SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 1997
OR
[ ] 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 2-93668-FW
CURTIS MATHES HOLDING CORPORATION
(Exact name of Registrant as specified in its charter)
Texas 75-1975147
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
10911 Petal Street, 75238
Dallas, Texas (Zip Code)
(Address of principal executive offices)
(214) 503-8880
(Registrant's telephone number, including area code)
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
At September 30, 1997, there were 40,842,360 shares of
Registrant's common stock outstanding.
<PAGE>
GENERAL INDEX
Page Number
PART I.
FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS 3
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS 8
PART II.
OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K 9
SIGNATURES 10
EXHIBIT INDEX 10
<PAGE>
CURTIS MATHES HOLDING CORPORATION and Subsidiaries
PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
A. BASIS OF INTERIM FINANCIAL STATEMENT PREPARATION
The interim financial statements and summarized notes included
herein were prepared, without audit, pursuant to rules and regulations of
the Securities and Exchange Commission. Because certain information and
notes normally included in financial statements prepared in accordance
with generally accepted accounting principles were condensed or omitted
pursuant to such rules and regulations, it is suggested that these
financial statements be read in conjunction with the Consolidated
Financial Statements and the Notes thereto, included in the Company's
Annual Report on Form 10-K for the preceding fiscal year. These interim
financial statements and notes hereto reflect all adjustments which are,
in the opinion of management, necessary for a fair statement of results
for the interim periods presented. Such financial results, however,
should not be construed as necessarily indicative of future earnings.
CURTIS MATHES HOLDING CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (Unaudited)
ASSETS
September 30 June 30
1997 1997
------------ ------------
CURRENT ASSETS
Cash and cash equivalents $ 236,255 $ 800,346
Marketable securities 146,952 282,142
Accounts receivable
Trade 41,657 -
Due from related parties 16,618 20,000
Note receivable, net of allowance
of $375,000 31,845 35,237
Inventory 379,418 79,701
Prepaid expenses 1,754,104 1,918,998
------------ ------------
Total current assets 2,606,849 3,136,424
------------ ------------
PROPERTY AND EQUIPMENT, net 2,845,113 2,319,012
------------ ------------
OTHER ASSETS
Investment in joint venture 354,000 354,000
Notes receivable, less current portion 288,931 291,521
Software development 5,157,778 4,149,748
Licenses 1,085,367 1,100,117
Trademark, net of accumulated
amortization of $883,753
and $822,693, respectively 4,032,002 4,093,061
Other 30,870 30,870
------------ ------------
Total other assets 10,948,948 10,019,317
------------ ------------
TOTAL ASSETS $ 16,400,910 $ 15,474,753
============ ============
-Continued-
<PAGE>
CURTIS MATHES HOLDING CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (Unaudited)- Continued
LIABILITIES AND STOCKHOLDERS' EQUITY
September 30 June 30
1997 1997
------------ ------------
CURRENT LIABILITIES
Trade accounts payable $ 828,728 $ 355,894
Accrued and other current liabilities 811,091 1,197,194
License fees payable 660,000 660,000
Current maturities of long-term debt,
including $34,000 due to related
parties in 1997 299,147 301,810
Current maturities of obligations under
capital leases 54,275 38,296
------------ ------------
Total current liabilities 2,653,241 2,553,194
------------ ------------
LONG TERM DEBT, less current maturities 167,095 171,469
OBLIGATIONS UNDER CAPITAL LEASES,
less current maturities 14,674 14,262
WARRANTY PROVISION 339,972 435,193
------------ ------------
Total liabilities 3,174,982 3,174,118
------------ ------------
STOCKHOLDERS' EQUITY
Preferred stock, cumulative, $1.00 par
value; 1,000,000 shares authorized:
Series A, 140,000 shares (liquidation
preference of $140,000) 140,000 140,000
Series H, 3 and 55 shares in 1996
(liquidation preference of $75,000
in 1997) 3 3
Series K, 9 shares in 1997 (liquidation
preference of $1,035,000) - 9
Series L, 1,275 shares in 1997 (liquidation
preference of $1,275,000) - 1,275
Series M, 140 shares issued September 1997
(liquidation preference of $3,500,000) 140 -
Common stock, $.01 par value; 80,000,000 and
40,000,000 shares authorized and 40,842,360
and 36,709,186 issued and outstanding at
