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U. S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-QSB
Quarterly report under to Section 13 or 15(d) of
the Securities Exchange Act of 1934
For the quarterly period ended April 27, 1996
Commission File No. 0-1455
OPT - SCIENCES CORPORATION
(Exact name of small business issuer as specified in its charter)
New Jersey 21-0681502
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) identification number)
1912 Bannard Street, Riverton, NJ 08077
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: 609-829-2800
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
twelve 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
State the number of shares outstanding of each of the issuer's
classes of common equity, as of the latest practicable date:
Class Outstanding at April 27, 1996
Common Stock, par value $0.25 776,109 shares
INDEX
PART I FINANCIAL INFORMATION
Item 1. Financial Statements
Consolidated Balance Sheets April 27,
1996 and October 28, 1995 3 - 4
Consolidated Statements of Income -
twelve weeks ended April 27, 1996
and thirteen weeks April 30, 1995
and twenty-six weeks ended April 27,
1996 and April 30, 1995 5
Consolidated Statements of Cash Flows -
twenty-six weeks ended April 27, 1996
and April 30, 1995 6 - 7
Notes to Consolidated Financial Statements 8
Item 2. Management's Discussion and Analysis or Plan
of Operation 9
PART II OTHER INFORMATION
Item 1 Not Applicable
Item 2 Not Applicable
Item 3 Not Applicable
Item 4 Not Applicable
Item 5 Not Applicable
Item 6 Not Applicable
SIGNATURE 10
OPT-Sciences Corporation and Subsidiary
CONSOLIDATED BALANCE SHEETS
(Unaudited)
ASSETS
April 27, October 28,
1996 1995
CURRENT ASSETS
Cash and cash equivalents 2,663,146 2,628,274
Trade accounts receivable 384,396 302,391
Inventories - at lower of cost
or market 201,601 167,239
Prepaid expenses 16,405 25,188
Marketable securities 174,514 174,629
Total current assets 3,440,062 3,297,721
PROPERTY AND EQUIPMENT
Land 114,006 114,006
Building and improvements 223,059 223,059
Machinery and equipment 594,784 586,834
Small tools 53,580 53,580
Furniture and fixtures 8,048 8,048
Office equipment 35,615 35,615
Automobile 30,315 30,315
Total property and
equipment 1,059,407 1,051,457
Less accumulated depreciation 726,652 709,346
Net property and
equipment 322,755 342,111
Total assets $_________ $_________
OPT-Sciences Corporation and Subsidiary
CONSOLIDATED BALANCE SHEETS
(Unaudited)
LIABILITIES AND STOCKHOLDERS' EQUITY
April 27, October 28,
1996 1995
CURRENT LIABILITIES
Accounts payable - trade 34,894 50,561
Accrued income taxes 54,453 49,542
Other current liabilities 96,727 109,942
Total current liabilities 186,074 210,045
STOCKHOLDERS' EQUITY
Common capital stock - par value
$.025 per share - authorized
and issued 1,000,000 shares 250,000 250,000
Additional paid in capital 272,695 272,695
Retained earnings 3,238,714 3,078,329
Net unrealized gains on
equity securities 11,722 14,588
Less treasury stock at cost -
223,891 shares and 223,516
shares respectively ( 186,388) ( 185,825)
Total stockholders' equity 3,586,743 3,429,787
Total liabilities and
stockholders' equity $_________ $_________
OPT-Sciences Corporation and Subsidiary
CONSOLIDATED STATEMENTS OF INCOME AND RETAINED EARNINGS
(Unaudited)
Twelve Thirteen Twenty-Six Twenty-Six
Weeks Ended Weeks Ended Weeks ended Weeks ended
April 27, April 30, April 27, April 30,
1996 1995 1996 1995
NET SALES $636,760 $418,373 $1,128,101 $874,980
COST OF SALES 454,404 330,126 789,409 655,248
Gross profit
on sales 182,356 88,247 338,692 219,732
OPERATING EXPENSES
Sales & delivery 4,283 5,406 8,688 9,241
General and
administrative 60,052 66,061 132,976 115,628
Total operating
expenses 64,335 71,467 141,664 124,869
Operating income 118,021 16,780 197,028 94,863
