SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
[X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the quarter ended June 30, 1995
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: 2-99080
NATIONAL DIVERSIFIED SERVICES, INC.
(Exact name of Registrant as specified in its charter)
Delaware 11-2820379
(State or other jurisdiction (I.R.S. Employer
of incorporation or organization) Identification No.)
c/o Lester Morse P.C.
111 Great Neck Road, Suite #420
Great Neck, New York 11021
(Address of principal executive offices) (Zip Code)
Registrant's telephone number,
including area code: (516) 487-1419
104 East 25th Street, Tenth Floor, New York, New York l0010
(Former name, former address and former fiscal year if changed
since last report)
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 ___.
6,548,870 Common Shares, $.001 par value were issued and
outstanding at June 30, 1995.
<PAGE>
NATIONAL DIVERSIFIED SERVICES, INC.
INDEX
Page
Number
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
Consolidated Balance Sheets 3
June 30, 1995 (Unaudited) and
December 31, 1994
Consolidated Statements of Operations 4
Three and Six Months ended June 30,
1995 and June 30, 1994 (Unaudited)
Consolidated Statements of Cash Flows 5
Three Months Ended June 30, 1995 and
June 30, 1994 (Unaudited)
Notes to Financial Statements (Unaudited) 6
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of
Operations 7
PART II. OTHER INFORMATION 8
SIGNATURES 9
<PAGE>
<PAGE>
<TABLE>
NATIONAL DIVERSIFIED SERVICES, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
ASSETS
<CAPTION>
JUNE 30, DECEMBER 31,
1995 1994
____________ ___________
(Unaudited) (Audited)
<S> <C> <C>
CURRENT ASSETS:
Cash and cash equivalents $ 271,568 $ 269,102
_______ _______
Total current assets 271,568 269,102
PROPERTY AND EQUIPMENT, at cost, net of
accumulated depreciation of $1,401 at June 30,
1995 and $1,356 at December 31, 1994 89 179
TOTAL $ 271,657 $ 269,281
======= =======
LIABILITIES
CURRENT LIABILITIES:
Accounts payable and accrued expenses $ 5,882 $ 4,140
_____ _____
Total current liabilities 5,882 4,140
ACCRUED SALARIES - officer 58,750 58,750
______ ______
Total liabilities 64,632 62,890
______ ______
STOCKHOLDERS' EQUITY
Common stock, $.001 per value authorized 30,000,000
shares, issued 6,553,870 shares 6,554 6,554
Additional paid-in capital 705,755 705,755
_______ _______
Total 712,309 712,309
Deficit (505,279) (505,913)
________ _______
207,030 206,396
Less: 5,000 shares of treasury stock, at cost 5 5
________ _______
Total stockholders' equity 207,025 206,391
_______ _______
TOTAL $ 271,657 $ 269,281
========= =======
</TABLE>
<PAGE>
<PAGE>
<TABLE>
NATIONAL DIVERSIFIED SERVICES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
<CAPTION>
SIX THREE
MONTHS ENDED MONTHS ENDED
JUNE 30, JUNE 30,
_______________________ ___________________
1995 1994 1995 1994
<S> <C> <C> <C> <C>
REVENUES - interest $ 7,647 $ $ 5,780 $ 4,109 $ 3,425
GENERAL AND
ADMINISTRATIVE EXPENSES 7,013 8,401 3,823 3,522
_________ _________ _________ ________
NET INCOME (LOSS) $ 634 $ (2,621) $ 286 $ (97)
========= ========= ========= ========
NET INCOME (LOSS) PER SHARE, BASED ON THE
WEIGHTED AVERAGE SHARES OUTSTANDING $ - $ - $ - * $ - *
========= ========= ========= =========
NUMBER OF SHARES USED TO COMPUTE
LOSS PER SHARE 6,548,870 6,548,870 6,548,870 6,548,870
========= ========= ========= =========
<FN>
*Less than $.01 per share
</TABLE>
<PAGE>
<PAGE>
<TABLE>
NATIONAL DIVERSIFIED SERVICES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
<CAPTION>
SIX
MONTHS ENDED
JUNE 30,
____________________________
1995 1994
____________ _____________
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) $ 634 $ (2,621)
_______ _______
Adjustments to reconcile net income (loss) to net cash
provided by (used in) operating activities:
Depreciation and amortization 90 96
Changes in assets and liabilities:
Accounts payable and accrued expenses 1,742 432
_______ _______
Total adjustments 1,832 528
