U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB
(mark one)
X Quarterly report under Section 13 or 15(d) of the Securities
Exchange Act of 1934
For the quarterly period ended March 31, 1996
Transition report pursuant to Section 13 or 15(d) of the
Securities Exchange Act
For the transition period from to
Commission file number 0-16341
Advanced Medical Products Inc.
(Exact Name of Small Business Issuer as Specified in Its Charter)
Delaware 16-1284228
(State or Other Jurisdiction (I.R.S. Employer
of Incorporation or Organization) Identification No.)
111 Research Drive, Columbia, South Carolina 29203
(Address of Principal Executive Offices) (Zip Code)
(803) 935-0906
Issuer's Telephone Number, Including Area Code
(Former Name, Former Address and Former Fiscal Year, if Changed
Since Last Report)
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.
YES X NO
APPLICABLE ONLY TO CORPORATE ISSUERS
State the number of shares outstanding of each of the issuer's classes
of common equity, as of the latest practicable date: 4,838,576 shares at
April 24, 1996.
(1)
ADVANCED MEDICAL PRODUCTS INC.
BALANCE SHEET
Mar. 31, 1996 June 30, 1995
(unaudited) (audited)
ASSETS
Current Assets:
Cash $ 116,244 $ 32,111
Accounts receivable
(net of allowance for doubtful
accounts of $28,476 and
$66,525 respectively) 735,152 643,153
Refundable income taxes 48,089 48,089
Inventory (Note 2) 1,046,072 1,208,359
Other current assets (note 3) 120,403 208,589
Total current assets 2,065,960 2,140,301
Furniture and equipment, net 326,022 301,684
Product software costs, net 79,293 89,494
Other Assets - Deposits 6,926 6,926
Total Assets $2,478,201 $2,538,405
========== ==========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Current portion of long-term debt (note 6) $ 37,500 $ 64,402
Accounts payable 971,086 1,053,946
Accrued wages and commissions 104,913 93,287
Obligation - C. Groff (note 5) 83,008 -0-
Accrued Dividend (notes 7&8) 25,000 100,000
Other current liabilities (note 4) 369,208 237,773
Total current liabilities 1,590,715 1,549,408
Long-Term Liabilities
Long-term debt,
net of current portion (note 6) 41,202 -0-
Class A preferred stock, no par value;
authorized 4,000 shares; issued and
outstanding 2,000 mandatory redeemable
shares at June 30,1995 and 2,113 shares
at March 31, 1996; (note 8) -0- 1,903,524
Total long-term liabilities 41,202 1,903,524
Total liabilities 1,631,917 3,452,932
(2)
ADVANCED MEDICAL PRODUCTS INC.
BALANCE SHEET CONTINUED
Mar. 31, 1996 June 30 1995
(unaudited) (audited)
Stockholders' equity:
Common stock, $.01 par value;
authorized 5,000,000 shares,
4,838,576 shares issued and
outstanding at March 31, 1996
and 2,646,076 at June 30, 1995. (note 9) 48,386 27,042
Subscription Common Stock 300,000 3,000
shares at March 31, 1996 and 0 shares
at June 30, 1995 (note 8)
Additional paid in capital (notes 7,8 & 9) 4,508,366 2,194,415
Accumulated deficit (3,713,468) (3,040,635)
Less notes receivable for common -0- ( 67,598)
stock (Note 10)
Less treasury stock, at cost, -0-
shares at March 31, 1996 and 15,615
shares at June 30, 1995. (Note 11) -0- ( 27,751)
Total stockholders' equity 846,284 ( 914,527)
Total liabilities and stockholders'
equity $2,478,201 $2,538,405
========== ==========
The accompanying notes are an integral part of these financial statements.
(3)
ADVANCED MEDICAL PRODUCTS INC.
STATEMENT OF OPERATIONS AND ACCUMULATED DEFICIT
Nine Months Ended
Mar. 31, 1996 Mar. 31 , 1995
(unaudited) (unaudited)
Net sales $3,259,307 $3,648,248
Cost of sales 1,746,985 1,823,355
Gross profit 1,512,322 1,824,893
Selling, general and
administrative 1,907,488 2,506,686
Research and development 248,128 332,320
Total operating expenses 2,155,616 2,839,006
Total operating income ( 643,294) (1,014,113)
Interest expenses 19,816 56,859
Income (loss) before income taxes ( 663,110) (1,070,972)
Provision for income taxes 0 0
Net income (loss) ( 663,110) (1,070,972)
Retained deficit - beginning of period (3,040,635) (1,038,946)
Accretion of redeemable preferred
stock ( 9,723) ( 9,656)
Accumulated deficit - end of period $(3,713,468) $(2,119,574)
========== ==========
Net income (loss) applicable to
common shares $( 747,833) $(1,137,365)
========== ==========
Earnings per common share data:
Net income (loss) $ (.22) (.42)
========== ==========
Weighted average number of common
shares outstanding 3,376,018 2,663,303
The accompanying notes are an integral part of these financial statements.
(4)
ADVANCED MEDICAL PRODUCTS INC.