OTHER INCOME 35,623 24,734 70,007 47,499
Net income
before taxes 153,644 41,514 267,035 142,362
FEDERAL AND STATE
INCOME TAXES 61,350 15,200 106,650 55,500
Net income 92,294 26,314 160,385 86,862
RETAINED EARNINGS -
beginning of period 3,146,420 2,917,211 3,078,329 2,856,663
RETAINED EARNINGS -
end of period $_________ $_________ $_________ $_________
EARNINGS PER
SHARE OF
COMMON STOCK .12 .03 .21 .11
Average shares of
stock outstanding 776,131 776,707 776,310 776,727
OPT-Sciences Corporation and Subsidiary
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Twenty-six Twenty-six
Weeks Ended Weeks Ended
April 27, April 30,
1996 1995
CASH FLOWS FROM OPERATIONS
Net income $160,385 $86,862
Adjustments to reconcile net
income to net cash provided
by operating activities
Depreciation and
amortization 17,306 17,873
Loss (gain) on sale of
securities ( 2,656) 354
Decrease (increase) in
Accounts receivable ( 82,005) 34,376
Inventories ( 34,362) 6,575
Prepaid expenses 8,783 19,086
(Decrease) increase in
Accounts payable ( 15,667) 6,336
Accrued income taxes 4,911 ( 46,457)
Other current liabilities ( 13,215) ( 3,015)
Net cash provided by
operating activities 43,480 121,990
CASH FLOWS FROM INVESTING
ACTIVITIES
Additions to property and
equipment ( 7,950) -0-
Purchases of securities ( 10,061) ( 14,294)
Sale of securities 9,966 7,219
Net cash used in
investing activities ( 8,045) ( 7,075)
OPT-Sciences Corporation and Subsidiary
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Twenty-six Twenty-six
Weeks Ended Weeks Ended
April 27, April 30,
1996 1995
CASH FLOW FROM
FINANCING ACTIVITIES:
Purchases of treasury stock $( 563) $( 120)
Net cash used in
financing activities ( 563) ( 120)
Increase in cash 34,872 114,795
Cash and cash equivalents
at beginning of period 2,628,274 2,273,300
Cash and cash equivalents
at end of period $_________ $_________
SUPPLEMENTAL DISCLOSURES:
Interest paid $_________ $________
Income taxes paid $_________ $________
OPT-Sciences Corporation and Subsidiary
NOTES TO CONDENSED FINANCIAL STATEMENTS
(Unaudited)
1. In the opinion of management, the accompanying unaudited con-
solidated financial statements contain all adjustments neces-
sary to present fairly OPT-Sciences Corporation's financial
position as of April 27, 1996 and October 28, 1995, and the
results of operations for the twenty-six weeks ended April 27,
1996 and April 30, 1995 and cash flows for the respective peri-
ods then ended.
2. The results of operations for the periods presented are not
necessarily indicative of the results to be expected for the
full year.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
FINANCIAL CONDITION
Cash and cash equivalents--OPT Sciences Corporation's cash
balances increased during the first six months of the year
from $2,628,274 to $2,663,146. Profits generated more than
offset increases in account receivable and inventory and
decreases in current obligations There are no material
obligations in existence which would be anticipated to cause
any substantial decrease in the cash balances from other
than the company's future operations.
RESULTS OF OPERATIONS
Sales revenues have increased by 28.9% from the level of the
first six months of the prior year. The Company was able
to produce the additional volume by utilizing available
capacity. This increased efficiency resulted in a gross
profit increase of approximately 54%. Earnings from invest-
ments are higher due to higher cash balances than at the
same time last year.
SIGNATURES
In accordance with the requirements of the Exchange Act, the
registrant this report to be signed on its behalf by the under-
signed, thereunto duly authorized.
OPT-SCIENCE CORPORATION
Registrant
Anderson McCabe, President
Date
Harvey Habeck,
Date Chief Accountant
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