UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB
(Mark One)
[X} QUARTERLY REPORT UNDER SECTION 13 OR 15(d)OF THE SECURITIES EXCHANGE
ACT OF 1934
For the quarterly period ended March 31, 2000
OR
[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT
For the transition period from to
Commission file number 0-1937
OAKRIDGE HOLDINGS, INC.
(Exact name of Registrant as specified in its charter)
MINNESOTA 41-0843268
(State or other jurisdiction of (I.R.S. Employer
Incorporation or organization) Identification Number)
4810 120TH STREET WEST, APPLE VALLEY, MINNESOTA 55124
(Address of principal executive offices) (Zip Code)
(952) 686-5495
(Issuer's telephone number)
(Former name, former address and former fiscal year, if changed since last
report)
Check whether the issuer (1) filed all reports required to be filed by
Section 13 or 15(d) of the Exchange Act during the past 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 [ ]
APPLICABLE ONLY TO CORPORATE ISSUERS
State the number of shares outstanding of each of the issuer's classes of
common equity, as of the latest practicable date: 1,388,003
Transitional Small Business Disclosure Format (Check One):
YES [ ] NO [X]
OAKRIDGE HOLDINGS, INC.
FORM 10-QSB
For the quarter ended March 31, 2000
TABLE OF CONTENTS
PART I. FINANCIAL INFORMATION
ITEM 1. Condensed Consolidated Financial Statements:
(a) Condensed Consolidated Balance Sheets as of March 31, 2000
(unaudited) and June 30, 1999
(b) Condensed Consolidated Statements of Operations for the
three months ended March 31, 2000 and 1999 (unaudited)and
nine months ended March 31, 2000 and 1999 (unaudited)
(c) Condensed Consolidated Statements of Cash Flows for the
nine months ended March 31, 2000 and 1999 (unaudited)
(d) Notes to Condensed Consolidated Financial Statements
ITEM 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations
PART II. OTHER INFORMATION
ITEM 1. Legal Proceedings
ITEMS 2-5. Not Applicable
ITEM 6. Exhibits and Reports on Form 8-K
SIGNATURES
PART I - FINANCIAL INFORMATION FORM 10-QSB
OAKRIDGE HOLDINGS, INC.
CONDENSED CONSOLIDATED BALANCE SHEET
ITEM 1 - FINANCIAL STATEMENTS
<TABLE>
ASSETS: March 31, 2000 June 30, 1999
(Unaudited)
_________________ _____________
<S> <C> <C>
Cash & cash equivalents $869,143 $950,907
Receivables 1,779,719 1,720,747
Inventories:
Production 3,323,444 1,854,221
Cemetery and mausoleum space 624,947 634,887
Markers, urns & flowers 29,613 20,367
Deferred income taxes - 102,000
Other current assets 109,456 36,514
---------- ----------
Total current assets 6,736,322 5,319,643
---------- ----------
Property, plant and equipment, at cost 4,785,995 4,387,570
Allowance for depreciation 1,681,261 1,539,730
---------- ----------
3,104,734 2,847,840
---------- ----------
Other assets 54,338 64,537
---------- ----------
$9,895,394 $8,232,020
========== ==========
</TABLE>
<TABLE>
LIABILITIES: March 31, 1999 June 30, 1999
(Unaudited)
_________________ _____________
<S> <C> <C>
Notes payable & current maturities $1,670,003 $1,452,743
Accounts payable 1,047,828 601,186
Accrued customer deposits 96,181 25,248
Accrued compensation 182,924 375,657
Accrued perpetual care fund 247,672 212,781
Deferred revenue 582,857 507,711
Accrued marker and inscription costs 52,792 79,876
Income tax payable 7,967 -
Other current liabilities 111,688 161,490
---------- ----------
Total current liabilities 3,999,912 3,416,692
---------- ----------
Long-term debt 3,736,222 3,044,075
---------- ----------
Total liabilities 7,736,184 6,460,767
---------- ----------
STOCK HOLDERS' EQUITY
Common stock & additional paid-in-capital 2,156,051 2,156,051
Retained earnings (deficit) 3,209 (384,798)
---------- ----------
2,159,260 1,771,253
---------- ----------
$9,895,394 $8,232,020
========== ==========
</TABLE>
See accompanying notes to the condensed consolidated financial statements
PART I - FINANCIAL INFORMATION FORM 10-QSB
OAKRIDGE HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(UNAUDITED)
ITEM 1 - FINANCIAL STATEMENTS
<TABLE>
Three Months Ended March 31, Nine Months Ended March 31,
2000 1999 2000 1999
_______________________________ _____________________________
<S> <C> <C> <C> <C>
Revenue, net:
Cemetery $790,980 $647,260 $2,022,745 $1,860,836
Aviation 1,903,454 2,072,601 7,101,201 7,618,530
Interest - Care Funds 53,052 65,334 162,564 162,831
Other 2,284 56,691 30,065 189,191
