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Previous: MERRILL LYNCH GLOBAL HOLDINGS INC, N-30B-2, 1996-10-10 |
Next: TMBR SHARP DRILLING INC, SC 13G, 1996-10-10 |
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended August 31, 1996
---------------
Commission file number 0-12574
-------
Pressure Piping Components, Inc.
------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
A Delaware Corporation I.R.S Employer Identification
No. 11-2684265
3333 New Hyde Park Road, North Hills, New York 11042
Registrant's telephone number, including area code: (516) 365-4466
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Sections 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
--- ---
4,100,456 Common shares were outstanding as of October 9, 1996.
<PAGE>
PRESSURE PIPING COMPONENTS, INC.
--------------------------------
INDEX
-----
Page
Number
------
Part I. Financial Information:
Item 1. Financial Statements:
Balance Sheets as of
August 31, 1996 and May 31, 1996 1
Statements of Operations for
the three months ended
ended August 31, 1996 and 1995 2
Statements of Cash Flows
for the three months ended
August 31, 1996 and 1995 3
Notes to Financial Statements 4
Item 2. Management's Discussion and Analysis
of Financial Condition and Results
of Operations 5
Part II. Other Information:
Item 6. Exhibits and Reports on Form 8-K 6
<PAGE>
PRESSURE PIPING COMPONENTS, INC.
BALANCE SHEETS
(Unaudited)
(000 Omitted)
--------------------------
August 31, May 31,
1996 1996
---------- --------
ASSETS
Current assets:
Cash and cash equivalents $2,678 $2,658
-------- --------
Total current assets 2,678 2,658
Other assets 1 1
------- -------
$2,679 $2,659
======= =======
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accrued expenses $21 $20
------ ------
Total current liabilities 21 20
Stockholders' equity:
Common stock 461 461
Paid-in capital 11,803 11,803
Accumulated deficit (9,423) (9,442)
-------- --------
2,841 2,822
Less: Treasury stock at cost 183 183
------- -------
Total Stockholders' Equity 2,658 2,639
------- -------
$2,679 $2,659
======= =======
See notes to consolidated financial statements.
-1-
<PAGE>
PRESSURE PIPING COMPONENTS, INC.
STATEMENTS OF OPERATIONS
(Unaudited)
(000 Omitted)
-----------------
Three Months Ended
-------------------
August 31,
1996 1995
-------- -------
Investment income $27 $31
General and administrative expenses 8 5
------ ------
INCOME BEFORE INCOME TAX PROVISION 19 26
Income tax provision - -
------- -------
NET INCOME $19 $26
======= =======
Average Common shares outstanding 4,100 4,100
======= =======
Net income per share $- $.01
====== ======
See notes to consolidated financial statements.
-2-
<PAGE>
PRESSURE PIPING COMPONENTS, INC.
STATEMENTS OF CASH FLOWS
(Unaudited)
(000 Omitted)
Three Months Ended
------------------
August 31,
1996 1995
--------- ---------
Cash flows from operating activities:
Net income $19 $26
Adjustments to reconcile net income
to net cash provided by operating
activities:
Increase (Decrease) in accrued expenses 1 (1)
Decrease in other assets - 9
------ ------
Net cash provided by operating
activities 20 34
Cash and equivalents - beginning of year 2,658 2,604
------- -------
Cash and equivalents - end of period $2,678 $2,638
======= =======
See notes to consolidated financial statements
-3-
<PAGE>
PRESSURE PIPING COMPONENTS, INC.
--------------------------------
NOTES TO FINANCIAL STATEMENTS
Note A - Basis of Presentation
The accompanying finaincal statements of Pressure Piping Components,
Inc. (Company) have been prepared in accordance with generally accepted
accounting principles for interim financial information and with the
instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly,
they do not include all of the information and footnotes required by
generally accepted accounting principles for complete financial statements.
In the opinion of management, all adjustments (consisting of normal recurring
accruals) considered necessary for a fair presentation have been included.
The results of operations of any interim period are subject to year-end audit
and adjustments, and are not necessarily indicative of the results of
Operations for the fiscal year. Certain amounts previously reported to
stockholders have been reclassified to conform to the current period
presentation; these reclassifications were not material in amount. For
further information, refer to the financial statements and footnotes thereto
included in the Company's annual report on Form 10-K for the year ended May
31, 1996.
-4-
<PAGE>
Item 2. Management's Discussion and Analysis of Financial Condition and
---------------------------------------------------------------
Results of Operations
---------------------
With the sale of its last remaining operating assets on August 7, 1985,
the Company effectively ceased its operations. Since that time the Company
has invested the funds generated from the sale of its former businesses
primarily in U.S. Treasury Bills, U.S. government-backed municipal
obligations and bank time deposits while it has explored several alternatives
relating to the future of the Company including the acquisition of several
businesses.
While it has been the Company's intention to explore investment
opportunities, our limited resources has made this task a difficult one. At
August 31, 1996, the Company had $2,678,000 of cash and cash equivalents,
primarily bank time deposits. If a suitable investment opportunity does not
develop, the Company intends to seek shareholder approval to dissolve the
Company.
Investment income has remained stable over the past two periods
reflecting both consistent levels of cash invested and interest rates.
The Company has adequate working capital and investment income to fund
general and administrative expenses.
-5-
<PAGE>
PART II - OTHER INFORMATION
---------------------------
Item 6. Exhibits and Reports on Form 8-K
--------------------------------
None.
-6-
<PAGE>
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.
PRESSURE PIPING COMPONENTS, INC.
By: s/David A. Wingate
----------------------------------
David A. Wingate, President
By: s/Victor J. Galgano
----------------------------------
Victor J. Galgano, Vice President
& Chief Financial Officer
Date: October 6, 1996
---------------
-7-
<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAY-31-1997
<PERIOD-END> AUG-31-1996
<CASH> 2,678
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 2,678
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 2,679
<CURRENT-LIABILITIES> 21
<BONDS> 0
461
0
<COMMON> 0
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 2,679
<SALES> 0
<TOTAL-REVENUES> 27
<CGS> 0
<TOTAL-COSTS> 8
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 19
<INCOME-TAX> 0
<INCOME-CONTINUING> 19
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 19
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
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