<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10Q-SB
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For Quarter Ended August 31, 1996
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM to
----- -----
Commission File No. 0-12240
BIO-LOGIC SYSTEMS CORP.
(Exact name of small business issuer as specified in its charter)
Delaware 36-3025678
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification Number)
One Bio-logic Plaza, Mundelein, Illinois 60060
(Address of principal executive offices) (zip code)
Registrant's telephone number, including area code (847-949-5200)
(Former address, if changed since last report): not applicable
Check whether the issuer (1) has 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 issuer 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 stock, as of the latest practicable date.
Class Outstanding at October 9, 1996
Common Stock $.01 par value 3,943,209 shares
Traditional Small Business Disclosure Format
YES X NO
--- ---
<PAGE>
BIO-LOGIC SYSTEMS CORP.
FORM 10Q-SB
TABLE OF CONTENTS
PART I. FINANCIAL INFORMATION
Page
ITEM 1. FINANCIAL STATEMENTS (UNAUDITED)
Condensed Consolidated Balance Sheets at August 31, 1996
and February 29, 1996 3
Condensed Consolidated Statements of Operations and
Retained Earnings for the three and six months ended
August 31, 1996 and 1995 4
Condensed Consolidated Statements of Cash Flows for
the six months ended August 31, 1996 and 1995, 5
Notes to Condensed Consolidated Financial Statements 6
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS 9
PART II. OTHER INFORMATION
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS 11
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K 12
SIGNATURES
2
<PAGE>
BIO-LOGIC SYSTEMS CORP.
FORM 10Q-SB
PART 1. FINANCIAL INFORMATION
ITEM 1 FINANCIAL STATEMENTS
CONDENSED CONSOLIDATED BALANCE SHEETS
<TABLE>
<CAPTION>
August 31, 1996 February 29, 1996
--------------- -----------------
(Unaudited)
<S> <C> <C>
ASSETS
CURRENT ASSETS
Cash and cash equivalents $ 1,242,682 $ 3,249,071
Marketable securities 1,703,920 1,711,760
Accounts receivable, less allowance for
doubtful accounts of $143,393 at
May 31, 1996 and $128,243 at
February 29, 1996 2,687,794 3,197,495
Inventories 2,927,836 2,887,528
Prepaid expenses 152,847 129,044
Deferred income taxes 239,609 239,609
---------- ----------
Total current assets 8,954,688 11,414,507
PROPERTY, PLANT AND EQUIPMENT - Net 1,868,375 1,863,811
MARKETABLE SECURITIES 1,501,881
OTHER ASSETS 1,206,553 1,101,668
---------- ----------
TOTAL ASSETS $13,531,497 $14,379,986
---------- ----------
---------- ----------
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Current maturities of long-term debt $ 124,773 $ 118,236
Accounts payable 512,149 544,346
Accrued salaries & payroll taxes 512,456 500,412
Accrued interest & other expenses 315,346 380,205
Accrued income taxes (15,259) 213,735
Deferred revenue 273,561 228,658
---------- ----------
Total current liabilities 1,723,026 1,985,592
LONG-TERM DEBT - Less current maturities 627,431 689,877
COMMITMENTS
DEFERRED INCOME TAXES 307,206 307,206
---------- ----------
Total liabilities 2,657,663 2,982,675
---------- ----------
SHAREHOLDERS' EQUITY:
Capital stock, $.01 par value. authorized
10,000,000 shares, issued and outstanding
4,229,319 shares at, August 31, 1996 and
4,229,119 at February 29, 1996 42,294 42,291
Additional paid-in capital 5,478,464 5,477,516
Retained Earnings 5,878,867 5,877,504
---------- ----------
Total shareholders' equity 11,399,625 11,397,311
Less treasury stock, at cost: 169,300 shares (525,791)
---------- ----------
Shareholders equity - net 10,873,834 11,397,311
---------- ----------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $13,531,497 $14,379,986
---------- ----------
---------- ----------
</TABLE>
The accompanying notes are an integral part of these statements.
3
<PAGE>
BIO-LOGIC SYSTEMS CORP.