--------- --------- --------- ---------
Total revenue 2,749,770 2,841,886 9,316,575 9,831,388
--------- --------- --------- ---------
Operating Expenses:
Cost of aviation sales 1,595,492 1,880,677 6,140,957 6,410,782
Cost of cemetery sales 348,285 331,575 1,021,437 979,756
Sales and marketing 179,421 112,620 544,340 385,206
General and administrative 345,070 331,438 790,080 820,737
--------- --------- --------- ---------
Total operating expenses 2,468,268 2,656,310 8,496,814 8,596,481
--------- --------- --------- ---------
Income from operations 281,502 185,576 819,761 1,234,907
Interest expense 130,752 87,086 302,694 290,187
--------- --------- --------- ---------
Income from continuing operations
before income taxes 150,750 98,490 517,067 944,720
Provision for income taxes 30,147 24,524 129,060 272,708
--------- --------- --------- ---------
Net income $120,603 $73,966 $388,007 $672,012
========= ========= ========= =========
Net income per common share - basic $.087 $.055 $.280 $.497
========= ========= ========= =========
Weighted average number of common
shares outstanding- basic 1,388,003 1,344,078 1,388,003 1,351,213
========= ========= ========= =========
Net income per common share - diluted $.065 $.044 $.212 $.346
========= ========= ========= =========
Weighted average number of common shares
outstanding - diluted 2,148,762 2,098,985 2,089,216 2,099,671
========= ========= ========= =========
</TABLE>
See accompanying notes to the condensed consolidated financial statements
PART I - FINANCIAL INFORMATION FORM 10-QSB
OAKRIDGE HOLDINGS, INC.
CONSOLIDATED STATEMENT OF CASH FLOWS
(UNAUDITED)
ITEM 1 - FINANCIAL STATEMENTS
<TABLE>
Nine Months Ended 31,
2000 1999
______________ _____________
<S> <C> <C>
Cash flows from operating activities:
Net income $388,007 $672,012
Adjustments to reconcile net income to
cash flows from operating activities:
Depreciation & amortization 146,182 143,897
Common stock issued for services - 30,000
Change in accounts receivable (58,972) 1,038,859
Change in inventories (1,468,529) 755,779
Change in deferred income taxes 102,000 114,409
Change in other assets (67,394) (51,498)
Change in accounts payable 446,642 (606,347)
Change in accrued liabilities (80,682) (364,669)
---------- ----------
Net cash from operating activities (592,746) 1,675,208
---------- ----------
Cash flows from investing activities:
Purchase of property and equipment (398,425) (597,142)
---------- ----------
Net cash from investing activities (398,425) (597,142)
---------- ----------
Cash flows from financing activities:
Change in long-term debt (692,147) (62,438)
Change in short-term borrowing (217,260) (1,066,589)
Proceeds from issuance of common stock - 80,000
---------- ----------
Net cash from financing activities 909,407 (1,049,027)
---------- ----------
Net change in cash: (81,764) 29,039
Cash at beginning of period 950,907 823,458
---------- ----------
Cash at end of period $869,143 $852,497
========== ==========
</TABLE>
See accompanying notes to the condensed consolidated financial statements
PART I - FINANCIAL INFORMATION FORM 10-QSB
ITEM 1 - FINANCIAL STATEMENTS
OAKRIDGE HOLDINGS, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
1. BASIS OF PRESENTATION
The accompanying Condensed Consolidated Financial Statements include the
accounts of Oakridge Holdings, Inc. (the "Company")and its wholly-owned
subsidiaries. All significant intercompany transactions and balances have
been eliminated. In the opinion of management, the accompanying unaudited
condensed consolidated financial statements include all adjustments,
consisting only of normal recurring adjustments, necessary to present such
information fairly. Certain information and footnote disclosures normally
included in financial statements prepared in accordance with generally
accepted accounting principles have been condensed or omitted pursuant to
Securities and Exchange Commission rules and regulations. These condensed
consolidated financial statements should be read in conjunction with the
consolidated financial statements and related notes included in the
Company's Annual Report on Form 10-KSB for the fiscal year ended June 30,
1999. Operating results for the nine month period ended March 31, 2000 may
not necessarily be indicative of the results to be expected for any other
interim period or for the full year.
