<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, 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 (IRS 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 December 31, 1999)
<PAGE>
RADIANT TECHNOLOGY CORPORATION
INDEX
Part I Financial Information:...........................................Page No.
Condensed Balance Sheets- December 31, 1999 (unaudited)
and September 30, 1999 (audited)........................................3
Condensed Statement of Operations - Three Months
Ended December 31, 1999 and 1998 (unaudited)..........................4
Condensed Statement of Cash Flows - Three Months
Ended December 31, 1999 and 1998 (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
<PAGE>
RADIANT TECHNOLOGY CORPORATION
PART I FINANCIAL INFORMATION
Item 1. Financial Statements
CONDENSED BALANCE SHEETS
(UNAUDITED)
ASSETS
------
<TABLE>
<CAPTION>
December 31 September 30
1999 1999
------------- -------------
<S> <C> <C>
Current Assets:
Cash $ 386,422 $ 2,384,902
Accounts Receivables - Net 1,162,001 591,306
Inventories 434,970 443,906
Prepaid Expenses and Other - -
Deferred Taxes 170,000 170,000
------------- -------------
Total Current Assets 2,153,393 3,510,114
Machinery and Equipment - Net 388,614 421,801
Other Assets 52,317 59,164
------------- -------------
Total Assets $ 2,594,324 $ 4,061,079
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LIABILITIES AND STOCKHOLDERS' EQUITY
------------------------------------
Current Liabilities:
Notes Payable - $ 1,500,000
Accounts Payable 73,732 176,123
Accrued Expenses 205,310 236,041
Customer Deposits 146,579 18,747
Income Tax Payable - -
------------- -------------
Total Liabilities 425,621 1,930,911
Stockholders' Equity
Common Stock, no par value 1,153,108 1,153,108
Retained Earnings 1,015,595 977,060
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Total Stockholders' Equity 2,168,703 2,130,168
------------- -------------
Total Liabilities and
Stockholders' Equity $ 2,594,324 $ 4,027,079
============= =============
</TABLE>
3
<PAGE>
RADIANT TECHNOLOGY CORPORATION
PART I FINANCIAL INFORMATION-CONTINUED
CONDENSED STATEMENT OF OPERATIONS
(UNAUDITED)
THREE MONTHS ENDED
DECEMBER 31
----------------------------
1999 1998
------------ ------------
NET SALES $ 866,176 $ 696,853
COST OF SALES 504,907 371,258
------------ ------------
GROSS PROFIT 361,271 325,595
OPERATING EXPENSE 331,687 328,612
------------ ------------
OPERATING INCOME 29,584 (3,017)
OTHER INCOME - INTEREST 8,951 16,206
------------ ------------
INCOME BEFORE
PROVISION FOR TAXES 38,535 13,189
PROVISION FOR TAXES - 1,215
------------ ------------
NET INCOME $ 38,535 $ 11,974
============ ============
EARNINGS PER SHARE:
- -------------------
NET INCOME PER SHARE $0.02 $0.01
WEIGHTED AVERAGE NUMBER OF
SHARES OUTSTANDING-RESTATED 1,895,678 1,895,678
4
<PAGE>
RADIANT TECHNOLOGY CORPORATION
PART I FINANCIAL INFORMATION-CONTINUED
CONDENSED STATEMENT OF CASH FLOWS
(UNAUDITED)
<TABLE>
<CAPTION>
THREE MONTHS ENDED
December 31
1999 1998
------------- -------------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
NET INCOME $ 38,535 $ 11,974
ADJUSTMENTS TO RECONCILE NET INCOME BEFORE
EXTRAORDINARY ITEM TO NET CASH PROVIDED
BY OPERATING ACTIVITIES:
DEPRECIATION AND AMORTIZATION 44,708 44,295
CHANGES IN ASSETS AND LIABILITIES:
ACCOUNTS RECEIVABLE (570,695) (61,282)
INVENTORIES (1,064) (33,555)
PREPAID EXPENSES & OTHER ASSETS - (76,538)
OTHER ASSETS 4,668 -
ACCOUNTS PAYABLE (102,391) 67,871
ACCRUED EXPENSES (30,731) (27,287)
CUSTOMER DEPOSITS 127,832 (85,291)
INCOME TAX PAYABLE - 1,215
------------- -------------
NET CASH PROVIDED BY OPERATING
ACTIVITIES 489,137 (154,598)
CASH FLOWS FROM INVESTING ACTIVITIES:
PAYMENTS FOR PURCHASE OF PROPERTY AND
EQUIPMENT (9,343) -
------------- -------------
CASH FLOWS FROM FINANCING ACTIVITIES:
REPAYMENT OF LINE OF CREDIT (1,500,000) -
------------- -------------
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES (1,500,000) -
NET INCREASE (DECREASE) IN CASH (1,998,480) (154,598)
CASH AT BEGINNING OF PERIOD 2,384,902 2,426,710
------------- -------------
CASH AT END OF PERIOD $ 386,422 $ 2,272,112
============= =============
</TABLE>
5
<PAGE>
RADIANT TECHNOLOGY CORPORATION
PART I FINANCIAL INFORMATION - CONTINUED
Notes to Condensed Financial Statement for
December 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, 1999.
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.
<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: February 11, 2000 /s/ L. R. McNamee
---------------------------------
Lawrence R. McNamee
Chairman of the Board,
Chief Operating Officer,
Chief Executive Officer
<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> SEP-30-2000
<PERIOD-START> OCT-01-1999
<PERIOD-END> DEC-31-1999
<CASH> 386,422
<SECURITIES> 0
<RECEIVABLES> 1,162,001
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 2,153,393
<PP&E> 388,614
<DEPRECIATION> 0
<TOTAL-ASSETS> 2,594,324
<CURRENT-LIABILITIES> 425,621
<BONDS> 0
0
0
<COMMON> 1,153,108
<OTHER-SE> 1,015,595
<TOTAL-LIABILITY-AND-EQUITY> 2,594,324
<SALES> 866,176
<TOTAL-REVENUES> 866,176
<CGS> 504,907
<TOTAL-COSTS> 836,594
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 38,535
<INCOME-TAX> 0
<INCOME-CONTINUING> 38,535
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 38,535
<EPS-BASIC> .02
<EPS-DILUTED> .02
</TABLE>
