<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 three months ended November
30, 1996 and is qualified in its entirety by reference to such financial
statements.
</LEGEND>
<CIK> 0000319016
<NAME> AMERICAN METALS SERVICE, INC.
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> AUG-31-1997
<PERIOD-START> SEP-01-1996
<PERIOD-END> NOV-30-1996
<CASH> 2,094
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 2,094
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 2,094
<CURRENT-LIABILITIES> 25
<BONDS> 0
0
0
<COMMON> 20
<OTHER-SE> 2,049
<TOTAL-LIABILITY-AND-EQUITY> 2,094
<SALES> 0
<TOTAL-REVENUES> 26
<CGS> 0
<TOTAL-COSTS> 22
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 4
<INCOME-TAX> 0
<INCOME-CONTINUING> 4
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 4
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</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: November 30, 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 9-1224913
(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 November 30, 1996, the
issuer had 1,958,872 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
<TABLE>
<CAPTION>
AMERICAN METALS SERVICE, INC.
BALANCE SHEET
(Unaudited)
November 30,
1996
($000 Omitted)
----------------
<S> <C>
ASSETS
Current assets:
Cash and cash equivalents, including
U.S. treasury bills of $1,999,000 $2,094
------
Total current assets $2,094
======
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued liabilities $ 25
------
Total current liabilities 25
------
Stockholders' equity:
Common stock, $.01 par value, 6,000,000
shares authorized, 1,958,872 issued
and outstanding 20
Additional capital in excess of par value 3,062
Accumulated deficit (1,013)
-----
Total stockholders' equity 2,069
-----
Total liabilities and stockholders'
equity $2,094
======
</TABLE>
See accompanying note to financial statements.
<PAGE>
<TABLE>
<CAPTION>
AMERICAN METALS SERVICE, INC.
STATEMENTS OF OPERATIONS
(Unaudited)
For the three months
ended November 30,
---------------------
1996 1995
------ ------
($000 Omitted,
Except Per Share Data)
<S> <C> <C>
Interest income $ 26 $ 27
General and administrative expenses 22 16
------ ------
Income before income taxes 4 11
Provision for income taxes - -
------ ------
Net income $ 4 $ 11
====== ======
Net income per common share $ - $ .01
====== ======
Weighted average number of shares
outstanding (in 000's) 1,959 1,959
====== ======
</TABLE>
See accompanying note to financial statements.
<PAGE>
<TABLE>
<CAPTION>
AMERICAN METALS SERVICE, INC.
STATEMENTS OF CASH FLOWS
(Unaudited)
For the three months
ended November 30,
1996 1995
------- --------
($000 Omitted)
<S> <C> <C>
Cash flows from operating activities:
Net cash provided by
operating activities $ 4 $ 26
------ ------
Net increase in cash and cash
equivalents 4 26
Cash and cash equivalents at beginning
of the period 2,090 2,025
------ ------
Cash and cash equivalents at end of
the period $2,094 $2,051
====== ======
Reconciliation of net income
to net cash provided by
operating activities:
Net income $ 4 $ 11
Adjustments to reconcile net income
to net cash provided by
operating activities:
Increase in accounts payable
and accrued liabilities - 15
------ ------
Net cash provided by operating
activities $ 4 $ 26
====== ======
</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 November 30, 1996 and for the quarters ended November
30, 1996 and 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, 1996,
as filed with the Securities and Exchange Commission. Certain reclassifications
have been made to the prior year's financial statements to conform to the
current year's presentation.
The results of operations for the quarter ended November 30, 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 November 30, 1996, was approximately $26,000 compared to
$27,000 in the comparable quarter of the prior fiscal year. The decrease in
interest income was due to lower interest rates on the Company's cash
equivalents.
General and administrative expenses were $22,000 and $16,000 for the
quarters ended November 30, 1996 and 1995, respectively. The increase in general
and administrative expenses of approximately $6,000 was due to expenses incurred
in the search for an operating business and additional professional fees. 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 three
month periods ended November 30, 1996 and November 30, 1995 consist of
stockholder, insurance and other miscellaneous expenses.
Liquidity and Capital Resources
- -------------------------------
At November, 1996, cash and cash equivalents and net working capital were
approximately $2,094,000 and $2,069,000, respectively. The U.S. Treasury bills
of approximately $1,999,000 mature at various dates through February, 1997.
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 November 30, 1996 is $1.06 per share.
<PAGE>
PART II - OTHER INFORMATION
Item 6. - Exhibits and Reports on Form 8-K
(a) Exhibits
--------
(27). Financial Data Schedule for the three months ended
November 30, 1996.
(b) 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: December 13, 1996 By: /s/ Mark Koscinski
-----------------------------
Mark Koscinski
Vice President and Secretary