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the
financial statements, and the reported amounts of revenues and expenses
during the reporting period. The most significant estimates in the
financial statements include but are not limited to accounts receivable,
sales, and accruals. Actual results could differ from those estimates.
2. EARNINGS PER COMMON SHARE
Earnings per Common Share (EPS) is presented on both a basic and diluted
basis in accordance with the provisions of Statement of Financial
Accounting Standards No. 128, "Earnings per Share." Basic EPS is computed
by dividing net income by the weighted average number of shares of common
stock outstanding during the period. Diluted EPS reflects the maximum
dilution that would results after giving effect to dilutive stock options
and convertible debentures. The following table presents the computation
of basic and diluted EPS.
<TABLE>
Nine Months Ended March 31,
2000 1999
---------- ----------
<S> <C> <C>
Income from continuing operations $ 388,007 $ 672,012
Average shares of common stock outstanding
used to compute basic earnings per common share 1,388,003 1,351,213
Additional common shares to be issued assuming
exercise of stock options, and conversion of
convertible debentures 701,213 748,458
Additional income from continuing operations,
assuming conversion of convertible debentures
at the beginning of the period 54,351 54,351
Shares used to compute dilutive effect
of stock options and convertible debentures 2,089,216 2,099,671
Basic earnings per common share from
continuing operations $.280 $.497
Diluted earnings per common share
from continuing operations $.212 $.346
</TABLE>
3. OPERATING SEGMENTS AND RELATED DISCLOSURES
The Company operations are classified into two principal industry segments:
cemeteries and aviation ground support equipment.
The Company evaluates the performance of its segments and allocates
resources to them based primarily on operating income. The table below
summarizes information about reported segments for the three months and
nine months ended March 31:
<TABLE>
Nine Months Ended
March 31, 2000:
Aviation
Ground
Support
Equipment Cemeteries Corporate Consolidated
<S> <C> <C> <C> <C>
Revenues $7,101,201 2,209,509 5,865 9,316,575
Cost of Sales 6,140,957 1,021,437 - 7,162,394
Gross Profit 960,244 1,188,072 5,865 2,154,181
Selling, General &
Administrative Expenses 677,070 494,409 162,941 1,334,420
Operating Income 283,174 693,663 (157,076) 819,761
Depreciation
And Amortization 87,392 57,173 1,617 146,182
Assets 6,742,173 2,991,095 162,126 9,895,394
Capital Expenditures 186,039 211,907 479 398,425
</TABLE>
See accompanying notes to the condensed consolidated financial statements
<TABLE>
Three Months Ended
March 31, 2000:
Aviation
Ground
Support
Equipment Cemeteries Corporate Consolidated
<S> <C> <C> <C> <C>
Revenues $1,903,454 $844,032 $2,284 2,749,770
Cost of Sales 1,595,492 348,285 - 1,943,777
Gross Profit 307,962 495,747 2,284 805,993
Selling, General &
Administrative Expenses 247,210 205,273 72,008 524,491
Operating Income 60,752 290,474 (69,724) 281,502
Depreciation
And Amortization 25,764 18,607 867 45,238
Assets 6,742,173 2,991,095 162,126 9,895,394
Capital Expenditures 118,159 46,683 436 165,278
</TABLE>
See accompanying notes to the condensed consolidated financial statements
<TABLE>
Nine Months Ended
March 31, 1999:
Aviation
Ground
Support
Equipment Cemeteries Corporate Consolidated
<S> <C> <C> <C> <C>
Revenues $7,618,530 2,156,167 56,691 9,831,388
Cost of Sales 6,410,782 979,756 - 7,390,538
Gross Profit 1,207,748 1,176,411 56,691 2,440,850
Selling, General &
Administrative Expenses 506,583 471,224 228,136 1,205,943
Operating Income 701,165 705,187 (171,445) 1,234,907
Depreciation
And Amortization 86,681 52,220 4,996 143,897
Assets 5,454,107 2,530,991 158,256 8,143,354
Capital Expenditures 366,169 230,973 - 597,142
</TABLE>
See accompanying notes to the condensed consolidated financial statements
<TABLE>
Three Months Ended
March 31, 1999:
Aviation
Ground
Support
Equipment Cemeteries Corporate Consolidated
<S> <C> <C> <C> <C>
Revenues $2,076,655 714,334 50,897 2,841,886
Cost of Sales 1,880,677 331,575 - 2,212,252
Gross Profit 195,978 382,759 50,897 629,634
Selling, General &
Administrative Expenses 178,699 167,303 98,056 444,058
Operating Income 17,279 215,456 (47,159) 185,576
Depreciation
And Amortization 26,598 17,407 994 44,999
Assets 5,454,107 2,530,991 158,256 8,143,354
Capital Expenditures 96,710 6,111 - 102,821
</TABLE>
See accompanying notes to the condensed consolidated financial statements
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
The following is management's discussion and analysis of certain
significant factors which have affected the Company's financial position
and operating results during the periods included in the accompanying
condensed consolidated financial statement.