FORM 10Q-SB
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND RETAINED EARNINGS
(UNAUDITED)
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
August 31 August 31,
------------------------- -------------------------
1996 1995 1996 1995
---------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
NET SALES $3,574,920 $3,444,762 $6,419,646 $7,111,749
COST OF SALES 1,185,065 1,112,070 2,245,711 2,425,332
---------- ---------- ---------- ----------
Gross Profit 2,389,855 2,332,692 4,173,935 4,686,417
---------- ---------- ---------- ----------
OPERATING EXPENSES:
Selling, general & administrative 1,563,070 1,636,222 3,402,383 3,234,996
Research & development 465,876 370,438 833,343 746,282
---------- ---------- ---------- ----------
Total operating expenses 2,028,946 2,006,660 4,235,726 3,981,278
---------- ---------- ---------- ----------
OPERATING INCOME (LOSS) 360,909 326,032 (61,791) 705,139
OTHER INCOME (EXPENSE):
Interest income 54,301 44,820 114,879 90,795
Interest expense (14,857) (14,777) (28,011) (33,739)
Miscellaneous 50 (2,666) 744 (2,222)
---------- ---------- ---------- ----------
TOTAL OTHER INCOME $ 39,494 $ 27,377 $ 87,612 $ 54,834
INCOME BEFORE INCOME TAXES 400,403 353,409 25,821 759,973
PROVISION FOR INCOME TAXES 117,400 113,100 24,458 242,100
---------- ---------- ---------- ----------
NET INCOME $ 283,003 $ 240,309 $ 1,363 $ 517,873
---------- ---------- ---------- ----------
---------- ---------- ---------- ----------
RETAINED EARNINGS,
BEGINNING OF PERIOD 5,595,864 5,262,977 5,877,504 4,985,413
---------- ---------- ---------- ----------
RETAINED EARNINGS,
END OF PERIOD $5,878,867 $5,503,286 $5,878,867 $5,503,286
---------- ---------- ---------- ----------
---------- ---------- ---------- ----------
EARNINGS PER SHARE:
Primary and Fully Diluted $0.07 $0.06 $0.00 $0.12
---------- ---------- ---------- ----------
---------- ---------- ---------- ----------
</TABLE>
The accompanying notes are an integral part of these statements.
4
<PAGE>
BIO-LOGIC SYSTEMS CORP.
FORM 10Q-SB
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
<TABLE>
<CAPTION>
Six Months Ended
August 31
-------------------------
1996 1995
---------- ----------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income $ 1,363 $ 517,873
Adjustments to reconcile net income to net cash flows
from (used in) operating activities:
Depreciation and amortization 180,254 177,111
Provision for bad debts 15,150 6,000
Provision for inventory valuation 124,650 78,677
Deferred income taxes
(Increases) decreases in assets:
Accounts receivable 494,551 6,675
Inventories (164,958) (259,942)
Prepaid expenses (23,803) (29,127)
Increases (decreases) in liabilities:
Accounts payable and overdrafts (32,197) (274,209)
Accrued liabilities and deferred revenue (7,912) (135,892)
Accrued income taxes (228,994) (9,750)
---------- ----------
Net cash flows from (used in) operating activities 358,104 77,416
---------- ----------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures (122,028) (74,014)
Other assets (167,675) (194,822)
Purchases of marketable securities held to maturity (1,494,041) (730,198)
Proceeds from maturities of investments 738,189
---------- ----------
Net cash flows from (used in) investing activities (1,783,744) (260,845)
---------- ----------
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from exercise of stock options 951 9,917
Purchase of treasury stock (525,791)
Payments of long-term debt (55,909) (54,708)
---------- ----------
Net cash flows from (used in) financing activities (580,749) (44,791)
---------- ----------
INCREASE IN CASH AND CASH EQUIVALENTS (2,006,389) (228,220)
CASH AND CASH EQUIVALENTS - Beginning of period 3,249,071 1,187,388
---------- ----------
CASH AND CASH EQUIVALENTS - End of period $1,242,682 $ 959,168
---------- ----------
---------- ----------
SUPPLEMENTAL DISCLOSURES OF CASH FLOWS:
Cash paid during the period for:
Interest $ 28,011 $ 35,164
---------- ----------
---------- ----------
Income Taxes $ 246,657 $ 251,850
---------- ----------
---------- ----------
</TABLE>
The accompanying notes are an integral part of these statements.
