SECURITIES AND EXCHANGE COMMISSION
Washington, DC 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 March 31, 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 0-25309
VMIC, INC
(Exact name of registrant as specified in its charter)
----------------------------
DELAWARE 63-09172
(State or other jurisdiction of (I.R.S.Employer
incorporation or organization) Identification no.)
12090 S. Memorial Parkway Huntsville Alabama 35803-3308
(256) 880-0444
(Address, including zip code and telephone number of principal offices)
----------------------------
NO CHANGE
(Former name, address and 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 __
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practical date.
COMMON STOCK, $.10 PAR VALUE
4,539,716 SHARES OUTSTANDING ON March 31, 1999
----------------------------
<PAGE>
VMIC, Inc.
QUARTERLY REPORT FOR THE PERIOD ENDED MARCH 31, 1999
INDEX
Page
Part I. FINANCIAL INFORMATION
Item 1 Condensed Financial Statements
Balance Sheets as of March 31, 1999 (Unaudited)
and September 30, 1998........................................... 2
Statements of Income for the Three and Six-Months Ended
March 31, 1998 and March 31, 1999 (Unaudited).................... 3
Statements of Cash Flows for the Six-Months Ended March 31, 1998
and March 31, 1999 (Unaudited).................................. 5
Notes to Condensed Financial Statements (Unaudited).............. 6
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations ........................................... 9
Part II. OTHER INFORMATION
Signatures....................................................... 13
1
<PAGE>
PART I - FINANCIAL INFORMATION
Item 1 - Financial Statements
VMIC, Inc.
Condensed Balance Sheets
<TABLE>
<CAPTION>
March 31, September 30,
1999 1998
ASSETS (Unaudited)
<S> <C> <C>
Current assets:
Cash and cash equivalents $ 238,276 $ 527,972
Accounts receivable (includes allowance for doubtful accounts of
$408,383 and $384,383 at March 31, 1999 and September 30, 1998,
respectively) 4,803,442 4,366,330
Inventories 5,365,715 4,943,239
Prepaid expenses 211,110 250,733
Income tax receivable 219,454 573,771
Deferred income taxes 954,929 954,929
------------ -----------
Total current assets 11,792,926 11,616,974
Property, plant, and equipment, net 8,557,681 9,033,922
Purchased product and software costs, net 990,592 967,852
Software development costs 4,947,572 3,543,030
------------ -----------
$ 26,288,771 $ 25,161,778
============= =============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current
liabilities:
Accounts payable $ 1,204,497 $ 2,367,397
Current portion of notes, mortgages, and capital leases 4,961,996 2,104,777
Accrued liabilities 1,985,518 2,421,180
------------- ------------
Total current liabilities 8,152,011 6,893,354
Notes, mortgages, and capital leases, less current portion above 6,023,571 5,713,086
Deferred income taxes 808,101 808,101
------------- ------------
Total liabilities 14,983,683 13,414,541
------------- ------------
Stockholders' equity:
Common stock, par value $.10 (10,000,000 shares authorized; 4,539,716 and
4,462,917 shares issued and outstanding at March 31, 1999
and September 30, 1998, respectively) 453,972 446,292
Additional paid-in capital 6,684,160 6,432,799
Retained earnings 4,166,956 4,868,146
------------- ------------
Total stockholders' equity 11,305,088 11,747,237
------------- ------------
$ 26,288,771 $ 25,161,778
============== ==============
</TABLE>
See notes to condensed financial statements.
2
<PAGE>
VMIC, Inc.
