U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB/A-1
(X) QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934.
For the 3 month period ended December 31, 1996.
( ) TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934.
For the transaction period from to
Commission File No. 0-14840
BERES INDUSTRIES, INC.
(Name of Small Business Issuer in its Charter)
New Jersey 22-1661772
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
1785 Swarthmore Avenue
Lakewood, New Jersey 08701
(Address of Principal Executive Offices)
Registrant's telephone number, including area code (908) 367-5700
Check whether the issuer (1) filed all reports required to be
filed by Section 13 or 15 (d) of the Exchange Act during the past
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.
(1) Yes X No (2) Yes X No
State the number of shares outstanding of each of the
Registrant's classes of common equity, as of the latest
applicable date:
12,411,934 - January 31, 1997
Note: This Form 10-QSB/A-1 has been filed to correct a
typographical error in the Consolidated Statements of Operations
for the Three Months Ended 12/31/96. The Net Income(Loss) per
share should have been $0.001, not $(0.001) as previously
reported.
Part I - Item 1
BERES INDUSTRIES, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
12/31/96 3/31/96
ASSETS
Current Assets
Cash and Equivalents $ 641,000 $ 377,000
Cash - Restricted -0- 268,000
Accounts Receivable - Trade:
Less Allowance for Doubtful
Accounts of $60,000 at 12/31/96
and $258,000 at 3/31/96 498,000 600,000
Inventories - Raw Materials 113,000 94,000
- Work in Process 39,000 183,000
- Finished Goods 152,000 17,000
Prepaid Expenses and Other
Current Assets 11,000 70,000
Total Current Assets 1,454,000 1,609,000
Property, Plant and Equipment - Less
Accumulated Depreciation of
$5,154,000 and $5,155,000
Respectively 1,649,000 1,759,000
Other Assets 54,000 57,000
Total Assets $ 3,157,000 $3,425,000
Unaudited - See Accompanying Notes to Financial Statements
Part I - Item 1
BERES INDUSTRIES, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (Continued)
12/31/96 3/31/96
LIABILITIES AND STOCKHOLDERS EQUITY
Current Liabilities
Current Maturities of Long-Term
Debt $ 99,000 $ 250,000
Current Maturities of Capital
Lease Obligations 54,000 61,000
Accounts Payable and Accrued
Expenses 422,000 413,000
Customer Deposits 32,000 35,000
Total Current Liabilities 607,000 759,000
Long-Term Debt - Less Current
Maturities 990,000 1,067,000
Total Liabilities 1,597,000 1,826,000
Stockholders Equity
Common Stock - Par Value $0.02 Per
Share:
Authorized 21,000,000 Shares
Issued and Outstanding -
12,412,000 Shares 248,000 248,000
Capital in Excess of Par Value 3,445,000 3,445,000
Retained Deficit (1,963,000)
(1,924,000)
1,730,000 1,769,000
Less: Amounts Due on Sale of
Common Stock 170,000 170,000
Total Stockholders Equity 1,560,000 1,599,000
LIABILITIES AND STOCKHOLDERS
EQUITY $3,157,000 $3,425,000
Unaudited - See Accompanying Notes to Financial Statements
Part I - Item 1
BERES INDUSTRIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Three Months
Ended Ended
12/31/96 12/31/95
Revenues
Contract Revenue and Net Sales $ 882,000 $ 1,225,000
Total Revenues 882,000 1,225,000
Operating Expenses
Contract Costs and Cost of Goods
Sold 691,000 1,016,000
Selling, General and
Administrative 229,000 230,000
Total Operating Expenses 920,000 1,246,000
Operating (Loss) ( 38,000) ( 21,000)
Other Income (Expenses)
Interest and Other Income 74,000 13,000
Interest Expense ( 26,000) ( 30,000)
Total Other Income (Expenses) 48,000 ( 17,000)
Net Income (Loss) $ 10,000 $( 38,000)
Weighted Average Number of Shares
Outstanding 12,412,000 12,412,000
Net Income(Loss) Per Common Share
Outstanding $ 0.001 $( 0.003)
Unaudited - See Accompanying Notes to Financial
Statements
Part I - Item 1
BERES INDUSTRIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
Nine Months Nine Months
Ended Ended
12/31/96 12/31/95
Revenues
Contract Revenue and Net Sales $ 2,743,000 $ 3,031,000
Total Revenues 2,743,000 3,031,000
Operating Expenses
Contract Costs and Cost of Goods
Sold 2,168,000 2,528,000
Selling, General and
Administrative 627,000 618,000
Total Operating Expenses 2,795,000 3,146,000
