<PAGE> 1
FORM 10-Q
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
(X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 1996
------------------
( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
----- -----
Commission File Number 0-16343
OIS OPTICAL IMAGING SYSTEMS, INC.
---------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 38-254432
- -------------------------------- --------------------------------------
(State of other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
47050 Five Mile Road, Northville, Michigan 48167
- --------------------------------------------- -----------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (313) 454-5560
-----------------------
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 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
--- ---
Indicate the number of shares outstanding of each of the issuer's classes of
common stock as of May 13, 1996:
Common Stock, $0.01 par value 97,102,657
- ------------------------------- ---------------------
Class Number of shares
<PAGE> 2
PART I - FINANCIAL INFORMATION
Financial Information
OIS OPTICAL IMAGING SYSTEMS, INC.
CONDENSED STATEMENTS OF OPERATIONS
(Unaudited)
<TABLE>
<CAPTION>
Three Months Nine Months
Ended March 31, Ended March 31,
------------------------------ ----------------------------
1996 1995 1996 1995
------------ ------------ ------------- -----------
<S> <C> <C> <C> <C>
REVENUE
Display revenue $ 3,457,846 $ 202,338 $ 5,693,365 $ 603,469
Engineering revenue 1,310,328 1,585,835 3,233,715 4,980,551
Sensor revenue 17,668 118,902 66,486 254,436
------------ ------------ ------------- -----------
TOTAL REVENUES 4,785,842 1,907,075 8,993,566 5,838,456
Cost of sales 6,784,943 4,020,992 18,356,611 11,545,622
------------ ------------ ------------- -----------
GROSS MARGIN (1,999,101) (2,113,917) (9,363,045) (5,707,166)
OPERATING EXPENSES
Internal research and development 439,187 278,493 1,355,427 935,615
Selling, general and administrative 1,300,867 1,088,796 3,822,843 2,943,406
------------ ------------ ------------- -----------
OPERATING LOSS (3,739,155) (3,481,206) (14,541,315) (9,586,187)
OTHER (INCOME) AND EXPENSE
Licensing and royalties (60,686) (9,281) (102,382) (109,149)
Insurance proceeds (Note D) (803,624) -- (803,624) --
Other (substantially all interest) 625,393 (34,348) 1,326,212 (105,311)
------------ ------------ ------------- -----------
NET LOSS $ (3,500,238) $ (3,437,577) $ (14,961,521) $(9,371,727)
============ ============ ============= ===========
Preferred stock dividends 568,767 -- 1,271,506 --
NET LOSS AVAILABLE TO COMMON
SHAREHOLDERS $ (4,069,005) $ (3,437,577) $ (16,233,027) $(9,371,727)
============ ============ ============= ===========
NET LOSS PER COMMON
SHARE (Note B) $ (.04) $ (.04) $ (.17) $ (.15)
============ ============ ============= ===========
</TABLE>
See notes to financial statements.
2
<PAGE> 3
OIS OPTICAL IMAGING SYSTEMS, INC.
CONDENSED BALANCE SHEETS
ASSETS
<TABLE>
<CAPTION>
March 31, June 30,
1996 1995
----------- -----------
(Unaudited) (Audited)
<S> <C> <C>
CURRENT ASSETS
Cash and cash equivalents $ 324,633 $ 495,854
Cash-restricted 403,542 334,227
Accounts receivable 4,185,139 2,097,024
(Net reserve for doubtful accounts of
$60,000 at March 31, 1996 and June 30, 1995)
Receivable from U.S. Government 215,263 2,584,117
Inventory 4,638,585 3,360,062
Prepaid expenses 505,381 299,605
Insurance receivable 6,699,436 2,277,385
Other current assets 17,310 80,560
----------- -----------
TOTAL CURRENT ASSETS 16,989,289 11,528,834
PROPERTY AND EQUIPMENT
Land 3,000,000 3,000,000
Building 10,000,000 --
Leasehold improvements -- 1,037,010
Machinery and other equipment 9,875,427 9,105,373
Capitalized leases - equipment 365,000 365,000
Construction in process 35,105,581 39,339,490
----------- -----------
58,346,008 52,846,873
Less accumulated depreciation and
amortization (8,578,117) (7,111,928)
----------- -----------
NET TOTAL PROPERTY AND EQUIPMENT 49,767,891 45,734,945
TOTAL ASSETS $66,757,180 $57,263,779
=========== ===========
</TABLE>
See notes to financial statements.
