FORM 10-Q
Amendment No. 1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
QUARTERLY REPORT UNDER SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For Quarter Ended December 31, 1995 Commission File Number: 0-15245
ELECTRONIC CLEARING HOUSE, INC.
(Exact name of Registrant as specified in its charter)
NEVADA 93-0946274
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
28001 DOROTHY DRIVE, AGOURA HILLS, CALIFORNIA 91301
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (818) 706-8999
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. Yes X . No .
At December 31, 1995, 11,296,804 shares of common stock, .01 par value, of
the Registrant were outstanding.
Total Sequential Pages: 13
<TABLE>
ELECTRONIC CLEARING HOUSE, INC.
CONSOLIDATED BALANCE SHEET
ASSETS
<CAPTION>
December 31 September
30
1995 1995
(Unaudited) Audited
<S> . . . . . . . . . . . . . . . . . . . . <C> <C>
Current assets:
Cash and cash equivalents. . . . . . . . . . $ 306,000 $ 97,000
Restricted cash. . . . . . . . . . . . . . . 294,000 313,000
Accounts receivable less allowance of $824,000 920,000 707,000
Inventory. . . . . . . . . . . . . . . . . . 560,000 393,000
Prepaid expenses and other assets. . . . . . 18,000 16,000
Notes receivable from stockholders and
related parties. . . . . . . . . . . . . . . 195,000 195,000
Total current assets. . . . . . . . . . 2,293,000 1,721,000
Noncurrent assets:
Property and equipment, net .. . . . . . . . 1,516,000 1,430,000
Real estate held for investment. . . . . . . 336,000 336,000
Other assets, net. . . . . . . . . . . . . . 576,000 576,000
. . . . . . . . . . . . . . . . . . . $4,721,000 $4,063,000
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Short-term borrowings and current portion of
long-term debt . . . . . . . . . . . . . . $ 821,000 $ 831,000
Accounts payable . . . . . . . . . . . . . . 655,000 245,000
Accrued expenses . . . . . . . . . . . . . . 1,045,000 764,000
Total current liabilities . . . . . . . 2,521,000 1,840,000
Long-term debt . . . . . . . . . . . . . . . . . 725,000 724,000
Total liabilities . . . . . . . . . . . 3,246,000 2,564,000
Stockholders' equity:
Convertible Preferred stock, $.01 par value, 5,000,000 shares authorized:
Series "A", 2,500 shares issued and outstanding:
Series "D", 1,562 shares issued and outstanding:
Series "H", 23,511 shares issued and outstanding:
Common Stock, $.01 par value, 20,000,000 shares authorized:
11,296,804 and 11,046,804 shares issued; 11,290,563
and 11,040,563 shares outstanding. . . . . . 113,000 110,000
Additional paid-in capital . . . . . . . . . 10,821,000 10,724,000
Accumulated deficit . . . . . . . . . . . . (9,459,000) (9,336,000)
Total stockholders' equity . . . . . . 1,475,000 1,499,000
. . . . . . . . . . . . . . . . . . . $4,721,000 $4,063,000
See accompanying notes to Consolidated Financial Statements.
</TABLE>
Items 1, 2, 3, 4 & 5
These items are not applicable.
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
Exhibit 27. Article 5 of Regulation S-X.
(b) Reports on Form 8-K
The following reports on Form 8-K were filed during the quarter ended
December 31, 1995:
Date of Filing Item Reported
None. None.
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.
ELECTRONIC CLEARING HOUSE, INC.
(Registrant)
Date: April 4, 1996 By: \s\David Olert
David Olert, Treasurer and
Chief Financial Officer
<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> SEP-30-1995
<PERIOD-END> DEC-31-1995
<CASH> 600
<SECURITIES> 0
<RECEIVABLES> 1,744
<ALLOWANCES> 824
<INVENTORY> 560
<CURRENT-ASSETS> 2,293
<PP&E> 3,433
<DEPRECIATION> 1,917
<TOTAL-ASSETS> 4,721
<CURRENT-LIABILITIES> 2,521
<BONDS> 725
0
0
<COMMON> 113
<OTHER-SE> 1,362
<TOTAL-LIABILITY-AND-EQUITY> 4,721
<SALES> 401
<TOTAL-REVENUES> 2,872
<CGS> 346
<TOTAL-COSTS> 2,229
<OTHER-EXPENSES> 722
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 52
<INCOME-PRETAX> (123)
<INCOME-TAX> 1
<INCOME-CONTINUING> (124)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (124)
<EPS-PRIMARY> (.01)
<EPS-DILUTED> (.01)
</TABLE>
