SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB/A-1
[ X ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended December 31, 1997
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 0-12541
SISCOM, INC.
-----------------------------------------------------
(Exact Name of Registrant as Specified in its Charter)
Colorado 84-0899779
- --------------------------------- ---------------------------------
(State or other jurisdiction IRS Employer
of incorporation or organization) Identification Number
7464 Arapahoe Avenue, Suite B-17, Boulder, Colorado 80303
----------------------------------------------------------------------
(Address of Principal Offices) (Zip Code)
Registrant's telephone number, including area code: (303) 449-0442
---------------------------------------------------------------
(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 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. [X] Yes [ ] No
APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING
THE PRECEDING FIVE YEARS:
Indicate by check mark whether the registrant has filed all documents and
reports required to be filed by Sections 12, 13 of 15 (d) of the Securities
Exchange Act of 1934 subsequent to the distribution of securities under a plan
confirmed by a court. [ ] Yes [ ] No
APPLICABLE ONLY TO CORPORATE ISSUERS:
As of December 31, 1997, 5,097,687 shares of Common Stock and 4,000,000 shares
of Preferred Stock of the Registrant were outstanding.
Transitional Small Business Disclosure Format (Check One):
[ ] Yes [X] No
<PAGE>
INDEX
PART I. FINANCIAL INFORMATION
- ------------------------------
Item 1. Financial Statements
Consolidated Balance Sheets as of December 31, 1997 (unaudited)
and June 31, 1997
Consolidated Statements of Operations (Unaudited) for the Three
Months Ended December 31, 1996 and December 31, 1997 and for the
Six Months Ended December 31, 1996 and December 31, 1997
Consolidated Statements of Cash Flows (Unaudited) for the Six
Months Ended December 31, 1996 and December 31, 1997
Notes to Financial Statements
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations
PART II. OTHER INFORMATION
- --------------------------
Item 1. Legal Proceedings
Item 2. Changes in Securities
Item 3. Defaults Upon Senior Securities
Item 4. Submission of Matters to a Vote of Security Holders
Item 5. Other Information
Item 6. Exhibits and Reports on Form 8-K
<PAGE>
<PAGE>
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
--------------------
The interim unaudited financial statements have been prepared by
SISCOM, Inc. ("SISCOM" or the "Company") and, in the opinion of
management, reflect all material adjustments which are necessary to a
fair presentation of the financial position, results of operations
and cash flows for the interim periods presented. Except as
otherwise noted, such adjustments consisted only of normal recurring
items. Certain information and footnote disclosure made in the
Company's last annual report on Form 10-KSB have been condensed or
omitted for the interim statements. These statements should be read
in conjunction with the financial statements and notes thereto
included in the Company's Form 10-KSB for the year ended June 30,
1997. The results of the interim periods are not necessarily
indicative of results which may be expected for any other interim
period or for the full year.
Forward-Looking Statements
- --------------------------
In addition to historical information, this Quarterly Report contains
"forward-looking statements" within the meaning of the Private Securities
Litigation Reform Act of 1995, and are thus prospective. The forward-
looking statements contained herein are subject to certain risks and
uncertainties that could cause actual results to differ materially from
those reflected in the forward-looking statements. Factors that might
cause such a difference include, but are not limited to, competitive
pressures, changing economic conditions, those discussed in the Section
entitled "Management's Discussion and Analysis of Financial Condition and
Results of Operations," and other factors, some of which will be outside
the control of the Company. Readers are cautioned not to place undue
reliance on these forward-looking statements, which reflect management's
analysis only as of the date hereof. The Company undertakes no
obligation to publicly revise these forward-looking statements to reflect
events or circumstances that arise after the date hereof. Readers should
refer to and carefully review the information in future documents the
Company files with the Securities and Exchange Commission.
<PAGE>
<PAGE>
<TABLE>
SISCOM, INC.