September 30, and June 30, 1997,
respectively 408,424 367,092
Additional paid-in-capital 33,574,341 30,317,592
Accumulated deficit, since July 1, 1993
quasi reorganization in which an
accumulated deficit of $4,140,595
was eliminated (20,896,980) (18,525,336)
------------ ------------
Total Stockholders' Equity 13,225,928 12,300,635
------------ ------------
TOTAL LIABILITIES AND EQUITY $ 16,400,910 $ 15,474,753
============ ============
<PAGE>
CURTIS MATHES HOLDING CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
Three Months Ended
September 30 September 30
1997 1996
------------ ------------
REVENUES:
Net sales $ 74,070 $ 2,090,383
------------ ------------
Total Revenue 74,070 2,090,383
COST OF SALES 65,878 2,005,071
------------ ------------
Gross Profit 8,192 85,312
OPERATING EXPENSES 2,362,551 896,297
------------ ------------
Operating Loss (2,354,359) (810,985)
------------ ------------
OTHER INCOME (EXPENSE):
Interest and other income, net 4,756 67,270
Interest expense (16,170) (9,833)
------------ ------------
Total Other Income (Expense) (11,414) 57,437
------------ ------------
LOSS FROM CONTINUING OPERATIONS BEFORE
INCOME TAXES AND EXTRAORDINARY ITEM (2,365,773) (753,548)
Income tax benefit - 463,035
------------ ------------
LOSS FROM CONTINUING OPERATIONS BEFORE
EXTRAORDINARY ITEM (2,365,773) (290,513)
------------ ------------
Loss before extraordinary item (2,365,773) (290,513)
EXTRAORDINARY ITEM
Gain on extinguishment of debt, net of
income taxes of $463,035 - 789,426
------------ ------------
NET INCOME (LOSS) $ (2,365,773) $ 498,913
============ ============
Gain (Loss) from continuing operations
per share $ (0.06) $ 0.01
============ ============
Gain from extraordinary item per share $ - $ 0.03
============ ============
Gain (Loss) attributable to common
shareholders $ (0.06) $ 0.04
============ ============
Weighted average common shares outstanding 39,076,264 26,481,800
============ ============
<PAGE>
CURTIS MATHES HOLDING CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
Three Months Ended
September 30 September 30
1997 1996
------------ ------------
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss $ (2,365,773) $ 498,913
Adjustments to reconcile net loss
to cash provided (used) by
operating activities:
Depreciation and amortization 232,058 168,830
Gain on extinguishment of debt - (1,252,461)
Provision for bad debts 18,417 -
Changes in assets and liabilities,
net of effects from acquisitions
and dispositions:
Accounts receivable (19,858) 13,608
Inventory (299,717) (62,817)
Prepaid expense and other 164,894 (918,755)
Restricted cash - 39,423
Other assets - 30,300
Accounts payable, accrued
liabilities and other
current liabilities 76,130 (381,787)
Other liabilities (95,221) -
------------ ------------
Cash provided (used) by operating
activities (2,289,069) (1,864,746)
------------ ------------
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of property and equipment (681,283) (43,212)
Investments - other - (550,769)
Software development (1,008,030) -
Proceeds from sale of marketable
securities 135,190 -
------------ ------------
Cash used for investing activities (1,554,123) (593,981)
------------ ------------
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from long-term debt - (3,145)
Principal payments on long-term debt (4,374) (119,856)
Principal payments on capital lease
obligations 412 -
Issuances of preferred and common
stock for cash 3,290,000 5,010,917
Redemption of preferred stock for
cash - (1,170,305)
Dividends paid through issuance of
common stock (6,937) -
------------ ------------
Cash provided by financing activities 3,279,101 3,717,611
------------ ------------
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS (564,091) 1,258,884
CASH AND CASH EQUIVALENTS, BEGINNING 800,346 4,150,481
------------ ------------
CASH AND CASH EQUIVALENTS, ENDING $ 236,255 $ 5,409,365
============ ============
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
Overview
The following discussion provides information to assist in the
understanding of the Company's financial condition and results of
operations for the fiscal quarter ended September 30, 1997. It should be
read in conjunction with the Consolidated Financial Statements and Notes
thereto appearing in the Company's Annual Report on Form 10-K for fiscal
year ended June 30, 1997.
Results of Operations
Revenues. The Company reports revenues of $74,000 in the first
fiscal quarter, compared to $2,090,000 for the same quarter last year.
