UNITED STATES
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 November 30, 1995
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Commission file number 0-12574
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Pressure Piping Components, Inc.
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(Exact name of registrant as specified in its charter)
A Delaware Corporation I.R.S. Employer Identification 11-2684265
3333 New Hyde Park Road, North Hills, NY 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
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4,100,456 Common shares were outstanding as of January 5, 1996.
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PRESSURE PIPING COMPONENTS, INC.
INDEX
Page
Number
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Part I. Financial Information:
Item 1. Financial Statements:
Balance Sheets as of
November 30, 1995 and May 31, 1995 1
Statements of Operations for
the three and six month periods
ended November 30, 1995 and 1994 2
Statements of Cash Flows
for the six month periods ended
November 30, 1995 and 1994 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
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PRESSURE PIPING COMPONENTS, INC.
BALANCE SHEETS
(Unaudited)
(000 Omitted)
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November 30, May 31,
1995 1995
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ASSETS
Current assets:
Cash and equivalents $2,635 $2,604
Other - 9
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Total current assets 2,635 2,613
Other assets 1 1
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$2,636 $2,614
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accrued expenses $5 $22
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Total current liabilities 5 22
Stockholders' equity:
Common stock 461 461
Paid-in capital 11,803 11,803
Accumulated deficit (9,450) (9,489)
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2,814 2,775
Less: Treasury stock at cost 183 183
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Total Stockholders' Equity 2,631 2,592
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$2,636 $2,614
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See notes to consolidated financial statements.
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PRESSURE PIPING COMPONENTS, INC.
STATEMENTS OF OPERATIONS
(Unaudited)
(000 Omitted)
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Three Months Ended Six Months Ended
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November 30, November 30,
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1995 1994 1995 1994
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Investment income $29 $26 $60 $50
General and administrative expenses 16 9 21 15
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INCOME BEFORE INCOME TAX PROVISION 13 17 39 35
Income tax provision - - - -
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NET INCOME $13 $17 $39 $35
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Average common shares outstanding 4,100 4,100
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Net income per share $ - $ - $ .01 $ .01
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See notes to financial statements.
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PRESSURE PIPING COMPONENTS, INC.
STATEMENTS OF CASH FLOWS
(Unaudited)
(000 Omitted)
Six Months Ended
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November 30,
----------------
1995 1994
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Cash flows from operating activities:
Net income $39 $35
Adjustments to reconcile net earnings
to net cash provided (used) by
operating activities:
Decrease in accrued expenses (17) (48)
Decrease in other assets 9 -
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Net cash provided by (used in) operating
activities 31 (13)
Cash and equivalents - beginning of year 2,604 2,583
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Cash and equivalents - end of period $2,635 $2,570
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See notes to consolidated financial statements
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<PAGE>
PRESSURE PIPING COMPONENTS, INC
NOTES TO FINANCIAL STATEMENTS
Note A - Basis of Presentation
The accompanying financial 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, 1995.
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<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 remains the Company's intention to continue to explore
investment opportunities, the current credit environment, as well as
our own limited resources has made this task a difficult one. At
November 30, 1995, the Company had $2,635,000 of cash, cash
equivalents - primarily bank time deposits. It is the intention of
the Company to utilize these funds as well as obtainable debt
instruments in financing a suitable acquisition.
Investment income has increased in the current period due to an
increase in interest rates.
The Company has adequate working capital and investment income to
fund general and administrative expenses.
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<PAGE>
PART II - OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K
None.
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<PAGE>
SIGNATURES
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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
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David A. Wingate, President
By: s/Victor J. Galgano
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Victor J. Galgano, Vice President
& Chief Financial Officer
Date: January 5, 1996
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