3
<PAGE> 4
OIS OPTICAL IMAGING SYSTEMS, INC.
CONDENSED BALANCE SHEETS
LIABILITIES AND STOCKHOLDERS' EQUITY
<TABLE>
<CAPTION>
March 31, June 30,
1996 1995
----------- -----------
(Unaudited) (Audited)
<S> <C> <C>
CURRENT LIABILITIES
Current installments on capital lease obligation $ 124,500 $ 121,633
Current installment on long-term debt 2,250,000 --
Accounts payable 1,670,638 4,178,305
Accrued liabilities 1,845,642 1,479,751
Deferred revenues 584,457 326,954
----------- -----------
TOTAL CURRENT LIABILITIES 6,475,237 6,106,643
LONG-TERM DEBT 41,250,000 40,000,000
LOCAL GOVERNMENT SUBSIDY 3,000,000 3,000,000
DIVIDENDS PAYABLE 1,482,466 210,958
CAPITAL LEASE OBLIGATION 31,718 125,454
----------- -----------
TOTAL LIABILITIES 52,239,421 49,443,055
STOCKHOLDERS' EQUITY
Preferred Stock, par value $0.01 per share:
Series A, 8% cumulative, non-convertible
and non-voting
Authorized - 50,000 shares
Issued and outstanding - 35,000 shares at March
31, 1996 and 12,500 shares at June 30, 1995 350 125
Common Stock, par value $0.01 per share:
Authorized - 125,000,000 shares
Issued and outstanding - 97,081,657 shares at
March 31, 1996 and 96,712,931 at June 30, 1995 970,817 967,129
Additional paid-in capital 105,422,413 81,325,112
Accumulated deficit (90,371,417) (74,138,390)
Deferred compensation (1,504,404) (333,252)
----------- -----------
TOTAL STOCKHOLDERS' EQUITY 14,517,759 7,820,724
----------- -----------
TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY $66,757,180 $57,263,779
=========== ===========
</TABLE>
See notes to financial statements.
4
<PAGE> 5
OIS OPTICAL IMAGING SYSTEMS, INC.
CONDENSED STATEMENTS OF CASH FLOWS
(Unaudited)
<TABLE>
<CAPTION>
NINE MONTHS ENDED MARCH 31,
------------------------------
1996 1995
------------ ------------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss $(14,961,521) $ (9,371,727)
Adjustments to reconcile net loss to net cash
provided by (used in) operating activities:
Depreciation and amortization 2,503,200 793,554
Deferred revenues 257,503 (588,076)
Deferred compensation expense 233,388 170,336
Impact on cash flows from changes in assets and
liabilities:
Accounts receivable (4,141,312) 7,801,552
Prepaid expenses and other (142,526) (84,503)
Inventory (1,278,523) (1,272,422)
Accounts payable and accrued expenses (2,141,775) (9,819,907)
------------ ------------
NET CASH USED IN
OPERATING ACTIVITIES (19,671,566) (12,371,193)
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures (6,536,145) (18,922,403)
------------ ------------
NET CASH USED IN INVESTING ACTIVITIES (6,536,145) (18,922,403)
CASH FLOWS FROM FINANCING ACTIVITIES:
Principal payments on capital leases (90,869) (128,674)
Net proceeds from line of credit 3,500,000 23,500,000
Net proceeds from issuance of common stock 196,674 6,586,219
Net proceeds from issuance of preferred stock 22,500,000 --
------------ ------------
NET CASH PROVIDED BY FINANCING
ACTIVITIES 26,105,805 29,957,545
------------ ------------
(DECREASE) IN CASH AND CASH
EQUIVALENTS (101,906) (1,336,051)
NET CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 830,081 4,447,069
------------ ------------
NET CASH AND CASH EQUIVALENTS AT
END OF PERIOD $ 728,175 $ 3,111,018
============ ============
</TABLE>
See notes to financial statements.
5
<PAGE> 6
CONDENSED STATEMENTS OF CASH FLOWS
(Unaudited)
<TABLE>
<CAPTION>
NINE MONTHS ENDED
--------------------------
MARCH 31,
1996 1995
------------ ------------
<S> <C> <C>
SUPPLEMENTAL DISCLOSURES OF CASH
FLOW INFORMATION:
Cash paid for interest $1,006,114 $8,343
</TABLE>
Cash equivalents:
Cash equivalents consist of investments in short-term, highly-liquid securities
having an initial maturity of three months or less, made as a part of OIS' cash
management activity.
