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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, 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 March 31, 1999)
1
<PAGE>
RADIANT TECHNOLOGY CORPORATION
INDEX
Part I Financial Information:...........................................Page No.
Condensed Balance Sheets- March 31, 1999
and September 30, 1998 (unaudited).................................3
Condensed Statement of Operations - Three Months
Ended March 31, 1999 and 1998 (unaudited)..........................4
Condensed Statement of Operations - Six Months
Ended March 31, 1999 and 1998 (unaudited)..........................4
Condensed Statement of Cash Flows - Three Months
Ended March 31, 1999 and 1998 (unaudited)..........................5
Condensed Statement of Cash Flows - Six Months
Ended March 31, 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
------
March 31 September 30
1999 1998
------------- -------------
<S> <C> <C>
Current Assets:
Cash $ 2,053,278 $ 2,327,925
Accounts Receivables - Net 826,079 565,777
Inventories 604,528 443,607
Prepaid Expenses 66,761 --
Deferred Income Taxes 170,000 170,000
------------- -------------
Total Current Assets 3,720,646 3,507,309
Machinery and Equipment - Net 458,678 502,378
Other Assets -- 53,331
------------- -------------
Total Assets $ 4,179,324 $ 4,063,018
============= =============
LIABILITIES AND STOCKHOLDERS' EQUITY
------------------------------------
Current Liabilities:
Notes Payable $ 1,200,000 $ 1,000,000
Accounts Payable 91,970 61,040
Accrued Expenses 149,339 197,884
Customer Deposits 86,585 159,466
Income Tax Payable 28,855 38,640
------------- -------------
Total Liabilities 1,556,749 1,457,030
------------- -------------
Stockholders' Equity
Common Stock, no par value 1,153,108 1,153,108
Retained Earnings 1,469,467 1,452,880
------------- -------------
Total Stockholders' Equity 2,622,575 2,605,988
------------- -------------
Total Liabilities and
Stockholders' Equity $ 4,179,324 $ 4,063,018
============= =============
</TABLE>
3
<PAGE>
<TABLE>
RADIANT TECHNOLOGY CORPORATION
PART I FINANCIAL INFORMATION-CONTINUED
CONDENSED STATEMENTS OF OPERATIONS
(UNAUDITED)
<CAPTION>
THREE MONTHS ENDED SIX MONTHS ENDED
MARCH 31 MARCH 31
----------------------------- ----------------------------
1999 1998 1999 1998
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
NET SALES $ 834,374 $ 1,297,331 $ 1,531,227 $ 2,391,897
COST OF SALES 508,703 759,207 879,961 1,443,967
------------ ------------ ------------ ------------
GROSS PROFIT 325,671 538,124 651,266 947,930
OPERATING EXPENSES 333,714 348,654 662,326 637,067
------------ ------------ ------------ ------------
OPERATING INCOME/(LOSS) (8,043) 189,470 (11,060) 310,863
OTHER INCOME - INTEREST 12,656 9,297 28,862 22,332
------------ ------------ ------------ ------------
INCOME BEFORE PROVISION
FOR TAXES 4,613 198,767 17,802 333,195
PROVISION FOR TAXES 0 18,486 1,215 30,988
------------ ------------ ------------ ------------
NET INCOME $ 4,613 $ 180,281 $ 16,587 $ 302,207
============ ============ ============ ============
EARNINGS PER SHARE:
NET INCOME PER SHARE $ 0.00 $ 0.10 $ 0.01 $ 0.17
WEIGHTED AVERAGE
NUMBER OF SHARES
OUTSTANDING-RESTATED 1,895,678 1,867,638 1,895,678 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
-----------------------------
1999 1998
------------ ------------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
NET INCOME $ 4,613 $ 180,281
ADJUSTMENTS TO RECONCILE INCOME TO NET
CASH USED IN OPERATING ACTIVITIES:
DEPRECIATION AND AMORTIZATION 5,620 28,271
