<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, 1995 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> 3-MOS
<FISCAL-YEAR-END> AUG-31-1996
<PERIOD-START> SEP-01-1995
<PERIOD-END> NOV-30-1995
<CASH> 2,044
<SECURITIES> 0
<RECEIVABLES> 7
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 2,051
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 2,051
<CURRENT-LIABILITIES> 29
<BONDS> 0
<COMMON> 20
0
0
<OTHER-SE> 2,002
<TOTAL-LIABILITY-AND-EQUITY> 2,051
<SALES> 0
<TOTAL-REVENUES> 27
<CGS> 0
<TOTAL-COSTS> 16
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 11
<INCOME-TAX> 0
<INCOME-CONTINUING> 11
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 11
<EPS-PRIMARY> .01
<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, 1995
[ ] 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 December 31, 1995, the
issuer had 1,959,201 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>
November 30,
1995
($000 Omitted)
--------------
<S> <C>
ASSETS
Current assets:
Cash and cash equivalents, including
U.S. treasury bills of $1,968,000 .............. $ 2,044
Interest receivable .............................. 7
-------
Total current assets ...................... $ 2,051
=======
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accrued liabilities .............................. $ 29
-------
Total current liabilities ................ 29
-------
Stockholders' equity:
Common stock, $.01 par value, 6,000,000
shares authorized, 1,959,365 issued
and outstanding ............................ 20
Additional capital in excess of par value ....... 3,062
Accumulated deficit ............................. ( 1,060)
-------
Total stockholders' equity .................. 2,022
-------
Total liabilities and stockholders'
equity ................................ $ 2,051
=======
</TABLE>
See accompanying note to financial statements.
<PAGE>
AMERICAN METALS SERVICE, INC.
STATEMENTS OF OPERATIONS
(Unaudited)
<TABLE>
<CAPTION>
For the three months
ended November 30,
1995 1994
-------- ---------
($000 Omitted,
Except Per Share Data)
<S> <C> <C>
Interest income ................................... $ 27 $ 24
General and administrative expenses ............... 16 16
------- -------
Income before income taxes ........................ 11 8
Provision for income taxes ........................ - -
------- -------
Net income ........................................ $ 11 $ 8
======= =======
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 CASH FLOWS
(Unaudited)
<TABLE>
<CAPTION>
For the three months
ended November 30,
1995 1994
-------- ---------
($000 Omitted)
<S> <C> <C>
Cash flows from operating activities:
Net cash provided by
operating activities ................... $ 26 $ 2
------- -------
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 .................................. 26 1,582
Cash and cash equivalents at beginning
of the period ................................ 2,018 428
------- -------
Cash and cash equivalents at end of
the period ................................... $ 2,044 $ 2,010
======= =======
Reconciliation of net income
to net cash provided by
operating activities:
Net income ................................... $ 11 $ 8
Adjustments to reconcile net income
to net cash provided by
operating activities:
Increase in other assets .............. - ( 20)
Increase in accounts
payable and accrued liabilities . 15 14
------- --------
Net cash provided by operating
activities ............................... $ 26 $ 2
======= =======
</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, 1995 and for the three months ended
November 30, 1995 and 1994 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 months ended November 30, 1995 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, 1995, was approximately $27,000 compared to
$24,000 in the comparable quarter of the prior year. Higher interest rates and
investable balances were the reasons for the increase in revenue.
General and administrative expenses were $16,000 for the three-month
periods ended November 30, 1995 and 1994. 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 November 30, 1995 and
1994 consist of stockholder, insurance and other miscellaneous expenses.
Liquidity and Capital Resources
- -------------------------------
At November 30, 1995, cash and cash equivalents and net working capital
were approximately $2,044,000 and $2,022,000, respectively. The U.S. Treasury
bills of approximately $1,968,000 mature at various dates through February 15,
1996 and bear interest rates ranging between 5.45% and 5.51%. Investing
activities in the quarter ended November 30, 1994, 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 November 30, 1995 is $1.03 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, 1995.
(b) REPORTS OF 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: January 12, 1996 By: /s/ MARK KOSCINSKI
-------------------
Vice President, Treasurer
and Chief Accounting
Officer