SUPPLEMENTAL SCHEDULE OF NONCASH
TRANSACTIONS:
<TABLE>
<CAPTION>
NINE MONTHS ENDED
--------------------------
MARCH 31,
1996 1995
------------ ------------
<S> <C> <C>
Common Stock issued in exchange for deferred
compensation, net of terminations $1,404,540 $ 95,937
Accrual of preferred dividends 1,271,506 --
Capitalization of equipment pursuant to
capital lease obligation -- 365,000
Conversion of Guardian equity to
Common Stock -- 10,500,000
</TABLE>
See statements of cash flows.
6
<PAGE> 7
OIS OPTICAL IMAGING SYSTEMS, INC.
NOTES TO FINANCIAL STATEMENTS
NOTE A - Financial Statement Presentation
The condensed financial statements included herein have been prepared
by OIS Optical Imaging Systems, Inc. ("the Company") without audit
pursuant to the rules and regulations of the Securities and Exchange
Commission. Certain information and footnote disclosures normally
included in financial statements prepared in accordance with generally
accepted accounting principles have been condensed or omitted pursuant to
such rules and regulations, although the Company believes that the
disclosures are adequate to make the information presented not misleading.
It is suggested that these condensed financial statements be read in
conjunction with the consolidated financial statements and notes thereto
included in the Company's latest annual report on Form 10-K. There have
been no significant changes in such information since the date of such
financial statements except as noted below.
In the opinion of the Company, the accompanying unaudited condensed
financial statements include all adjustments, consisting only of normal
recurring items, required to present fairly its financial position as of
March 31, 1996 and June 30, 1995, the results of operations for the three
and nine months ended March 31, 1996 and 1995 and cash flows for the nine
months ended March 31, 1996 and 1995.
NOTE B - Net Loss Per Share
Net loss per share is based on the weighted average number of shares
of Common Stock outstanding during the periods. The weighted average
number of shares used in the computation for the three months ended March
31, 1996 and 1995 were 97,016,730 and 96,687,467, respectively. The
weighted average number of shares used in the computation for the nine
months ended March 31, 1996 and 1995 were 96,819,833 and 61,073,502,
respectively.
Guardian Industries Corp. exercised its option to purchase additional
shares of common stock on November 26, 1994 at which time the company
issued approximately 41,900,000 shares to Guardian and issued
approximately 23,900,000 shares to William Davidson. Guardian had
irrevocably committed to such exercise as of June 30, 1994. If these
shares had been issued on June 30, 1994, the loss per share would have
been $.10 per share based on a weighted average number of shares
96,649,072 shares for the nine months ending March 31, 1995.
NOTE C - Reclassification
Certain amounts in the prior year financial statements have been
reclassified to conform with the current financial presentation.
NOTE D - Insurance Proceeds
During the quarter ended March 31, 1996, the Company received $803,624
that represented the business interruption portion of the insurance claim
related to the fire that occurred on March 1, 1995.
7
<PAGE> 8
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
RESULTS OF OPERATIONS
Summary
The operating results for the first nine months of fiscal 1996
continue to reflect a significant increase in losses resulting from higher
cost of sales and operating costs. Although revenue from the sale of
displays has increased, the Company's ability to generate additional sales
of displays continues to be constrained because the Company's Northville
facility has not completed start-up. The Company continues to focus on
the sale of standard displays but is also exploring opportunities to adapt
its sensor technology for use in medical and other imaging applications.
The Company continues to restrict customer funded engineering activity.
The Company also continues to address the manufacturing problems at its
Troy facility, which are discussed below under Cost of Sales. These
manufacturing problems, together with limited production capacity at the
Troy facility and the costs to maintain and operate the Troy Facility as
well as start-up the Northville facility, resulted in significantly higher
costs and losses in the first nine months of fiscal 1996.
Because of higher than expected revenues from sales of displays,
management now expects fiscal 1996 revenue to increase over fiscal 1995.
However, the trend of increased costs and operating losses is expected to
continue through the end of the current fiscal year. The results of the
Company's efforts during fiscal 1996, including the start-up of the
Northville facility, will determine whether the Company's cost of sales
and overall operating results can improve in the following fiscal years.
