,020 969,800
------------- ------------- ------------- -------------
OPERATING INCOME/(LOSS) (10,917) 190,423 (21,977) 501,285
OTHER INCOME - INTEREST 12,002 10,281 40,864 32,624
------------- ------------- ------------- -------------
INCOME BEFORE PROVISION
FOR TAXES 1,085 200,714 18,887 533,909
PROVISION FOR TAXES 0 18,666 1,215 49,653
------------- ------------- ------------- -------------
NET INCOME $ 1,085 $ 182,048 $ 17,672 $ 484,256
============= ============= ============= =============
EARNINGS PER SHARE:
- -------------------
NET INCOME PER SHARE $ 0.00 $ 0.10 $ 0.01 $ 0.26
WEIGHTED AVERAGE
NUMBER OF SHARES
OUTSTANDING-RESTATED 1,895,678 1,884,304 1,895,678 1,873,193
</TABLE>
4
<PAGE>
<TABLE>
RADIANT TECHNOLOGY CORPORATION
PART I FINANCIAL INFORMATION-CONTINUED
CONDENSED STATEMENT OF CASH FLOWS
(UNAUDITED)
<CAPTION>
THREE MONTHS ENDED
June 30
----------------------------------------
1999 1998
------------- -------------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
NET INCOME $ 1,085 $ 182,048
ADJUSTMENTS TO RECONCILE INCOME TO NET
CASH USED IN OPERATING ACTIVITIES:
DEPRECIATION AND AMORTIZATION 55,466 28,271
CHANGES IN ASSETS AND LIABILITIES:
ACCOUNTS RECEIVABLE (17,314) 325,872
INVENTORIES (65,462) (80,106)
PREPAID EXPENSES (50,600) 4,198
ACCOUNTS PAYABLE (20,231) (78,972)
ACCRUED EXPENSES (34,488) 47,356
CUSTOMER DEPOSITS (72,145) (188,367)
INCOME TAX PAYABLE (11,900) 18,666
------------- -------------
NET CASH PROVIDED BY (USED IN) OPERATING
ACTIVITIES (215,589) 258,966
------------- -------------
CASH FLOWS FROM INVESTING ACTIVITIES:
PAYMENTS FOR PURCHASE OF PROPERTY AND
EQUIPMENT (16,365) (21,500)
------------- -------------
CASH FLOWS FROM FINANCING ACTIVITIES:
BORROWING ON LINE OF CREDIT - 50,000
PROCEEDS FROM ISSUING COMMON STOCK - 9,600
------------- -------------
NET CASH PROVIDED BY (USED IN) FINANCING
ACTIVITIES - 59,600
NET INCREASE (DECREASE) IN CASH (231,954) 297,066
CASH AT BEGINNING OF PERIOD 2,053,278 1,541,708
------------- -------------
CASH AT END OF PERIOD $ 1,821,324 $ 1,838,774
============= =============
</TABLE>
5
<PAGE>
<TABLE>
RADIANT TECHNOLOGY CORPORATION
PART I FINANCIAL INFORMATION-CONTINUED
CONDENSED STATEMENT OF CASH FLOWS
(UNAUDITED)
<CAPTION>
NINE MONTHS ENDED
June 30
----------------------------------------
1999 1998
------------- -------------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
NET INCOME $ 17,672 $ 484,256
ADJUSTMENTS TO RECONCILE INCOME TO NET
CASH USED IN OPERATING ACTIVITIES:
DEPRECIATION AND AMORTIZATION 157,674 84,813
CHANGES IN ASSETS AND LIABILITIES:
ACCOUNTS RECEIVABLE (277,616) 257,458
INVENTORIES (226,383) (183,973)
PREPAID EXPENSES (117,361) (14,969)
OTHER ASSETS 53,331 -
ACCOUNTS PAYABLE 10,699 (138,637)
ACCRUED EXPENSES (83,033) (727)
CUSTOMER DEPOSITS (145,026) (356,144)
INCOME TAX PAYABLE (21,685) 49,653
------------- -------------
NET CASH PROVIDED BY (USED IN) OPERATING
ACTIVITIES (631,728) 181,730
------------- -------------
CASH FLOWS FROM INVESTING ACTIVITIES:
PAYMENTS FOR PURCHASE OF PROPERTY AND
EQUIPMENT (74,873) (69,872)
------------- -------------
CASH FLOWS FROM FINANCING ACTIVITIES:
BORROWING ON LINE OF CREDIT 200,000 -
REPAYMENT OF LINE OF CREDIT - (100,000)
PROCEEDS FROM ISSUING COMMON STOCK - 9,600
------------- -------------
NET CASH PROVIDED (USED) BY FINANCING
ACTIVITIES 200,000 (90,400)
NET INCREASE (DECREASE) IN CASH (506,601) 21,458
CASH AT BEGINNING OF PERIOD 2,327,925 1,817,316
------------- -------------
CASH AT END OF PERIOD $ 1,821,324 $ 1,838,774
============= =============
</TABLE>
6
<PAGE>
RADIANT TECHNOLOGY CORPORATION
PART I FINANCIAL INFORMATION - CONTINUED
NOTES TO CONDENSED FINANCIAL STATEMENTS FOR
JUNE 30, 1999
(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, 1998.
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 26, 1999 /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> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> SEP-30-1998
<CASH> 1,821,324
<SECURITIES> 0
<RECEIVABLES> 843,393
<ALLOWANCES> 0
<INVENTORY> 669,990
<CURRENT-ASSETS> 3,622,068
<PP&E> 419,577
<DEPRECIATION> 0
<TOTAL-ASSETS> 4,041,645
<CURRENT-LIABILITIES> 1,417,985
<BONDS> 0
0
0
<COMMON> 1,153,108
<OTHER-SE> 1,470,552
<TOTAL-LIABILITY-AND-EQUITY> 4,041,645
<SALES> 2,378,651
<TOTAL-REVENUES> 2,378,651
<CGS> 1,377,608
<TOTAL-COSTS> 2,400,628
<OTHER-EXPENSES> 21,977
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 18,887
<INCOME-TAX> 1,215
<INCOME-CONTINUING> 17,672
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 17,672
<EPS-BASIC> .01
<EPS-DILUTED> .01
</TABLE>
|
|