CONSOLIDATED BALANCE SHEETS
<CAPTION>
December 31, June 30,
1997 1997
-------------- -------------
(Unaudited)
<S> <C> <C>
ASSETS
- ------
CURRENT ASSETS:
Cash and cash equivalents $ 44,700 $ 171,300
Receivables:
Trade, less allowance for
doubtful accounts of $10,000 279,800 218,100
Inventory 58,000 27,900
Prepaid expenses and other 14,400 1,200
-------------- ------------
Total current assets 396,900 418,500
PROPERTY AND EQUIPMENT:
Computer equipment 823,200 681,100
Office furniture and equipment 59,300 59,300
Less accumulated depreciation (513,300) (448,000)
-------------- -------------
Net property and equipment 369,200 292,400
SOFTWARE DEVELOPMENT COSTS (net of
accumulated amortization of
$2,344,800 and $2,226,200) 396,700 358,900
OTHER ASSETS 3,600 3,600
-------------- -------------
TOTAL ASSETS $ 1,166,400 $ 1,073,400
============== =============
</TABLE>
See accompanying notes to these consolidated financial statements.<PAGE>
<PAGE>
<TABLE>
SISCOM, INC.
CONSOLIDATED BALANCE SHEETS
<CAPTION>
December 31, June 30,
1997 1997
-------------- -------------
(Unaudited)
<S> <C> <C>
LIABILITIES AND STOCKHOLDERS' EQUITY
- ------------------------------------
CURRENT LIABILITIES:
Accounts payable $ 128,000 $ 37,400
Accrued liabilities and other 38,500 42,600
Unearned revenue 208,900 181,000
-------------- -------------
Total current liabilities 375,400 261,000
-------------- -------------
MINORITY INTEREST 1,900 2,200
STOCKHOLDERS' EQUITY (DEFICIT):
Preferred stock, no par value,
100,000,000 shares authorized;
issued 4,000,000 shares
liquidation preference
$1,000,000 1,000,000 1,000,000
Common stock, no par value;
100,000,000 shares authorized;
issued 5,097,687 shares 1,938,900 1,938,900
Accumulated deficit (2,149,800) (2,128,700)
-------------- -------------
Total stockholders' equity
(deficit) 789,100 810,200
-------------- -------------
TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY $ 1,166,400 $ 1,073,400
============== =============
</TABLE>
See accompanying notes to these consolidated financial statements.<PAGE>
<PAGE>
<TABLE>
SISCOM, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
<CAPTION>
FOR THE THREE
MONTHS ENDED
DECEMBER 31,
---------------------------------
1997 1996
------------- -------------
<S> <C> <C>
NET REVENUES:
Software and related services $ 201,000 $ 222,600
Hardware 39,500 75,800
Other Revenue 83,200 -
------------- -------------
323,700 298,400
COSTS AND EXPENSES:
Costs of sales 224,100 140,300
Operating, general and
administrative 137,700 121,100
Depreciation and amortization 37,100 14,500
Other expense (income) - (10,000)
Minority interest (300) -
------------- -------------
398,600 265,900
------------- -------------
NET INCOME (LOSS) $ (74,900) $ 32,500
============= =============
NET INCOME (LOSS) PER COMMON SHARE $ (0.01) $ 0.01
============= =============
WEIGHTED AVERAGE COMMON SHARES
OUTSTANDING 5,097,687 5,067,687
============= =============
</TABLE>
See accompanying notes to these consolidated financial statements.<PAGE>
<PAGE>
<TABLE>
SISCOM, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
<CAPTION>
FOR THE SIX
MONTHS ENDED
DECEMBER 31,
---------------------------------
1997 1996
------------- -------------
<S> <C> <C>
NET REVENUES:
Software and related services $ 552,000 $ 402,800
Hardware 208,600 112,800
Other Revenue 83,200 -
------------- -------------
843,800 515,600
COSTS AND EXPENSES:
Costs of sales 494,200 250,800
Operating, general and
administrative 305,900 222,100
Depreciation and amortization 65,100 26,400
Other expense (income) - (38,000)
Minority interest (300) (700)
------------- -------------
864,900 460,600
------------- -------------
NET INCOME (LOSS) $ (21,100) $ 55,000
============= =============
NET INCOME (LOSS) PER COMMON SHARE $ * $ 0.01
============= =============
WEIGHTED AVERAGE COMMON SHARES
OUTSTANDING 5,097,687 5,067,687
============= =============
</TABLE>
*Less than 0.01 per share
See accompanying notes to these consolidated financial statements.<PAGE>
<PAGE>
<TABLE> SISCOM, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
<CAPTION>
FOR THE SIX MONTHS
ENDED DECEMBER 31,
------------------------
1997 1996
