UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
[Mark one]
[ X ] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended SEPTEMBER 30, 1999
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: 0-14675
CAMERA PLATFORMS INTERNATIONAL, INC.
(Debtor-in-possession as of October 25, 1999)
(Exact name of registrant as specified in its charter)
Delaware 95-4024550
(State or other jurisdiction (IRS Employer Identification No.)
of incorporation or organization)
10909 Vanowen Street, North Hollywood, California, 91605
(Address of principal executive offices) (Zip Code)
(818) 623-1700
(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 mark whether the registrant: (1) has filed all reports
require 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 November 10, 1999.
Common Stock $.0005 par value 13,768,228
(Class) (Number of shares)
<PAGE>
CAMERA PLATFORMS INTERNATIONAL, INC.
INDEX
<TABLE>
<CAPTION>
Page
Number
<S> <C>
PART I. FINANCIAL INFORMATION:
Item 1. Financial Statements:
Condensed Consolidated Statement of Financial Position
at September 30, 1999 , and December 31, 1998 3
Condensed Consolidated Statement of Operations for the
Three Months ended September 30, 1999 and 1998, and
the Nine Months ended September 30, 1999 and 1998 4
Condensed Consolidated Statement of Cash Flows for the
Nine Months ended September 30, 1999 and 1998 5
Notes to Condensed Consolidated Unaudited Financial
Statements 6
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations 11
PART II. OTHER INFORMATION 14
Item 1. Legal Proceedings 14
Signature Page 14
</TABLE>
<PAGE>
CAMERA PLATFORMS INTERNATIONAL, INC.
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
(Debtor-in-Possession)
(Unaudited)
<TABLE>
<CAPTION>
September 30, December 31,
1999 1998
<S> <C> <C>
ASSETS
Current Assets
Cash $ 12,000 $ 26,000
Accounts receivable, less allowance for
doubtful accounts of $5,000 in 1999
and $87,000 in 1998 125,000 153,000
Current maturities of net investment in
sales-type lease and installment sale 36,000 43,000
Inventories 821,000 964,000
Prepaid expenses 213,000 191,000
Total current assets 1,207,000 1,377,000
Property and equipment, net of accumulated
depreciation and a $542,000 rental asset
valuation allowance 1,976,000 2,644,000
Net investment in sales-type lease and
installment sale, net of current maturities 10,000 38,000
Deposits and other noncurrent assets 22,000 56,000
$3,215,000 $4,115,000
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities
Accrued Liabilities $ 39,000 $ -
Deferred Revenue 21,000 29,000
Total current liabilities 60,000 29,000
Liabilities subject to compromise 6,418,000 6,373,000
Shareholders' Equity
Common stockn$.0005 par value; 15,000,000
shares authorized; shares issued and
outstanding: 13,768,228 in 1999 and 1998 7,000 7,000
Additional paid-in capital 23,549,000 23,547,000
Accumulated deficit (26,819,000) (25,841,000)
Total shareholders' equity (3,263,000) (2,287,000)
$3,215,000 $4,115,000
</TABLE>
SEE ACCOMPANYING NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS.
<PAGE>
CAMERA PLATFORMS INTERNATIONAL, INC
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(Debtor-in-possession)
(Unaudited)
<TABLE>
<CAPTION>
Three months ended Nine months ended
September 30, September 30,
1999 1998 1999 1998
<S> <C> <C> <C> <C>
Revenues
Sales $155,000 $159,000 $447,000 $503,000
Rental 344,000 671,000 945,000 1,987,000
499,000 830,000 1,392,000 2,490,000
Expenses
Cost of sales 94,000 58,000 245,000 306,000
Cost of rentals 334,000 866,000 1,060,000 2,297,000
Selling, general and
administrative 175,000 380,000 706,000 1,425,000
603,000 1,304,000 2,011,000 4,028,000
Operating (loss) (104,000) (474,000) (619,000) (1,538,000)
Interest expense, net 140,000 184,000 430,000 334,000
Other income (expense), net 28,000 2,000 73,000 32,000
Net operating loss (gain)
from discontinued operations (50,000) - 2,000 -
62,000 182,000 359,000 302,000
Net Income (loss) ($166,000) ($656,000) ($978,000) ($1,840,000)
Net Income (loss)
per share of common stock ($0.02) ($0.05) ($0.07) ($0.14)
Weighted average number of
shares outstanding 13,768,228 13,768,228 13,768,228 13,009,895
</TABLE>
SEE ACCOMPANYING NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS.
