SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
QUARTER REPORT UNDER SECTION 13 0R 15(d)
June 30, 1996 0-13499
For Quarter Ended______________Commission File Number____________
World Services, Inc.
_________________________________________________________________
(Exact name of registrant as specified in its charter)
South Dakota 46-0355586
_________________________________________________________________
(State of other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
517 South Lincoln Aberdeen, South Dakota 57401
_________________________________________________________________
(Address if principal executive offices) (Zip Code)
(605) 226-3900
Registrant's telephone number, including area code_______________
Not Applicable
_________________________________________________________________
(Former name, former address and former fiscal year, if changed
since last report.)
Indicate by check whether the registrant (1) has
filed all reports required to be filed by Section X
13 or 15 (d) of the Securities Exchange Act of 1934 Yes_____
during the preceding 12 months (or for such shorter
period that the registrant was required to file such No______
reports), and (2) has been subject to such filing
requirements for the past 90 days.
Indicate the number of shares outstanding of each of the issuer's
classes of common stock as of the close of the period covered by
this report.
Class Outstanding at June 30,1996
______________________________ _______________________________
Common stock, $.01 par value 5,292,000
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WORLD SERVICES, INC.
BALANCE SHEET
ASSETS
June 30, December 31,
1996 1995
CURRENT ASSETS
Cash and cash equivalents $ 16,993 $ 9,000
Certificate of Deposit 240,000 200,000
------------ ------------
TOTAL CURRENT ASSETS 256,993 209,000
PROPERTY AND EQUIPMENT
Office Equipment 2,882 -
------------ ------------
INVESTMENTS AND OTHER ASSETS
Investment in First Savings
& Loan 307,000 307,000
Investment in Super 8 Motel
Developers 568,000 568,000
Other 4,000 4,000
------------ ------------
TOTAL OTHER ASSETS 879,000 879,000
------------ ------------
TOTAL ASSETS $ 1,138,875 $ 1,088,000
============ ============
LIABILITIES AND STOCKHOLDERS EQUITY
CURRENT LIABILITIES
Accounts payable and accrued
expenses $ 3,186 $ 10,000
----------- ------------
STOCKHOLDERS EQUITY
Preferred stock, par value $.01,
10,000 shares authorized, no
shares issued - -
Common stock, par value $.01 per
share; (50,000,000 shares
authorized 5,292,000 shares
issued) 53,000 53,000
Additional paid in capital 6,497,000 6,497,000
Treasury Stock at cost, 128,350
shares (3,000) (3,000)
Accumulated Deficit (5,411,311) (5,469,000)
------------ ------------
TOTAL STOCKHOLDERS' EQUITY 1,135,689 1,078,000
------------ ------------
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $ 1,138,875 $ 1,088,000
============ ============
See accompanying notes to these financial statements.
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WORLD SERVICES, INC.
STATEMENTS OF OPERATIONS
Six Months Ended
June 30
-----------------------
1996 1995
REVENUE
Interest Income $ 13,153 $ 7,091
Dividend Income 79,701 20,399
Miscellaneous Income 232 11
----------- -----------
Total Revenue 93,086 27,501
----------- -----------
EXPENSES
Legal and accounting 21,213 2,526
Other general and administrative expenses 14,184 106
----------- -----------
Total Expenses
35,397 2,632
----------- -----------
NET INCOME (LOSS) $ 57,689 $ 24,869
=========== ===========
INCOME (LOSS) PER SHARE OF COMMON STOCK .01 *
=========== ===========
AVERAGE NUMBER OF SHARES OUTSTANDING 5,292,000 5,292,000
=========== ===========
____________________________________________
*Less than $.01 per share.
See accompanying notes to these financial statements.
<PAGE>
WORLD SERVICES, INC.
STATEMENTS OF CASH FLOWS
Six Months Ended
June 30
--------------------
1996 1995
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income (Loss) $ 57,689 $ 24,869
Adjustment to reconcile net income
(loss) to cash from operating activities:
Decrease in accounts payable and
accrued expenses (6,814) -
---------- --------
NET CASH PROVIDED BY (USED IN)
OPERATING ACTIVITIES 50,875 24,869
CASH FLOWS FROM INVESTING ACTIVITIES:
Sale of certificate of deposit 100,000 -
Purchase of certificate of deposit (140,000) -
Purchase of Office Equipment (2,882) -
---------- --------
NET CASH PROVIDED BY INVESTING ACTIVITIES (42,882) 0
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 7,993 24,869
CASH AND CASH EQUIVALENTS, AT BEGINNING OF PERIOD 9,000 8,000
---------- --------
CASH AT END OF PERIOD $ 16,993 $ 32,869
========== ========
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash payments to:
Income taxes $ - $ -
========== ========
Interest $ 50 $ -
========== ========
See accompanying notes to these financial statements.
<PAGE>
WORLD SERVICES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
JUNE 30, 1996
1. GENERAL:
The Company has elected to omit substantially all other notes to
the financial statements. These interim financial statements
should be read in conjunction with the Company's annual report
and report on Form 10-K for the year ended December 31, 1995.
2. UNAUDITED IMFORMATION:
The information furnished herein was taken form the books and records of the
Company without audit. However, such information reflects all adjustments
(consisting only of normal recurring adjustments) which are, in the opinion of
management, necessary to reflect results for the interim periods presented. The
results of operation for the periods presented are not necessarily indicative of
the results to be expected for the year.
<PAGE>
WORLD SERVICES, INC. AND SUBSIDIARIES
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
FINANCIAL CONDITION
As expected, the Corporation received dividend income from Super 8
Motel Developers in the second quarter of over $79.000.
The good performance of this investment is a major contributing
factor to the overall improved financial condition of the Company.
RESULTS OF OPERATIONS
The Corporation showed an operating profit of $57,689 for the
six months ended June 30, 1996 as comparted with $24,869 profit for
the same period a year earlier.
This improvement was mainly due to the increased dividend paid by
Super 8 Motel Developers.
<PAGE>
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) 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.
August 13
_____________________ _____, 1996
WORLD SERVICES, INC.
Ronne Tarrell
By__________________________________
Ronne Tarrell, President
Pursuant to the requirements of the Securities Exchange Act of
1934, this report has been signed below by the following persons
on behalf of the Registrant and in the capacities and on the
dates indicated.
August 13 Ronne Tarrell
_____________________ ______, 1996 _________________________
Ronne Tarrell, President,
Principal Executive
Officer, and Director
August 13 David Jorgenson
_____________________ ______, 1996 _______________________
David Jorgenson,
Secretary, Treasurer,
Principal Accounting
Officer, Principal
Financial Officer, and
Director
August 13 Delores Bower
_____________________ ______, 1996 ________________________
Delores Bower, Director
August 13 Delbert Harty
_____________________ ______, 1996 _________________________
Delbert Harty, Director
August 13 Terry Heinz
_____________________ ______, 1996 _________________________
Terry Heinz, Director
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