---------- ---------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss (income) $ (21,100) $ 55,000
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depreciation and Amortization 183,700 114,500
Settlement of Judgment - (26,700)
Equipment for Services and Discounts - 27,100
Minority Interest 300 600
Changes in operating assets
and liabilities:
Receivables (61,700) (92,800)
Inventories (30,100) (84,700)
Prepaid expenses and other (13,200) (8,200)
Accounts payable 90,600 (118,500)
Accrued liabilities and other (4,100) (106,200)
Unearned revenue 27,900 28,800
---------- ----------
Net cash (used in) provided
by operating activities 172,300 (211,100)
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures (142,100) (66,000)
Capitalized software development costs (156,800) (90,500)
---------- ----------
Net cash used in investing activities (298,900) (156,500)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of preferred stock - 1,000,000
---------- ----------
Net cash provided by financing activities - 1,000,000
Net increase (decrease) in cash (126,600) 632,400
---------- ----------
CASH AND CASH EQUIVALENTS, at beginning
of period 171,300 89,000
CASH AND CASH EQUIVALENTS, at end
of period $ 44,700 $ 721,400
========== ==========
</TABLE>
See accompanying notes to these consolidated financial statements.
<PAGE>
<PAGE>
SISCOM, Inc.
NOTES TO FINANCIAL STATEMENTS
(Information for the Period Subsequent to June 30, 1997 is Unaudited)
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICES:
-----------------------------------------
General -
-------
Satellite Information Systems Company (SISCOM) was incorporated in the
State of Colorado on September 29, 1982. SISCOM currently operates as a
software development company that provides computer-based products and
services to the electronic media and sports industry. In 1995, the
Company formed a new subsidiary, called Event Marketing Systems
International, Inc. (EMSI). Operations of EMSI were insignificant in
1996 and 1997. The consolidated financial statements include the accounts
of SISCOM and EMSI. SISCOM and EMSI are collectively referred to as the
Company. All significant intercompany accounts and transactions have
been eliminated in consolidation.
Unaudited Information -
---------------------
The balance sheet as of December 31, 1997 and the statements of
operations for the three months and six months ended December 31, 1997
and 1996 were taken from the Company's books and records without audit.
However, in the opinion of management, such information includes all
adjustments (consisting only of normal recurring accruals) which are
necessary to properly reflect the financial position of the Company as of
December 31, 1997 and the results of operations for the six months ended
December 31, 1997 and 1996. The results of operations for the period
ended December 31, 1997 will not necessarily be indicative of the
operating results for the full year.
Unearned Revenue -
----------------
Unearned revenue primarily represents payments received on deferred
maintenance contracts that has not been earned. These amounts are
amortized into revenue on a monthly basis, using the straight-line
method, over the life of the contract.
Incorporation by Reference -
--------------------------
The Company has elected to incorporate by reference the financial
statement disclosures as included in its previously filed Form 10-KSB.
Reference should be made in reviewing this 10-QSB to the disclosures
contained in the Form 10-KSB dated September 2, 1997.
Certain disclosures related to the current period financial information
are included below.
2. SUBSEQUENT EVENTS:
-----------------
Subsequent to the period ending December 31, 1997 the Company entered
into agreements with two investors, who purchased through a sale of
Series A-1 convertible preferred stock, 625,000 shares each, for a total
investment of $500,000. The two new investors are subsidiaries of the
parent company of the current holder of the 4,000,000 shares of Series A
convertible preferred stock. The new shares carry the same rights and
preferences as the previously issued Series A preferred stock, as
disclosed in the Company's annual report on Form 10-KSB.