<PAGE>
CAMERA PLATFORMS INTERNATIONAL, INC.
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(Debtor-in-possession)
(Unaudited)
<TABLE>
<CAPTION>
Nine months ended
September 30, 1999 September 30, 1998
<C> <C>
OPERATING ACTIVITIES
Net loss ($ 978,000) ($1,840,000)
Adjustments to reconcile net loss to net
cash used in operating activities:
Depreciation and amortization 504,000 604,000
Gain on sale of equipment (42,000) -
Provision (credit) for doubtful accounts (82,000) -
Changes in assets and liabilities:
Accounts receivable and investment
in leases 145,000 (54,000)
Inventories 143,000 (1,261,000)
Prepaid expenses (22,000) (1,000)
Deposits and noncurrent assets 34,000 222,000
Accounts payable (69,000) 657,000
Other current liabilities 121,000 72,000
Net cash used in operating activities (246,000) (1,701,000)
INVESTING ACTIVITIES
Purchases of property and equipment - (3,663,000)
Proceeds from sale of equipment 206,000 81,000
Purchases of goodwill and covenant not
to compete - (1,040,000)
Net cash (used in) investing activities 206,000 (4,622,000)
FINANCING ACTIVITIES
Proceeds from borrowings of short-term debt 28,000 585,000
Principal payments on short term debt - (12,000)
Proceeds on borrowing of long-term debt - 5,215,000
Principal payments on long-term debt (4,000) (851,000)
Proceeds from issuance of common stock 2,000 1,350,000
Net cash provided by financing activities 26,000 6,287,000
Net (decrease) in cash (14,000) (36,000)
Cash at beginning of year 26,000 77,000
Cash at end of period $ 12,000 $ 41,000
Supplemental disclosure of cash flow information
Cash paid during the period for:
Interest $241,000 $325,000
Income taxes - 1,000
</TABLE>
SEE ACCOMPANYING NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS.
<PAGE>
CAMERA PLATFORMS INTERNATIONAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE 1 - BASIS OF PRESENTATION
The accompanying unaudited condensed consolidated financial statements 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 normal recurring
adjustments considered necessary for a fair presentation have been included.
Operating results for the nine month period ended September 30, 1999 are not
necessarily indicative of the results that may be expected for the year ending
December 31, 1999. 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 December 31, 1998.
NOTE 2 - PROCEEDINGS UNDER CHAPTER 11 OF THE BANKRUPTCY CODE
On September 24, 1999, Camera Platforms International, Inc. was served with a
notice by the clerk of the United States Bankruptcy Court that, on September 17,
1999, a petition under Title 11, United States Code, was filed against the
Company praying for an order for relief under Title 11, Chapter 7 or 11 of
the United States Code.
On October 14, 1999, the Company filed an answer to the court in the form of a
Debtor's Consent to Entry of an Order for Relief Under Chapter 11 of Title 11
of the Untied States Code, and such an entry was ordered by the United States
Bankruptcy Court, Central District of California, San Fernando Valley
Division ("Bankruptcy Court"), on October 25, 1999, under case number
99-20947 GM ("Bankruptcy Case"). The Company is currently operating its
business as debtor-in-possession pursuant to the Bankruptcy Code.
The accompanying condensed consolidated financial statements have been prepared
on a going concern basis of accounting, which contemplates continuity of
operations, realization of assets and liabilities and commitments in the normal
course of business. The accompanying consolidated financial statements have
been prepared on a going concern basis of accounting and do not reflect any
adjustments that might result if the Company is unable to continue as a going
concern. The Company's losses and negative cash flows from operations and the
filing of the involuntary and voluntary petitions referred to above, raise
substantial doubt about the Company's ability to continue as a going concern.
The Company intends to submit a plan for reorganization to the Bankruptcy
Court. The ability of the Company to continue as a going concern and
appropriateness of using the going concern basis is dependent upon, among other
things, (1) the Company's ability to comply with the use of cash collateral
agreement negotiated with its secured lender, (2) confirmation of a plan of
reorganization under the Bankruptcy Code, (3) the Company's ability to
achieve profitable operations before and after such confirmation and (4) the
Company's ability to generate sufficient cash from operations to meet it
obligations.