This decrease occurred as the Company redirected its primary focus to
development of the uniView product line and the Curtis Mathes Xpressway
Internet access and online service.
Gross Profit. Gross profit equals net sales less cost of goods sold
(both labor and material), non-direct, fixed manufacturing costs (such as
salaries, leasing costs, and depreciation charges related to production
operations), and non-direct, variable manufacturing costs (such as
supplies and employee benefits). In the first fiscal quarter, the
Company reports gross profit of $8,000, compared to $160,000 for the same
quarter last year. The gross profit declined as a result of the
redirected focus of the Company.
Operating Expenses. The Company reports $2,363,000 in operating
expenses for the first fiscal quarter, compared to $896,000 for the same
quarter last year. Major components of the change includes a net
increase of $62,000 for occupancy costs; a net increase of $315,000 for
payroll and payroll related costs; a net increase of $358,000 related to
online service fee costs; a net increase of $229,000 for marketing
related expenses; and a net increase of $163,000 for research and
development expenses. The Company anticipates that operating expenses
will continue to increase as uniView and the Curtis Mathes Xpressway
continue through the introductory phase.
Liquidity and Capital Resources
Cash Flows From Operations. Cash used by operations for the fiscal
quarters ended September 30, 1997 and 1996 were ($2,289,000) and
($1,865,000), respectively. Major components of cash flows from
operations for the current fiscal quarter included: $165,000 for
increases in prepaid expenses related to parts inventory components for
uniView production; $299,000 for increases in inventory; $232,000 for
depreciation and amortization; and the effects of a ($2,366,000) loss
from operations.
Cash Flows From Investing Activities. During the first fiscal
quarter, the Company purchased, for cash, approximately $681,000 of
property, plant and equipment as compared to approximately $43,000 during
the same period last year. The Company also paid $1,008,000 in cash in
the first fiscal quarter for development of software pertaining to the
uniView/Xpressway product lines. The Company received cash of $135,000
in connection with the sale of a portion of its marketable securities
during the current quarter, compared to a combined total investment of
<PAGE>
$550,000 in all marketable securities in the same period last year. The
current level of future capital expenditures is expected to continue as
the Company seeks to meet the demanding technological requirements of the
uniView/Xpressway product lines.
Cash Flows from Financing Activities. The Company generated net
cash from financing activities of $3,300,000 during the fiscal quarter
ended September 30, 1997 from the issuance of preferred and common stock,
compared to $5,000,000 during the same quarter last year.
Management believes that sufficient cash resources and credit
facilities are available or can be obtained to support the Company's
continued growth and continues to evaluate additional sources of equity
and/or credit facilities to maintain and increase the growth and
profitability of the Company.
Forward Looking Statements
This report may contain "Forward Looking Statements," which are
Company plans and projections which may or may not materialize, and which
are subject to various risks and uncertainties. For a discussion of risk
factors associated with some of these plans and projections, please refer
to the section entitled "Risk Factors" beginning on page 5 of the
Company's S-3 Registration Statement declared effective as of October 8,
1997, as well as the Company's other SEC filings, which contain
additional discussion about those factors which could cause actual
results to differ from management's expectations.
PART II - OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits
Reference is made to the Exhibit Index beginning on page 10 of
this Form 10-Q for a list of all exhibits filed with and
incorporated by reference in this report.
(b) Reports on Form 8-K
During the three months ended September 30, 1997 the Company
filed one Current Report on Form 8-K, dated July 10, 1997,
reporting conversions of Preferred Stock into Equity Securities
pursuant to the exemption from registration afforded by
Regulation S.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Curtis Mathes Holding Corporation
(Registrant)
By: /s/ F. Shelton Richardson,Jr.
