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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
Form 10-QSB/A (No. 1)
QUARTERLY REPORT UNDER SECTION 13 OR 15 (d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended
June 30, 1997
Commission File Number
0-8508
NORTHWEST TELEPRODUCTIONS, INC.
(Exact Name of Small Business Issuer as Specified in its Charter)
Minnesota 41-0641789
(State or other Jurisdiction of (IRS Employer Identification
Incorporation or Organization) Number)
4000 West 76th Street
Minneapolis, MN 55435
Address of Principal (Zip Code)
Executive Offices)
Issuer's telephone number including Area Code: 612-835-6450
Check whether the issuer (1) has filed all reports required to be filed by
Section 13 or 15 of Exchange Act during the past twelve months (or for such
shorter period that the issuer was required to file such reports) and (2) has
been subject to such filing requirements for the past 90 days.
Yes [X] No [ ]
1,356,425 shares of $.01 par value common stock were outstanding at
July 25, 1997.
Transitional Small Business Disclosure Format (Check One):
Yes [ ] No [X]
<PAGE>
NORTHWEST TELEPRODUCTIONS,INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
<TABLE>
<CAPTION>
June 30 MARCH 31
1997 1997
(Unaudited) *
---------------- ----------------
<S> <C> <C>
ASSETS:
CURRENT ASSETS:
Cash $0 $532,617
Cash-restricted $144,241 $435,662
Trade accounts receivable less doubtful accounts
reserve$133,323 and $120,622 respectively 2,013,809 1,957,833
Inventory 185,473 196,238
Refundable income taxes 326,593 367,000
Deferred income taxes 64,000 64,000
Other assets 211,197 75,512
---------------- ----------------
TOTAL CURRENT ASSETS 2,945,313 3,628,862
---------------- ----------------
PROPERTY,PLANT AND EQUIPMENT:
Land,buildings and improvements 3,662,702 3,662,702
Machinery and equipment 22,162,858 21,965,186
---------------- ----------------
25,825,560 25,627,888
Less accumulated depreciation 20,163,677 19,726,772
---------------- ----------------
5,661,883 5,901,116
DEFERRED RENT 301,255 304,240
CAPITALIZED FINANCING COSTS 293,173
---------------- ----------------
594,428 304,240
---------------- ----------------
$9,201,624 $9,834,218
================ ================
LIABILITIES AND STOCKHOLDERS'EQUITY:
CURRENT LIABILITIES:
Notes payable $163,530 $1,127,199
Accounts payable 905,018 $1,072,820
Commissions,salaries and withholding 367,277 510,488
Miscellaneous accounts payable and accrued expenses 12,273 179,793
Other liabilities 629,283 987,877
Payments due within one year on term obligations 912,274 851,610
---------------- ----------------
TOTAL CURRENT LIABILITIES 2,989,655 4,729,787
DEFERRED INCOME TAXES 64,000 64,000
LONG TERM DEBT AND CAPITAL LEASES, less current portion 4,062,834 2,479,466
STOCKHOLDERS' EQUITY:
Common stock 13,564 13,564
Additional paid-in capital 577,123 577,123
Retained earnings 1,494,448 1,970,278
---------------- ----------------
2,085,135 2,560,965
---------------- ----------------
$9,201,624 $9,834,218
================ ================
*The balance sheet at March 31,1997 has been taken from the audited financial statements
at that date. See notes to condensed consolidated financial statements.
</TABLE>
<PAGE>
NORTHWEST TELEPRODUCTIONS,INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
<TABLE>
<CAPTION>
THREE MONTHS ENDED
JUNE 30
1997 1996
---------------- ----------------
<S> <C> <C>
NET SALES $2,886,840 $2,580,515
COSTS AND EXPENSES:
Costs of products and services sold 2,782,046 2,458,448
Selling,general and administrative 493,306 518,829
Interest 135,979 114,622
---------------- ----------------
3,411,331 3,091,899
---------------- ----------------
(524,491) (511,384)
OTHER INCOME 48,662 639
---------------- ----------------
EARNINGS BEFORE TAXES ON INCOME (475,829) (510,745)
TAXES ON INCOME (INCOME TAX CREDIT) (100,000)
================ ================
NET EARNINGS ($475,829) ($410,745)
================ ================
NET EARNINGS PER SHARE (1) ($0.35) ($0.30)
================ ================
</TABLE>
(1) Net earnings per share are based on the weighted average number of common
shares outstanding during the periods as follows:
June 30, 1997 1,356,425
June 30, 1996 1,356,425
See notes to condensed consolidated financial statements.
<PAGE>
NORTHWEST TELEPRODUCTIONS,INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
<TABLE>
<CAPTION>
THREE MONTHS ENDED
JUNE 30
1997 1996
---------------- ----------------
<S> <C> <C>
CASH FLOW-OPERATING ACTIVITIES:
Net earnings ($475,829) ($410,745)
Adjustments:
Depreciation 436,905 480,293
Other 25,009
Increase in trade receivables (55,976) (70,802)
Increase - current assets (120,586)
Decrease -liabilities (447,299) 282,768
----------------- ----------------
Net cash provided (utilized) by operating activities (637,776) 281,514
CASH FLOW - INVESTING ACTIVITIES:
Property,plant and equipment additions (197,671) (116,165)
CASH FLOW - FINANCING ACTIVITIES:
Advances(payments)-Line of credit (963,669) 330,000
Advances(payments)-Long term borrowing 1,266,499 (499,369)
--------------- ---------------
Net cash provided (utilized) by financing activities 302,830 (169,369)
================ ================
NET (DECREASE) IN CASH ($532,617) ($4,020)
================ ================
See notes to condensed consolidated financial statements.
</TABLE>
<PAGE>
NORTHWEST TELEPRODUCTIONS, INC.
AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
The consolidated balance sheet as of June 30, 1997, the consolidated statement
of operations for the three month periods ended June 30, 1997 and 1996, and the
condensed consolidated statements of cash flow for the three month periods then
ended have been prepared by the Company without audit. In the opinion of
management, all adjustments necessary to present fairly the financial position,
results of operations and changes in financial position at June 30, 1997 and for
all periods presented have been made.
On April 24, 1997, the Company and NationsCredit entered into a credit
agreement, which consists of a $8,500,000 revolving credit facility with a
three-year term expiring in April 2000. This credit facility includes a
$3,750,000 term note that is to be repaid in 36 monthly installments, based on a
five-year amortization, with the balance due April 2000. Interest on loans
outstanding under the credit agreement is based on prime plus 2.25%. The
agreement includes certain non-financial covenants. Proceeds from the new credit
agreement were used to pay off the line of credit and the term note payable
outstanding at March 31, 1997.
On June 27, 1997 the Company obtained mortgage financing on its two facilities
in Edina, Minnesota. The company borrowed $700,000 using the facilities as
collateral. The mortgage financing has an interest rate of prime plus 2.25%,
amortization over 60 months with a three-year term.
Certain information and footnotes normally included in financial statements
prepared in accordance with generally accepted accounting principles have been
condensed or omitted. It is suggested that these condensed consolidated
financial statements be read in conjunction with the financial statements and
notes thereto included in the Company's March 31, 1997 annual report to
shareholders. The results of operations for the period ended June 30, 1997 are
not necessarily indicative of the results for the full year.
<PAGE>
Signatures
Pursuant to the requirements of he Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Date: Northwest Teleproductions, Inc.
August 15, 1997
(Registrant)
By: /s/ John C. McGrath
John C. McGrath
President
By: /s/ Phillip A. Staden
Phillip A. Staden
Treasurer
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