<PAGE>
CAMERA PLATFORMS INTERNATIONAL, INC.
As a result of the Bankruptcy, actions to collect pre-petition indebtedness are
stayed and other contractual obligations against the Company may not be
enforced. In addition, under the Bankruptcy Code, the Company may assume or
reject executory contracts, including lease obligations. Substantially all
pre-petition liabilities are subject to settlement under a plan of
reorganization to be voted upon by creditors and approved by the Bankruptcy
Court. Although the Company expects to file a reorganization plan that provides
for emergence from bankruptcy in 2000, there can be no assurance that a
reorganization plan will be proposed by the Company or confirmed by the
Bankruptcy Court, or that any such plan will be consummated. As provided by
the Bankruptcy Code, the Company initially has the exclusive right to submit
a plan of reorganization for 120 days. Further extension may be sought and
may be granted or rejected by the Bankruptcy Court. If the Company fails to
file a plan of reorganization during such period or if the plan is not
accepted by the required number of creditors, any party in interest may
subsequently file its own plan of reorganization for the Company. A plan of
reorganization must be confirmed by the Bankruptcy Court, upon certain findings
being made by the Bankruptcy Court which are required by the Bankruptcy Code.
The Bankruptcy Court may confirm a plan notwithstanding the non-acceptance of
the plan by an impaired class of creditors if certain requirements of the
Bankruptcy Code are met. A plan of reorganization could also result in
holders of the Common Stock receiving no value for their interests. Because
of such possibilities, the value of the Common Stock is highly speculative.
A plan of reorganization could materially change the amounts currently
recorded in the consolidated financial statements. The consolidated
financial statements do not give effect to any adjustments to the carrying
value of assets or amounts and classifications of liabilities that might be
necessary as a result of the Chapter 11 filing.
NOTE 3 - INVENTORIES
<TABLE>
<CAPTION>
September 30, December 31,
1999 1998
<S> <C> <C>
Raw materials $ - $ -
Work in process 320,000 185,000
Finished goods 501,000 137,000
$821,000 $322,000
</TABLE>
NOTE 4 - PROPERTY AND EQUIPMENT
<TABLE>
<CAPTION>
September 30, December 31,
1999 1998
<S> <C> <C>
Rental equipment $6,313,000 $6,523,000
Machinery and equipment 340,000 390,000
Leasehold improvements 63,000 73,000
Furniture and fixtures 77,000 94,000
Automobiles and trucks 119,000 143,000
$6,912,000 $7,223,000
$6,912,000 $7,223,000
Less accumulated depreciation and amortization 4,394,000 4,037,000
Less rental asset valuation allowance 542,000 542,000
$1,976,000 $2,644,000
</TABLE>
<PAGE>
CAMERA PLATFORMS INTERNATIONAL, INC.
NOTE 5 - LIABILITIES SUBJECT TO COMPROMISE
Liabilities subject to compromise refer to liabilities incurred prior to the
commencement of the Chapter 11 case. These liabilities consist primarily of
amounts outstanding under long-term debt, and also include accounts payable,
accrued interest, customer deposits and other accrued expenses. These
amounts represent the Company's best estimate of known or potential claims to be
resolved in connection with the Chapter 11 Case. Such claims remain subject to
future adjustment based on negotiations, actions of the Bankruptcy Court,
further development with respect to disputed claims, future rejection of
additional executory contracts of expired leases, determination as to the
value of any collateral securing claims or other events. Payment terms for
these amounts, which are considered long-term liabilities at this time, will be
established in connection with the Chapter 11 Case.
The principal categories of claims classified as liabilities subject to
compromise under reorganization proceedings are identified below.
<TABLE>
<CAPTION>
September 30, 1999
<S> <C>
Accounts payable $1,151,000
Customer deposits 53,000
Accrued expenses 248,000
Long-term debt 4,966,000
$6,418,000
NOTE 6 - BORROWINGS
In October, 1997 the Company secured a $2.5 million credit facility, consisting
of (1) $1,250,000 term loan, (2) $750,000 revolving line of credit and
(3) $500,000 inventory equipment line of credit, with interest at reference
rate plus 2% (effective rate of 11 % at June 30, 1999), with Foothill.