<PAGE>
<PAGE>
PART I.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
- ------ ---------------------------------------------------------------
The following discussion and analysis should be read in conjunction with the
Financial Statements and Notes thereto appearing elsewhere in this report.
RESULTS OF OPERATIONS - THREE MONTHS ENDED DECEMBER 31, 1997 COMPARED TO THE
THREE MONTHS ENDED DECEMBER 31, 1996 (UNAUDITED)
- ------------------------------------------------------------------------
During the quarter ended December 31, 1997, SISCOM generated revenue of
$323,700 with a resulting net loss of $(74,900) as compared to revenue of
$298,400 and net income of $32,500 during the same quarter of the previous
fiscal year.
Revenue
- -------
The following table outlines the Company's revenue mix for the second quarters
ended December 31, 1997 and 1996 respectively.
<TABLE>
<CAPTION>
Quarter Ended December 31,
----------------------------------
1997 1996
--------------- ----------------
<S> <C> <C> <C> <C>
<C>
Product Sales
Software sales $102,200 32% $115,000 39%
Hardware sales 39,500 12 75,800 25
Software Services 98,800 31 107,600 36
Other Revenue 83,200 26 - -
-------- ---- -------- ----
Total Revenue $323,700 100% $298,400 100%
</TABLE>
Product sales include the sale of proprietary software and hardware to the
broadcast, cable and sports industries. The Company's principal product
offerings include NewsPro (-Registered Mark-), an electronic newsroom
management system and CDSS (-TM-), a statistical analysis system for
professional basketball. In addition to CDSS (-TM-), Video Logging and
Retrieval, NonLinear Video Editing, and MPEG Video are available for the
professional sports industry.
Software revenue for the quarter ended December 31, 1997 decreased $12,800, or
about 11%, when compared with the quarter ended December 31, 1996.
SISCOM's hardware sales decreased from $75,800 in the quarter ended December
31, 1996 to $39,500 for the quarter ended December 31, 1997. Hardware is
generally sold in connection with the Company's proprietary software. Along
with a slight decrease in software sales from the prior year quarter, a
decrease in the hardware sales would be anticipated as well. However,
hardware sales should be evaluated in connection with other revenue. During
the current quarter the Company entered into a strategic relationship with a
customer whereby the Company gave up software products and support, along with
hardware in return for official sponsorship with an NBA team. The income from
this transaction is included in other revenue, with a corresponding
advertising expense recorded in other costs of sales.
Gross margin on hardware has traditionally been significantly less than the
gross margin on software and services. Management believes that future
hardware provider relationships and sales will offer the Company both access
to leading technology and leverage to expand the sale of the Company's
software products and services. Although, the Company will continue to
provide hardware as a part the software sale to its customers, the focus is to
direct resources toward continued development and sales of its higher margin
software products.
Management believes that SISCOM has consciously served a niche market of
specialized customers. Historically, the Company has had to rely on revenues
from a few substantial installations to large customers such as the NBA. This
reliance has resulted from the Company's limited working capital rather than
any limitations in the scope of the potential markets and customers for the
Company's products. However, the Company has added two employees dedicated to
sales since December of 1996, and thereby increased its focus on strategic
marketing. As the Company continues to identify, develop and market new
solutions for existing and new opportunities, management believes that the
Company's dependence on revenues from a few large customers will continue to
decrease.
Software services consist primarily of NewsPr (-Registered Mark-) maintenance
revenue. Software services revenue decreased from $107,600 for the quarter
ended December 31, 1996 to $98,800 for the quarter ended December 31, 1997.
As the Company continues to experience growth from its sales to the sports
industry, maintenance support revenue has decreased as a percentage of overall
revenue. The Company believes that the market potential for its proprietary
software in the sports industries has supported this strategic redirecting of
resources. However, NewsPro (-Registered Mark-) maintenance revenue still
remains an important component of software services at 31% of total revenue
for the current quarter.
Costs and Expenses
- ------------------
The following table outlines the cost of sales components for the quarters
ended December 31, 1997 and December 31, 1996.
