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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 March 31, 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 March 31,
1997: 1,252,246.
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: MARCH 31, 1997
FOR: ALL PROFIT CENTERS
----- MARCH, 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 460 1,896
EARNED INTEREST - R.E. LOANS 3,529 9,775
EARNED INTEREST - COMMERCIAL LOANS 963 6,511
EARNED LATE CHARGES 180 808
LOAN ORIGINATION FEES 257 722
INTEREST ON INVESTMENTS (2) 1,035
----------- ---------- ----------- ----------
5,387 20,747
OTHER INCOME:
COMMISSIONS EARNED 14,517 26,455
INCOME FROM CHARGED-OFF LOANS 826 2,039
MISCELLANEOUS INCOME 0
----------- ---------- ----------- ----------
20,731 49,241
----------- ---------- ----------- ----------
TOTAL OPERATING INCOME 20,731 49,241
OPERATING EXPENSES
PERSONNEL EXPENSES:
SALARIES & WAGES 1,879 5,836
SALARIES & WAGES-M/D COMMISSIONS 7,814 10,542
PAYROLL TAXES 360 1,200
EMPLOYEE BENEFITS 768 1,931
----------- ---------- ----------- ----------
10,821 19,509
OCCUPANCY EXPENSES:
REAL PROPERTY - TAXES 190 571
DEPRECIATION EXPENSE 2,157 6,472
INSURANCE EXPENSE 628 1,957
RENT ON OFFICE SPACE 2,940 9,298
UTILITIES 322 943
MAINTENANCE & REPAIRS 1,001 2,635
PARKING EXPENSE 101
----------- ---------- ----------- ----------
7,239 21,978
(CONTINUED ON NEXT PAGE)
<PAGE>
<CAPTION>
INVESTORS FINANCE, INC.
STATEMENT OF INCOME & EXPENSE
AS OF: MARCH 31, 1997
FOR: ALL PROFIT CENTERS
----- MARCH, 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 148 445
ADVERTISING EXPENSE 161 484
AUDITING EXPENSE 580 1,740
CREDIT REPORTS 9 42
LEGAL FEES 1,507
POSTAGE EXPENSE 156 508
OFFICE EXPENSE 460 1,175
PRINTING & STATIONERY 53 259
COMPUTER EXPENSE 624 1,951
GOVERNMENT LICENSE FEES 8 50
BANK SERVICE CHARGES 13 38
BROKERAGE CHARGES 5
TELEPHONE 2,685 5,143
DUES/FEES - MORTGAGE DIVISION 772 1,095
DUES/FEES - HEAD OFFICE 61 143
DONATIONS 100 200
SUBSCRIPTIONS - MORTGAGE DEPT 84 252
TRAVEL & PER DIEM 176 252
COLLECTION FEES 6 60
PROMOTIONAL EXPENSE 324 587
OTHER EXPENSE - (MISC.) 44 144
OUTSIDE SERVICES 1,827 4,981
NOTARY EXPENSE 50
----------- ---------- ----------- ----------
8,292 21,112
----------- ---------- ----------- ----------
TOTAL OPERATING EXPENSES 26,352 62,598
----------- ---------- ----------- ----------
NET INCOME (LOSS) FROM OPERATIONS (5,621) (13,357)
NON-OPERATING EXPENSES:
STOCKHOLDER'S EXPENSES:
----------- ---------- ----------- ----------
----------- ---------- ----------- ----------
TOTAL NET INCOME (LOSS) (5,621) 0 (13,357) 0
=========== ========= ============ ==========
<PAGE>
<CAPTION>
INVESTORS FINANCE, INC.
KUKUI PLAZA SUITE C117B
50 SOUTH BERETANIA STREET
HONOLULU, HI 96813
COMPARATIVE BALANCE SHEET
AS OF: MARCH 31, 1997
ASSETS
CURRENT YEAR PRIOR YEAR
MARCH 31, 1997 MARCH 31, 1996
------------------ ------------------
<S> <C> <C>
CASH - NON-INTEREST-BEARING 3,950.42 4,862.80
CASH IN INTEREST-BEARING ACCOUNTS 2,082.21
CASH IN BROKERAGE ACCOUNTS 1,716.62 61,411.04
CORPORATE SECURITIES 51,975.00
------------------ ------------------
57,642.04 68,356.05
RECEIVABLES:
NOTES RECEIVABLE 465,287.86 386,081.08
ACCOUNTS RECEIVABLE 44,223.75 7,077.23
COMMISSIONS ADVANCED-RECEIVABLE 12,000.73
LOAN LATE CHARGES RECEIVABLE 181.42 596.08
ACCRUED INCOME 2,703.48 5,647.65
------------------ ------------------
TOTAL RECEIVABLES: 524,397.24 399,402.04
LESS:
RESERVE FOR LOAN LOSSES (36,919.25) (40,660.87)
DEFERRED LOAN ORIGINATION FEES (7,924.77) (2,771.65)
DEFERRED LOAN ORIGINATION COSTS 324.05 504.19
------------------ ------------------
479,877.27 356,473.71
FURNITURE & FIXTURES 269,801.24 225,563.74
ALLOWANCE FOR DEPREC. - FURN. & FIXTURES (214,437.74) (194,882.64)
------------------ ------------------
55,363.50 30,681.10
REAL ESTATE - KUKUI PLAZA 322,337.10 322,337.10
RESERVE FOR DEPRECIATION - KUKUI PLAZA (91,608.81) (85,273.89)
------------------ ------------------
230,728.29 237,063.21
TAXES WITHHELD 20.23
SECURITY DEPOSITS 3,040.13 2,742.00
PREPAID EXPENSE 4,186.72 5,196.05
------------------ ------------------
TOTAL ASSETS 830,858.18 700,512.12
================== ==================
<PAGE>
<CAPTION>
INVESTORS FINANCE, INC.
KUKUI PLAZA SUITE C117B
50 SOUTH BERETANIA STREET
HONOLULU, HI 96813
COMPARATIVE BALANCE SHEET
AS OF: MARCH 31, 1997
LIABILITIES
CURRENT YEAR PRIOR YEAR
MARCH 31, 1997 MARCH 31, 1996
------------------ ------------------
<S> <C> <C>
NOTES PAYABLE - BANKS 80,000.00
NOTES PAYABLE - STOCKHOLDERS 243,836.34 11,453.90
INVESTMENT CERTIFICATES:
------------------ ------------------
TOTAL INVESTMENT CERTIFICATES:
OTHER ACCRUED LIABILITIES (23,595.48) 3,096.76
------------------ ------------------
TOTAL LIABILITIES 300,240.86 14,550.66
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 (13,356.81) (25,927.33)
------------------ ------------------
TOTAL EQUITY 530,617.32 685,961.46
------------------ ------------------
TOTAL LIABILITIES & EQUITY 830,858.18 700,512.12
================== ==================
</TABLE>
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