STATEMENT OF OPERATIONS AND ACCUMULATED DEFICIT
Three Months Ended
Mar. 31, 1996 Mar. 31, 1995
(unaudited) (unaudited)
Net sales $ 873,571 $ 958,421
Cost of sales 487,139 487,009
Gross profit 386,432 471,412
Selling, general and
administrative 582,656 948,821
Research and development 51,285 113,064
Total operating expense 633,941 1,061,885
Income (Loss) from operations ( 247,509) ( 590,473)
Interest expenses 16,489 8,869
Income (loss) before income taxes ( 263,998) ( 599,342)
Provision for income taxes 0 0
Net income (loss) ( 263,998) ( 599,342)
Retained deficit - beginning of period (3,446,229) (1,517,013)
Accretion of redeemable preferred
stock ( 3,241) ( 3,219)
Accumulated deficit - end of period $(3,713,468) $(2,119,574)
========== ==========
Net income (loss) applicable to
common shares $( 292,239) $( 630,781)
========== ==========
Earnings per common share data:
Net income (loss) $ (.09) (.23)
========== ==========
Weighted average number of common
shares outstanding 3,376,018 2,664,109
The accompanying notes are an integral part of these financial statements.
(5)
ADVANCED MEDICAL PRODUCTS INC.
STATEMENT OF CASH FLOWS
Nine Months Ended
Mar. 31, 1996 Mar. 31, 1995
(unaudited) (unaudited)
Cash Flows Used By Operating Activities:
Net Loss $( 663,110) $(1,070,972)
Adjustments to reconcile net loss to
net cash used by operating activities:
Depreciation and amortization 73,381 77,974
Bad Debt Expense 9,892 -0-
Provision for doubtful accounts ( 38,049) (114,329)
Gain on refinancing long-term debt ( 1,037) -0-
Change in assets and liabilities:
Accounts receivable ( 53,950) 742,846
Inventory 162,287 119,036
Other assets 88,186 3,699
Accounts payable ( 82,860) 260,833
Accrued Wages & Commissions 11,626 -0-
Other liabilities 223,818 ( 69,927)
Total adjustments 393,294 1,020,132
Net cash used by operating activities (269,816) ( 50,840)
Cash flows used by investing activities:
Capital expenditures ( 42,016) ( 46,596)
Capitalization of software costs ( 3,880) ( 22,800)
Net cash used by investing activities ( 45,896) ( 69,396)
Cash flow used by financing activities:
Payments on long-term debt ( 20,780) (1,026,242)
Proceeds from sale of common stock 430,000 -0-
Proceeds from (payments of)loan from
stockholder ( 9,375) 9,375
Issuance of common stock awards -0- 2,500
Net cash provided (used) by financing
activities 399,845 (1,014,367)
Net (decrease) increase in cash and
cash equivalents 84,133 (1,134,603)
Cash and cash equivalents at
beginning of period 32,111 1,196,951
Cash and cash equivalents at
end of period $ 116,244 $ 62,348
========== ==========
Supplemental disclosures of cash
flow information:
Cash paid during the period for:
Interest $ 19,816 $ 56,859
Income taxes 0 0
The accompanying notes are an integral part of these financial statements.
(6)
ADVANCED MEDICAL PRODUCTS INC.
NOTES TO FINANCIAL STATEMENTS
1. Basis of Presentation
The accompanying unaudited condensed financial statements
have been prepared in accordance with generally accepted
accounting principles for interim financial information and
with the instructions to Form 10-QSB and Article 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 adjustments (consisting of
normal recurring accruals) considered necessary for a fair
presentation have been included. Operating results for the
nine month period ended March 31, 1996 are not necessarily
indicative of the results that may be expected for fiscal
year 1996. The unaudited condensed financial statements
should be read in conjunction with the financial statements
and footnotes thereto included in the Company's annual
report on Form 10-KSB for the year ended June 30, 1995.
2. Inventory
Inventory consisted of:
Mar. 31, 1996 June 30, 1995
(unaudited) (audited)
Raw Material and
work in process $ 431,273 $ 579,903
Finished Goods 614,799 628,456
$1,046,072 $1,208,359
========== ==========
3. Other Current Assets
Prepaid Expenses $ 87,196
Advances to Employees 843
Deposits - Current 32,364
$120,403
=======
4. Other Current Liabilities
Accrued Royalties $ 99,232
Accrued Vacation Pay 22,259
Deferred Service Contract Revenue 156,607
Backordered Equipment 703
Warranty Reserve 28,753
Accrued Sales Tax Liability 61,654
$369,208
=======
(7)
5. Related Party Transactions
On January 12, 1996, Clarence P. Groff, the Company's
former largest stockholder resigned as President, Chief
Executive Officer, Principal Accounting Officer, Chief
Financial Officer, and Chairman of the Board. At that
time Mr. Groff entered into a termination arrangement
with the Company whereby he agreed to waive his rights and
terminate a prior employment agreement and the Company
agreed to pay Mr. Groff $4,368.86 every two (2) weeks
beginning February 2, 1996 and ending December 20, 1996
for the following:
Severance Pay $75,000.00
Back Pay 11,648.76
50% of Accrued Car Allowance 4,125.00
Vacation Pay 10,040.09
Unreimbursed Expenses 4,038.53
The Balance on this obligation as of March 31, 1996 was
$83,008.00.
