|
|
|
|
|
|
|
|
|
|
|
|
|
|
Previous: SPECIALTY CHEMICAL RESOURCES INC, 10-Q/A, 1999-01-19 |
Next: SPECIALTY CHEMICAL RESOURCES INC, 10-K405/A, 1999-01-19 |
<PAGE> 1
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 10-Q/A
QUARTERLY REPORT
Pursuant to Section 13 or 15 (d) of
the Securities Exchange Act of 1934
For the quarter ended March 31, 1998 Commission file number 1-11013
SPECIALTY CHEMICAL RESOURCES, INC.
----------------------------------
(Exact name of registrant as specified in its charter)
Delaware 34-1366838
-------- ----------
(State of incorporation) (I.R.S. Employer I.D. No.)
9055 S. Freeway Drive, Macedonia, Ohio 44056
-------------------------------------- ------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (330) 468-1380
---------------
Indicate by a 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 (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 ninety (90) days. Yes__X__ No_____.
The number of outstanding shares of the registrant's common stock as of
April 27, 1998 was 3,882,261. The registrant has no other class of stock
outstanding.
- --------------------------------------------------------------------------------
Page 1 of 8
<PAGE> 2
- --------------------------------------------------------------------------------
Specialty Chemical Resources, Inc.
Form 10-Q/A
For the quarter ended March 31, 1998
Index
Part I Financial Information Page
Item 1. Financial Statements.......................................3
Condensed Balance Sheets.................................3-4
Condensed Statements of Operations, 3 Months...............5
Condensed Statements of Cash Flows, 3 Months...............6
Notes to Financial Statements..............................7
Page 2 of 8
<PAGE> 3
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
Specialty Chemical Resources, Inc.
Condensed Balance Sheets
<TABLE>
<CAPTION>
March 31, 1998 December 31, 1997
(Unaudited) (Audited)
----------- ---------
<S> <C> <C>
Current assets
Cash and cash equivalents $ 3,100 $ 3,100
Accounts Receivables 5,447,097 5,338,168
Receivable - other 607,409 343,657
Inventories - LIFO 8,775,893 8,944,905
Prepaid expenses 487,491 360,196
------------ ------------
Total current assets 15,320,990 14,990,026
Property, plant and equipment
At cost 18,048,474 17,740,267
Less accumulated depreciation
and amortization (5,832,121) (5,536,789)
------------ ------------
12,216,353 12,203,478
Other assets
Goodwill 887,299 894,319
Product formulation 621,830 692,894
Deferred financing costs 434,014 435,117
Other 299,078 302,044
------------ ------------
2,242,221 2,324,374
------------ ------------
Total assets $ 29,779,564 $ 29,517,878
============ ============
</TABLE>
See accompanying Notes to Financial Statements.
Page 3 of 8
<PAGE> 4
Specialty Chemical Resources, Inc.
Condensed Balance Sheets (continued)
<TABLE>
<CAPTION>
March 31, 1998 December 31, 1997
(Unaudited) (Audited)
----------- ---------
<S> <C> <C>
Current liabilities
Current Maturities $ 1,070,119 $ 1,057,497
Accounts payable 6,495,923 6,893,119
Accrued expenses 645,416 624,759
------------ ------------
Total current liabilities 8,211,458 8,575,375
Long-term obligations 16,544,208 15,445,820
Stockholders' equity
Preferred stock - $.01 par value;
authorized 1,996,500 shares
Common Stock - $.10 par value;
authorized 13,000,000 shares;
issued 3,947,764 and
3,947,764 shares respectively 394,777 394,777
Additional paid in capital 41,935,125 41,935,125
Less common stock in treasury,
at cost; 65,500 shares (118,722) (118,722)
Accumulated deficit (37,187,282) (36,714,497)
------------ ------------
5,023,898 5,496,683
------------ ------------
$ 29,779,564 $ 29,517,878
============ ============
See accompanying Notes to Financial Statements.