Condensed Statements of Income
(Unaudited)
<TABLE>
<CAPTION>
Three months ended
March 31, March 31,
1999 1998
<S> <C> <C>
Sales:
Hardware sales $ 6,500,062 $ 7,562,320
Software sales 171,635 126,786
----------------- ------------------
----------------- ------------------
Total sales 6,671,697 7,689,106
----------------- ------------------
Cost and expenses:
Cost of products sold 2,461,357 2,687,037
Research and development expense 1,465,372 1,461,457
Selling, general, and administrative expense 3,129,330 3,140,612
----------------- ------------------
7,056,059 7,289,106
----------------- ------------------
Operating (loss) income (384,362) 400,000
Other income (expense) (173,914) (111,523)
----------------- ------------------
(Loss) income before income taxes (558,276) 288,477
Benefit (provision) for income taxes 148,235 (92,314)
----------------- ------------------
Net (loss) income $ (410,041) $ 196,163
================= ==================
Net (loss) income per common and common equivalent share:
Basic $(0.090) $0.044
================= ==================
Diluted $(0.090) $0.043
================= ==================
Weighted average common and common equivalent shares outstanding:
Basic 4,538,118 4,416,587
================= ==================
Diluted 4,538,118 4,566,442
================= ==================
See notes to condensed financial statements..
</TABLE>
3
<PAGE>
VMIC, Inc.
Condensed Statements of Income
(Unaudited)
<TABLE>
<CAPTION>
Six months ended
March 31, March 31,
1999 1998
<S> <C> <C>
Sales:
Hardware sales $ 14,004,649 $ 14,999,988
Software sales 372,146 273,349
----------------- ------------------
----------------- ------------------
Total sales 14,376,795 15,273,337
----------------- ------------------
Cost and expenses:
Cost of products sold 5,312,637 5,217,529
Research and development expense 3,047,625 2,940,435
Selling, general, and administrative expense 6,664,853 6,237,542
----------------- ------------------
15,025,115 14,395,506
----------------- ------------------
Operating (loss) income (648,320) 877,831
Other income (expense) (312,218) (233,826)
----------------- ------------------
(Loss) income before income taxes (960,538) 644,005
Benefit (provision) for income taxes 259,345 (206,082)
----------------- ------------------
Net (loss) income $ (701,193) $ 437,923
================= ==================
Net (loss) income per common and common equivalent share:
Basic $(0.155) $0.100
================= ==================
Diluted $(0.155) $0.097
================= ==================
Weighted average common and common equivalent shares outstanding:
Basic 4,519,100 4,374,779
================= ==================
Diluted 4,519,100 4,524,634
================= ==================
See notes to condensed financial statements..
</TABLE>
4
<PAGE>
VMIC, Inc.
Condensed Statements of Cash Flows
<TABLE>
<CAPTION>
Six months ended
March, 31 March, 31
1999 1998
<S> <C> <C>
Cash flows from operating activities:
Net (loss) income $ (701,193) $ 437,923
Adjustments to reconcile net (loss) income to net cash
(used in) provided by operating activities:
Depreciation and amortization 1,486,745 1,247,128
Provision for losses on accounts receivable 24,000 45,000
Stock issued in lieu of cash compensation 21,794 75,000
Gain on disposal of property and equipment (39,957) 0
Change in operating assets and liabilities:
Accounts receivable (461,112) (277,695)
Inventories (422,476) (256,678)
Prepaid expenses 39,623 (27,503)
Income tax receivable 354,317 81,082
Accounts payable (1,162,900) 465,346
Accrued liabilities (435,662) 209,989
--------------- --------------
Total adjustments (595,628) 1,561,669
--------------- --------------
Net cash (used in) provided by operating activities (1,296,821) 1,999,592
--------------- --------------
Cash flows from investing activities:
Capital expenditures (725,221) (1,701,089)
Software development costs and purchased product and software costs (1,712,505) (940,743)
Proceeds from dispositions of property, plant,
and equipment 39,957 0
--------------- --------------
Net cash used in investing activities (2,397,769) (2,641,832)
--------------- --------------
Cash flows from financing activities:
Proceeds from issuance of long-term debt 3,167,704 280,725
Principal payments on long-term debt 0 0
Proceeds from issuance of common stock 237,190 1,779,438
--------------- --------------
Net cash provided by financing activities 3,404,894 2,060,163
--------------- --------------
Net (decrease) increase in cash and
cash equivalents (289,696) 1,417,923
Cash and cash equivalents, beginning of year 527,972 339,101
--------------- --------------
Cash and cash equivalents, end of period $ 238,276 $ 1,757,024
=============== ==============
Supplemental disclosure of cash flow information:
Cash paid during the period for interest $ 367,000 $ 266,000
=============== ==============
Cash paid during the period for income taxes $ 0 $ 125,000
=============== ==============
</TABLE>
See notes to condensed financial statements.