5
<PAGE>
BIO-LOGIC SYSTEMS CORP.
FORM 10Q-SB
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
1. The information furnished in this report reflects all adjustments which
are, in the opinion of management, necessary to a fair statement of the
results for the interim periods. The results of operations for the three
and six months ended August 31, 1996 are not necessarily indicative of the
results to be expected for the full year.
2. INVENTORIES
Inventories, consisting principally of components, parts and supplies, are
stated at the lower of cost, determined by the first-in, first-out method
or market.
3. NET INCOME PER SHARE
Primary earnings per share are based on the weighted average number of
common and dilutive common equivalent shares outstanding during each
quarter. The weighted average shares for computing primary earnings per
share were 4,212,626 and 4,354,131 for the quarters ended August 31, 1996
and August 31, 1995, respectively, and 4,270,602 and 4,284,691 for the six
months ended August 31, 1996 and 1995, respectively.
Fully diluted earnings per share are based on the weighted average number
of common and dilutive common equivalent shares calculated at quarter-end
market prices. The weighted average shares for computing fully diluted
earnings per share were 4,212,626 and 4,361,289 for the quarters ended
August 31, 1996, and 1995, respectively, and 4,270,602 and 4,310,625 for
the six months ended August 31,1996 and 1995.
4. ACCOUNTING FOR INCOME TAXES
The Company follows Statement of Financial Accounting Standards (SFAS) No.
109, "Accounting for Income Taxes," which requires an asset and liability
approach of accounting for income taxes. Deferred tax assets and
liabilities are computed annually for differences between financial
statement basis and tax basis of assets, liabilities and available general
business tax credit carry-forwards. A valuation allowance is established
when necessary to reduce deferred tax assets to the amount expected to be
realized.
5. MARKETABLE SECURITIES
Effective March 1, 1994, the company adopted Statement of Financial
Accounting Standards No.115, "Accounting for Certain Investments in Debt
and Equity Securities" (SFAS No. 115.)
As required by SFAS 115, securities are classified into three categories:
trading, held-to-maturity, and available for sale. Debt securities that
the Company has the positive intent and ability to hold to maturity are
classified as held-to-maturity debt securities. The entire Company's
portfolio of debt securities has been classified as held-to-maturity and
are stated at cost, with premiums amortized and discounts accredited using
the simple-interest method.
6
<PAGE>
BIO-LOGIC SYSTEMS CORP.
FORM 10Q-SB
INVESTMENT SECURITIES HELD-TO-MATURITY
The amortized cost, unrealized gains, unrealized losses and estimated fair
values of investment securities are summarized as follows:
Gross Gross Estimated
Unrealized Unrealized Fair
Amortized Cost Gain Losses Value
-------------- ---------- ---------- ----------
AUGUST 31, 1996
US Government securities $3,205,801 $ 0 $3,364 $3,202,437
AUGUST 31, 1995
US Government securities $3,347,109 $ 0 $6,823 $3,340,286
At August 31, 1996, the maturities of marketable securities held-to-maturity
are as follows:
Estimated Fair
Term to Maturity Amortized Cost Value
-------------- --------------
Due one year or less $1,703,920 $1,704,777
Due after one year through
five years 1,501,881 1,497,660
---------- ----------
Total $3,205,801 $3,202,437
---------- ----------
---------- ----------
6. ACCOUNTING FOR FINANCIAL DERIVATIVES
The Company adopted Statement of Financial Accounting Standards (SFAS) No.
119, "Disclosure About Derivative Financial Instruments and Fair Value of
Financial Instruments," effective March 1, 1996. This standard requires
disclosures about derivative financial instruments-futures, forward, swap
and option contracts, and other financial instruments with similar
characteristics. The impact of adopting SFAS No. 119 upon the Company was
not material.
7. ACCOUNTING FOR THE IMPAIRMENT OF LONG LIVED ASSETS
The Company adopted Statement of Financial Accounting Standards (SFAS) No.
121, "Accounting for the Impairment of Long-Lived Assets and for Long-Lived
Assets to be Disposed Of," effective March 1, 1996. This standard requires
that carrying values of long-lived assets and certain identifiable,
intangible assets be evaluated based on the future (undiscounted and
without interest charges) cash flows expected to be realized from the use
of the asset and its eventual disposition. If the sum of the expected
future cash flows from an asset is less than the carrying value an
impairment loss must be recognized. There is no material impact of
adopting SFAS No. 121 upon the Company's financial position or results of
operations.