F. Shelton Richardson, Jr.
Vice President - Chief Financial Officer
(Principal Financial and Duly Authorized
Officer)
Date: November 12, 1997
<PAGE>
CURTIS MATHES HOLDING CORPORATION and Subsidiaries
EXHIBIT INDEX
Exhibit
Number Description of Exhibits Sequential Page
3(i) Articles of Incorporation of the Company, as amended
(filed as Exhibit "4.1" to the Company's Registration
Statement on Form S-3 originally filed with the Commission
on June 20, 1996 and incorporated herein by reference.) N/A
3(ii) Bylaws of the Company, as amended (filed as Exhibit
"3(ii)" to the Company's annual report on Form 10-K
for the fiscal year ended June 30, 1994 and incorporated
herein by reference.) N/A
4.1 Form of Common Stock Certificate of the Company (filed
as Exhibit "4.2" to the Company's annual report on Form
10-K for the fiscal year ended June 30, 1994 and
incorporated herein by reference.) N/A
4.2 Series A Preferred Stock terms and conditions (filed as
Exhibit "4.3" to the Company's annual report on Form 10-K
for the fiscal year ended June 30, 1994 and incorporated
herein by reference.) N/A
4.3 Series H Preferred Stock terms and conditions (filed as
Exhibit "4.4" to the Company's Registration Statement on
Form S-3 originally filed with the Commission on June 20,
1996 and incorporated herein by reference.) N/A
4.4 Form of warrant issued in connection with Series J
Preferred Stock (filed as Exhibit "4.5" to the Company's
Current Report on Form 8-K dated April 23, 1997 and
incorporated herein by reference.) N/A
4.5 Series K Preferred Stock terms and conditions (filed as
Exhibit "4.4" to the Company's Current Report on Form 8-K
dated May 16, 1997 and incorporated herein by reference.) N/A
4.6 Form of subscription agreement for Series K Preferred Stock
(filed as Exhibit "4.5" to the Company's Current Report on
Form 8-K dated May 16, 1997 and incorporated herein by
reference.) N/A
4.7 Form of warrant issued in connection with Series K Preferred
Stock (filed as Exhibit "4.4" to the Company's Current
Report on Form 8-K dated May 23, 1997 and incorporated
herein by reference.) N/A
4.8 Series L Preferred Stock terms and conditions (filed as
Exhibit "4.5" to the Company's Current Report on Form 8-K
dated May 23, 1997 and incorporated herein by reference.) N/A
4.9 Form of subscription agreement for Series L Preferred
Stock (filed as Exhibit "4.6" to the Company's Current
Report on Form 8-K dated May 23, 1997 and incorporated
herein by reference.) N/A
<PAGE>
4.10 Series M Preferred Stock terms and conditions, as amended
on July 11, 1997 (filed as Exhibit "4.7" to the Company's
Registration Statement on Form S-3 filed with the Commission
on August 18, 1997 and incorporated herein by reference.) N/A
4.11 Form of Securities Subscription Agreement for Series M
Preferred Stock (filed as Exhibit "4.12" to the Company's
Current Report on Form 8-K dated June 23, 1997 and
incorporated herein by reference.) N/A
10.1* Agreement dated as of August 26, 1997 between Curtis Mathes
Marketing Corporation and Davis A.S. relating to the
manufacture and marketing of "Curtis Mathes by Davis"
Powerscreen units. 12
27* Financial Data Schedule (for EDGAR filing purposes only.) 14
_______________
* Filed herewith.
<PAGE>
Agreement between Curtis Mathes Marketing Corporation and DAVIS.
This agreement is considered a legally binding agreement between Curtis
Mathes Marketing Corporation (CM) and DAVIS (D), based on the Letter of
Intent signed August 1st, 1997 between CM and D.
1. CM and D agree to enter into joint marketing of the DAVIS
Powerscreen product in the US market, where CM will market Powerscreen
through the "Prosumer" channel, included, but not limited to
professional installation and utilization of dealer base. D will
market through Audio/Visual channels, however, D reserves the right to
market in vertical markets, and as a Video Conference Provider.
2. Brand depiction shall include, but not be limited to, logos
containing Curtis Mathes by DAVIS and DLP. Actual placement and size
on product to be decided later.
3. Offical launch of new product and relationship is to take place
at the Atlanta CEDIA show scheduled for September 4th, 1997.
4. Delivery schedule : 2500 units to be supplied according to the
following schedule :
1997
October : 75 pcs.
November : 75 pcs.
December : 50 pcs.
1998
January: 100 pcs.
February: 100 pcs.
March : 150 pcs.
April: 150 pcs.
May : 175 pcs.
June: 175 pcs.
July: 150 pcs.
August: 150 pcs.
September: 300 pcs.
October: 350 pcs.
November: 350 pcs.
December: 150 pcs.
CM will keep DAVIS informed on a monthly basis with respect to
additional product needs. DAVIS to reply within 48 hours.
5. Product specifications are enclosed as Exhibit A. Detailed
technical specifications will be forwarded by September 30th.
