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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
Quarterly Report Under Section 13 or 15 (d)
of the securities Exchange Act of 1934
10Q\A
For Quarter Ended: September 30, 1997
Commission File Number 0-14983
AMBI INC.
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(Exact name of registrant as specified in its charter)
New York 11-2653613
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(State or other jurisdiction of (IRS Employer Identification Number)
incorporation of organization)
771 Old Saw Mill River Road, Tarrytown, New York 10591
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(Address of principal executive offices) (Zip Code)
(914) 347-5767
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(Registrant's telephone number, including area code)
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(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.
YES X NO _______
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date.
Common Stock, Par Value $.005 19,288,950 shares as of November 10, 1997
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AMBI INC. & SUBSIDIARY
PART I FINANCIAL INFORMATION
Item 1 Financial Statements
This amended report on Form 10Q\A is being filed to correct the Condensed
Consolidated Statement of Cash Flows for the three months ended September 30,
1997 and September 30, 1996.
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AMBI INC. & SUBSIDIARY
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
<TABLE>
<CAPTION>
Three Months Ended
September 30
1997 1996
$000 $000
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<S> <C> <C>
Cash flows from operating activities:
Net loss (724) (4,385)
Adjustments to reconcile net loss
to net cash used in operating activities:
Depreciation and amortization 172 242
Changes in assets and liabilities net of
the acquisition of Nutrition 21:
(Increase)/decrease in trade accounts receivable (721) 299
Decrease in inventories 234 253
Increase in other current assets (331) (152)
(Decrease)/Increase in accounts payable
and accrued expenses (22) 322
Increase/decrease in preferred dividends payable 114 (240)
Increase in contingent payments payable 61
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Net cash used in operating activities (1,217) (3,661)
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Cash flows from investing activities:
Acquisition of Nutrition 21 (10,000)
Acquisitions of property and equipment (14) (344)
Patent costs (95) (41)
Increase in other assets (519) _____
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Net cash used in investing activities (10,628) (385)
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Cash flows from financing activities:
Borrowings under term loan 3,300
Borrowings under revolving line of credit 2,455
Capital lease obligation repayments (60) (73)
Dividends paid (114)
Proceeds from issuance of common stock 287
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Net cash provided by financing activities 5,581 214
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Net (decrease) in cash and cash equivalents (6,264) (3,832)
Cash and cash equivalents at beginning of period 8,615 8,431
Effect of exchange rate movement 7
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Cash and cash equivalents at end of period 2,351 4,606
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Supplementary disclosure of cash flow information:
Interest paid 24 2
Tax paid 7 4
</TABLE>
On August 11, 1997 the Company acquired the net assets of N21 in exchange for
$10,000,000 in cash and 500,000 shares of the Company's common stock. In
connection with the acquisition; liabilities were assumed as follows
<TABLE>
<S> <C>
Fair value of asset acquired $11,644
Cash purchase price 10,000
Stock issued 1,187
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Liabilities assumed $457
</TABLE>
See notes to condensed consolidated financial statements
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AMBI INC.
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.
AMBI INC.
Registrant
Date: November 25, 1997 By: /S/ Fredric D. Price
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Fredric D. Price
President and Chief Executive Officer