5
<PAGE>
VMIC, Inc.
Notes to Condensed Financial Statements
1. Basis of Presentation
The accompanying unaudited condensed financial statements of VMIC, Inc. (the
Company) have been prepared by management in accordance with generally accepted
accounting principles for interim financial information and in conjunction with
the rules and regulations of the Securities and Exchange Commission. In the
opinion of management, all adjustments necessary for a fair presentation of the
interim condensed financial statements have been included, and all adjustments
are of a normal and recurring nature. The condensed financial statements as of
and for the interim period ended March 31, 1999 should be read in conjunction
with the Company's financial statements as of and for the year ended September
30, 1998 included in the Company's Form-10 filed March 29, 1999. Operating
results for the three and six-months ended December 31, 1998 are not necessarily
indicative of the results that may be expected for the year ended September 30,
1999. The September 30, 1998 balance sheet data presented hereinwas derived from
audited financial statements but does not include all disclosures required by
generally accepted accounting principles.
2. Stock Options
Options to purchase 5,500 shares of common stock were granted on varying
dates throughout the quarter to employees under the Employee Stock Option
Plan, at the market price as of the effective date. Also, options to
purchase 4,560 shares of common stock were exercised during the quarter.
3. Comprehensive Income
The Company does not have any difference between net income as reported
and comprehensive income.
6
<PAGE>
VMIC, Inc.
Notes to Financial Statements-(Continued)
4. Earnings Per Share
A summary of the calculation of basic and diluted earnings per share is as
follows:
<TABLE>
<CAPTION>
Income Shares Per-Share
(Numerator) (Denominator) Amount
-------------------- ----------------- ----------------
Three months ended
March 31, 1999
<S> <C> <C> <C>
Basic EPS:
Loss available to common stockholders $ (410,041) 4,538,118 $ (0.090)
Effect of dilutive securities:
Stock Options 0
Diluted EPS $ (410,041) 4,538,118 $ (0.090)
---------------- ----------------- ---------------
Three months ended
March 31, 1998
Basic EPS:
Income available to common stockholders $ 196,163 4,416,587 $ 0.044
Effect of dilutive securities:
Stock Options 149,855
Diluted EPS $ 196,163 4,566,442 $ 0.043
</TABLE>
7
<PAGE>
<TABLE>
<CAPTION>
Income Shares Per-Share
(Numerator) (Denominator) Amount
-------------------- ----------------- ----------------
Six months ended
March 31, 1999
<S> <C> <C> <C>
Basic EPS:
Loss available to common stockholders $ (701,193) 4,519,100 $ (0.155)
Effect of dilutive securities:
Stock Options 0
Diluted EPS $ (701,193) 4,519,100 $ (0.155)
---------------- ----------------- ---------------
Six months ended
March 31, 1998
Basic EPS:
Income available to common stockholders $ 437,923 4,374,779 $ 0.100
Effect of dilutive securities:
Stock Options 149,855
Diluted EPS $ 437,923 4,524,634 $ 0.097
</TABLE>
8
<PAGE>
VMIC, Inc.
Item 2 - Management's Discussion and Analysis of Financial Condition
and Results of Operations
EXCEPT FOR HISTORICAL INFORMATION CONTAINED HEREIN, THIS QUARTERLY REPORT
CONTAINS FORWARD-LOOKING STATEMENTS AS DEFINED IN SECTION 21E OF THE SECURITIES
EXCHANGE ACT OF 1934. SUCH FORWARD-LOOKING STATEMENTS ARE SUBJECT TO VARIOUS
RISKS AND UNCERTAINTIES THAT COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY
FROM THOSE PROJECTED IN THE FORWARD-LOOKING STATEMENTS. THESE RISKS AND
UNCERTAINTIES ARE DISCUSSED IN MORE DETAIL IN THE COMPANY'S REGISTRATION ON FORM
10, AND IN THE FOLLOWING MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS SECTION OF THIS QUARTERLY REPORT. THESE
FORWARD-LOOKING STATEMENTS CAN BE GENERALLY IDENTIFIED AS SUCH BECAUSE THE
CONTENT OF THE STATEMENTS WILL USUALLY CONTAIN SUCH WORDS AS THE COMPANY OR
MANAGEMENT "BELIEVES," "ANTICIPATES," "EXPECTS," "PLANS," OR WORDS OF SIMILAR
IMPORT. SIMILARLY, STATEMENTS THAT DESCRIBE THE COMPANY'S FUTURE PLANS,
OBJECTIVES, GOALS OR STRATEGIES ARE FORWARD-LOOKING STATEMENTS.