Management's discussion and analysis of financial condition and results of
operations, as well as other portions of this document, include certain
forward-looking statements about the Company's business and products,
revenues, expenditures and operating and capital requirements. The Private
Securities Litigation Reform Act of 1995 contains certain safe harbors
regarding forward-looking statements. From time to time, information
provided by the Company or statements made by its directors, officers or
employees may contain "forward-looking" information subject to numerous
risks and uncertainties. Any statements made herein that are not
statements of historical fact are forward-looking statements including, but
not limited to, statements concerning the characteristics and growth of the
Company's markets and customers, the Company's objectives and plans for the
future operations and products and the Company's expected liquidity and
capital resources. Such forward-looking statements are based on a number
of assumptions and involve a number of risks and uncertainties, and,
accordingly, actual results could differ materially.
OAKRIDGE HOLDINGS, INC. AND SUBSIDIARIES
PART I - FINANCIAL STATEMENTS
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
FINANCIAL CONDITION AND LIQUIDITY
The Company's liquidity needs arise from its debt service, working capital
and capital expenditures. The Company has historically funded its liquidity
needs with proceeds from equity contributions, bank borrowing, cash flow
from operations and the offering of its' subordinated debentures. The
Company, for the first nine months of fiscal year 2000, had a decrease in
cash of $81,764 compared to a cash decrease in the same period in fiscal
year 1999 of $29,039. As of March 31, 2000, the Company had no cash
equivalents. During the nine month period ended March 31, 2000, the Company
recorded net income of $388,007. The Company's net cash used by operating
activities was $592,746 in the first nine months of fiscal year 2000
compared to net cash from operating activities of $1,675,208 in the same
comparable period in fiscal year 1999. The decrease in net cash from
operating activities was primarily due to increased inventories. The
increase in inventories was due to sales of equipment which require large
delivery of goods in subsequent months. Cash flow used in investing
activities was $398,425 due to capital expenditures, and net cash from
financing activities was $909,407 due to financing of accounts receivable
and inventories. The remaining increases and decreases in the components
of the Company's financial position reflects normal operating activity.
The Company continues to maintain a good financial position, with net
working capital of $2,736,410, an increase of $833,459 since June 30, 1999.
The increase was primarily due to refinancing of debt from short term to
long term and net income. Current assets amounted to $6,736,322 and
current liabilities were $3,999,912, resulting in a current ratio of 1.68
to 1, which resulted in a change of .12 since June 30, 1999. With debt of
$7,736,184 and equity of $2,159,270 at March 31, 2000, the debt as a
percentage of total capital was 78.1%, compared with 78.5% at June 30,
1999.
The Company's present working capital continued to improve and is
sufficient to meet current operating needs.
Capital expenditures for the nine months of fiscal year 2000 were $398,425
compared with $597,142 the same period in fiscal year 1999. The
investments reflect the Company's continuing program to achieve business
growth and to improve productivity and product quality in the aviation
ground support equipment business and the repaving of roads in the cemetery
business. The Company anticipates that it will spend approximately $100,000
on capital expenditures during the last quarter of fiscal year 2000. The
Company will be able to finance these capital expenditures primarily from
cash flow from operations.
