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U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB
[X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended July 31, 1996
[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT
Commission File No. 33-8066-D
TSUNAMI CAPITAL CORPORATION
COLORADO 84-1031657
- --------------------------------------------------------------------------------
(State or other jurisdiction of I.R.S. Employer
incorporation or organization) Identification Number
11811 North Tatum Boulevard, Suite 4040, Phoenix, Arizona 85028
- --------------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
(602) 953-7980
- --------------------------------------------------------------------------------
Registrant's telephone number, including area code
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 such shorter periods 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 No. Par Value -- 7,644,534 shares September 24, 1996
- -----------------------------------------------------------------
<PAGE>
INDEX
TSUNAMI CAPITAL CORPORATION
Page No.
Part I. Financial Information
Item 1. Financial Statements (unaudited)
Condensed statements of financial
condition - July 31, 1996
and October 31, 1995 1
Condensed statements of income - three and
nine month periods ended July 31, 1996
and July 31, 1995 2
Statement of changes in Stockholder's
Equity for the period November 1,
1994 - July 31, 1996 3
Statement of cash flows for the nine
month periods ended July 31, 1996
and July 31, 1995 4
Item 2. Management's discussion and analysis
of financial condition and results of
operations 5
Part II. Other Information 5
Signatures 6
<PAGE>
TSUNAMI CAPITAL CORPORATION
---------------------------
CONDENSED STATEMENTS OF FINANCIAL CONDITION
($,000 omitted, unaudited)
July 31, 1996 October 31, 1995
ASSETS (unaudited) (*)
------------- ----------------
Cash and cash equivalents 634 629
Receivables 2 5
Marketable Securities (at market) 136 ---
Securities Available for sale 18 162
Deferred Income Taxes 61 38
Fixed and Other Assets 14 14
----- -----
TOTAL ASSETS 865 848
===== =====
LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES
Payables and Accrued Expenses --- 5
----- -----
TOTAL LIABILITIES --- 5
STOCKHOLDERS' EQUITY
Common stock-no par value-
200,000,000 shares authorized-
7,644,534 shares issued and
outstanding 168 168
Retained earnings 700 760
Unrealized depreciation on
securities (3) (85)
----- -----
TOTAL STOCKHOLDERS' EQUITY 865 843
----- -----
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY 865 848
===== =====
(*) Condensed from audited financial statements.
-1-
<PAGE>
TSUNAMI CAPITAL CORPORATION
---------------------------
CONDENSED INCOME STATEMENTS
(unaudited)
($,000 omitted except per share amounts)
<TABLE>
<CAPTION>
Three Months ended July Nine Months ended
31, July 31,
1996 1995 1996 1995
---- ---- ---- ----
<S> <C> <C> <C> <C>
Interest and dividend income 8 15 20 31
Costs and expenses --- 8 7 18
-------------------------------------------------------------------------------------
Operating income (loss) 8 7 13 13
Other Income (loss) (57) 5 (49) (27)
-------------------------------------------------------------------------------------
Income (loss) before provision
(benefit for Income Taxes (49) 12 (36) (14)
Provision (benefit) for Income
Taxes (18) 3 (15) (4)
-------------------------------------------------------------------------------------
Net Income (loss) (31) 9 (21) (10)
=====================================================================================
Net Income (loss) Per Share .004 .001 (.003) (.001)
=====================================================================================
Weighted average number of
shares outstanding 7,644,534 7,644,534 7,644,534 7,644,534
=====================================================================================
</TABLE>
-2-
<PAGE>
TSUNAMI CAPITAL CORPORATION
---------------------------
STATEMENT OF CHANGES IN STOCKHOLDER'S EQUITY
For the Period November 1, 1994 through July 31, 1996
(unaudited, $.000 omitted)
<TABLE>
<CAPTION>
Common Stock
------------
Total
Shares Issued Amount Depreciation Retained Stockholders
of Securities Earnings Equity
---------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Balance -
October 31, 1994 7,644,534 168 --- 699 867
Re-classification (66) 66
Distribution Declared
on Common Stock --- --- --- (38) (38)
December 20, 1994
Change in valuation-
Securities Available (18) (18)
