UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB
/ X / QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 1995
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/ / TRANSITION PERIOD PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _________ to _________
Commission File Number 0-12530
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PANATECH RESEARCH AND DEVELOPMENT CORPORATION
----------------------------------------------
(Exact name of registrant as specified in its charter)
Nevada 95-3615472
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(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification Number)
P. O. Box 23160 Albuquerque, NM 87192-1160
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(Address of principal executive offices and zip code)
(505) 271-2200
(Registrant's telephone number, including area code)
Check whether the registrant (1) filed all reports required to be
filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 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
--- ---
Indicate the number of shares outstanding of each of the issuer's
classes of common stock, as of the latest practicable date.
Class Outstanding at November 2, 1995
- ------------------- -----------------------------
Common stock, $ .01 par value 3,943,625
1
<PAGE>
PANATECH RESEARCH AND DEVELOPMENT CORPORATION
PART II. OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits filed with this report.
11 Calculation of earnings per share and
average shares outstanding.
27 Financial Data Schedule (EDGAR filing only)
(b) Reports on Form 8-K
There were no reports on Form 8-K during the
quarter for which this report is filed.
SIGNATURES
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.
PANATECH RESEARCH AND DEVELOPMENT CORPORATION
by: /s/ Arthur J. Rosenberg
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Date: November 14, 1995 Arthur J. Rosenberg
President and Chief Financial
Officer
2
<PAGE>
PANATECH RESEARCH AND DEVELOPMENT CORPORATION
Exhibit 11
Calculation of Average Shares Outstanding
<TABLE>
<CAPTION>
Three months ended September 30, 1995
<S> <C>
Average shares issued and outstanding 3,692,300
Average shares issued during quarter for
exercised warrants 89,076
---------
Total 3,781,376
<C>
Average bid price of stock
during quarter $ 7.309
Options outstanding 205,000
Proceeds if all exercised $ 324,500
Shares "purchased" at
average market price (44,399)
Additional shares ------- 160,610
Warrants outstanding 784,624
Proceeds if all exercised
at $5.00 per share $3,923,120
Shares "purchased" at
average market price (536,777)
Additional shares ------- 247,847
---------
Average common and common equivalent shares 4,189,823
Rounding 177
---------
Total 4,190,000
Average shares for 3 months ended June 30, 1995 3,819,000
Average shares for 6 months ended Sept. 30, 1995 4,005,000
</TABLE>
Fully diluted shares outstanding are not materially different
than shares shown in above calculations.
<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-1996
<PERIOD-END> SEP-30-1995
<CASH> 3,565
<SECURITIES> 0
<RECEIVABLES> 2,030
<ALLOWANCES> (133)
<INVENTORY> 1,043
<CURRENT-ASSETS> 6,978
<PP&E> 1,188
<DEPRECIATION> (629)
<TOTAL-ASSETS> 8,865
<CURRENT-LIABILITIES> 1,384
<BONDS> 0
<COMMON> 39
0
0
<OTHER-SE> 7,442
<TOTAL-LIABILITY-AND-EQUITY> 8,865
<SALES> 6,281
<TOTAL-REVENUES> 6,281
<CGS> 2,600
<TOTAL-COSTS> 2,600
<OTHER-EXPENSES> 1,941
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> (46)
<INCOME-PRETAX> 1,753
<INCOME-TAX> (728)
<INCOME-CONTINUING> 1,025
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 1,025
<EPS-PRIMARY> .26
<EPS-DILUTED> .26
</TABLE>