<TABLE>
<CAPTION>
Quarter Ended December 31,
----------------------------------
1997 1996
--------------- ----------------
<S> <C> <C> <C> <C>
<C>
Hardware cost of sales $69,400 31% $ 50,700 36%
Direct labor and materials 46,100 21 36,300 26
Software Amortization 61,400 27 53,300 38
Other 47,200 21 - -
-------- ---- -------- ----
Total Cost of Sales $224,100 100% $224,100 100%
</TABLE>
Cost of sales and services includes components for hardware sales, direct
labor and materials used in the manufacture of software, amortization of
capitalized software costs, and other expenses incurred in the generation of
revenue.
For the quarter ended December 31, 1997, cost of sales and services was 69% of
total revenue compared with 47% for the same period in the prior year. Gross
margins were 31% in the second quarter and 53% in the same quarter of the
prior fiscal year.
As noted in the revenue discussion, hardware sales should be reviewed in
connection with other revenue for the reasons stated above. Similarly, it is
appropriate to review hardware costs and other costs of sales in conjunction
with total hardware sales and other revenue.
The cost of direct labor and materials includes employee hours spent contract
programming, where applicable, installation and supporting the Company's
products as well as any materials and supplies directly used in the process.
The total cost of direct labor increased $9,800 or 27% between quarter ended
December 31, 1996 and December 31, 1997.
There was an increase in capitalizable costs of approximately $66,000 between
the quarters ended December 31, 1997 and December 31, 1996. The net increase
of capitalized assets between the quarters was the result of the addition of a
full time senior programmer dedicated to software development, subsequent to
December 31, 1996. Management anticipates continued emphasis on software
development as it responds to the ongoing requests of existing and new
customers across markets. Generally, the Company amortizes software
development costs straight line over three (3) years.
RESULTS OF OPERATIONS - SIX MONTHS ENDED DECEMBER 31, 1997 COMPARED TO THE SIX
MONTHS ENDED DECEMBER 31, 1996 (UNAUDITED)
- ------------------------------------------------------------------------------
During the six months ended December 31, 1997, SISCOM generated revenue of
$843,800 with a resulting net loss of ($21,100) as compared to revenue of
$515,600 and a net income of $55,000 during the same period of the previous
fiscal year.
Revenue
- -------
The following table outlines the Company's revenue mix for the six months
ended December 31, 1997 and 1996 respectively.
<TABLE>
<CAPTION>
Quarter Ended December 31,
----------------------------------
1997 1996
--------------- ----------------
<S> <C> <C> <C> <C>
<C>
Product Sales
Software sales $349,200 41% $184,600 36%
Hardware sales 208,600 25 112,800 22
Software Services 202,800 24 - -
Other Revenue 83,200 10 218,200 42
Total Revenue $843,800 100% $515,600 100%
</TABLE>
For the six months ended December 31, 1997 software revenue increased by
$164,600 in comparison to the six months ended December 31, 1996. This
increase in software revenue was the result of increased sales of the
Company's principal products, CDSS (-TM-) and live logging, along with video
logging and retrieval software to the sports industries, and specifically to
NBA teams.
SISCOM's hardware sales increased from $112,800 for the six months ended
December 31, 1996 to $208,600 for the six months ended December 31, 1997. The
increase in hardware sales was primarily a result of the Company's ability to
combine CDSS (-TM-) with its other software products complemented with FAST
hardware. With increased sales to NBA teams, this current year's basketball
season has provided the Company with the ability to establish itself in the
sports industry as a known technology provider within the NBA.
Gross margins on hardware have traditionally been significantly less than the
gross margin on software and services. Management believes that certain
hardware provider relationships will offer the Company both access to leading
technology and leverage to expand the sale of the Company's software products
and services along with hardware components.
Maintenance revenue decreased by approximately $9,600 in comparison with the
same quarter of the prior year. As the Company continues to experience growth
from its sales to the sports industry, maintenance support revenue has
decreased as a percentage of overall revenue. Although NewsPro (-Registered
Mark-) maintenance revenue remains an important component of software
services, at 24% of total revenue, the Company believes NewsPro (-Registered
Mark-) maintenance revenue will continue to decrease as a percentage of total
software sales and service revenue.