The stock price ranged from $1.00 to $7.00 per share during the nine months
of the Company's fiscal year 2000. The Company's book value per basic share
at March 31, 2000 was $1.56 compared with $1.28 at June 30, 1999. The
Company's annualized return from continuing operations on average equity
for the nine months of fiscal year 2000 was 26% compared with 57% for the
nine months of fiscal year 1999. The annualized return from continuing
operations on average assets was 5.7% compared with 10% for the nine months
of fiscal year 1999. The Company has available through two banks, a
$3,200,00 revolving credit facility. As of March 31, 2000 there was
$2,356,117 in aggregate borrowing outstanding under these facilities.
As indicated by the above, the Company's financial position and debt
capacity should enable it to meet its current and future requirements. As
additional resources are needed, the Company should be able to obtain funds
readily and at competitive costs.
INFLATION
Because of the relatively low levels of inflation experienced this past
fiscal year, and as of March 31, 2000, inflation did not have a significant
effect on the Company's results in the nine months of fiscal year 2000.
RESULTS OF OPERATIONS
NINE MONTHS OF FISCAL YEAR 2000
COMPARED WITH NINE MONTHS OF FISCAL YEAR 1999
Cemetery Operations:
Revenues for the nine months ended March 31, 2000 were $2,209,509, or an
increase of $53,342 or 2%, when compared to the nine months ended March 31,
1999. The increase was primarily due to sales of markers and foundations,
and one large sale to a non-profit entity for cemetery lots.
Cost of sales in relation to sales for the nine months ended March 31, 2000
was $1,021,437, or an increase of $41,681 or 3.9%, when compared to the
nine months ended March 31, 1999. The increase is contributed to greater
sales, whereby costs of goods sold in relation to sales increased .8% in
comparison to the nine months ended March 31, 1999.
Selling expenses for the nine months ended March 31, 2000, were $147,593,
or a decrease of $1,968 or 1%, when compared to the nine month ended March
31, 1999. The decrease was due to the general manager making a large sales
in March and receiving no commission on the sale.
Other income for the nine months ended March 31, 2000, was $24,200 or a
decrease of $108,300. The decrease is contributed to the one time
settlement of $132,500 in fiscal year 1998 for land condemnation.
Holding Operations:
Revenues for the nine months ended March 31, 2000 were $5,865 or a decrease
of $50,826, when compared to the nine months ended March 31, 1999. The
decrease is due to the prior year settlement with a former board member in
which 16,667 shares of stock was returned to the Company.
General and administrative expenses for the nine months ended March 31,
2000 were $162,941, or a decrease of $65,195 when compared to the nine
months ended March 31, 1999. The decrease can be contributed to lower
professional fees associated with legal representation.
Interest expense for the nine months ended March 31, 2000 was $126,235, or
an increase of $2,322 when compared to the nine months ended March 31,
1999. The increase can be contributed to a higher interest paid on funds
borrowed.
Stinar Operations:
Revenues for the nine months ended March 31, 2000 were $7,101,201, or a
decrease of $517,329 or 7%, when compared to the nine months ended March
31, 1999. The decrease was primarily due to sales revenue being less, the
customer supplying the vehicle for the equipment being mounted, delivery of
trucks from dealer being extremely slow, and building of equipment not
being mounted on a truck increasing. The sales makeup was 24% to United
States Government entities, 25% to international airlines and 51% to
commercial airlines in the United States.
Cost of sales in relation to sales for the nine months ended March 31,
2000, was 86.5% or an increase of 2.3%, when compared to the nine months
ended March 31, 1999. The increase was primarily due to a 7.7% increase in
the cost of raw materials, labor efficiency variance, and a 3% increase in
direct labor costs which were offset by a 2.7% reduction in utilities, shop
supplies, freight, insurance and miscellaneous expenses.
Selling expenses in relation to sales for the first nine months ended March
31, 2000, were $396,747, or an increase of $161,102 or 68%. The increase
was primarily due to advertising monthly in the GSE trade magazine, the
hiring of one international sales employee, and related sales expenses due
to international travel and trade shows.
General and administrative expenses in relation to sales for the nine
months ended March 31, 2000, were $280,323 or an increase of 16%, when
compared to the nine months ended March 31, 1999. The increase was
primarily due to one additional office employee, training costs of
technical writer to convert equipment manuals to CD rom, and research and
development associated with the development of the Torero-Stinar equipment.
Other expenses which consist of interest expense for the nine months ended
March 1, 2000, were $176,307 or an increase of 6.6%, when compared to the
nine months ended March 31, 1999. The increase was due to having additional
inventory on hand due to long lead times by vendors.
