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Previous: OHIO EDISON CO, 10-K, 1997-03-26 |
Next: OSULLIVAN CORP, DEF 14A, 1997-03-26 |
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 February 1, 1997
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 February 1, 1997
Common Stock, par value $0.25 775,615 shares
INDEX
PART I FINANCIAL INFORMATION
Item 1. Financial Statements
Consolidated Balance Sheets - February 1,
1997 and October 26, 1996 3 - 4
Consolidated Statements of Income -
fourteen weeks ended February 1, 1997 and
fourteen weeks ended February 3, 1996 5
Consolidated Statements of Cash Flows -
fourteen weeks ended February 1, 1997 and
fourteen weeks ended February 3, 1996 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
February 1, October 26,
1997 1996
CURRENT ASSETS
Cash and cash equivalents $2,604,834 $2,557,251
Trade accounts receivable 468,356 480,178
Inventories 247,360 219,606
Prepaid expenses 19,886 25,938
Marketable securities 417,313 560,962
Total current assets 3,757,749 3,843,935
PROPERTY AND EQUIPMENT
Land 114,006 114,006
Building and improvements 324,044 304,044
Machinery and equipment 594,783 594,783
Small tools 53,580 53,580
Furniture and fixtures 8,048 8,048
Office equipment 35,615 35,615
Automobile 42,336 30,315
Total property and
equipment 1,172,412 1,140,391
Less accumulated depreciation 742,814 747,340
Net property and
equipment 429,598 393,051
Total assets $_________ $_________
OPT-Sciences Corporation and Subsidiary
CONSOLIDATED BALANCE SHEETS
(Unaudited)
LIABILITIES AND STOCKHOLDERS' EQUITY
February 1, October 26,
1997 1996
CURRENT LIABILITIES
Accounts payable - trade $ 47,775 $ 43,760
Accrued income taxes 73,988 151,050
Other current liabilities 135,500 203,779
Total current liabilities 257,263 398,589
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 3,570,471 3,481,639
Net unrealized gains on
marketable securities 24,056 20,451
Less treasury stock at cost -
223,516 shares ( 187,138) ( 186,388)
Total stockholders' equity 3,930,084 3,838,397
Total liabilities and
stockholders' equity $_________ $_________
OPT-Sciences Corporation and Subsidiary
CONSOLIDATED STATEMENTS OF INCOME AND RETAINED EARNINGS
(Unaudited)
Fourteen Fourteen
Weeks Ended Weeks Ended
February 1, February 3,
1997 1996
NET SALES $663,772 $491,341
COST OF SALES 480,185 335,005
Gross profit
on sales 183,587 156,336
OPERATING EXPENSES
Sales & delivery 3,355 4,405
General and administrative 70,437 72,924
Total operating expenses 73,792 77,329
Operating income (loss) 109,795 79,007
OTHER INCOME 38,037 34,384
Net income before taxes 147,832 113,391
FEDERAL AND STATE INCOME TAXES 59,000 45,300
Net income 88,832 68,091
RETAINED EARNINGS -
beginning of period 3,481,639 3,078,329
RETAINED EARNINGS -
end of period $_________ $_________
EARNINGS PER SHARE OF
COMMON STOCK _________ _________
Average shares of
stock outstanding 775,703 776,464
OPT-Sciences Corporation and Subsidiary
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Fourteen Fourteen
Weeks Ended Weeks Ended
February 1, February 3,
1997 1996
CASH FLOWS FROM OPERATING
ACTIVITIES
Net income $88,832 $68,091
Adjustments to reconcile net
income to net cash provided
by operating activities
Depreciation and
amortization 11,395 10,282
Gain on sale of
securities ( 2,746) -0-
Decrease (increase) in
Accounts receivable 11,822 77,423
Inventories ( 27,754) ( 15,994)
Prepaid expenses 6,052 6,597
(Decrease) increase in
Accounts payable 4,015 ( 21,661)
Accrued income taxes ( 77,062) ( 19,700)
Other current liabilities ( 68,279) ( 24,448)
Net cash (used) provided
by operating activities ( 53,725) 80,590
CASH FLOWS FROM INVESTING
ACTIVITIES
Additions to property and
equipment ( 47,942) ( 7,950)
Purchases of securities ( 50,000) -0-
Sale of securities 200,000 -0-
Net cash provided (used)
in investing activities 102,058 ( 7,950)
OPT-Sciences Corporation and Subsidiary
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Fourteen Fourteen
Weeks Ended Weeks Ended
February 1, February 3,
1997 1996
CASH FLOW FROM
FINANCING ACTIVITIES:
Purchases of treasury stock $( 750) $( 488)
Net cash (used) in
financing activities ( 750) ( 488)
Increase in cash 47,583 72,152
Cash and cash equivalents
at beginning of year 2,557,251 2,628,274
Cash and cash equivalents
at end of year $_________ $_________
SUPPLEMENTAL DISCLOSURES OF
CASH FLOWS INFORMATION:
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
consolidated financial statements contain all adjustments
necessary to present fairly OPT-Sciences Corporation's
financial position as of February 1, 1997 and October 26,
1996, and the results of operations for the fourteen weeks
ended February 1, 1997 and the fourteen weeks ended February
3, 1996 and cash flows for the respective periods 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 quarter of the year from
$2,557,251 to $2,604,834. Profits generated, coupled with a
decrease in accounts receivable more than offset decreases
in current obligations. There are no material obligations
in existence which would be anticipated to cause any sub-
stantial decrease in the cash balances from other than the
Company's future operations.
RESULTS OF OPERATIONS
Sales revenues have increased by about 35% from the level of
the first quarter of the prior year which continues the
growth trend of the prior year. Gross profits increased by
about 17% from those of the prior year due to increase in
volume the product mix. Earnings from investments are
higher due to higher invested 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
Date Anderson McCabe, President
Date Harvey Habeck,
Chief Accountant
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