<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This Schedule contains summary financial information extracted from the
Form 10-QSB of American Metals Service, Inc. for the six months ended February
29, 1996 and is qualified in its entirety by reference to such financial
statements.
</LEGEND>
<CIK> 0000319016
<NAME> AMERICAN METALS SERVICE, INC.
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> AUG-31-1996
<PERIOD-START> SEP-01-1995
<PERIOD-END> FEB-29-1996
<CASH> 2,073
<SECURITIES> 0
<RECEIVABLES> 7
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 2,080
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 2,080
<CURRENT-LIABILITIES> 38
<BONDS> 0
0
0
<COMMON> 20
<OTHER-SE> 2,022
<TOTAL-LIABILITY-AND-EQUITY> 2,080
<SALES> 0
<TOTAL-REVENUES> 69
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 37
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 32
<INCOME-TAX> 0
<INCOME-CONTINUING> 32
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 32
<EPS-PRIMARY> .02
<EPS-DILUTED> .02
</TABLE>
FORM 10-QSB
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended: February 29, 1996
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Commission File No.: 0-10093
AMERICAN METALS SERVICE, INC.
(Exact name of small business issuer as specified in its charter)
Florida 59-1224913
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
376 Main Street, P.O. Box 74, Bedminster, New Jersey 07921
(Address of principal executive offices) (Zip Code)
(908) 234-0078
(Issuer's telephone number)
Not Applicable
(Former name, former address and former fiscal year,
if changed since last report)
Check whether the issuer (1) filed all reports required to be filed by
Section 13 or 15(d) of the Exchange Act during the past 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 _____
State the number of shares outstanding of each of the issuer's classes
of common equity as of the latest practicable date: As of March 31, 1996, the
issuer had 1,959,146 shares of its common stock, par value $.01 per share,
outstanding.
Transitional Small Business Disclosure Format (check one):
Yes __ No X
<PAGE>
PART I - FINANCIAL INFORMATION
Item 1. - Financial Statements
AMERICAN METALS SERVICE, INC.
BALANCE SHEET
(Unaudited)
<TABLE>
<CAPTION>
February 29,
1996
($000 Omitted)
--------------
<S> <C>
ASSETS
Current assets:
Cash and cash equivalents, including
U.S. treasury bills of $2,000,000 $ 2,073
Interest receivable 7
-------
Total current assets $ 2,080
=======
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accrued liabilities $ 38
-------
Total current liabilities 38
-------
Stockholders' equity:
Common stock, $.01 par value, 6,000,000
shares authorized, 1,959,146 issued
and outstanding 20
Additional capital in excess of par value 3,062
Accumulated deficit ( 1,040)
-------
Total stockholders' equity 2,042
-------
Total liabilities and stockholders'
equity $ 2,080
=======
</TABLE>
See accompanying note to financial statements.
<PAGE>
AMERICAN METALS SERVICE, INC.
STATEMENTS OF OPERATIONS
(Unaudited)
<TABLE>
<CAPTION>
For the three months ended
February 29, 1996 and
February 28, 1995
1996 1995
-------- --------
($000 Omitted,
Except Per Share Data)
<S> <C> <C>
Revenues:
Interest $ 28 $ 25
Other income 15 5
------- -------
43 30
------- -------
General and administrative expenses 22 24
------- -------
Income before income taxes 21 6
Provision for income taxes - -
------- -------
Net income $ 21 $ 6
======= =======
Net income per common share $ .01 $ -
======= =======
Weighted average number of shares
outstanding (in 000's) 1,959 1,960
======= =======
</TABLE>
See accompanying note to financial statements.
<PAGE>
AMERICAN METALS SERVICE, INC.
STATEMENTS OF OPERATIONS
(Unaudited)
<TABLE>
<CAPTION>
For the six months ended
February 29, 1996 and
February 28, 1995
1996 1995
--------- --------
($000 Omitted,
Except Per Share Data)
<S> <C> <C>
Revenues:
Interest $ 54 $ 49
Other income 15 5
------- -------
69 54
------- -------
General and administrative expenses 37 40
------- -------
Income before income taxes 32 14
Provision for income taxes - -
------- -------
Net income $ 32 $ 14
======= =======
Net income per common share $ .02 $ .01
======= =======
Weighted average number of shares
outstanding (in 000's) 1,959 1,960
======= =======
</TABLE>
See accompanying note to financial statements.
<PAGE>
AMERICAN METALS SERVICE, INC.