The start-up of the Northville facility is progressing. The first
production units produced at the Northville facility were completed and
delivered to customers during the fourth quarter of fiscal 1996. However,
there remain some critical areas, including demonstration of consistency
in process control, that require additional progress before the start-up
will be completed and the Northville facility will be ready for the full
transfer of production from the Troy facility. Although the start-up of a
facility with this level of complexity is inherently an uncertain process,
there has been significant progress to date, and management expects that
start-up will be completed during the first quarter of fiscal 1997.
Three months and nine months ended March 31, 1996 and 1995.
REVENUES
Total revenue for the first nine months of fiscal 1996 of $8,993,566
was 54% higher than total revenue of $5,838,456 for the same period in the
preceding fiscal year. Total revenue for the third quarter of fiscal 1996
of $4,785,842 was 151% higher than total revenue of $1,907,075 for the
third quarter in the preceding fiscal year. The increase is attributable
to a substantial increase in revenue from the sale of displays which was
partly offset by a decrease in revenue generated from customer funded
engineering.
Revenue from the sale of displays for the first nine months of fiscal
1996 and the third quarter of fiscal 1996 of $5,693,365 and $3,457,846 was
843% and 1609% higher, respectively, when compared to $603,469 and
$202,338 for the same periods in the preceding fiscal year. The increase
in revenue from the sale of
8
<PAGE> 9
displays is the result of increased deliveries of various sizes under
multiple programs, the largest being deliveries of three different sizes
under the F-22 program. The F-22 program generated approximately $2.8
million or 49% of the display revenue during the first nine months of the
current fiscal year. Revenue from customer-funded engineering and
development activities for the first nine months of fiscal 1996 and the
third quarter of fiscal 1996 of $3,233,715 and $1,310,328 was 35% and 17%
lower, respectively, when compared to $4,980,551 and $1,585,835 for the
same periods in the preceding fiscal year. Management expects the trend
of increased display revenue and decreased engineering revenue to continue
throughout fiscal 1996 as the Company completes its transition to full
scale manufacturing.
Significant additional display revenue will be necessary if the
Company is to improve operating results. Until start-up of the Northville
facility is completed, revenue growth will be constrained. The Company is
continuing to restrict additional orders for displays for delivery in the
current fiscal year but is working closely with customers on the status of
the Northville facility. While management expects the level of demand for
the Company's displays to increase in the future, it continues to be
uncertain as to the rate at which activity in the commercial and military
avionics market segment will increase. The rate of increase depends on
how quickly AMLCDs are deployed into new products and applications, and is
uncertain. The Company is currently attempting to increase its sales in
the military and avionics market segment and to work with potential
customers in other market segments. If these efforts and the start-up of
the new facility are successful, the Company's revenues could increase
significantly in fiscal 1997 and thereafter.
The Company is continuing to deliver displays to customers, and
customers continue to report that they are pleased with the quality and
performance of the Company's products.
COST OF SALES
Cost of sales for the first nine months and third quarter of fiscal
1996 of $18,356,611 and $6,784,943 was 59% and 69% higher, respectively,
when compared to $11,545,622 and $4,020,992 for the same periods in the
preceding fiscal year. Furthermore, the cost of sales as a percentage of
revenue increased for the first nine months of fiscal 1996 to 204% from
198% when compared to the same period in the preceding fiscal year. The
cost of sales as a percentage of revenue decreased for the third quarter
of fiscal 1996 to 142% from 211% when compared to the same period in the
prior fiscal year. This decrease was caused by the increased amount of
display revenue generated during the third quarter at higher margins than
the third quarter of the previous year, but does not represent any known
trend.
Continuing manufacturing difficulties at the Troy facility have
resulted in low yields, equipment downtime and significant repair costs
necessary to keep the Troy facility operating. These factors have
increased the Company's cost of sales. While many of these problems have
been addressed, some problems are inherent in the Troy facility, which was
designed for research and development rather than volume manufacturing.
The amount of increase is further magnified when compared to fiscal 1995
because of the additional costs incurred to maintain and staff two
facilities during fiscal 1996. Depreciation expense, a component of cost
of sales, increased approximately $1.7 million and $281,000 during the
first nine months and third quarter of fiscal 1996, respectively, when
compared to the same periods in the preceding fiscal year. This was due
to portions of the Northville facility and process equipment being placed
into service during the current fiscal year.