6. The parties agree that the CM uniView(TM) product should be
integrated in the Powerscreen as soon as possible. A separate
agreement will be elaborated to cover this integration. Both parties
recognize that there are other business opportunities involving
uniView and Powerscreen that will be explored jointly.
7. Pricing currently is based upon purchase quantity of 200 units in
1997 and 2300 units in 1998. New product generations will be offered
to CM and may have lower pricing. Price is quoted EX WORKS.
8. Terms of Payment shall be prepayment for any specific tooling for
changes or modifications required to conform to CM and D final joint
specifications. As the product is complemented and ready for shipment,
D will advise CM of the cost of units ready for shipment, and CM will
prepay prior to shipment of these units.
9. Technical Support shall be in the form of technical and feature
oriented training and support. D currently has training personnel and
engineers in place to provide training and support to CM employees.
CM shall handle training and support for retailers and its own
employees, and will notify D of training schedules for D's optional
participation.
<PAGE>
10. Sales force at CM is a fully structured sales department. CM
provides training for direct employees as well as retailers and sales
representatives. Sales representatives are required to sign a written
contract agreeing to support CM to their best capabilities. These
sales representatives are high end electronics focused, carry only a
few select brands, and are required to meet certain sales quotas set
forth for their specific territories. CM shall provide a formal
Outline of Sales Structure as time allows.
11. DAVIS will initiate a quality control format subject to CM
reviewing and commenting on this. D will supply quality control data
to CM upon request. DAVIS will undertake 100% qualtity control on all
functions and operations. When units are shipped, screens will be
protected by film. In accordance with the startup of production, CM
will be present at the production facilities, represented by the QC
manager. D will participate at CM's incoming inspection for the first
shipment. D is responsible for getting all required approvals (FCC, UL
etc.).
12. 12 months warranty on parts and workmanship.
13. D will make available a consignment stock of spare parts based on
D's recomendations. CM will report to D on a weekly basis with respect
to level of spare parts inventory, defective components, failures by
serial number. With respect to return of defective components, and
parts CM will follow D's RMA procedures.
14. CM will perform on-site service. CM will inform D of labor rates
for this service. For on site service performed under warranty, D will
reimburse CM according to reimbursement schedule to be defined and
approved by both.
15. Quarterly management meetings will be held between CM and D.
16. The parties are aware of the need to have literature and PR that
involve both parties approved by both.
17. This agreement shall act as initial purchase order for CM to D
with an official purchase order with number to follow.
18. Both parties agrees that additional expansion of business points
may be necessary. Any clarification or modificaiton will not change
the spirit of business issues herein addressed. Any dispute that
cannot be resolved by the parties will be submitted for arbitration by
the International Arbitration Association (International Chamber of
Commerce).
This agreement is issued in two copies, one for each party:
For DAVIS A.S. For Curtis Mathes Marketing Corporation
/s/ Tom Buhl /s/ Pat Custer
Tom Buhl Patrick Custer
President/CEO Chairman & CEO.
Date : August 26, 1997
<PAGE>
EXHIBIT "A"
FEATURES
Supplied Accessories:
Power Cord
EVC Cable male to EVC male
PC adapter (EVC to HDD15+more)
MAC adapter (EVC to DSUB15+more)
RS-232 RJ45-8 male to DSUB9 female mouse cable for PC adapter
