UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q/A-1
[X ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934.
For the quarterly period ended March 31, 1996.
Commission File Number: 0-12661
Exact Name of Registrant as Specified in its Charter: IMTEC, Inc.
State of Incorporation: Delaware
I.R.S. Employer Identification Number: 03-0283466
Address of Principal Executive Offices: One Imtec Lane
Bellows Falls, VT 05101
Registrant's Telephone Number: 802-463-9502
Indicate by check mark whether the registrant (1) has filled 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 shorted 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 CORPORATE ISSUERS:
Indicate the number of shares outstanding of each of the issuer's
classes of common stock, as of the latest practicable date.
Common shares outstanding as of May 14, 1996: 1,545,088
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IMTEC, INC.
CONDENSED STATEMENTS OF CASH FLOWS
(Unaudited)
Nine Months Ended Three Months Ended
March 31, March 31,
1996 1995 1996 1995
---- ---- ---- ----
Cash flows from operating activities:
<S> <C> <C> <C> <C>
Net Earnings $624,969 $540,691 $205,367 $207,230
Adjust, to reconcile net earnings to,
net cash provided by operating activities:
Depreciation & amortization of
property plant, equipment
and other assets 384,590 375,475 128,954 135,809
Decrease(inc.) in accounts receivable 281,848 (871,252) (217,580) (285,762)
Decrease(inc.) income tax refundable 133,432 (30,144)
Decrease (inc.) in inventory 8,973 (375,325) 86,977 94,484
Decrease (inc.) in prepaid expenses
and other assets (48,686) (21,520) (20,577) 4,375
Increase (dec.) in accounts payable (302,445) 223,975 20,970 (106,570)
Increase (dec.) in income tax payable 17,434 154,640 48,028 124,496
Increase (dec.) in accrued liabilities (639,223) 913,314 (148,524) 546,032
---------- --------- ---------- ---------
Net cash from by operating activities 327,460 1,073,430 103,615 689,950
Cash flows from (used in) investment activities:
Expenditures for property & equipment,
computer software and other
intangible assets (328,013) (307,667) (42,834) (134,131)
---------- ---------- ----------- ---------
Net cash used in invest. activities (328,013) (307,667) (42,834) (134,131)
Cash flows from (used in) financing activities:
Principal notes payable to bank (149,224)
Proceeds from new long term debt
Principal payments on long term debt (168,876) (117,858)
Principal payments under capital
lease obligations (6,171)
Proceeds from issuance of stock 176,964 160,064 149,463 155,313
--------- --------- --------- ---------
Net cash provided by finance
activities 176,964 (164,207) 149,463 37,455
Net increase (decrease) in cash 176,411 601,556 210,244 593,274
Cash at the beginning of period 685,727 3,627 651,894 11,909
--------- ---------- --------- ---------
Cash at the end of period 862,138 $ 605,183 $ 862,138 $ 605,183
======= ======= ======= =======
Supplemental Information Disclosures:
Interest paid $ 33,835 $ 10,275
--------- ---------
Income tax paid $ 394,344 $ 256,913 $ 87,900 $ 255,535
--------- --------- -------- ---------
The accompanying notes are an integral part of these condensed financial statements.
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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 hereunto duly authorized.
IMTEC, INC.
BY: /s/ Richard L. Kalich
----------------------------
Richard L. Kalich
President & Chief Executive Officer
BY: /s/ George S. Norfleet III
---------------------------
George S. Norfleet III
Secretary / Treasurer