7
<PAGE>
BIO-LOGIC SYSTEMS CORP.
FORM 10Q-SB
8. ACCOUNTING FOR STOCK-BASED COMPENSATION
Statement of Financial Accounting Standards (SFAS) No. 123, "Accounting for
Stock-Based Compensation," was issued and became effective March 1, 1996
upon the Company's financial statements. As permitted by the statement,
the Company continues to measure employee compensation cost for stock
option plans in accordance with Accounting Principles Board Opinion No. 25,
"Accounting for Stock Issued to Employees."
9. STOCK REPURCHASE
On May 16, 1996 the Board of Directors of the Company authorized the
repurchase, from time to time, of shares of the Company's common stock. As
of August 31, 1996, the Company purchased an aggregate of 169,300 shares of
its common stock at a total cost of $525,791. As of the date of this
report, the Company purchased an aggregate of 286,310 shares of its common
stock at a total cost of $ 882,706.
8
<PAGE>
BIO-LOGIC SYSTEMS CORP.
FORM 10Q-SB
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
Except for the description of historical facts contained herein, this Form
10Q-SB contains certain forward looking statements that involve risks and
uncertainties as detailed herein and from time to time in the Company's filings
with the Securities and Exchange Commission and elsewhere. Such statements are
based on management's current expectations and are subject to a number of
factors and uncertainties which could cause actual results to differ materially
from those described in the forward-looking statements. These factors include,
among others, the Company's fluctuations in sales and operating results, risks
associated with international operations and regulatory, competitive and
contractual risks.
LIQUIDITY AND CAPITAL RESOURCES
As of August 31, 1996 the Company had working capital of $7,231,662
including $2,946,602 in cash, cash equivalents and short-term investments. In
addition, as of August 31, 1996, the Company had long-term investments of
$1,501,881 in US Government Treasury Notes. The Company believes its capital
and liquidity requirements for the foreseeable future will be satisfied by
available and internally generated funds. To the extent the Company's capital
and liquidity requirements are not satisfied internally, the Company may utilize
a $1,000,000 unsecured bank line of credit, all of which is currently available.
Borrowings under this line will bear interest at the bank's prime rate.
RESULTS OF OPERATIONS
Net sales for the three month period ended August 31, 1996 ("1996 three
months") increased by approximately 4% to $3,574,920 from $3,444,762 in the
three month period ended August 31, 1995 ("1995 three months."), while net sales
for the six month period ended August 31, 1996 ("1996 six months") decreased by
10% to $6,419,646 compared to $7,111,749 in the six month period ended August
31, 1995 ("1995 six months.") Domestic sales increased by 6% to $2,676,452 for
the 1996 three months compared to $2,515,617 for the 1995 three months, in
contrast, domestic sales decreased by 6% to $4,897,046 for the 1996 six months
from $5,188,940 for the 1995 six months. Foreign sales of $898,468 and
$1,522,600 contributed 25% and 24% of net sales for the 1996 three and six
months, respectively, a decrease of 3% and 21% from $929,145 and $1,922,809 for
the 1995 three and six months, respectively. The Company's decrease in net
sales for the 1996 six months compared to the 1995 six months was due in part to
the sales reorganization that began in fiscal year 1996. Net sales of the
Ceegraph, Sleep, and Explorer product lines were all negatively impacted from
this reorganization, primarily during the first quarter of the 1996 six months.
9
<PAGE>
BIO-LOGIC SYSTEMS CORP.
FORM 10Q-SB
Cost of sales as a percentage of net sales decreased to 33% from 35% for
the 1996 and 1995 three months, respectively and increased to 35% from 34% for
the 1996 and 1995 six months, respectively. This slight increase in cost of
sales as a percentage of net sales in the 1996 six month period was the partial
result of sales of lower margins products and similar levels of fixed
manufacturing costs allocated over lower net sales.