9
<PAGE> 10
Management continues to address problems in its manufacturing process
and is satisfied with the progress that has been made to date and remains
optimistic about the performance of the Northville facility. Certain
manufacturing difficulties are inherent to the Troy facility and will
continue to have a negative impact on the Company's operations as long as
the Troy facility is operating. Management expects that the Company's
production capability will increase significantly, and cost of sales will
decrease as a percentage of revenue, once the transfer of production from
the Troy facility to the Northville facility is complete, assuming that
the Northville facility operates successfully. This transfer is expected
to occur during the first quarter of fiscal 1997. However, it will not be
possible to know the results of the Company's efforts until the start-up
process at the Northville facility is complete.
Other Costs
The Company's internal research and development costs for the first
nine months and third quarter of fiscal 1996 of $1,355,427 and $439,187
were 45% and 58% higher, when compared to $935,615 and $278,493 for the
same periods in fiscal 1995. The Company continues to commit resources to
increasing its standard product line, improving current products,
improving the Company's technical position and protecting the Company's
intellectual property rights. Management expects to incur internal
research and development costs in fiscal 1996 and thereafter at higher
levels than in fiscal 1995.
The Company's Selling, General and Administrative costs for the first
nine months and third quarter of fiscal 1996 of $3,822,843 and $1,300,867
were 30% and 19% higher when compared to $2,943,406 and $1,088,796 for the
same periods in fiscal 1995. The increase is attributable to the Company
expanding its marketing and administrative organization to manage the
current and anticipated increases in markets and general business
activity.
Interest expense for the first nine months and third quarter of
fiscal 1996 increased approximately $1.4 million and $650,000 when
compared to the same periods during fiscal 1995. This was due to portions
of the Northville plant being placed in service, with the consequence that
a proportionate amount of interest incurred on the debt to finance the
construction of the Northville facility is no longer being capitalized as
part of the cost of the Northville facility. The Company also continued
to incur additional interest on higher debt levels to finance ongoing
operations, when compared to fiscal 1995. Interest expense will continue
to increase at an accelerated rate throughout the remainder of fiscal 1996
and thereafter as start-up of the Northville facility is completed. The
capitalization of interest is expected to be completed by the end of
fiscal 1996 and thereafter all of the Company's interest expense will be
treated as a period cost.
During the third quarter of fiscal 1996 the Company received $803,624 of
insurance proceeds, recorded as "other income", resulting from the
interruption of business caused by the fire at the Northville facility in
March 1995. This amount is separate from the reimbursable expenses incurred
by the Company to repair damage from the fire which is discussed under
"Liquidity and Capital Resources".
Other differences between the first nine months and third quarter of
fiscal year 1996 and 1995 are not discussed because management believes
they result principally from differences in timing of revenue and
expenses, and not from any known trends.
10
<PAGE> 11
Liquidity and Capital Resources.
1. Liquidity
The Company's cash and cash equivalents at March 31, 1996 was
$728,175, of which $403,542 consisted of funds provided by the Defense
Advanced Research Projects Agency (DARPA) under the Company's agreement
with DARPA relating to the Northville facility. The Company uses DARPA
funds solely for the purchase of manufacturing equipment for the new
facility and not for continuing operations. The Company is attempting to
manage its cash to minimize borrowings under its $52.5 million commercial
credit facility. See Financing Activities.
OPERATING ACTIVITIES
During the first nine months of fiscal 1996 the Company incurred a
net loss of $14,961,521. Accounts Receivable increased by a net amount of
$4.1 million due to approximately $6.5 million of expenses incurred in
connection with the March 1995 fire, which are expected to be reimbursed in
fiscal 1996 offset by the receipt of approximately $2.4 million from DARPA in
connection with equipment procured under the DARPA agreement. Accounts
payable and accrued expenses decreased approximately $1.3 million due to the
timing of payment of invoices relating to construction of the new facility.
Depreciation expense increased approximately $2.5 million due to portions of
the new facility being placed in service. Inventory increased approximately
$1.3 million as the Company increased levels of raw materials to sustain
increased manufacturing activity associated with the start-up of the
Northville facility.
INVESTING ACTIVITIES
During the first nine months of fiscal 1996, the Company spent
approximately $6.5 million for production equipment and start-up costs
relating to the Northville facility.