CHANGES IN ASSETS AND LIABILITIES:
ACCOUNTS RECEIVABLE (199,020) 289,795
INVENTORIES (127,366) 31,818
PREPAID EXPENSES 11,248 (16,185)
OTHER ASSETS 51,860 --
ACCOUNTS PAYABLE (36,942) (82,638)
ACCRUED EXPENSES (25,257) (51,160)
CUSTOMER DEPOSITS 13,625 (563,920)
INCOME TAX PAYABLE (11,000) 18,486
------------ ------------
NET CASH PROVIDED BY (USED IN) OPERATING
ACTIVITIES (312,619) (165,252)
------------ ------------
CASH FLOWS FROM INVESTING ACTIVITIES:
PAYMENTS FOR PURCHASE OF PROPERTY AND
EQUIPMENT (6,215) --
------------ ------------
CASH FLOWS FROM FINANCING ACTIVITIES:
BORROWING ON LINE OF CREDIT 100,000 --
REPAYMENT OF LINE OF CREDIT -- (150,000)
------------ ------------
NET CASH PROVIDED BY (USED IN) FINANCING
ACTIVITIES 100,000 (150,000)
NET INCREASE (DECREASE) IN CASH (218,834) (315,252)
CASH AT BEGINNING OF PERIOD 2,272,112 1,856,960
------------ ------------
CASH AT END OF PERIOD $ 2,053,278 $ 1,541,708
============ ============
</TABLE>
5
<PAGE>
<TABLE>
RADIANT TECHNOLOGY CORPORATION
PART I FINANCIAL INFORMATION-CONTINUED
CONDENSED STATEMENT OF CASH FLOWS
(UNAUDITED)
<CAPTION>
SIX MONTHS ENDED
MARCH 31
----------------------------
1999 1998
------------ ------------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
NET INCOME $ 16,587 $ 302,207
ADJUSTMENTS TO RECONCILE INCOME TO NET
CASH USED IN OPERATING ACTIVITIES:
DEPRECIATION AND AMORTIZATION 102,208 56,542
CHANGES IN ASSETS AND LIABILITIES:
ACCOUNTS RECEIVABLE (260,302) (68,414)
INVENTORIES (160,921) (103,867)
PREPAID EXPENSES (66,761) (19,167)
OTHER ASSETS 53,331 --
ACCOUNTS PAYABLE 30,930 (59,665)
ACCRUED EXPENSES (48,545) (48,083)
CUSTOMER DEPOSITS (72,881) (167,777)
TAX PAYABLE (9,785) 30,988
------------ ------------
NET CASH PROVIDED BY (USED IN) OPERATING
ACTIVITIES (416,139) (77,236)
------------ ------------
CASH FLOWS FROM INVESTING ACTIVITIES:
PAYMENTS FOR PURCHASE OF PROPERTY AND
EQUIPMENT (58,508) (48,372)
------------ ------------
CASH FLOWS FROM FINANCING ACTIVITIES:
BORROWING ON LINE OF CREDIT 200,000 --
REPAYMENT OF LINE OF CREDIT -- (150,000)
------------ ------------
NET CASH PROVIDED (USED) BY FINANCING
ACTIVITIES 200,000 (150,000)
NET INCREASE (DECREASE) IN CASH (274,647) (275,608)
CASH AT BEGINNING OF PERIOD 2,327,925 1,817,316
------------ ------------
CASH AT END OF PERIOD $ 2,053,278 $ 1,541,708
============ ============
</TABLE>
6
<PAGE>
RADIANT TECHNOLOGY CORPORATION
PART I FINANCIAL INFORMATION - CONTINUED
NOTES TO CONDENSED FINANCIAL STATEMENTS FOR
MARCH 31, 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: May 14, 1999 /s/ L. R. McNamee
---------------------------------
Lawrence R. McNamee
Chairman of the Board,
Chief Operating Officer,
Chief Executive Officer
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
replace this with text
</LEGEND>
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1999
<PERIOD-START> OCT-01-1998
<PERIOD-END> MAR-31-1999
<CASH> 2,053,278
<SECURITIES> 0
<RECEIVABLES> 826,079
<ALLOWANCES> 0
<INVENTORY> 604,528
<CURRENT-ASSETS> 3,720,646
<PP&E> 458,678
<DEPRECIATION> 0
<TOTAL-ASSETS> 4,179,324
<CURRENT-LIABILITIES> 1,556,749
<BONDS> 0
0
0
<COMMON> 1,153,108
<OTHER-SE> 1,469,467
<TOTAL-LIABILITY-AND-EQUITY> 4,179,324
<SALES> 1,531,227
<TOTAL-REVENUES> 1,531,227
<CGS> 879,961
<TOTAL-COSTS> 879,961
<OTHER-EXPENSES> 662,326
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 17,802
<INCOME-TAX> 1,215
<INCOME-CONTINUING> 16,587
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 16,587
<EPS-PRIMARY> .01
<EPS-DILUTED> .01
</TABLE>
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