OVERVIEW
VMIC is a leading independent designer and manufacturer of embedded
computer solutions based upon a wide variety of open standard bus designs such
as VME, CPCI, PCI, PMC, Multibus, ISA, and special custom buses. The Company's
products are used by original equipment manufacturers ("OEMs"), systems
integrators and end-users in various industries; including manufacturing
automation, Telecommunications, Simulation and Training, environmental
monitoring, and Test and Measurement.
The Company markets and sells more than 200 different products
worldwide, including application-specific embedded computer subsystems,
board-level modules, control and driver software, and network products. In
addition to offering standard commercial products, the Company is involved in
the development of custom products for high-volume applications.
VMIC continues to invest heavily in new and enhanced technology,
including software, and has focused its attention on highly vertical markets to
support faster growth, more consistent profitability, and enhanced shareholder
value.
SALES. Sales decreased 13.2% to $6.7 million for the three-month period
ended March 31, 1999, from $7.7 million for the three month period ended March
31, 1998. Hardware sales accounted for $6.5 million of the company sales for the
three-month period ended March 31, 1999 compared to $7.6 million during the same
period in 1998. The reduction of sales was caused by a weak backlog coupled with
continued weakness in orders during the first and second quarters of fiscal year
1999. Software sales increased 35% to $0.17 million for the three-month period
ended March 31, 1999 from $0.13 million for the same period in 1998. Of the
hardware sales, sales of the Company's reflective Memory products accounted for
$1.9 million of the Company's sales for the three-month period ended March 31,
1999, compared to $2.2 million for the same period in 1998.
Sales decreased 5.9% to $14.4 million for the six-month period ended
March 31, 1999, from $15.3 million for the six-month period ended March 31,
1998. Hardware sales accounted for $14.0 million of the Company's sales for the
six-month period ended March 31, 1999, compared to 15.0 million during the same
period in 1998. Software sales increased 36% to $0.37 million for the six-month
period ended March 31, 1999, from $0.27 million for the same period in 1998. Of
the hardware sales, sales of the Company's reflective Memory products accounted
for $4.1 million, or 28% of the Company's sales for the six-month period ended
March 31, 1999, compared to 29%, or $4.4 million for the same period in 1998.
9
<PAGE>
VMIC, Inc.
GROSS MARGINS. The Company's average gross margin decreased from 65% in
the three-month period ended March 31, 1998 to 63% in the three-month period
ended March 31, 1999. For the same periods the gross margin for hardware
decreased from 65% to 61% and software margins decreased from 46% to 10.4%. The
decline in software margins was attributable to increased amortization of
software development costs in the second quarter. The Company's average gross
margin decreased from 66% in the six-month period ended March 31, 1998 to 63% in
the six-month period ended March 31, 1999. During this period the gross margin
for hardware decreased from 66% to 64% and software margins decreased from 51%
to 23%.
COST OF SALES. Cost of sales decreased 8.4% from $2.7 million for the
three-month period ended March 31, 1998 to $2.5 million for the three-month
period ended March 31, 1999. The decrease is less than the percentage reduction
in sales because of the increased sales of lower-margin single-board PC
computers, increased warranty expense and the amortization associated with the
Company's capitalized software product investment. Cost of sales increased 1.8%
from $5.2 million for the six-month period ended March 31, 1998 to $5.3 million
for the six-month period ended March 31, 1999 primarily because of increases in
software development amortization, increases in warranty expenses and the
increased sale of lower margin products.