RS-232 RJ45-8 male to miniDIN-8 male mouse cable for MAC adapter
DSUB9 female to DSUB9 female serial cable (mouse control for use
with BNC inputs)
Cable for Picture-In-Picture (PIP)
Cable to connect the internal PC to the DIN video port
MAC mouse driver diskette
Remote control
Batteries for remote control
TV Tuner:
Full-Range 47-860 MHz with Frequency
Synthesizer
BG/LL/I/DK Standard in Pal/Secam/NTSC
100-Program Memory
Comb filter for Bandwidth Improvement
Additional SCART for External Decoder
Nicam and AZ Stereo Audio Decoder
PIP Module:
One Picture-in-Picture, equipped with an additional TV Tuner
Frequency Synthesizer
100-Program Memory
Simultaneously displays two different TV Channels or TV and
Satellite Channel or TV/Satellite and one Peripheral in TV mode
Standards: PAL/SECAM/NTSC
OPTIONAL ACCESSORIES
PC Module:
Motherboard: PCI/ISA Bus
133 MHz Pentium
1.4 GB Hard Disk
CD-ROM/Disk Station
PC Inputs:
Parallel Port for Printer
Serial Port
Wireless Keyboard:
1.4 lbs., including batteries 4 x Type AA, R06 LR or UM
Reliable operation to 14 m (45 ft)
Number of keys: 79
TECHNICAL SPECIFICATIONS
Projection Screen Size: 60" diagonal
Optimized for Digital Technology
Audible Noise Level: Max. 40dB(A)
Audio: 2 x 15-watt RMS
2 x 30-watt Music
Bandwidth: 30Hz - 20KHz
Loudspeakers: 2 Mid-Range/Bass, 2 Tweeters
Brightness: 120-foot Lambert
Color: 24-bit, 16.7 million colors
Computer Compatibility: SVGA, Modes 56 Hz-75Hz; VGA PC, Macintosh,
Powerbook; and others
<PAGE>
Contrast Ratio: 125:1 (ANSI Full On/Off)
100:1 (ANSI Checkerboard)
Inputs/Outputs:
Internal PC-7-Pin DIN
BNC/RGB for Component Video
EVC/Serial
Serial 9-pin sub.d
External Speakers
Headphones
Microphone
4 Stereo Audio In
Stereo Audio Out
SVHS Audio Input
Composite Video
S-Video
RGB/YUV
Satellite Decoder (SCART)
Satellite (F-plug)
TV-decoder
Standard Terrestrial TV Antenna Plug
Picture-In-Picture
"Surround Sound"
Keyboard/IR
Lamp Lifetime: Minimum 6000 hours
Power Consumption:
Audio Power: 330 watts
Audio Maximum: 380 watts
With Internal PC: 470 watts
Power Supply: Built-In, Full-Range (110/220 VACrms, 50/60 Hz) Power
Supply
Resolution: 800 pixels x 600 pixels (SVGA)
Scan Frequencies:
Horizontal Frequency 15KHz - 50KHz
Vertical Frequency 50 Hz - 90 Hz
Measurements:
Total Height: 1.78m/70.1"
Total Width: 1.3m/51.1"
Screen Depth: 64.4 cm/25.3"
Screen Height: 1 m/39.3"
Base Height: 76.2 cm/30.0"
Base Depth: 45.5 cm/17.9"
Weight: 80kg/180 lbs
Satellite:
Full KU Reception Band in 200 Analog Channels
One LNB Output with 2 Ranges (9.750 GHz - 12.5 GHz)
One SCART for Decoder Use
Multisound Capability
Manufactured by:
DAVIS A/S P.O. Box 380
N-3001 Drammen, Norway
Tel. + 47 32 20 90 00 Fax. + 47 32 20 90 01
E-mail: [email protected]
Internet: www.davis.no
DAVIS(R)
DLP(TM)
A Texas Instruments Technology
DAVIS and DAVIS Powerscreen are registered trademarks of DAVIS A/S.
DLP and DMD are registered trademark of Texas Instruments.
All specifications subject to change without notice.
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
CONSOLIDATED FINANCIAL STATEMENTS AT SEPTEMBER 30, 1997 AND IS QUALIFIED
IN ITS ENTIRETY BY REFERENCE TO SUCH FORM 10-Q FOR FISCAL QUARTER ENDED
SEPTEMBER 30, 1997.
</LEGEND>
<S> <C>
<FISCAL-YEAR-END> JUN-30-1997
<PERIOD-START> JUL-01-1997
<PERIOD-END> SEP-30-1997
<PERIOD-TYPE> 3-MOS
<CASH> 236,255
<SECURITIES> 146,952
<RECEIVABLES> 90,120
<ALLOWANCES> 0
<INVENTORY> 379,418
<CURRENT-ASSETS> 2,606,849
<PP&E> 4,109,090
<DEPRECIATION> 1,263,977
<TOTAL-ASSETS> 16,400,910
<CURRENT-LIABILITIES> 2,653,241
<BONDS> 0
0
140,143
<COMMON> 408,424
<OTHER-SE> 12,677,361
<TOTAL-LIABILITY-AND-EQUITY> 16,400,910
<SALES> 74,070
<TOTAL-REVENUES> 74,070
<CGS> 65,878
<TOTAL-COSTS> 65,878
<OTHER-EXPENSES> 2,362,551
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 16,170
<INCOME-PRETAX> (2,365,773)
<INCOME-TAX> 0
<INCOME-CONTINUING> (2,365,773)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
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