The original maturity of the loan was January 15, 2000. The term loan required
monthly principal reductions of $25,000. The loans refinanced an earlier credit
facility totaling $850,000 which matured October 15, 1997.
Subsequently, Foothill advanced $1 million for the purchase of Production
Services - Atlanta ("PSA") and $1.25 million for the purchase of Fluid Images,
Inc.
<PAGE>
CAMERA PLATFORMS INTERNATIONAL, INC.
Al the Foothill loans are cross-collateralized and are secured by
substantially all of the assets of the Company.
On December 22, 1998, the Company entered into a forbearance agreement with
Foothill. The agreement called for $37,959 to be paid to Foothill upon the sale
of the assets of Shotmaker Sound to be applied against past due interest; no
further advances under any of the notes; and an extension of the due date of
all the notes to February 15, 2001. As part of the agreement, past due
interest of $92,000 together with an annual renewal fee of $32,000, was
added to principal. The agreement called for interest only payments for ninety
days, with monthly principal payments of $45,200 plus interest commencing
with the April 15, 1999 payment.
Effective as of May 27, 1999, the Company entered into a second forbearance
agreement with Foothill in which Foothill agreed to forbear from foreclosure
until July 31, 1999 provided that the Company remit $5,000 per week in
interest payments, and that the Company ratify the outstanding
indebtedness to Foothill as of May 25, 1999 in the amount of $3,283,000.
The Company further agreed, if requested by Foothill, to turn over physical
possession of the collateral on July 31, 1999.
As part of the Bankruptcy Case, the Company is in negotiation with Foothill
to use cash collateral on an interim basis. Such an agreement would authorize
the use of cash collateral solely to pay the Company's ordinary and necessary
business expenses of operation as set forth in budget mutually agreed upon
between the parties. The draft stipulation is calls for, among other things,
mandatory sales of deemed excess rental equipment pursuant to an agreed upon
schedule, with gross proceeds from such sales to be remitted to Foothill. In
addition, the Company would agree to continue to pay Foothill $5,000 per week,
and to be bound by certain budget targets for net income.
NOTE 7 - LITIGATION
All pending litigation is subject to an automatic stay as a result of the
bankruptcy filing (Note 2). Based upon negotiation, adjudication or other
action by the Bankruptcy Court, amounts with respect to disputed claims may
increase the amounts of liabilities subject to compromise recorded by the
Company. Amounts past due which have been subject to litigation are included in
the amounts recorded as of September 30, 1999.
NOTE 8 - INCOME TAXES
The Company utilizes the liability method to account for income taxes. Under
this method, deferred tax assets and liabilities are determined based on
differences between financial reporting and tax bases of assets and
liabilities and are measured using the enacted tax rates and laws expected
to apply when the differences are expected to reverse.
At September 30, 1999, the Company had net operating loss carry forwards of
approximately $23 million for federal tax purposes, which expire from 2000
to 2013. Because of statutory ownership changes, the amount of net operating
losses which may be utilized in future years is subject to significant annual
limitations. The Company has California net operating loss carry forwards
of approximately $4 million for tax purposes, which expire from 1999 to 2003.
The Company also has federal research and development credits of approximately
$64,000, expiring in 2001 and 2002, which may be used to offset future tax
liabilities. At September 30, 1999, total deferred tax
<PAGE>
CAMERA PLATFORMS INTERNATIONAL, INC.
assets, consisting principally of net operating loss carry forwards, amounted
to approximately $8 million. For financial reporting purposes, a valuation
allowance has been recognized in an amount equal to such deferred tax assets
due to the uncertainty surrounding their ultimate realization.
The effective tax rate differs from the U.S. Federal statutory rate principally
due to the valuation allowance recognized due to the uncertainty surrounding the
ultimate realization of deferred tax assets.