SELLING, GENERAL, AND ADMINISTRATIVE EXPENSES. For the three-month
period ended March 31, 1999, selling, general, and administrative expenses
decreased approximately 0.4%, from $3.14 million for the three-month period
ended March 31, 1998 to $3.13 million for the three-month period ended March 31,
1999. This decrease is primarily attributed the reduction of the Company's
administrative work force. For the six-month period ended March 31, 1999,
selling, general, and administrative expenses increased approximately 6.9%, from
$6.24 million for the six-month period ended March 31, 1998 to $6.66 million for
the six-month period ended March 31, 1999. This increase is primarily attributed
the growth of the sales organization in the first quarter.
RESEARCH AND DEVELOPMENT EXPENSE. For the three-month period ended
March 31, 1999, research and development (R&D) expense increased 0.3%, from
$1.46 million for the three-month period ended March 31, 1998 to $1.47 million
for the three-month period ended March 31, 1999. R&D expense as a percentage of
sales increased to 22.0% for the three-month period ended March 31, 1999 from
19.3% in the three-month period ended March 31, 1998. This percentage increase
was caused by the decrease in product sales. For the six-month period ended
March 31, 1999, R&D expense increased 3.6%, from $2.94 million for the six-month
period ended March 31, 1998 to $3.05 million for the six-month period ended
March 31, 1999. R&D expense as a percentage of sales increased to 21.1% for the
six-month period ended March 31, 1999 from 19.3% in the six-month period ended
March 31, 1998. This increase was mainly caused by increased investments in
software development made in the first quarter.
INCOME TAXES. Income taxes as a percentage of income before taxes was
32.0% for the three-month period ended March 31, 1998 as compared to 26% for the
three-month period ended March 31, 1999. Income taxes as a percentage of income
before taxes was 32.0% for the six-month period ended March 31, 1998 as compared
to 27.0% for the six-month period ended March 31, 1999.
EARNINGS PER SHARE. For the three-month period ended March 31, 1999,
net loss per weighted average common and common equivalent share was $(0.090)
per basic share compared to net income of $0.044 per basic share for the
three-month period ended March 31, 1998. For the three-month period ended March
31, 1999, net loss per weighted average common and common equivalent share,
assuming dilution, was $(0.090) per diluted share compared to net income of
$0.043 per diluted share for the three-month period ended March 31, 1998. For
the six-month period ended March 31, 1999, net loss per weighted average common
and common equivalent share was $(0.155) per basic share compared to net income
of $0.10 per basic share for the six-month period ended March 31, 1998. For the
six-month period ended March 31, 1999, net loss per weighted average common and
common equivalent share, assuming dilution, was $(0.155) per diluted share
compared to net income of $0.097 per diluted share for the six-month period
ended March 31, 1998.
LIQUIDITY AND CAPITAL RESOURCES
Historically, the Company's cash flow from operations and available credit
facilities have provided adequate liquidity and working capital to fully fund
the Company's operational needs.
10
<PAGE>
VMIC, Inc.
Working capital was $4.7 million and $3.64 million at September 30, 1998
and March 31, 1999, respectively. Cash used in operating activities was $(1.30)
million for the three months ended March 31, 1999 as compared to cash provided
by operating activities of $2.00 million for the three months ended March 31,
1998 this decrease occurred as a result of the net loss experienced for the
quarter ended March 31, 1999 and changes in operating assets and liabilities.
Cash used for investing activities was $(2.40) million for the three months
ended March 31, 1999 as compared to $(2.64) million for the same period in 1998.
Cash provided by financing activities was $3.40 million and $2.06 million for
the three months ended March 31, 1999 and 1998, respectively.
The Company believes that its financial resources, including its
internally generated funds and debt capacity, will be sufficient to finance the
Company's current operations and capital expenditures for the next 12 months.
EFFECTS OF INFLATION
Substantially all contracts awarded to the Company have been based on
proposals which reflect estimated cost increases due to inflation. Historically,
inflation has not had a significant impact on the Company.
YEAR 2000
OVERVIEW. Historically, certain computerized systems have had two digits
rather than four digits to define the applicable year, which could result in
recognizing a date using "00" as the year 1900 rather than the year 2000. This
could cause significant software failures or miscalculations and is generally
referred to as the "Year 2000" problem.
