<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 nine months ended May 31,
1996 and is qualified in its entirety be reference to such financial statements.
</LEGEND>
<CIK> 0000319016
<NAME> AMERICAN METALS SERVICE, INC.
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> AUG-31-1996
<PERIOD-START> SEP-01-1995
<PERIOD-END> MAY-31-1996
<CASH> 2,066
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 2,066
<CURRENT-LIABILITIES> 20
<BONDS> 0
0
0
<COMMON> 20
<OTHER-SE> 2,026
<TOTAL-LIABILITY-AND-EQUITY> 2,066
<SALES> 0
<TOTAL-REVENUES> 94
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 60
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 34
<INCOME-TAX> 0
<INCOME-CONTINUING> 34
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 34
<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: May 31, 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 June 30, 1996, the issuer
had 1,959,129 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>
AMERICAN METALS SERVICE, INC.
BALANCE SHEET
(Unaudited)
<CAPTION>
May 31,
1996
($000 Omitted)
--------------
<S> <C>
ASSETS
Current assets:
Cash and cash equivalents, including
U.S. treasury bills of $2,007,000 $ 2,066
-------
Total current assets $ 2,066
=======
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accrued liabilities: $ 20
-------
Total current liabilities 20
-------
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
Accumulate deficit ( 1,036)
------
Total stockholders' equity 2,046
-------
Total liabilities and stockholders'
equity $ 2,066
=======
</TABLE>
See accompanying note to financial statements.
<PAGE>
<TABLE>
AMERICAN METALS SERVICE, INC.
STATEMENTS OF OPERATIONS
(Unaudited)
<CAPTION>
For the three months
ended May 31,
1996 1995
-------- --------
($000 Omitted,
Except Per Share Data)
<S> <C> <C>
Revenues:
Interest $ 25 $ 29
Other income - 1
------ ------
25 30
------ ------
General and administrative expenses 22 17
------ ------
Income before income taxes 3 13
Provision for income taxes - -
------ ------
Net income $ 3 $ 13
====== ======
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>
<TABLE>
AMERICAN METALS SERVICE, INC.
STATEMENTS OF OPERATIONS
(Unaudited)
<CAPTION>
For the nine months
ended May 31,
1996 1995
-------- --------
($000 Omitted,
Except Per Share Data)
<S> <C> <C>
Revenues:
Interest $ 79 $ 77
Other income 15 8
------ ------
94 85
------ ------
General and administrative expenses 60 57
------ ------
Income before income taxes 34 28
Provision for income taxes - -
------ ------
Net income $ 34 $ 28
====== ======
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>
<TABLE>
AMERICAN METALS SERVICE, INC.
STATEMENTS OF CASH FLOWS
(Unaudited)
<CAPTION>
For the nine months
ended May 31,
1996 1995
-------- --------
($000 Omitted)
<S> <C> <C>
Cash flows from operating activities:
Net cash provided by
operating activities $ 41 $ 49
------ ------
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 41 1,629
Cash and cash equivalents at beginning
of the period 2,025 428
------ ------
Cash and cash equivalents at end of
the period $2,066 $2,057
====== ======
Reconciliation of net income
to net cash provided by
by operating activities:
Net income $ 34 $ 28
Adjustments to reconcile net income
to net cash provided by
operating activities:
Increase in other assets - ( 3)
Increase in accounts payable
and accrued liabilities 7 24
------ ------
Net cash provided by operating
activities $ 41 $ 49
====== ======
</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 May 31, 1996 and for the three and nine month periods
ended May 31, 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, 1995,
as filed with the Securities and Exchange Commission.
The results of operations for the three and nine months ended May 31, 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 May 31, 1996, was approximately $25,000 compared to
$29,000 in the comparable quarter of the prior year. In the nine months ended
May 31, 1996, interest income was $79,000 compared to $77,000 for the comparable
period of the prior year. Collections of previously written-off accounts
receivable from the former business of the Company accounted for the other
income in fiscal 1996 and 1995.
General and administrative expenses were $22,000 and $17,000 for the three
month periods ended May 31, 1996 and 1995, respectively, and $60,000 and $57,000
for the nine month periods ended May 31, 1996 and 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 and nine month periods ended May 31, 1996 and May 31, 1995 consist of
stockholder, insurance and other miscellaneous expenses.
Liquidity and Capital Resources
- -------------------------------
At May, 1996, cash and cash equivalents and net working capital were
approximately $2,066,000 and $2,046,000, respectively. The U.S. Treasury bills
of approximately $2,000,000 mature at various dates through August, 1996.
Investing activities 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 May 31, 1996 is $1.04 per share.
<PAGE>
PART II - OTHER INFORMATION
Item 6. - Exhibits and Reports on Form 8-K
(a) Exhibits
(27). Financial Data Schedule for the nine months ended
May 31, 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: July 12, 1996 By: /s/ Mark Koscinski
-------------------------
Vice President and Secretary