Operating (Loss) ( 52,000) ( 115,000)
Other Income (Expenses)
Interest and Other Income 100,000 43,000
Interest Expense ( 87,000) ( 88,000)
Total Other Income (Expenses) 13,000 ( 45,000)
Net (Loss) $( 39,000) $( 160,000)
Weighted Average Number of Shares
Outstanding 12,412,000 12,412,000
Net (Loss) Per Common Share
Outstanding $( 0.003) $( 0.013)
Unaudited - See Accompanying Notes to Financial
Statements
Part I - Item 1
BERES INDUSTRIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS
EQUITY
FOR THE NINE MONTHS ENDED DECEMBER 31, 1996
Common Stock Capital in
Excess of Retained
Shares Par Value Par Value Deficit
Balances -
April 1, 1996 12,412,000 $ 248,000 $ 3,445,000
$(1,924,000)
Net (loss)
for the Period - - - (
39,000)
Balances -
Dec. 31,1996 12,412,000 $ 248,000 $ 3,445,000
$(1,963,000)
Unaudited - See Accompanying Notes to Financial
Statements
Part I - Item 1
BERES INDUSTRIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED DECEMBER 31, 1996 AND
1995
1996 1995
Cash Flows from Operating Activities:
Net (Loss) for the Period $( 39,000) $(160,000)
Adjustments to Reconcile Net
(Loss) to Net Cash Provided by
Operating Activities:
Depreciation and Amortization 117,000 194,000
Gain on Disposal of Equipment ( 67,000) -0-
Changes in Operating Assets and
Liabilities:
Accounts Receivable - Trade 102,000 ( 90,000)
Inventories ( 10,000) 95,000
Prepaid Expenses and Other
Current Assets 59,000 ( 11,000)
Other Assets ( 3,000) ( 36,000)
Accounts Payable and Accrued
Expenses 9,000 34,000
Customer Deposits ( 3,000) 30,000
Net Cash Provided By
Operating Activities 165,000 56,000
Cash Flows from Investing Activities:
Acquisitions of Property and
Equipment ( 1,000) (213,000)
Investment in Restricted Cash -0- ( 10,000)
Cash Released from Restriction 268,000 -0-
Proceeds from Insurance Reimbursement 67,000 -0-
Net Cash Provided By (Used in)
Investing Activities $ 334,000 $(223,000)
Unaudited - See Accompanying Notes to Financial
Statements
Part I - Item 1
BERES INDUSTRIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (CONT D)
FOR THE NINE MONTHS ENDED DECEMBER 31, 1996 AND
1995
1996 1995
Cash Flows from Financing Activities:
Principal Payments on Long-Term Debt $(188,000) $( 97,000)
Principal Payments on Capital
Lease Obligations ( 47,000) ( 18,000)
Long-Term Borrowings -0- 145,000
Net Cash Provided by (Used in)
Financing Activities (235,000) 30,000
Net Increase (Decrease)in Cash 264,000 (137,000)
and Equivalents
Cash and Equivalents, Beginning of Year 377,000 454,000
Cash and Equivalents, End of Period $ 641,000 $ 317,000
SUPPLEMENTAL INFORMATION:
Cash Paid for Interest $ 87,000 $ 92,000
Unaudited - See Accompanying Notes to Financial
Statements
Part I - Item 1
BERES INDUSTRIES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Note 1 - Basis of Presentation
The consolidated balance sheet at the end of the
preceding
fiscal year has been derived from the audited
consolidated
balance sheet contained in the Company s Form 10-KSB
and is
presented for comparative purposes. All other
financial
statements presented are unaudited. In the opinion of
Management, all adjustments which include only normal
recurring adjustments necessary to present fairly the
financial position for all periods presented have been
made.
The results of operations for the interim periods are
not
necessarily indicative of the operating results for the
full
year.
Footnote disclosures normally included in financial
statements prepared in accordance with generally
accepted
accounting principles have been omitted in accordance
with
the published rules and regulations of the Securities
and
Exchange Commission. These consolidated financial
statements should be read in conjunction with the
financial
statements and notes thereto included in the Company s
Form
10-KSB for the most recent fiscal year ended.
Note 2 - Reclassifications
Certain amounts previously reported in the December
31,
1995 financial statements have been reclassified to
conform
with the December 31, 1996 presentation.
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.
BERES INDUSTRIES, INC.
Date: February 19, 1997 (Registrant)
/S/ CHARLES BERES, JR.
Charles Beres, Jr., President
