Results of Third Quarter 1999 Operations
The table below sets forth for the third quarter and first nine months of 1999
and 1998 the percentage of net sales represented by certain items in the
company's Consolidated Statement of Operations.
Product sales were lower during the three months ended September 1999, but
were higher for the nine month period. The company completed two significant
orders during the third quarter 1998 while shipments have been more regular
during 1999. The company records revenue only when a billable order is
completed and shipped, causing some distortion in quarter to quarter
comparisons.
For the third quarter, gross margin was 46.1 per cent, as compared to 41.2 per
cent for the year ago quarter and 47.6 per cent for the second quarter of
1999. Other costs were lower in 1999, resulting in an operating income of
$50,151 compared to $38,918 in 1998.
For the nine month period ending September 30, sales were higher in 1999 than
in 1998. Sales of military targets were up while military shelters were down.
There was a significant increase in sales of commercial shelters. For the
1999 period, gross margin was 47.3 per cent as compared to 37.9 per cent for
1998. Other costs were about the same, resulting in an operating profit of
$124,644 as compared to an operating loss of $55,919 in 1998.
The company recorded a non-recurring gain of $104,112 in the first quarter of
1999 from recovery of assets purchased with funds embezzled from the company.
The company has no income tax liability due to a tax loss carry
forward.
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
TVI Corporation
By: /s/ Allen E. Bender
Allen E. Bender, President
November 9, 1999
<TABLE> <S> <C>
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<S> <C> <C> <C> <C>
<PERIOD-TYPE> 3-MOS 3-MOS 9-MOS 9-MOS
<FISCAL-YEAR-END> DEC-31-1999 DEC-31-1998 DEC-31-1999 DEC-31-1998
<PERIOD-END> SEP-30-1999 SEP-30-1998 SEP-30-1999 SEP-30-1998
<CASH> 42,133 97,952 42,133 97,952
<SECURITIES> 0 0 0 0
<RECEIVABLES> 178,539 113,746 178,539 113,746
<ALLOWANCES> 0 0 0 0
<INVENTORY> 629,028 470,010 629,028 470,010
<CURRENT-ASSETS> 907,902 737,146 907,902 737,146
<PP&E> 700,804 686,050 700,804 686,050
<DEPRECIATION> 563,627 498,051 563,627 498,051
<TOTAL-ASSETS> 1,195,796 1,002,381 1,195,796 1,002,381
<CURRENT-LIABILITIES> 393,686 405,025 393,686 405,025
<BONDS> 0 0 0 0
0 0 0 0
60,911 60,911 60,911 60,911
<COMMON> 232,780 229,780 232,780 229,780
<OTHER-SE> 12,036,500 12,022,250 12,036,500 12,022,250
<TOTAL-LIABILITY-AND-EQUITY> 1,195,796 1,002,381 1,195,796 1,002,381
<SALES> 400,576 488,428 1,231,018 1,127,812
<TOTAL-REVENUES> 420,363 503,442 1,288,956 1,180,653
<CGS> 215,909 287,388 648,736 700,025
<TOTAL-COSTS> 144,742 165,547 491,800 500,108
<OTHER-EXPENSES> 0 0 0 0
<LOSS-PROVISION> 0 0 0 0
<INTEREST-EXPENSE> 9,561 11,589 23,776 36,439
<INCOME-PRETAX> 50,151 38,918 124,644 (55,919)
<INCOME-TAX> 0 0 0 0
<INCOME-CONTINUING> 50,151 38,918 124,644 (55,919)
<DISCONTINUED> 0 0 0 0
<EXTRAORDINARY> 0 (13,156) 104,813 (13,468)
<CHANGES> 0 0 0 0
<NET-INCOME> 50,151 25,762 229,457 (69,387)
<EPS-BASIC> .002 .001 .01 (.003)
<EPS-DILUTED> .002 .001 .01 (.003)
</TABLE>