------- -------
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES 2,466 (2,093)
_______ _______
NET CHANGE IN CASH AND CASH EQUIVALENTS 2,466 (2,093)
CASH AND CASH EQUIVALENTS - beginning 269,102 270,929
_______ _______
CASH AND CASH EQUIVALENTS - ending $ 271,568 $ 268,836
======= =======
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid for income taxes $ 421 $ 429
======= =======
Cash paid for interest $ - $ -
======= =======
</TABLE>
<PAGE>
<PAGE>
NATIONAL DIVERSIFIED SERVICES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
JUNE 30, 1995
(Unaudited)
NOTE 1 - BASIS OF PRESENTATION
The attached summarized financial information does not include all
disclosures required to be included in a complete set of financial
statements prepared in conformity with generally accepted accounting
principles. Such disclosures were included with the consolidated
financial statements of the Company at December 31, 1994, included in
its annual report on Form 10-K. Such statements should be read in
conjunction with the data herein.
NOTE 2 - ADJUSTMENTS
The financial information reflects all normal recurring adjustments
which, in the opinion of management, are deemed necessary for a fair
presentation of the results for the interim periods. The results for
the interim periods are not necessarily indicative of the results to be
expected for the year.
NOTE 3 - CASH EQUIVALENTS
Cash equivalents are comprised of an investment in short-term commercial
paper with maturities of less than ninety days.
NOTE 4 - ACCRUED SALARIES - OFFICER
Accrued salaries - officer represents $58,750 for the period December 1986
to November 22,1989.<PAGE>
<PAGE>
Management's Discussion and Analysis of Financial Condition
and Results of Operations
Results of Operations
During the three and six months ended June 30, 1995, the
Company had no revenues other than interest income since the
Company terminated its import and sale business operations in 1990.
The Company is presently exploring various business opportunities
that may be available to it. No assurances can be given that the
Company will be successful in completing a transaction to acquire
an operating business.
Liquidity and Capital Resources
Financing of the Company's activities has been provided from
the public sale of its securities for cash amounting to a net of
approximately $600,000. At June 30, 1995, the Company's working
capital amounted to $265,686 with cash assets of $271,568.
Management believes that its cash assets are adequate to meet the
Company's short term and long term liquidity and cash requirements
until such time, if ever, as the Company completes a transaction to
establish an operating business.
<PAGE>
<PAGE>
NATIONAL DIVERSIFIED SERVICES, INC.
PART II - OTHER INFORMATION
Item 1. Legal Proceedings: None
Item 2. Changes in Securities: None
Item 3. Defaults Upon Senior Securities: None
Item 4. Submission of Matters to a Vote of Security Holders:
None
Item 5. Other Information: None
Item 6. Exhibits and Reports:
(a) Exhibits - Ex-27
(b) No reports on Form 8-K were filed during the quarter
ended June 30, 1995.
<PAGE>
<PAGE>
NATIONAL DIVERSIFIED SERVICES, INC.
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.
NATIONAL DIVERSIFIED SERVICES, INC.
(Registrant)
Dated: August 14, 1995 /s/George Rubin
George Rubin, President, Chief
Executive, Financial and
Accounting Officer
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> JUN-30-1995
<CASH> 271,568
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 271,568
<PP&E> 1535
<DEPRECIATION> 1446
<TOTAL-ASSETS> 271,657
<CURRENT-LIABILITIES> 5882
<BONDS> 0
<COMMON> 6554
0
0
<OTHER-SE> 200,471
<TOTAL-LIABILITY-AND-EQUITY> 271,657
<SALES> 0
<TOTAL-REVENUES> 7647
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 7013
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 634
<INCOME-TAX> 0
<INCOME-CONTINUING> 634
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 634
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