Costs and Expenses
- ------------------
The following table outlines the cost of sales components for the six months
ended December 31, 1997 and December 31, 1996.
<TABLE>
<CAPTION>
Quarter Ended December 31,
----------------------------------
1997 1996
--------------- ----------------
<S> <C> <C> <C> <C>
<C>
Hardware cost of sales $224,800 45% $ 80,700 32%
Direct labor and materials 103,600 21 80,300 32
Software Amortization 118,600 24 89,800 -
Other 47,200 10 - 36
-------- ---- -------- ----
Total Cost of Sales $494,200 100% $250,800 100%
</TABLE>
For the period ended December 31, 1997, cost of sales and services was 59% of
total revenue compared with 49% for the same period in the prior year. Gross
margins were 41% for the six months ended December 31, 1997 and 51% for the
same six month period of the prior fiscal year. The gross margin decrease for
the current year is the result of the following: increased direct labor
costs, increased amortization costs due to an increase in capitalized software
(as discussed above), and other costs, i.e. advertising expense and reimbursed
expenses.
The cost of direct labor and materials includes employee hours spent contract
programming, where applicable, installation and supporting the Company's
products as well as any materials and supplies directly used in the process.
The total cost of direct labor increased $23,300 between the six months ended
December 31, 1996 and December 31, 1997. This increase in direct labor
between periods was primarily due to the replacement of one support employee,
lost at the previous fiscal year end and replaced subsequent to December 31,
1996.
Operating general and administrative expenses were up $83,800 for the six
months ended December 31, 1997 from the same period in the prior year. The
increase that SISCOM has experienced in the first six months is primarily due
to a net increase in salaries and related payroll tax expense and employee
benefits as a result of additional sales personnel.
LIQUIDITY AND CAPITAL RESOURCES - DECEMBER 31, 1997 (UNAUDITED) COMPARED TO
JUNE 30, 1997
- ---------------------------------------------------------------------------
SISCOM's current working capital surplus, which represents current assets
minus current liabilities decreased during the six months ended December 31,
1997 to $21,500 from $157,500 at year end.
The Company's primary uses of cash and working capital for the six months were
purchases of fixed assets and inventory of $142,100 and $30,100 respectively.
This increase in capital assets included additions and upgrades to the
computer equipment used in software development and customer support.
Inventory additions represented purchases of equipment for work in progress on
existing purchase orders and contracts. In addition, the Company continues to
use working capital to add to its capitalized software creation costs. For
the six months capitalized software additions totaled approximately $157,000.
Sources of working capital were increases in unearned revenue of $27,900, and
accrued payables of $90,600. Such increases in current payables are typically
the result of timing. In the case of accounts payables, the increase was
related to purchases fulfilling ongoing contracts and purchase orders. The
increase in unearned revenue is attributable to the timing of annual renewals
on maintenance contracts, and reserving for unearned income.
Management believes that inflation has not had a material impact on its
results of operations.
<PAGE>
<PAGE>
PART II. OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
Neither the Company nor any of its management in their capacities
as such is the subject of any pending material legal proceedings.
ITEM 2. CHANGES IN SECURITIES
None
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
None
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
No matters were submitted to a vote of security holders during the
fiscal quarter ended December 31, 1997.
ITEM 5. OTHER INFORMATION
None
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
Exhibits:
Exhibit 27 Financial Data Schedule
Reports on Form 8-K
None
<PAGE>
<PAGE>
SIGNATURES
In accordance with 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.
SISCOM, INC.
Date: February 27, 1998 By: /s/ Michael J. Ellis
----------------- --------------------------------------
Michael J. Ellis, President, Chairman
and Chief Executive Officer
Date: February 27, 1998 By: /s/ Mark S. Boledovich
----------------- --------------------------------------
Mark S. Boledovich, Acting Chief
Financial Officer
