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U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB
(Mark One)
[ x ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 1997
[ ] 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: 0-2664
INVESTORS FINANCE, INC.
(Exact name of small business issuer as specified in its charter)
___________________
Hawaii 99-0112763
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
50 South Beretania Street, Honolulu, Hawaii 96813
(Address of principal executive offices) (Zip Code)
Issuer's telephone number: (808) 533-7437
___________________
Check whether the issuer (1) filed all reports required to be filed by
Section 13 or 15(d) of the Exchange Act during the past 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 [ ] No[ x ]
Number of shares outstanding of the issuer's common stock as of June 30,
1997: 1,252,496.
Transitional Small Business Disclosure Format (check one): Yes [ ] No [ x ]
PART I.
Financial statements (unaudited)
<TABLE>
<CAPTION>
INVESTORS FINANCE, INC.
STATEMENT OF INCOME & EXPENSE
AS OF: JUNE 30, 1997
FOR: ALL PROFIT CENTERS
----- JUNE, 1997 ----- BUDG ----- YEAR TO DATE ---- PREV
ACTUAL BUDGET VAR ACTUAL BUDGET VAR
----------- ---------- >10% ----------- ---------- >10%
<S> <C> <C> <C> <C>
OPERATING INCOME
INTEREST INCOME:
EARNED INTEREST - CONSUMER LOANS (1,483) 1,130
EARNED INTEREST - R.E. LOANS 3,972 21,748
EARNED INTEREST - COMMERCIAL LOANS 9 7,235
EARNED LATE CHARGES 60 1,179
LOAN ORIGINATION FEES 32 6,420
INTEREST ON INVESTMENTS 3 1,322
----------- ---------- ----------- ----------
2,593 39,034
INTEREST EXPENSE (1,812) (2,287)
----------- ---------- ----------- ----------
NET INTEREST SPREAD 781 36,747
OTHER INCOME:
COMMISSIONS EARNED 12,026 55,764
INCOME FROM CHARGED-OFF LOANS 2,913
MISCELLANEOUS INCOME 2,000 2,370
TAX REFUNDS 140
----------- ---------- ----------- ----------
14,807 97,934
----------- ---------- ----------- ----------
TOTAL OPERATING INCOME 14,807 97,934
OPERATING EXPENSES
PERSONNEL EXPENSES:
SALARIES & WAGES 1,922 11,602
SALARIES & WAGES-M/D COMMISSIONS 3,625 20,211
PAYROLL TAXES 280 2,621
EMPLOYEE BENEFITS 1,008 4,661
----------- ---------- ----------- ----------
6,835 39,095
OCCUPANCY EXPENSES:
REAL PROPERTY - TAXES 190 1,143
DEPRECIATION EXPENSE 2,149 12,930
INSURANCE EXPENSE 438 1,470
RENT ON OFFICE SPACE 12,385
UTILITIES 1,137 2,080
MAINTENANCE & REPAIRS 858 5,450
PARKING EXPENSE 201
----------- ---------- ----------- ----------
4,774 35,659
(CONTINUED ON NEXT PAGE)
<PAGE>
<CAPTION>
INVESTORS FINANCE, INC.
STATEMENT OF INCOME & EXPENSE
AS OF: JUNE 30, 1997
FOR: ALL PROFIT CENTERS
----- JUNE, 1997 ----- BUDG ----- YEAR TO DATE ---- PREV
ACTUAL BUDGET VAR ACTUAL BUDGET VAR
----------- ---------- >10% ----------- ---------- >10%
<S> <C> <C> <C> <C>
OTHER OPERATING EXPENSES:
SOH DCCA ASSESSMENT 148 890
ADVERTISING EXPENSE 161 969
AUDITING EXPENSE 580 3,480
CREDIT REPORTS 93 81
LEGAL FEES 104 1,611
POSTAGE EXPENSE 445 1,143
OFFICE EXPENSE 256 2,199
PRINTING & STATIONERY 93 377
COMPUTER EXPENSE 520 3,774
GOVERNMENT LICENSE FEES 8 75
BANK SERVICE CHARGES 13 75
BROKERAGE CHARGES 5
TELEPHONE 3,801 8,944
DUES/FEES - MORTGAGE DIVISION 202 1,700
DUES/FEES - HEAD OFFICE 61 327
DONATIONS 235
SUBSCRIPTIONS - HEAD OFFICE 60 60
SUBSCRIPTIONS - MORTGAGE DEPT 84 472
TRAVEL & PER DIEM 254
COLLECTION FEES 61
PROMOTIONAL EXPENSE 32 628
OTHER EXPENSE - (MISC.) 144
OUTSIDE SERVICES 1,382 9,973
NOTARY EXPENSE 4 88
----------- ---------- ----------- ----------
8,048 37,565
----------- ---------- ----------- ----------
TOTAL OPERATING EXPENSES 19,656 112,319
----------- ---------- ----------- ----------
NET INCOME (LOSS) FROM OPERATIONS (4,850) (14,386)
NON-OPERATING EXPENSES:
STOCKHOLDER'S EXPENSES:
STOCKHOLDERS' MEETING EXPENSE 1,067 1,067
----------- ---------- ----------- ----------
1,067 1,067
----------- ---------- ----------- ----------
TOTAL NET INCOME (LOSS) (5,916) 0 (15,452) 0
=========== ========= ============ ==========
<PAGE>
<CAPTION>
INVESTORS FINANCE, INC.
