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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 10-Q/A
[X] Quarterly report pursuant to section 13 or 15(d) of the securities
exchange act of 1934
For the quarterly period ended September 30, 1997
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[ ] Transition report pursuant to section 13 or 15(d) of the securities
exchange act of 1934 (no fee required)
For the transition period from _________to_________
Commission File No. 0-15551
DATAFLEX CORPORATION
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(Exact name of Registrant as specified in its charter)
FLORIDA 22-2163376
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(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
2145 CALUMET STREET
CLEARWATER, FLORIDA 33765
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (813) 562-2200
N/A
- --------------------------------------------------------------------------------
Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report
Indicate by check mark whether the Registrant: (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 twelve 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
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As of November 3, 1997, there were 5,961,169 shares of the Registrant's Common
Stock outstanding.
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DATAFLEX CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
<TABLE>
<CAPTION>
THREE MONTHS ENDED SIX MONTHS ENDED
SEPTEMBER 30, SEPTEMBER 30,
1997 1996 1997 1996
---- ---- ---- ----
<S> <C> <C> <C> <C>
Revenue
Equipment $ 31,951,721 $ 73,760,571 $ 63,288,793 $ 149,712,566
Services 3,043,467 10,114,016 6,284,537 20,193,413
------------- ------------- ------------- -------------
34,995,188 83,874,587 69,573,330 169,905,979
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Cost of Revenue
Equipment 28,116,320 66,397,101 55,874,405 133,773,732
Services 2,740,250 7,946,876 5,651,070 16,232,787
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30,856,570 74,343,977 61,525,475 150,006,519
------------- ------------- ------------- -------------
Gross Profit 4,138,618 9,530,610 8,047,855 19,899,460
Selling, General and Administrative Expenses 3,176,548 7,791,181 6,260,229 17,221,744
Amortization of Goodwill 103,200 190,710 208,054 381,420
------------- ------------- ------------- -------------
Operating Income 858,870 1,548,719 1,579,572 2,296,296
Interest Expense, Net 164,475 1,651,945 258,632 3,335,633
Loss on Dispositions of Businesses -- 6,229,975 -- 6,229,975
------------- ------------- ------------- -------------
(Loss) Income Before Income Taxes 694,395 (6,333,201) 1,320,940 (7,269,312)
(Benefit from) Provision for Income Taxes 277,758 (2,188,359) 525,910 (2,590,886)
------------- ------------- ------------- -------------
Net (Loss) Income $ 416,637 $ (4,144,842) $ 795,030 $ (4,678,426)
============= ============= ============= =============
(Loss) Earnings Per Common Share $ .07 $ (0.75) $ .13 $ (0.85)
============= ============= ============= =============
Weighted Average Common
Shares Outstanding 6,147,779 5,525,079 6,148,440 5,503,601
============= ============= ============= =============
</TABLE>
See Notes to Consolidated Financial Statements.
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DATAFLEX CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
<TABLE>
<CAPTION>
SIX MONTHS ENDED SEPTEMBER 30,
1997 1996
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<S> <C> <C>
Operating Activities:
Net Income $ 795,030 $ (4,678,426)
Adjustments to Reconcile Net Income to Net Cash:
Depreciation and Amortization 525,952 1,624,341
Amortization of Restricted Stock Grants 21,714 62,164
Interest on Loans Receivable for
Excercised Stock Options (8,901) --
Deferred Taxes -- 467,915
Loss on Disposition of Businesses -- 6,229,975
Changes in Assets and Liabilities:
Restricted Cash 3,875,202 --
Accounts Receivable 1,643,884 35,107,631
Inventory (940,346) 17,798,426
Other Current Assets 1,061,395 (370,394)
Income Taxes Receivable 814,310 (2,836,180)
Other Assets (4,410) 372,721
Accounts Payable (3,936,889) (26,911,354)
Accrued Expenses and Other Payables (2,551,418) (1,082,852)
Other Long-Term Liabilities -- (32,291)
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Net Cash - Operating 1,295,523 25,751,676
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Investing Activities:
Capital Expenditures (784,038) (1,161,766)
Net Assets Held for Sale 261,974 6,272,894
Proceeds from disposals of land, buildings
and Equipment 4,688,089 --
Contingent purchase price on previous
acquisition of a business (1,612,613) --
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Net Cash - Investing 2,553,412 5,111,128
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Financing Activities:
Payments of Notes Payable/Short Term Debt (4,344,073) (31,022,336)
Payments on Long-Term Borrowings (875,038) (43,998)
Proceeds from Common Stock and Options -- 288,853
Sale of Treasury Stock -- (8,333)
Payments on Officers Loans Receivable
for Exercised Stock Options -- 235,290
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Net Cash - Financing (5,219,111) (30,550,524)
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Net Increase (Decrease) in Cash (1,370,176) 312,280
Cash - Beginning of Year 1,721,922 499,144
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Cash - End of Year $ 351,746 $ 811,424
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</TABLE>
See Notes to Consolidated Financial Statements.
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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.
Dated: December 12, 1997
DATAFLEX CORPORATION
By: /s/Richard C. Rose
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Richard C. Rose
Chief Executive Officer
By: /s/Anthony G. Lembo
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Anthony G. Lembo
President, Chief Operating Officer
And Chief Financial Officer
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