RESULTS OF OPERATIONS
THREE MONTHS ENDED MARCH 31, 2000
COMPARED WITH THREE MONTHS ENDED MARCH 31, 1999
Cemetery Operations:
Revenues for the three months ended March 31, 2000 were $844,032, or an
increase of $129,698 or 18.1%, when compared to the three months ended
March 31, 1999. The increase was primarily due to a large sale of cemetery
lots to a non-profit organization.
Cost of sales in relation to sales for the three month period ended March
31, 2000 was 42.5% or a decrease of 4%, when compared to the three month
period ended March 31, 1999. The decrease in cost of sales was primarily
due to the large sale of cemetery lots.
Gross profit for the three months ended March 31, 2000 was $495,747 or
58.7%, an increase of 5%, when compared to the three month period ended
March 31, 1999.
Selling expenses for the three months ended March 31, 2000 were $48,226 or
a decrease of $24,100, when compared to the three month period ended March
31, 1999. The decrease was due to the large lot sale made by the general
manager to a non-profit entity, with no commission being paid on the sale.
General and administrative for the three months ended March 31, 2000 was
$137,047 or an increase of $35,299, when compared to the three month period
ended March 31, 1999. The increase was due to computer consulting fees of
$7,500, additional office employee of $20,000 and professional fees of
$20,000.
Holdings Operations:
General and administrative for the three months ended March 31, 2000 was
$72,008 or a decrease of $26,048, when compared to the three month period
ended March 31, 1999. The decrease is primarily due to a decrease in
professional fees.
Stinar Operations:
Revenues for the three months ended March 31, 2000 decreased $173,201 or
8%, when compared to the three months ended March 31, 1999. The decrease is
due to sales mixture of equipment, with less truck mounted equipment being
sold and more carts being produced in the third quarter of fiscal year
2000.
Cost of sales in relation to sales for the three months ended March 31,
2000 was 84% or a decrease of 7% when compared to the three months ended
March 31, 1999. The increase was due to a 1.8% decrease in the cost of raw
materials, a 3.5% decrease in labor costs, and a 2.0% decrease in
subcontract costs.
Selling Expenses in relation to sales for the three months ended March 31,
2000 was 4.5% or an increase of 3.2% when compared to the three months
ended March 31, 1999. The increase is primarily due to one additional
salesperson.
General and administrative expenses for the three months ended March 31,
2000 was $96,104, an increase of $13,678 or 16.7%, when compared to the
three months ended March 31, 1999. The increase is primarily due to 401-K
plan of $6,046, and consulting fees to change the manuals from a paper copy
to CD Rom of $3,960.
PART II OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
The Company is from time to time involved in ordinary litigation
incidental to the conduct of its businesses. The Company
believes that none of its pending litigation will have a material
adverse effect on the Company's businesses, financial condition
or results of operations.
ITEM 2. CHANGES IN SECURITIES AND USE OF PROCEEDS
Not applicable.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
Not applicable.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
Not applicable.
ITEM 5. OTHER INFORMATION
Not applicable.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) No exhibits are included herein
(b) No reports on Form 8 were filed during the quarter.
SIGNATURES
In accordance with the requirements of the Exchange Act, the
Registrant has duly caused this report to be signed on its behalf
by the undersigned thereunto duly authorized.
Oakridge Holdings, Inc.
/s/ Robert C. Harvey
Robert C. Harvey
Chief Executive Officer
Date: May 11, 2000
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> JUN-30-2000
<PERIOD-END> MAR-31-2000
<CASH> 869,143
<SECURITIES> 6,407
<RECEIVABLES> 1,812,719
<ALLOWANCES> 33,000
<INVENTORY> 3,978,004
<CURRENT-ASSETS> 6,736,322
<PP&E> 4,785,995
<DEPRECIATION> 1,681,261
<TOTAL-ASSETS> 9,895,394
<CURRENT-LIABILITIES> 3,999,912
<BONDS> 0
0
0
<COMMON> 138,801
<OTHER-SE> 2,020,459
<TOTAL-LIABILITY-AND-EQUITY> 9,895,394
<SALES> 9,123,946
<TOTAL-REVENUES> 9,316,575
<CGS> 7,162,394
<TOTAL-COSTS> 8,496,814
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 302,694
<INCOME-PRETAX> 517,067
<INCOME-TAX> 129,060
<INCOME-CONTINUING> 388,007
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 388,007
<EPS-BASIC> .280
<EPS-DILUTED> .212
</TABLE>