KUKUI PLAZA SUITE C117B
50 SOUTH BERETANIA STREET
HONOLULU, HI 96813
COMPARATIVE BALANCE SHEET
AS OF: JUNE 30, 1997
ASSETS
CURRENT YEAR PRIOR YEAR
JUNE 30, 1997 JUNE 30, 1996
------------------ ------------------
<S> <C> <C>
CASH - NON-INTEREST-BEARING 2,667.83 39,480.75
CASH IN INTEREST-BEARING ACCOUNTS 2,095.75
CASH IN BROKERAGE ACCOUNTS 700.92 2,799.82
CORPORATE SECURITIES 51,975.00
------------------ ------------------
3,368.75 96,351.32
RECEIVABLES:
NOTES RECEIVABLE 480,967.75 472,766.63
ACCOUNTS RECEIVABLE 43,527.25 2,065.13
COMMISSIONS ADVANCED-RECEIVABLE 12,852.77
LOAN LATE CHARGES RECEIVABLE 430.53 159.61
RETURN CHECK FEES RECEIVABLE 15.00
ACCRUED INCOME 5,304.55 3,225.81
------------------ ------------------
TOTAL RECEIVABLES: 543,082.85 478,232.18
LESS:
RESERVE FOR LOAN LOSSES (36,640.03) (40,660.87)
DEFERRED LOAN ORIGINATION FEES (2,227.43) (2,614.30)
DEFERRED LOAN ORIGINATION COSTS 257.74 489.33
------------------ ------------------
504,473.13 435,446.34
FURNITURE & FIXTURES 269,801.24 270,201.24
ALLOWANCE FOR DEPREC. - FURN. & FIXTURES (219,311.80) (199,771.79)
------------------ ------------------
50,489.44 70,429.45
REAL ESTATE - KUKUI PLAZA 322,337.10 322,337.10
RESERVE FOR DEPRECIATION - KUKUI PLAZA (93,192.54) (86,857.62)
------------------ ------------------
229,144.56 235,479.48
TAXES WITHHELD 60.69
SECURITY DEPOSITS 3,040.13 2,562.00
PREPAID EXPENSE 5,124.95 4,256.11
------------------ ------------------
TOTAL ASSETS 795,701.65 844,524.70
================== ==================
<PAGE>
<CAPTION>
INVESTORS FINANCE, INC.
KUKUI PLAZA SUITE C117B
50 SOUTH BERETANIA STREET
HONOLULU, HI 96813
COMPARATIVE BALANCE SHEET
AS OF: JUNE 30, 1997
LIABILITIES
CURRENT YEAR PRIOR YEAR
JUNE 30, 1997 JUNE 30, 1996
------------------ ------------------
<S> <C> <C>
NOTES PAYABLE - BANKS 125,000.00
NOTES PAYABLE - STOCKHOLDERS 191,599.74 134,616.69
INVESTMENT CERTIFICATES:
------------------ ------------------
TOTAL INVESTMENT CERTIFICATES:
ACCOUNTS PAYABLE 292.66
OTHER ACCRUED LIABILITIES (49,712.63) 32,123.43
------------------ ------------------
TOTAL LIABILITIES 267,179.77 166,740.12
EQUITY
CAPITAL - UNISSUED STOCK (148,601.00)
CAPITAL STOCK NO-PAR 1,372,303.04 1,372,303.04
RETAINED EARNINGS (679,727.91) (660,414.25)
------------------ ------------------
543,974.13 711,888.79
NET INCOME/(LOSS) YEAR-TO-DATE (15,452.25) (34,104.21)
------------------ ------------------
TOTAL EQUITY 528,521.88 677,784.58
------------------ ------------------
TOTAL LIABILITIES & EQUITY 795,701.65 844,524.70
================== ==================
</TABLE>
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