FINANCING ACTIVITIES
During the first nine months of fiscal 1996, the Company received
$22.5 million from the sale of preferred stock to Guardian Industries
Corp. and borrowed a net amount of $3.5 million under its $52.5 million
credit facility with NBD Bank N.A. and Bank of America NT&SA. As of March
31, 1996, the Company's aggregate borrowings under its commercial credit
facility were $43.5 million. As of May 13, 1996, the Company's aggregate
borrowings under its commercial credit facility were $46.5 million.
The Company's liquidity is decreasing and management anticipates a
need for additional cash during the first half of fiscal 1997 to support
the Company's operations and meet a minimum equity covenant in its
commercial credit agreement, which requires the Company to maintain a net
worth of at least $5 million. See Capital Resources.
Capital Resources
The Company has financed the cost of its Northville facility and
provided working capital through the current period. The cost of the
Northville facility and related start-up is currently anticipated to be
$105.9 million, which is 4% over the original estimate of $101.5 million.
Over 90% of these costs have been committed and completion of start-up is
scheduled for the first quarter of fiscal 1997.
11
<PAGE> 12
The Company is in the process of completing the acquisition of an
additional 80 acres of land adjacent to the existing property in
Northville. The agreement with Wayne County provides a conditional
purchase price of $800,000. The price is conditioned on the Company
beginning construction on a large scale facility within five years and
employing 500 employees within eight years. If the Company does not meet
these conditions, it will have the option of either (i) paying
approximately $3 million to the county as additional consideration for the
land or (ii) conveying the land back to the county and receiving a refund
of the original $800,000 purchase price (without interest).
Due to the level of current and anticipated losses, Management
expects additional capital resources will be needed to support the
Company's operations. During the first nine months of fiscal 1996,
Guardian Industries Corp. ("Guardian") purchased $22.5 million in
preferred stock on the same terms as the preferred stock purchased in
fiscal 1995. While at this time Guardian has indicated its intention to
continue funding the Company, the Company is currently investigating
alternative sources to meet its capital needs. Although there is no
assurance that such alternative sources would be available, management
expects that additional funding will be obtained. If, however, the
Company were unable to obtain funding from Guardian or other sources, the
Company would be unable to meet its obligations and would be materially
adversely affected.
12
<PAGE> 13
PART II - OTHER INFORMATION
Item 5. Other Information
None.
Item 6. Exhibits and Reports on Form 8-K
A. EXHIBITS
Exhibit 27. Financial Data Schedule (EDGAR version only).
B. REPORTS ON FORM 8-K
The Company filed Report on Form 8-K dated February 28, 1996.
13
<PAGE> 14
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.
OIS Optical Imaging Systems, Inc.
(Registrant)
Date: May 14, 1996 By: /s/ Rex Tapp
-------------------------------------
Rex Tapp
President and Chief Executive Officer
Date: May 14, 1996 By: /s/ Charles C. Wilson
-------------------------------------
Charles C. Wilson
Executive Vice President
(Principal Financial and
Accounting Officer)
14
<PAGE> 15
EXHIBIT INDEX
<TABLE>
<CAPTION>
Exhibit
No. Description Page
- ------- ----------- ----
<S> <C> <C>
27 Financial Data Schedule
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM (A) THE
BALANCE SHEET AND STATEMENT OF OPERATIONS FOR THE THREE MONTHS ENDED MARCH 31,
1996.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-START> JUL-01-1995
<PERIOD-END> MAR-31-1996
<CASH> 728,175
<SECURITIES> 0
<RECEIVABLES> 4,245,139
<ALLOWANCES> 60,000
<INVENTORY> 4,638,585
<CURRENT-ASSETS> 16,989,289
<PP&E> 58,346,008
<DEPRECIATION> 8,578,117
<TOTAL-ASSETS> 66,757,180
<CURRENT-LIABILITIES> 6,475,237
<BONDS> 0
0
350
<COMMON> 970,817
<OTHER-SE> 13,546,592
<TOTAL-LIABILITY-AND-EQUITY> 66,757,180
<SALES> 4,785,842
<TOTAL-REVENUES> 4,785,842
<CGS> 6,784,943
<TOTAL-COSTS> 8,524,997
<OTHER-EXPENSES> (238,917)
<LOSS-PROVISION> 60,000
<INTEREST-EXPENSE> 625,393
<INCOME-PRETAX> (3,500,238)
<INCOME-TAX> 0
<INCOME-CONTINUING> (3,500,238)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (3,500,238)
<EPS-PRIMARY> (.04)
<EPS-DILUTED> (.04)
</TABLE>