The Company recognizes that the impact of the Year 2000 problem extends
beyond its computer hardware and software and may affect utility and
telecommunication services, as well as the systems of customers and suppliers.
The Year 2000 problem is being addressed by a team within the Company and
progress is reported periodically to management. The Company has committed
resources to conduct extensive risk assessments and to take corrective action,
where appropriate, within each of the following areas:
VMIC PRODUCTS. VMIC has initiated extensive internal Year 2000 testing
and analysis of its products. The Company believes that a majority of its
products are Year 2000 compliant and VMIC anticipates maintaining compliance in
future revisions of any product that is currently compliant.
INTERNAL INFORMATION SYSTEMS. The Company's internal information systems
utilize hardware and software from several commercial suppliers. The Company has
investigated its internal information systems for Year 2000 compliance, and
certain modifications have already been identified and corrected on critical
systems to ensure that the Company's operations will be Year 2000 compliant.
This effort will continue throughout 1998 and 1999.
THIRD PARTIES. The Company has had initial communications with certain of
its significant suppliers and customers to evaluate their Year 2000 compliance
plans, state of readiness and to determine the extent to which the Company's
systems may be affected by the failure of others to remedy their own Year 2000
issues. VMIC is conducting a Year 2000 certification program with all of its
critical suppliers, which will be completed by the end of 1998. In addition,
Year 2000 compliance is a prerequisite to new supplier relationships. VMIC is
also in the process of distributing a Year 2000 assessment form to other parties
in order to provide VMIC with further information as to their Year 2000
conversion progress. However, the Company has received only preliminary
responses from such parties and has not independently confirmed all of the
information received from other parties with respect to the Year 2000 issues. As
such, there can be no assurance that such other parties will complete their Year
2000 conversion in a timely fashion or will not suffer a Year 2000 business
disruption that may adversely affect the Company's business, financial condition
or results of operations.
11
<PAGE>
VMIC, Inc.
CONTINGENCY PLANS. Because the Company's Year 2000 conversions are
expected to be completed prior to any potential disruption to the Company's
business, VMIC has not yet completed the development of a comprehensive Year
2000 specific contingency plan. If VMIC determines that its business is at
material risk of disruption due to the Year 2000 problem, or anticipates that
its Year 2000 conversion will not be completed in a timely fashion, the Company
will work to enhance its contingency plan.
COST FOR YEAR 2000 COMPLIANCE. The Company believes that the total cost
of Year 2000 compliance activity will not be material to the Company's
operations, liquidity and capital resources. VMIC estimates that the total cost
for its Year 2000 compliance will be approximately $55,000, which represents 833
hours of internal analysis, modification and testing and $15,000 for hardware
and software upgrades. As of March 31, 1999, the Company had completed its
software and hardware upgrades and approximately 730 of hours of Year 2000
analysis, modification and testing at a cost of approximately $50,000.
YEAR 2000 RISKS FACED BY VMIC. Although the Company believes that its
Year 2000 compliance program is comprehensive, the Company may not be able to
identify, successfully remedy or assess all date-handling problems in its
business systems or operations or those of its customers and suppliers. As a
result, the Year 2000 problem could have a materially adverse affect on the
Company's business financial condition or results of operation.
12
<PAGE>
VMIC, Inc.
PART II - OTHER INFORMATION
Signatures
MANAGEMENT REPRESENTATION. The accompanying unaudited Balance Sheet
at March 31, 1999, and Balance Sheet at September 30, 1998 as well as the
unaudited Statements of Income and Statements of Cash Flows for the three and
six-months ended March 31, 1999, and 1998, have been prepared in accordance with
instructions to Form 10-Q and 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 adjustments, consisting
only of normal recurring accruals, considered necessary for a fair presentation
have been included.
May 14 , 1999 By: Gordon Hubbert
Date
Gordon Hubbert
Vice President and Chief
Financial Officer (Principal Financial
and Accounting Officer)
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.
VMIC, Inc.
May 14, 1999 By: Carroll E. Williams
Date Carroll E. Williams
President and Chief
Executive Officer
13