<PAGE>
CAMERA PLATFORMS INTERNATIONAL, INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
(Unaudited)
LIQUIDITY AND CAPITAL RESOURCES
The Company's liquidity, capital resources and results of operations are
subject to a number of risks and uncertainties including, but not limited to,
the following: the ability of the Company to continue as a going concern;
the ability of the Company to operate pursuant to the terms of the agreement
for the use of cash collateral with its secured lender; the ability of the
Company to operate successfully under a Chapter 11 proceeding; approval of
plans and activities by the Bankruptcy Court; risked associated with
operating a business in Chapter 11; the ability of the Company to create and
have a approved a reorganization plan in the Chapter 11 Case, adverse
developments with respect to the Company's liquidity or results of
operations; the ability of the Company to obtain products and negotiate terms
with vendors and service providers for current orders; the ability to
develop, fund and execute an operating plan for the Company; and potential
adverse publicity.
OVERVIEW
As a result of the Company's failed negotiations with certain holders of
unsecured long-term debt, certain creditors filed a petition on September 17,
1999, under Title 11, United States Bankruptcy Code, praying for an order for
relief under Title11, Chapter 7, of the United States Bankruptcy Code.
On October 14, 1999, the Company filed an answer to the court in the form
of a Debtor's Consent to Entry of an Order for Relief Under Chapter 11 of Title
11 of the United States Code, and such an entry was ordered by the United
States Bankruptcy Court, Central District of California, San Fernando Valley
Division ("Bankruptcy Court"), on October 25, 1999 under case number
99-20947 GM. The Company is currently operating its business as debtor-in-
possession pursuant to the Bankruptcy Code.
As a result of the Bankruptcy, actions to collect pre-petition indebtedness
are stayed and other contractual obligations against the Company may not be
enforced. In addition, under the Bankruptcy Code, the Company may assume or
reject executory contracts, including lease obligations. Substantially all
pre-petition liabilities are subject to settlement under a plan of
reorganization to be voted upon by creditors and approved by the Bankruptcy
Court. Although the Company expects to file a reorganization plan that provides
for emergence from bankruptcy in 2000, there can be no assurance that a
reorganization plan will be proposed by the Company or confirmed by the
Bankruptcy Court, or that any such plan will be consummated. As provided by
the Bankruptcy Code, the Company initially has the exclusive right to submit
a plan of reorganization for 120 days. Further extension may be sought and may
be granted or rejected by the Bankruptcy Court. If the Company fails to file
a plan of reorganization during such period or if the plan is not accepted by
the required number of creditors, any party in interest may
<PAGE>
CAMERA PLATFORMS INTERNATIONAL, INC.
subsequently file its own plan of reorganization for the Company. A plan of
reorganization must be confirmed by the Bankruptcy Court, upon certain findings
being made by the Bankruptcy Court which are required by the Bankruptcy Code.
The Bankruptcy Court may confirm a plan notwithstanding the non-acceptance of
the plan by an impaired class of creditors if certain requirements of the
Bankruptcy Code are met. A plan of reorganization could also result in holders
of the Common Stock receiving no value for their interests. Because of such
possibilities, the value of the Common Stock is highly speculative.
A plan of reorganization could materially change the amounts currently
recorded in the consolidated financial statements. The consolidated financial
statements do not give effect to any adjustments to the carrying value of
assets or amounts and classifications of liabilities that might be necessary
as a result of the Chapter 11 filing.
As part of the Bankruptcy Case, the Company is in negotiation with Foothill
to sue cash collateral on an interim basis. Such an agreement would
authorize the use of cash collateral solely to pay the Company's ordinary and
necessary business expenses ofoperation as set forth in budget mutually
agreed upon between the parties. The draft stipulation is calls for, among other
things, mandatory sales of deemed excess rental equipment pursuant to an
agreed upon schedule, with gross proceeds from such sales to be remitted to
Foothill. In addition, the Company would agree to continue to pay Foothill
$5,000 per week, and to be bound by certain budget targets for net income.
RESULTS OF OPERATIONS
The following analysis compares the three months ended September 30,
1999, with the three months ended September 30, 1998, and the nine months ended
September 30, 1999, with the nine months ended September 30, 1998.
Third quarter 1999 results compared with third quarter 1998
The Company's revenue for the third quarter decreased by 15% compared with
the same period of 1998. Camera car rentals were down less than 2%. Dolly and
crane rentals decreased form $119,835 in 1998 to $72,735 in 1999, or almost 40%.