Selling, general and administrative expenses decreased by 4% to $1,563,070
from $1,636,222 during the 1996 and 1995 three months. and increased by 5% to
$3,402,383 from $3,234,996 during the 1996 and 1995 six months, Selling,
general and administrative expenses as a percentage of net sales, decreased to
44% from 47% for the 1996 and 1995 three months, respectively, and increased to
53% from 45% for the 1996 and 1995 six months, respectively. This increase in
the six month period reflects additional employee and travel costs relating to
the Company's expaned sales efforts, plus increases in marketing expenses for
product promotions and exhibitions.
Research and development costs increased by 26% and 12% to $465,876 and
$833,343 for the 1996 three and six months, respectively, from $370,438 and
$746,282 for the 1995 three and six months, respectively. As a percentage of
net sales, total research and development costs increased to 13% for both the
1996 three and six months compared to 11% for both the 1995 three and six
months. The increase in costs were partially due to increases in the number of
employees and higher individual salaries. offset by the capitalization in
certain research and development costs aligned with specific identifiable future
products. The capitalization of these future products amounted to approximately
$51,700 and $144,400 for 1996 three and six months, respectively, compared to
$76,400 and $135,000 for the 1995 three and six months, respectively.
The Company had operating income of $360,909 and operating loss of $61,791
for the 1996 three and six months, respectively, compared to operating income of
$326,032 and $705,139 for 1995 three and six months, respectively. This
operating loss for the 1996 six months is due to lower net sales, higher
selling, general and administrative expenses increased research and development
costs.
Net interest income increased to $39,444 and $86,868 for 1996 three and six
months, respectively, compared to $30,043 and $57,056 for 1995 three and six
months, respectively. This increase reflects higher investment returns on
marketable securities and lower interest expense on long term debt.
The Company had income tax of $117,400 and $24,458 or 29% and 95% of net
income before taxes for the 1996 three and six months, respectively compared to
$113,100 and $242,100 or 32% of net income before taxes for both the 1995 three
and six months, respectively. The company's income tax rate differ from the
federal statutory rate of 35% due to the differences between financial statement
basis and tax basis of assets, liabilities and available general business tax
credit carry-forwards.
The Company had net income of $283,003 and $1,363 or $.07 and $0.00 per
share for the 1996 three and six months, respectively, compared to net income of
$240,309 and $517,873 or $0.06 and $0.12 per share for the 1995 three and six
months, respectively. The Company attributes the lower earnings in the six
month period to lower net sales, higher selling, general and administrative
expenses, and increased research and development costs as previously discussed.
10
<PAGE>
BIO-LOGIC SYSTEMS CORP.
FORM 10Q-SB
PART II. OTHER INFORMATION
Item 4. Submission of Matters to a Vote of Security Holders
(a) The Company's 1996 Annual Meeting of Shareholders (the "1996"
Annual Meeting") was held on August 14, 1996
(b) The following directors were elected at the 1996 Annual Meeting:
Charles Z. Weingarten
Albert Milstein
The following are the other directors of the Company whose term
of office continued after the 1996 Annual Meeting:
Gabriel Raviv, Ph.D.
Craig W. Moore
Gil Raviv
Irving Kupferberg
The following votes were cast in connection with the election of
directors at the 1996 Annual Meeting:
FOR WITHHELD
Charles Z. Weingarten 3,305,793 48,786
Albert Milstein 3,304,063 50,516
11
<PAGE>
BIO-LOGIC SYSTEMS CORP.