STATEMENTS OF CASH FLOWS
(Unaudited)
<TABLE>
<CAPTION>
For the six months ended
February 29, 1996 and
February 28, 1995
1996 1995
--------- --------
($000 Omitted)
<S> <C> <C>
Cash flows from operating activities:
Net cash provided by
operating activities $ 55 $ 23
------- -------
Cash flows from investing activities:
Maturity of U.S. Treasury Securities - 1,580
------- -------
Net cash provided by investing
activities - 1,580
------- -------
Net increase in cash and cash
equivalents 55 1,603
Cash and cash equivalents at beginning
of the period 2,018 428
-------- -------
Cash and cash equivalents at end of
the period $2,073 $2,031
======= =======
Reconciliation of net income
to net cash provided by
operating activities:
Net income $ 32 $ 14
Adjustments to reconcile net income
to net cash provided by
operating activities:
Increase in other assets - ( 1)
Increase in accounts payable
and accrued liabilities 23 10
------- -------
Net cash provided by operating
activities $ 55 $ 23
======= =======
</TABLE>
See accompanying note to financial statements.
<PAGE>
AMERICAN METALS SERVICE, INC.
NOTE TO FINANCIAL STATEMENTS
(Unaudited)
The accompanying unaudited financial statements of American Metals
Service, Inc. (the "Company") as of February 29, 1996 and for the three and six
months ended February 29, 1996 and February 28, 1995 reflect all material
adjustments which, in the opinion of management, are necessary for a fair
presentation of results for the interim periods. Certain information and
footnote disclosures required under generally accepted accounting principles
have been condensed or omitted pursuant to the rules and regulations of the
Securities and Exchange Commission, although the Company believes that the
disclosures are adequate to make the information presented not misleading. These
financial statements should be read in conjunction with the year-end financial
statements and notes thereto included in the Company's Annual Report on Form
10-KSB for the year ended August 31, 1995, as filed with the Securities and
Exchange Commission.
The results of operations for the three and six months ended February
29, 1996 are not necessarily indicative of the results to be expected for the
entire fiscal year or for any other period.
<PAGE>
Item 2. - Management's Discussion and Analysis or Plan of
Operations
Results of Operations
Until the fourth quarter of fiscal 1992, the Company was engaged in the
wholesale distribution of aluminum alloys, steel and other specialty metals. The
Company has liquidated the assets of its former business and is actively seeking
an acquisition with the goal of becoming an operating company. In the interim,
available cash is being invested in U.S. Treasury securities. Interest income
for the quarter ended February 29, 1996, was approximately $28,000 compared to
$25,000 in the comparable quarter of the prior fiscal year. For the six months
ended February 29, 1996, interest income was $54,000 compared to $49,000 for the
comparable period of the prior fiscal year. Collections of previously written-
off accounts receivable of $15,000 and $5,000 accounted for the other income
in the quarter and six months ended February 29, 1996 and February 28, 1995,
respectively.
General and administrative expenses were $22,000 and $24,000 for the
three-month periods ended February 29, 1996 and February 28, 1995, respectively,
and $37,000 and $40,000 for the six months ended February 29, 1996 and February
28, 1995, respectively. A management fee of $12,500 per quarter is paid to an
affiliated company for accounting, financial and administrative management. This
fee is based on the affiliate's estimated costs, and management believes that
the allocation method is reasonable. The remaining general and administrative
expenses for the quarters ended February 29, 1996 and February 28, 1995 consist
of stockholder, insurance and other miscellaneous expenses.
Liquidity and Capital Resources
At February 29, 1996, cash and cash equivalents and net working capital
were approximately $2,073,000 and $2,042,000, respectively. The U.S. Treasury
bills of approximately $2,000,000 mature at various dates through May 16, 1996
and bear interest rates ranging between 4.925% and 5.45%. Investing activities
for the six months ended February 28, 1995, consisted of the maturity of U.S.
Treasury bills with an original maturity greater than three months. Management
believes the Company's cash and cash equivalents and net working capital are
adequate for its remaining business activities and for the costs of seeking an
acquisition of an operating business. The net book value of the Company at
February 29, 1996 is $1.04 per share.
<PAGE>
PART II - OTHER INFORMATION
Item 6. - Exhibits and Reports on Form 8-K
No reports on Form 8-K were filed during the quarter for which this Form
10-QSB is filed.
<PAGE>
SIGNATURE
In accordance with the requirements of the Exchange Act, the registrant
caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.
AMERICAN METALS SERVICE, INC.
Dated: April 12, 1996 By: /s/ MARK KOSCINSKI
------------------------------
Mark Koscinski
Vice President - Finance
Secretary and Principal Financial
and Accounting Officer