Akela crane rentals decreased 11% from $109,426 to $97,614.
Dolly, crane and accessory sales revenues remained virtually unchanged,
decreasing from $159,000 to $155,000, but the gross margin on sales decreased
40% from third quarter of 1998.
The gross margin decreased 15% in 1999, due to a combination of lower
revenues on rentals of camera cars, and dollies and cranes rentals relative to
the fixed overhead departmental expenses included in the cost of rentals and
sales.
Selling expenses decreased 46%, and general and administrative expenses
decreased approximately 49% over the same quarter of 1998, due primarily to
staff reductions.
The net loss for the quarter was $166,000 compared with a loss of $663,000
for the same period of 1998.
<PAGE>
CAMERA PLATFORMS INTERNATIONAL, INC.
Nine months ended September 30, 1999 compared with nine months ended
September 30, 1998
The Company's year-to-date revenuew were 17% lower that in 1998. Dolly
and crane rentals decreased 58% from the prior year. Akela crane revenues
increased 56%, but when adjusted for the May, 1998 purchase date, revenues
actually decreased almost 40% from the previous year. Camera car rentals
decreased 6%. amd sales revenues were down 11%.
Cost of camera car rentals decreased from 101% of revenues in 1998 to
68% of revenues in 1999. The lower revenues were offset by departmental
personnel and cost reductions. Cost of dolly and crane rentals increased
from 108% of revenues in 1998 to 194% in 1999. Departmental expenses were
down $134,000, but reduction was insufficient to offset the large reductions
in revenues.
Selling expenses were $210,000 lower than the same period in 1998. General
and administrative expenses decreased by $411,000, reflecting a substantial
reduction in payroll and payroll-related expenses, together with reduced legal
fees.
Interest expense increased from $335,000 in 1998 to $430,000 in 1999, due to
the debt incurred in the acquisition of PSA and Fluid Images, as well as
increased debt the Company incurred to fund ongoing operational losses.
The year-to-date loss of $978,000 compares favorably with the $1,840,000
loss experienced by the Company for the first nine months of 1998.
International Sales
International sales are not a material component of the Company's total
revenues.
Inflation
Inflation has not had a material impact on the Company's operations to
date, and the Company believes it will not have a material effect on operations
in the next twelve months.
PART II - OTHER INFORMATION
Item 1. Litigation.
All pending litigation is subject to an automatic stay as a result of the
Chapter 11 filing. Based upon negotiation, adjudication or other action by the
Bankruptcy Court, amounts with respect to disputed claims may increase the
amounts of liabilities subject to compromise recorded by the Company.
<PAGE>
CAMERA PLATFORMS INTERNATIONAL, INC.
Item 6. Exhibits and Reports on Form 8-K.
The Company filed no reports on Form 8-k during the quarter ended
September 30, 1999.
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.
CAMERA PLATFORMS INTERNATIONAL, INC.
/s/ Philip Berardi
Date: November 10, 1999 Philip Berardi
President
/s/ Ronald J. Riddle
Date: November 10, 1999 Ronald J. Riddle
Chief Operating Officer and
Chief Financial Officer
/TEXT>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from the
condensed consolidated balance sheet, condensed consolidated statement of income
and the consolidated statement of cash flow and is qualified in its entirety by
reference to such financial statements.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> SEP-30-1999
<CASH> 12,000
<SECURITIES> 0
<RECEIVABLES> 130,000
<ALLOWANCES> (5,000)
<INVENTORY> 821,000
<CURRENT-ASSETS> 1,207,000
<PP&E> 6,912,000
<DEPRECIATION> (4,394,000)
<TOTAL-ASSETS> 3,215,000
<CURRENT-LIABILITIES> 60,000
<BONDS> 0
0
0
<COMMON> 7000
<OTHER-SE> (3,270,000)
<TOTAL-LIABILITY-AND-EQUITY> 3,215,000
<SALES> 447,000
<TOTAL-REVENUES> 1,392,000
<CGS> 245,000
<TOTAL-COSTS> 2,011,000
<OTHER-EXPENSES> (71,000)
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 430,000
<INCOME-PRETAX> (978,000)
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (978,000)
<EPS-BASIC> (.07)
<EPS-DILUTED> (.07)
</TABLE>