</TABLE>
Page 4 of 8
<PAGE> 5
Specialty Chemical Resources, Inc.
Condensed Statements of Operations
(Unaudited)
For the 3 month periods ended:
<TABLE>
<CAPTION>
March 31, 1998 March 31, 1997
-------------- --------------
<S> <C> <C>
Net Sales $ 10,071,986 $ 10,197,079
Cost of Goods Sold 8,266,891 8,168,782
------------ ------------
Gross profit 1,805,095 2,028,297
Selling, general and administrative
Expenses 1,776,882 1,577,125
Amortization of intangibles 106,550 258,961
------------ ------------
Operating profit (78,337) 192,211
Other (income) expense
Interest expense 394,448 258,068
Other - 0- (21,806)
------------ ------------
394,448 236,262
------------ ------------
Earnings (loss) before income
Taxes (472,785) (44,051)
Income taxes -- --
------------ ------------
Earnings (loss) $ (472,785) $ (44,051)
============ ============
Earnings (loss) per common share: $ (.12) $ (.01)
Weighted average shares outstanding 3,882,261 3,882,102
</TABLE>
See accompanying Notes to Financial Statements.
Page 5 of 8
<PAGE> 6
Specialty Chemical Resources, Inc.
Condensed Statements of Cash Flows
(Unaudited)
For the 3 month periods ended:
<TABLE>
<CAPTION>
March 31, 1998 March 31, 1997
-------------- --------------
<S> <C> <C>
Net cash provided by
operating activities $ (724,107) $ 758,112
Net cash (used) by
investing activities (326,903) (166,274)
Cash flows from financing activities:
Payments on revolver (13,507,045) (7,591,184)
Proceeds from revolver 14,558,055 6,965,119
------------ ------------
Net cash provided (used) by
financing activities 1,051,010 (626,065)
------------ ------------
Net increase (decrease) in cash
and cash equivalents -0- (34,227)
Cash and cash equivalents at
beginning of period 3,100 168,641
------------ ------------
Cash and cash equivalents at end
of period $ 3,100 $ 134,414
============ ============
</TABLE>
See accompanying Notes to Financial Statements.
Page 6 of 8
<PAGE> 7
Specialty Chemical Resources, Inc.
Notes to Financial Statements
Note A - Summary of Significant Accounting Policies
The accompanying audited and unaudited financial statements have been
prepared in conformity with generally accepted accounting principles and all
adjustments are of a normal recurring nature and are, in the opinion of
management, necessary to present fairly the financial position of Specialty
Chemical Resources, Inc. (the Company) at December 31, 1997 and March 31, 1998
and the results of operations and cash flows for the interim periods ended March
31, 1998 and 1997.
Any significant accounting policies employed in the preparation of the
financial statements are included in the Company's most recent Form 10-K.
Note B - Inventories
Inventories are stated at the lower of cost or market determined by the
last-in, first-out (LIFO) method for raw materials and the first-in, first-out
(FIFO) method for finished goods.
The Company's inventories consisted of the following at:
<TABLE>
<CAPTION>
March 31, December 3l,
1998 1997
---- ----
<S> <C> <C>
Raw materials $5,160,522 $5,416,048
Finished goods 4,310,928 4,224,414
---------- ----------
Total FIFO cost 9,471,450 9,640,462
Less: Excess of FIFO cost over
LIFO 695,557 695,557
---------- ----------
Total LIFO cost $8,775,893 $8,994,905
---------- ----------
</TABLE>
Note C - Legal Proceedings
There have been no material changes in the status of legal proceedings
pending against the Company other than that which was reported on the Company's
most recent Form 10-K.
Page 7 of 8
<PAGE> 8
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.
Specialty Chemical Resources, Inc.
By:/s/ David F. Spink January 18, 1999
---------------------
David F. Spink
Vice President, Chief Financial Officer,
Treasurer, and Asst. Secretary
Page 8 of 8
|
|