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Previous: OPPENHEIMER MONEY MARKET FUND INC, 497, 1996-09-16 |
Next: OSHMANS SPORTING GOODS INC, 10-Q, 1996-09-16 |
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 July 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 July 27, 1996
Common Stock, par value $0.25 776,109 shares
INDEX
PART I FINANCIAL INFORMATION
Item 1. Financial Statements
Consolidated Balance Sheets - July 27,
1996 and October 28, 1995 3 - 4
Consolidated Statements of Income -
thirteen weeks ended July 27, 1996
and July 30, 1995 and thirty-nine weeks
ended July 27, 1996 and July 30, 1995 5
Consolidated Statements of Cash Flows -
thirty-nine weeks ended July 27, 1996
and July 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
July 27, October 28,
1996 1995
CURRENT ASSETS
Cash and cash equivalents $2,804,090 $2,628,274
Trade accounts receivable 448,816 302,391
Inventories - at lower of cost
or market 188,760 167,239
Marketable securities 192,871 174,629
Prepaid expenses 8,368 25,188
Total current assets 3,642,905 3,297,721
PROPERTY AND EQUIPMENT
Land 114,006 114,006
Building and improvements 273,060 223,059
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 1,109,408 1,051,457
Less accumulated depreciation 727,975 709,346
Net property and
equipment 381,433 342,111
Total assets $_________ $_________
OPT-Sciences Corporation and Subsidiary
CONSOLIDATED BALANCE SHEETS
(Unaudited)
LIABILITIES AND STOCKHOLDERS' EQUITY
July 27, October 28,
1996 1995
CURRENT LIABILITIES
Accounts payable - trade $36,872 $50,561
Accrued income taxes 137,633 49,542
Other current liabilities 107,614 109,942
Total current liabilities 282,119 210,045
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 3,394,583 3,078,329
Net unrealized gains on
equity securities 11,329 14,588
Less treasury stock at cost -
223,891 shares and 223,516
shares respectively ( 186,388) ( 185,825)
Total stockholders' equity 3,742,219 3,429,787
Total liabilities and
stockholders' equity $_________ $_________
OPT-Sciences Corporation and Subsidiary
CONSOLIDATED STATEMENTS OF INCOME AND RETAINED EARNINGS
(Unaudited)
Thirteen Thirteen Thirty-Nine Thirty-Nine
Weeks Ended Weeks Ended Weeks ended Weeks ended
July 27, July 30, July 27, July 30,
1996 1995 1996 1995
NET SALES $778,084 $478,415 $1,906,185 $1,353,395
COST OF SALES 454,182 325,725 1,243,591 980,973
Gross profit
on sales 323,902 152,690 662,594 372,422
OPERATING EXPENSES
Sales & delivery 5,997 4,043 14,685 13,284
General and
administrative 62,431 56,432 195,407 172,060
Total operating
expenses 68,428 60,475 210,092 185,344
Operating income 255,474 92,215 452,502 187,078
OTHER INCOME 32,245 30,109 102,252 77,608
Net income
before taxes 287,719 122,324 554,754 264,686
FEDERAL AND STATE
INCOME TAXES 131,850 50,000 238,500 105,500
Net income 155,869 72,324 316,254 159,186
RETAINED EARNINGS -
beginning of period 3,238,714 2,943,525 3,078,329 2,856,663
RETAINED EARNINGS -
end of period $_________ $_________ $_________ $_________
EARNINGS (loss)
PER SHARE OF
COMMON STOCK .20 .09 .41 .20
Average shares of
stock outstanding 776,109 776,684 776,243 776,713
OPT-Sciences Corporation and Subsidiary
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Thirty-nine Thirty-nine
Weeks Ended Weeks Ended
July 27, July 30,
1996 1995
CASH FLOWS FROM OPERATIONS
Net income $316,254 $159,186
Adjustments to reconcile net
income to net cash provided
by operating activities
Depreciation and
amortization 18,629 27,846
Loss (gain) on sale of
securities ( 2,656) ( 1,762)
Decrease (increase) in
Accounts receivable (146,425) 123,514
Inventories ( 21,521) ( 8,507)
Prepaid expenses 16,820 22,054
(Decrease) increase in
Accounts payable ( 13,689) 5,025
Accrued income taxes 88,091 ( 17,707)
Other current liabilities ( 2,328) ( 34,661)
Net cash provided by
operating activities 253,175 274,988
CASH FLOWS FROM INVESTING
ACTIVITIES
Additions to property and
equipment ( 57,951) ( 8,615)
Purchases of securities ( 28,811) ( 14,353)
Sale of securities 9,966 34,335
Net cash provided (used)
by investing activities ( 76,796) 11,367
OPT-Sciences Corporation and Subsidiary
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Thirty-nine Thirty-nine
Weeks Ended Weeks Ended
July 27, July 30,
1996 1995
CASH FLOWS FROM
FINANCING ACTIVITIES:
Purchases of treasury
stock $( 563) $ 120
Net cash used in
financing activities ( 563) ( 120)
Increase in cash 175,816 286,235
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 July 27, 1996 and October 28, 1995, and the re-
sults of operations for the thirty-nine weeks ended July 27,
1996 and July 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 nine months of the year
from $2,628,274 to $2,804,090. Profits generated more than
offset increases in accounts receivable and inventory.
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 40.8% from the level of the
first nine months of the prior year. The Company was able
to produce the additional volume by utilizing available
capacity. This increase efficiency resulted in a gross
profit increase of approximately 78%. Earnings from in-
vestments 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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<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> OCT-27-1996
<PERIOD-END> JUL-27-1996
<CASH> 2804090
<SECURITIES> 192871
<RECEIVABLES> 448816
<ALLOWANCES> 0
<INVENTORY> 188760
<CURRENT-ASSETS> 3642905
<PP&E> 1109408
<DEPRECIATION> 727975
<TOTAL-ASSETS> 4024338
<CURRENT-LIABILITIES> 282119
<BONDS> 0
0
0
<COMMON> 250000
<OTHER-SE> 3492219
<TOTAL-LIABILITY-AND-EQUITY> 4024338
<SALES> 1906185
<TOTAL-REVENUES> 1906185
<CGS> 1243591
<TOTAL-COSTS> 1243591
<OTHER-EXPENSES> 210092
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 554754
<INCOME-TAX> 238500
<INCOME-CONTINUING> 316254
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 316254
<EPS-PRIMARY> .41
<EPS-DILUTED> .41
</TABLE>
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