FORM 10Q-SB
ITEM 6. EXHIBITS AND REPORTS ON 8-K
(a) Exhibits
3.1 Certificate of Incorporation, Certificate of Amendment to
Certificate of Incorporation, Agreement of Merger and Certificate of
Merger and By-Laws (1)
3.2 Certificate of Amendment to Certificate of Incorporation (7)
10.1 Lease between the Company and Harris Trust & Savings Bank dated
August 9, 1983 (2)
10.2 Technology License Agreement between the Company and Neurographic
Technologies dated August 13, 1984 (3)
10.3 Real Estate Sale Contract between the Company and First National
Bank of Lake Forest, as Trustee, dated December 23, 1985 (4)
10.4 Loan Agreement between the Company and Village of Mundelein,
Illinois dated as of December 1, 1985 (4)
10.5 Mortgage and Security Agreement between the Company and Village of
Mundelein, Illinois dated as of December 1, 1985 (4)
10.6 Bond Purchase Agreement between the Company and First American Bank
of Dundee dated as of December 1, 1985 (4)
10.75 Agreement among Gabriel Raviv, Gil Raviv, Charles Z. Weingarten and
the Company (5)
10.8 Employment Agreement between the Company and Gabriel Raviv (5)
10.9 Employment Agreement between the Company and Gil Raviv (5)
10.10 Form of Export Property Sale, Commission and Lease Agreement between
the Company and Bio-logic International Corporation (6)
10.11 Agreement and General Release between the Company and Gil Raviv (9)
10.12 Letter dated May 2, 1994 from First American Bank to the
Company (10)
10.13 Letter of Intent dated June 30, 1994 by and among the Company,
Luther Medical Products, Inc. and Neuro Diagnostics, Inc. (11)
10.14 Asset Purchase Agreement dated as of July 1, 1994 by and among the
Company, NDI Acquisition Corp., Luther Medical Products, Inc. and
Neuro Diagnostics, Inc. (12)
21. Subsidiaries of the Company (8)
27. Financial Data Schedule
12
<PAGE>
BIO-LOGIC SYSTEMS CORP.
FORM 10Q-SB
_________________________
(1) Incorporated by reference from the Company's Registration Statement on
Form S-18 filed on August 7, 1981 (File No. 2-73587-C).
(2) Incorporated by reference from the Company's Report on Form 10-Q for the
quarter ended August 31, 1983.
(3) Incorporated by reference from the Company's Annual Report on Form 10-K for
the year ended February 28, 1985.
(4) Incorporated by reference from the Company's Report on Form 10-Q for the
quarter ended November 30, 1985.
(5) Incorporated by reference from the Company's Registration Statement on
Form S-1 (File No. 33-5471).
(6) Incorporated by reference from the Company's Report on Form 10-Q for the
quarter ended May 31, 1986.
(7) Incorporated by reference from the Company's Annual Report on Form 10-K for
the Fiscal Year ended February 28, 1987.
(8) Incorporated by reference from the Company's Annual Report on Form 10-K for
the Fiscal Year ended February 28, 1990.
(9) Incorporated by reference from the Company's Annual Report on Form 10-K for
the Fiscal Year ended February 28, 1993.
(10) Incorporated by reference from the Company's Annual Report on Form 10-K for
the Fiscal Year ended February 28, 1994.
(11) Incorporated by reference from the Company's Report on Form 10-Q for the
quarter ended May 31, 1994.
(12) Incorporated by reference from the Company's Report on Form 10-Q for the
quarter ended August 31, 1994.
(13) Incorporated by reference from the Company's Annual Report on Form 10K-SB
for the Fiscal Year ended February 28, 1996.
(b) The Registrant did not file any reports on Form 8-K during the six months
ended August 31, 1996
13
<PAGE>
BIO-LOGIC SYSTEMS CORP.
FORM 10Q-SB
Signatures
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Date: October 11, 1996 By: /s/ Gabriel Raviv
-----------------------------
Gabriel Raviv, President
Date: October 11, 1996 By: /s/ William K. Roenitz
-----------------------------
William K. Roenitz,
Controller and Treasurer
14
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> FEB-28-1997
<PERIOD-END> AUG-31-1996
<CASH> 1,242,682
<SECURITIES> 3,205,801
<RECEIVABLES> 2,687,794
<ALLOWANCES> 143,393
<INVENTORY> 2,927,836
<CURRENT-ASSETS> 8,954,688
<PP&E> 4,413,370
<DEPRECIATION> 2,544,995
<TOTAL-ASSETS> 13,531,497
<CURRENT-LIABILITIES> 1,723,026
<BONDS> 752,204
0
0
<COMMON> 42,294
<OTHER-SE> 10,831,540
<TOTAL-LIABILITY-AND-EQUITY> 13,531,497
<SALES> 6,419,646
<TOTAL-REVENUES> 6,419,646
<CGS> 2,245,711
<TOTAL-COSTS> 2,245,711
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 7,650
<INTEREST-EXPENSE> 25,823
<INCOME-PRETAX> 25,821
<INCOME-TAX> 24,458
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 1,363
<EPS-PRIMARY> 0.00
<EPS-DILUTED> 0.00
</TABLE>