Net income (loss) for
the year ended --- --- --- 33 33
October 31, 1995
---------------------------------------------------------------------------------------------------
Balance -
October 31, 1995 7,644,534 168 (84) 760 844
Dividend Declared on
Common Stock --- --- --- (39) (39)
December 5, 1995
Re-classification --- --- 81 --- 81
Net income (los) for
the nine months ended --- --- --- (21) (21)
July 31, 1996
---------------------------------------------------------------------------------------------------
Balance -
July 31, 1996 7,644,534 168 (3) 700 865
===================================================================================================
</TABLE>
-3-
<PAGE>
TSUNAMI CAPITAL CORPORATION
---------------------------
STATEMENT OF CASH FLOWS (unaudited- $,000 omitted)
<TABLE>
<CAPTION>
Nine months ended April 30,
Cash Flows from Operating Activities 1996 1995
- ------------------------------------ ---- ----
<S> <C> <C>
Interest and Dividends Received 18 18
Income Tax Refund Received 0 2
Cash paid to employees and suppliers of other goods
and services (8) (14)
Other operating Cash receipts 7 2
Income taxes paid (14) (16)
------ -----
Net cash from operating activities 3 (8)
Cash Flows from Investing Activities
- ------------------------------------
Sale of Investment Securities 86 0
Insurance of Notes 0 (545)
Loan Proceeds received 0 30
Purchase of investment securities (46) 0
------ --
Net cash (used in) investing activities (40) (515)
Cash Flows from Financing Activities
- ------------------------------------
Distributions on Common Stock (38) (38)
------ -----
Net cash (used in) financing activities (38) (38)
Net increase (decrease) in cash 5 (561)
Beginning cash and equivalents 629 613
----- ----
Cash and equivalents-end of period 634 52
===== ===
Reconciliation of net income to net cash from operating activities:
Net Income (loss) (21) (10)
Effects of deferrals and accruals on operating receipts
and payments:
Decrease (Increase) in receivables 3 (16)
Decrease (Increase) in other assets (23) (1)
Increase (Decrease) in accounts payable 0 1
Increase (Decrease) in accrued expenses (4) (15)
Effects of items whose case effects are investing or financing cash flows:
Depreciation and amortization 0 3
Loss (gain) on sale of investments 7 0
Unrealized loss (gain) on investments 41 30
---- ---
Net cash from operating activities 3 (8)
=== ====
</TABLE>
For purposes of this report, money market funds are
considered cash equivalents.
-4-
<PAGE>
ITEM 2: Management's Discussion and Analysis of Financial condition
and Results of Operations
GENERAL
The Company currently conducts no operations other than providing a vehicle to
take advantage of business opportunities which management believes may arise
from time to time.
RESULTS OF OPERATIONS
The Company conducted no operations during the period being reported on.
Interest and dividend income exceeded costs and expenses during the period.
Other Income (loss) reflects the decrease in market value of securities owned.
LIQUIDITY AND CAPITAL RESOURCES
Net Assets of the Company, approximately $865,000 dollars as of July 31, 1996,
are deemed sufficient by management to take advantage of potential business
opportunities as they may arise.
The Company anticipates paying only nominal dividends to eliminate possible
liability for Federal Personal Holding Company Tax.
Part II -- Other Information
Item 5: Other Information
None.
-5-
<PAGE>
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.
TSUNAMI CAPITAL CORPORATION
Dated: March 3, 1997 /s/Michael E. Jacobson
----------------------------------------
Michael E. Jacobson, Treasurer
-6-
<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 1000
<CURRENCY> U.S. Dollars
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> OCT-31-1996
<PERIOD-START> NOV-01-1995
<PERIOD-END> JUL-31-1996
<EXCHANGE-RATE> 1
<CASH> 634
<SECURITIES> 154
<RECEIVABLES> 2
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 790
<PP&E> 26
<DEPRECIATION> 12
<TOTAL-ASSETS> 865
<CURRENT-LIABILITIES> 0
<BONDS> 0
0
0
<COMMON> 168
<OTHER-SE> 697
<TOTAL-LIABILITY-AND-EQUITY> 865
<SALES> 0
<TOTAL-REVENUES> 20
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 7
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (36)
<INCOME-TAX> (15)
<INCOME-CONTINUING> (21)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (21)
<EPS-PRIMARY> (.003)
<EPS-DILUTED> (.003)
</TABLE>
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