<PAGE> 1
U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-QSB
[X] QUARTERLY REPORT PURSUANT SECTION 13 OR 15(d) OF THE
SECURITY EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 1996
[ ] TRANSACTION 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.)
500 West Wall
Suite 400
Midland, Texas 79701
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (915) 683-5422
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 class of common
equity, as of the latest practicable date:
Class: Common Stock, $.01 par value
Outstanding at June 30, 1996: 8,425,944 shares
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UNITED TRANS-WESTERN, INC.
INDEX
<TABLE>
<CAPTION>
PART I. FINANCIAL INFORMATION PAGE
<S> <C> <C>
Item 1. Financial statements
Condensed Balance Sheet at June 30, 1996 3
Condensed Statements of Operations for the
Three and Six Months Ended June 30, 1996
and 1995 4
Condensed Statements of Cash Flows for the
Six Months Ended June 30, 1996 and 1995 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
Items 1 through 6 7
SIGNATURES 8
</TABLE>
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UNITED TRANS-WESTERN, INC.
Condensed Balance Sheet
(Unaudited)
<TABLE>
<CAPTION>
June 30, 1996
-------------
<S> <C>
ASSETS
Current Assets:
Cash $ 82
Total Current Assets $ 82
LIABILITIES AND STOCKHOLDER'S EQUITY (DEFICIT)
Current Liabilities
Accounts payable and accrued expenses $ 9429
Current portion of long-term debt to shareholders 180767
Advances from shareholders 43413
Accrued interest payable 43985
Total Current Liabilities $ 277594
Commitments and Contingencies -
Stockholder's Equity (Deficit)
Common stock, .01 par value: 50,000,000 shares
authorized, 8,425,944 shares issued and outstanding
at June 30, 1996 $ 84259
Additional paid-in capital 1469117
Accumulated deficit (1830888)
Total Stockholder's Equity (Deficit) (277512)
Total Liabilities and Stockholder's Equity
(Deficit) $ 82
</TABLE>
See accompanying note to condensed financial statements.
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UNITED TRANS-WESTERN, INC.
Condensed Statements of Operations
(Unaudited)
<TABLE>
<CAPTION>
Six Months Ended Three Months Ended
June 30, June 30,
--------------------- ----------------------
1996 1995 1996 1995
-------- -------- -------- --------
<S> <C> <C> <C> <C>
Oil and Gas Revenues $ - $ - $ - $ -
Operating Costs and Expenses:
General and Administrative 4066 6830 2614 5022
Income (loss) from Operations (4066) (6830) (2614) (5022)
Nonoperating Income (Expense)
Interest Expense (9449) (9756) (4732) (4956)
Other Income - - - -
Loss on sale of oil and gas properties - - - -
Total (9449) (9756) (4732) (4956)
Net Income (Loss) (13515) (16586) (7346) (9978)
Net Income (Loss) per Common and
Common Equivalent Share (0.00) (0.00) (0.00) (0.00)
Weighted Average number of Common
Shares Outstanding 8425944 8425944 8425944 8425944
</TABLE>
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UNITED TRANS-WESTERN, INC.
Statement of Cash Flows
(Unaudited)
<TABLE>
<CAPTION>
Six Months Ended
June 30,
----------------------------------
1996 1995
---------- ----------
<S> <C> <C>
Cash Flows From Operating Activities:
Net Income (Loss) $(13515) $(16586)
Adjustments to reconcile net income to net cash provided
by operating activities:
Depreciation, Depletion and Amortization - -
Decrease (Increase) in accounts receivable and
other assets - -
Increase (Decrease) in accounts payable and
accrued expenses 3438 1817
Interest added to debt to shareholders 9449 4800
Net Cash provided by (used for) operating (628) 9
Cash Flow From Investing Activities:
Acquisition of oil and gas properties - -
Proceeds from sale of oil and gas properties - -
Net cash provided by (used for) investing - -
Cash Flow From Financing Activities:
Proceeds from Shareholders 650 -
Net Cash used for Financing Activities 650 -
Net Increase (Decrease) in cash 22 9
Cash at Beginning of Period 60 77
Cash at end of Period 82 86
</TABLE>
<PAGE> 6
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 six months ended June 30, 1996 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 six months ended June 30, 1996 are not
necessarily indicative of results for the full year of 1996.
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 this
transaction, the Company has no revenues from continuing operation for the six
months ended June 30, 1996. 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 six
months ended June 30, 1996 are primarily related to the Company's annual audit
and accounting activities.
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 shareholders have agreed to
continue to fund ongoing costs to maintain the viability of the Company.
<PAGE> 7
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 of Form 8-K
none
<PAGE> 8
UNITED TRANS-WESTERN, INC.
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.
October 22, 1996
UNITED TRANS-WESTERN, INC.
BY: /s/ David W. Pruitt
David W. Pruitt
President
BY: /s/ John D. Parker
John D. Parker
Treasurer, Secretary
<PAGE> 9
INDEX TO EXHIBITS
<TABLE>
<CAPTION>
EXHIBIT
NUMBER DESCRIPTION
- ------- -----------
<S> <C>
27 - Financial Data Schedule
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> JUN-30-1996
<CASH> 82
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 82
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 82
<CURRENT-LIABILITIES> 277594
<BONDS> 0
0
0
<COMMON> 84259
<OTHER-SE> (361771)
<TOTAL-LIABILITY-AND-EQUITY> 82
<SALES> 0
<TOTAL-REVENUES> 0
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 4066
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 9449
<INCOME-PRETAX> (13515)
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (13515)
<EPS-PRIMARY> (0.00)
<EPS-DILUTED> (0.00)
</TABLE>
