U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB
[ X ] QUARTERLY REPORT PURSUANT SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 1995
[ ] TRANSITION REPORT PURSUANT SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Commission File No. 0-9249
UNITED TRANS-WESTERN, INC.
(Exact name of registrant as specified in its charter)
Delaware 75-1519286
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
4809 Cole Avenue
Suite 340
Lock Box 120
Dallas, Texas 75205
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (214) 526-1294
Check whether the registrant (1) has filed all reports required to be
filed by Section 13 or 15(d) of the Exchange Act 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 of the
past 90 days.
Yes X No
State the number of shares outstanding of each of the issuer's classes of
common equity, as of the latest practicable date:
Class Outstanding at September 30, 1995
Common Stock, $.01 par value 8,425,944
<PAGE>
UNITED TRANS-WESTERN, INC.
INDEX
Page
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
Condensed Balance Sheet at September 30, 1995 3
Condensed Statements of Operations for the Nine
Months Ended September 30, 1995 and 1994 4
Condensed Statements of Cash Flows for the Nine
Months ended September 31, 1995 and 1994 5
Note to Condensed Financial Statements 6
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations 6
PART II. OTHER INFORMATION 7
Items 1 through 6
SIGNATURE 8
<PAGE>
UNITED TRANS-WESTERN, INC.
Condensed Balance Sheet
(Unaudited)
September 30,
1995
Assets
Current asset - Cash $ 157
Liabilities and Stockholders' Equity (Deficit)
Current liabilities
Accounts payable - affiliate 3,000
Current portion of long-term debt to shareholders 180,767
Advances from shareholders 42,263
Accrued interest payable 29,711
Total Current liabilities $ 255,741
Stockholders' equity (deficit)
Common stock, .01 par value: 50,000,000 shares authorized,
8,425,944 shares issued and outstanding 84,259
Additional paid-in capital 1,469,117
Accumulated deficit (1,808,960)
Total stockholders' equity (deficit) (255,584)
$ 157
See accompanying note to condensed financial statements.
<PAGE>
UNITED TRANS-WESTERN, INC.
Condensed Statements of Operations
(Unaudited)
Nine Months Ended Three Months Ended
September 30, September 30,
1995 1994 1995 1994
Revenues $ - $ - $ - $ -
General and administrative expenses 7,983 52,860 1,153 2,641
Income (loss) from operations (7,983) (52,860) (1,153) (2,641)
Non-operating income (expense)
Interest Expense (14,613) (13,781) (4,857) (4,500)
Loss on sale of oil and
gas properties - (60,155) - -
Net loss $ (22,596) $(126,796) $ (6,010) $(7,141)
Net income (loss) per common and
common equivalent share $ - $ - $ - $ -
Weighted average number of common
shares outstanding 8,425,944 8,425,944 8,425,944 8,425,944
See accompanying note to condensed financial statements
<PAGE>
UNITED TRANS-WESTERN, INC.
Statements of Cash Flows
(Unaudited)
Nine Months Ended
September 30,
1995 1994
Cash flows from operating activities:
Net Income (loss) $ ( 22,596)$ (126,796)
Adjustments to reconcile net income to net cash
provided by operating activities:
Decrease (increase) in accounts receivable
and other assets - 133,138
Increase (decrease) in accounts payable
and accrued expenses 7,408 ( 53,954)
Interest added to debt to shareholders 14,613 13,067
Loss on sale of oil and gas properties - 60,155
Net cash provided by (used for) operating activities (575) 25,610
Cash flows from investing activities:
Proceeds from sale of oil and gas properties, net - 901,316
Net cash provided by investing activities - 901,316
Cash flows from financing activities:
Repayments of long-term debt - (1,136,208)
Proceeds from shareholders - 32,039
Net cash (used) for financing activities - (1,104,169)
Net increase (decrease) in cash - (177,243)
Cash at beginning of period 732 178,809
Cash at end of period $ 157 $ 1,566
See accompanying note to condensed financial statements
<PAGE>
UNITED TRANS-WESTERN, INC.
NOTE TO CONDENSED FINANCIAL STATEMENTS
The accompanying condensed financial statements and related note of United
Trans-Western, Inc. are unaudited. However, in management's opinion all
adjustments necessary for a fair presentation of the results of operations,
financial position and cash flows for the nine months ended September 30,
1995 have been made. Such statements are presented in accordance with the
requirements for Form 10-QSB and do not include all disclosures normally
required by generally accepted accounting principles or those normally made
in Form 10-KSB. Results of operations for the nine months ended September 30,
1995 are not necessarily indicative of results for the full year of 1995.
ITEM 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations.
Results of Operations
In January of 1994, the Company sold substantially all of its oil and gas
properties in a transaction more fully described in the Company's Form 10-K
for the year ended December 31, 1993 and the Information Statement to
Stockholders dated January 5, 1994. As a result of the Company's inactivity
since thistransaction, the Company has no revenues from continuing operations
for the nine months ended September 30, 1995. The Company has been inactive
since January, 1994 and the funds necessary to cover general and
administrative expenses have come from loans from affiliates. General and
administrative expenses for the nine months ended September 30, 1995 are
primarily related to completion of the property sale and the Company's
annual audit.
The major shareholders of the Company are continuing to evaluate opportunities
to best utilize the Company's structure in achieving their overall
objectives. Until operations have been reestablished, the major
shareholder's have agreed to continue to fund ongoing costs to maintain the
viability of the Company.
<PAGE>
UNITED TRANS-WESTERN, INC.
PART II.
OTHER INFORMATION
Item 1 - Legal Proceedings
NONE
Item 2 - Changes in Securities
NONE
Item 3 - Defaults Upon Senior Securities
NONE
Item 4 - Submission of Matters to a Vote of Security Holders
NONE
Item 5 - Other Information
NONE
Item 6 - Exhibits and Reports on Form 8-K
NONE<PAGE>
SIGNATURE
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.
UNITED TRANS-WESTERN, INC.
J. W. Brown
By:
J. W. Brown
President
November 14, 1995
Allison C. Hammond
Allison C. Hammond
Treasurer, Secretary
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
ART. 5 FDS FOR 3RD QUARTER 10-QSB
</LEGEND>
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> SEP-30-1995
<CASH> 157
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 157
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 157
<CURRENT-LIABILITIES> 255,741
<BONDS> 0
<COMMON> 84,259
0
0
<OTHER-SE> (339,843)
<TOTAL-LIABILITY-AND-EQUITY> 732
<SALES> 0
<TOTAL-REVENUES> 0
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 7,983
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 14,613
<INCOME-PRETAX> (22,596)
<INCOME-TAX> 0
<INCOME-CONTINUING> (22,596)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (22,596)
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
