UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report: June 9, 1997
TYREX OIL COMPANY
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(Exact name of registrant as specified in its charter)
Wyoming 09358 83-0245581
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(State of (Commission (I.R.S. Employer
Organization) File Number) Identification No.)
777 No. Overland Trail
Suite 101, Post Office Box 2459
Casper, Wyoming
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(Address of principal executive offices
including Zip Code)
Registrant's telephone number, including area code: (307) 234-4260
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Item 7. Financial Statements.
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Financial Statements of Businesses Acquired Included Herewith:
Interim Balance Sheets - (Unaudited)
March 31, 1997 and 1996
Interim Statements of Operations and Retained Earnings (Deficit) -
(Unaudited)
Three Months Ended March 31, 1997 and 1996
Interim Statements of Cash Flows - (Unaudited)
Three Months Ended March 31, 1997 and 1996
Notes to Interim Financial Statements
Pro Forma Financial Statements and pro forma financial information will be
filed within 60 days from the date hereof.
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SIGNATURES
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Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed by the undersigned duly
authorized.
TYREX OIL COMPANY
By: /s/ Tom N. Richardson
---------------------------------
Tom N. Richardson, President
Date: June 9, 1997
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ITEM 7.
Kimbrough Computer Sales, Inc. d.b.a.
3SI
Solution, System & Service Integration
INTERIM FINANCIAL STATEMENTS
Three Months Ended March 31, 1997
(UNAUDITED)
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3SI
Solution, System & Service Integration
INTERIM BALANCE SHEETS
March 31, 1997 and 1996
(UNAUDITED)
1997 1996
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ASSETS:
CURRENT ASSETS:
Cash and cash equivalents $ 28,024 $ 151,639
Accounts receivable - trade, net 2,563,676 3,303,476
Inventories 399,817 464,110
Other current assets 89,754 107,927
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TOTAL CURRENT ASSETS 3,081,271 4,027,152
PROPERTY, PLANT AND EQUIPMENT:
Property, plant and equipment 556,213 759,257
Less: Accumulated depreciation and
amortization (214,825) (451,012)
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PROPERTY, PLANT AND EQUIPMENT, NET 341,388 308,245
OTHER ASSETS 20,400 20,600
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TOTAL ASSETS $ 3,443,059 $ 4,355,997
========= =========
LIABILITIES AND STOCKHOLDERS' EQUITY:
CURRENT LIABILITIES:
Revolving line of credit with a bank $1,175,000 $1,350,000
Current portion of capital lease 21,534 19,318
Accounts payable (Note 2) 1,775,551 2,164,596
Customer deposits 90,780 161,120
Accrued liabilities 281,397 172,495
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TOTAL CURRENT LIABILITIES 3,344,262 3,867,529
LONG-TERM DEBT 72,796 94,861
COMMITMENTS (Note 3) - -
STOCKHOLDERS' EQUITY:
Common stock - authorized 50,000 shares
of no par value; issued and
outstanding 300 shares 30,000 30,000
Retained earnings (deficit) (3,999) 363,607
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TOTAL STOCKHOLDERS' EQUITY 26,001 393,607
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TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $3,443,059 $4,355,997
========= =========
See accompanying notes to interim financial statements
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3SI
Solution, System & Service Integration
INTERIM STATEMENTS OF OPERATIONS and RETAINED EARNINGS (DEFICIT)
Three Months Ended March 31, 1997 and 1996
(UNAUDITED)
1997 1996
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NET SALES $ 5,061,519 $4,500,613
COST OF GOODS SOLD 3,470,949 3,553,113
ROYALTY EXPENSE 75,938 67,897
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GROSS MARGIN 1,514,632 879,603
SELLING GENERAL AND ADMINISTRATIVE EXPENSES 1,563,514 840,842
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OPERATING INCOME (LOSS) (48,882) 38,764
OTHER INCOME (EXPENSE):
Interest income 2,580 6,997
Interest expense (48,546) (65,427)
Other income 1,786 3,283
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Total other income (expense) (44,180) (55,147)
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NET LOSS (93,062) (16,383)
DIVIDENDS DECLARED (23,903) (23,903)
RETAINED EARNINGS, BEGINNING 12,966 403,893
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RETAINED EARNINGS (DEFICIT), ENDING $ (3,999) $ 363,607
========== ========
See accompanying notes to interim financial statements.
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3SI
Solution, System & Service Integration
INTERIM STATEMENTS OF CASH FLOWS
Three Months Ended March 31, 1997 and 1996
(UNAUDITED)
1997 1996
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CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss $ (93,062) $ (16,383)
Adjustments to reconcile net loss to net cash
provided (used) by operating activities:
Depreciation and amortization 26,940 23,902
Changes in operating assets and liabilities:
Accounts receivable 1,974,232 808,220
Inventories (113,607) (38,919)
Other assets 1,299 (13,976)
Accounts payable (1,909,242) (797,170)
Other liabilities 123,139 (23,634)
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NET CASH PROVIDED (USED)
BY OPERATING ACTIVITIES 9,699 (57,960)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of furniture, fixtures and equipment (1,479) -
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NET CASH USED IN INVESTING ACTIVITIES (1,479) -
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments on long-term debt (3,459) (4,636)
Revolving line of credit, net - -
Dividends paid (23,903) (23,903)
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NET CASH USED BY FINANCING ACTIVITIES (27,362) (28,539)
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NET DECREASE IN CASH (19,142) (86,499)
CASH AND CASH EQUIVALENTS,
BEGINNING OF PERIOD 47,166 238,138
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CASH AND CASH EQUIVALENTS, END OF PERIOD $ 28,024 $ 151,639
======== =======
Supplemental Cash Flow Disclosures:
Cash paid during the period for interest $ 35,915 $ 64,807
======== =======
See accompanying notes to interim financial statements.
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3SI
Solution, System & Service Integration
NOTES TO INTERIM FINANCIAL STATEMENTS
March 31, 1997
(UNAUDITED)
Note 1. Basis of Presentation
The accompanying unaudited interim financial statements at March 31, 1997
have been prepared in accordance with generally accepted accounting principles
and include, in management's opinion, all adjustments necessary to fairly
present the financial position, results of operations and cash flows for the
interim periods covered by such statements. The unaudited interim financial
statements are not necessarily indicative of the results expected for the full
year.
Certain information and footnote disclosures have been omitted or condensed.
It is suggested that the unaudited financial statements and notes thereto
included in this Report should be read in conjunction with the audited financial
statements.
Note 2. Subsequent Events
Subsequent to year-end, one of the Company's significant vendors converted
approximately $500,000 of its outstanding open account balance to a 12-month
note payable in weekly installments of $10,970 including interest at 9.5%.
Note 3. Dividends and Royalties
The Company pays royalties and makes distributions in the form of dividends
to satisfy royalty and notes payable to the former shareholders of Kimbrough
Computer Sales, Inc.
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