INTEK DIVERSIFIED CORP
10-Q/A, 1995-05-17
PLASTICS PRODUCTS, NEC
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               SECURITIES AND EXCHANGE COMMISSION
                     Washington, D.C. 20549

                           Form 10-Q

   [X]  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
        OF THE SECURITIES EXCHANGE ACT OF 1934

   For the quarterly period ended MARCH 31, 1995

                               OR

   [ ]  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
        OF THE SECURITIES EXCHANGE ACT OF 1934

   For the transition period from _______ to ________


                     Commission File Number 0-9160


                     INTEK DIVERSIFIED CORPORATION
       (Exact name of registrant as specified in its charter)

            Delaware                           04-2450145
   (State or other jurisdiction of        (I.R.S. Employer
   incorporation or organization)        Identification No.)

   970 West 190th Street, Suite 720
   Torrance, California                              90502
   (Address of principal executive offices)        (Zip Code)

   Registrant's telephone number:  (310) 366-7735

   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
                                ------     ------

   The number of shares outstanding of each of the issuer's
classes of Common Stock, $0.01 par value, as of April 30, 1995,
is 8,916,449 shares.


<PAGE>



MAY 16, 1995

THIS IS AN AMENDMENT TO THE 10Q FOR INTEK DIVERSIFIED CORPORATION
FILED MONDAY, MAY 15, 1995 (ACCESSION NUMBER 0000906903-95-000041) WHICH WAS
ACCEPTED ON MAY 15, 1995 BY THE SEC.

THE 10Q HAS BEEN AMENDED AS FOLLOWS:

1.   ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K (THE PAGE BEFORE
     THE SIGNATURE PAGE):  (NOW INCLUDES EXHIBIT 27.1 - FINANCIAL
     DATA SCHEDULE); AND

2.   EXHIBIT 27 IS INCLUDED WITH THIS SUBMISSION - THE FINANCIAL
     DATA SCHEDULE

<PAGE>
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K.

a.    Exhibits

      10.11       Equipment Sale Agreement dated April 20, 1995
                  among Linear Modulation Technology Limited,
                  Simmonds Communications Limited and Roamer One,
                  Inc.

      10.12       Purchase Agreement dated April 20, 1995 between
                  SCL, Inc. and Roamer One, Inc.

      10.13       Financing Agreement dated April 20, 1995 among
                  Linear Modulation Technology Limited, Roamer
                  One, Inc., INTEK Diversified Corporation,
                  Simmonds Communications Limited and Roamer One
                  Holdings, Inc.

      10.14       Guaranty dated April 20, 1995 by INTEK
                  Diversified Corporation.

      10.15       Assignment Agreement dated April 20, 1995 among
                  Simmonds Communications Limited, Roamer One,
                  Inc., INTEK Diversified Corporation and Linear
                  Modulation Technology Limited.

      10.16       Security Agreement dated April 20, 1995 among
                  Simmonds Communications Limited and Roamer One,
                  Inc.

      10.17       Secured Promissory Note dated April 20, 1995 by
                  Roamer One, Inc. payable to the order of
                  Simmonds Communications Limited.

      10.18       Letter Agreement dated April 17, 1995 between
                  Olympic Plastics Co, Inc. and Industrial
                  Assets, Inc.

      10.19       Memorandum of Understanding by and betwen
                  Roamer One, Inc. and Midland International
                  Corporation 

      27.1        Financial Data Schedule.

      b.    Reports on Form 8-K

      The Registrant filed one report on Form 8-K during the
first quarter of 1995.  The report, filed on March 13, 1995,
related to the announcement of the execution by the Registrant of
a letter of intent to purchase the wireless communications
business of Simmonds Communications, Ltd.  The report was filed
pursuant to Item 5 of Form 8-K. 

<PAGE>


          INTEK DIVERSIFIED CORPORATION AND SUBSIDIARIES
                 (A DEVELOPMENT STAGE ENTERPRISE)

                           March 31, 1995


SIGNATURE

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 hereunto duly authorized.


DATED:        May 15, 1995


INTEK DIVERSIFIED CORPORATION




By:  /s/ Peter A. Heinke     
   ---------------------------------------
     Peter A. Heinke
     Chief Financial Officer
     (Duly Authorized Officer and
     Principal Financial and Chief
     Accounting Officer)



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                                   <C>
<PERIOD-TYPE>                      3-MOS
<FISCAL-YEAR-END>                  DEC-31-1994
<PERIOD-END>                       MAR-31-1995
<CASH>                             3032913
<SECURITIES>                         19340
<RECEIVABLES>                      1068664
<ALLOWANCES>                         50000
<INVENTORY>                        1158506
<CURRENT-ASSETS>                   8138891
<PP&E>                             1626896
<DEPRECIATION>                       55240
<TOTAL-ASSETS>                     9710547
<CURRENT-LIABILITIES>              5803039
<BONDS>                                  0
<COMMON>                           4203750
                    0
                              0
<OTHER-SE>                         (412542)
<TOTAL-LIABILITY-AND-EQUITY>       9710547
<SALES>                             307048
<TOTAL-REVENUES>                    307048
<CGS>                               277839
<TOTAL-COSTS>                       277839
<OTHER-EXPENSES>                    775164
<LOSS-PROVISION>                         0
<INTEREST-EXPENSE>                       0
<INCOME-PRETAX>                   (745955)
<INCOME-TAX>                             0
<INCOME-CONTINUING>               (813662)
<DISCONTINUED>                     1339860
<EXTRAORDINARY>                          0
<CHANGES>                                0
<NET-INCOME>                        526198
<EPS-PRIMARY>                          .06
<EPS-DILUTED>                          .06
        

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