On March 31, 1996 the Company repaid a loan from Mr. Groff
in the principal amount of $9,375.00 plus interest at 9% APR
of $751.00 as stipulated in the above mentioned termination
agreement.
Also as part the agreement, the Company agreed to indemnify
Mr. Groff for actions as an officer, director, employee, and
agent of the Company to the fullest extent permitted under
the General Corporation Law of Delaware.
In consideration of the above, Mr. Groff agreed to a
Confidentiality and Non-Disclosure; Non-Compete; No
Recruiting Covenant.
6. Long-term debt
On March 12, 1996 the Company restructured eight operating
leases and it's short term note with Onbank of Syracuse,
New York into one long term note. The principal portion
is $78,702. As part of the agreement, $91,850 in delinquent
lease payments and interest on the short-term note were
forgiven and is recorded on the Company's income statement
as Miscellaneous Income for the period ended March 31, 1996.
The agreement further stipulates that should the Company be
10 days delinquent with payment the forgiven interest of
$8,754 will become payable.
Note Payable -Onbank
Term: 4 years $35,117 secured by furniture,
Interest: 11% fixtures & equipment
Payment: $2,000/mo* $43,585 unsecured
Beginning: 4/1/96
*$12,500 due 4/15/96
(8)
7. Preferred Stock
Nishimoto Sangyo, the Company's preferred stockholder,
relinquished control of all redemption rights on their
2,000 shares of no par preferred stock effective March 31,
1996 and purchased an additional 113 shares of no par
preferred stock for $113,000 paid for as an offset of
$113,000 of their accrued dividend and accumulated
interest. Control of all redemption rights to these
additional shares has also been assigned to the Company.
8. Subscription Common Stock
Nishimoto Sangyo, the Company's preferred stockholder,
entered into an agreement to convert $102,000 of their
accrued dividend and interest into 300,000 shares of $0.01
par common stock at $0.34 per share as of March 31, 1996
to be issued by December 31, 1996. If the shares are not
issued by December 31, 1996, the Company is obligated to
repay in full the $100,000 dividend that remains unpaid and
interest thereon of 5%.
9. Common Stock
On January 12, 1996 Carolina Medical, Inc., a privately held
medical device manufacturing company located in King, North
Carolina, purchased 750,000 shares of Advanced Medical
Products, Inc.'s authorized but unissued common stock for
$150,000. BIOTEL International, Inc., a holding company that
owns a majority interest in Carolina Medical's stock,
purchased an additional 1,400,000 shares of Advanced
Medical's common stock on March 29, 1996 for $280,000.
BIOTEL International beneficially owns an aggregate of
2,150,000 shares, or 44.43%, of the Company's common stock.
In addition, Carolina Medical entered into a Licensing
Agreement with Advanced Medical to utilize the technology
embodied in Advanced Medical's Ultra PCI portable hand-
held ultrasound product line for other applications that
will not be directly competitive with Advanced Medical's
current portable applications.
Ronald G. Moyer, Chairman and Chief Executive Officer of
Carolina Medical and Chairman and President of BIOTEL
International, Inc. was elected as the Company's President
and Treasurer at a meeting of the Board of Directors on
January 25, 1996. On that same date, the Company also
expanded it's three member board to seven members. Roger
Jones (President of Carolina Medical) and outside directors,
John Ankney, and David Heiden were also elected to serve on
the Board of Directors until the annual shareholder meeting.
(9)
10. Note Receivable - Common Stock
The note receivable - common stock of $67,598 was written
off against common stock and additional paid in capital. The
corresponding $9,892 interest receivable was written off
as a bad debt at December 31, 1995.
11. Treasury Stock
15,615 shares of treasury stock with a cost of $27,751 were
retired at December 31, 1995.
12. Earnings Per Share
Earnings per common share were computed by dividing net
income (loss) by the weighted average number of common
shares outstanding during the period. Earnings per share
did not include the impact of the outstanding options since
it was not significant.
(10)
ITEM 2: MANAGEMENTS DISCUSSION AND ANALYSIS
RESULTS OF OPERATIONS
Net sales of $3,259,307 for the nine months ended March 31, 1996
represent a 11% decrease from sales of $3,648,248 in the
comparable nine month period ended March 31, 1995. Net sales of
$873,571 for the third quarter of fiscal 1996 represents a 9%
decrease in sales from the comparable quarter in 1995. This
decrease is primarily due to reductions in the Company's
marketing and lead generation programs.
For the nine months ended March 31, 1996 the Company's gross
profit margin decreased to 46% from 50% of net sales for the
period ended March 31, 1995. The gross profit margin decreased
to 44% of net sales in the third quarter of fiscal 1996 from 49%
of net sales in the third quarter of fiscal 1995. These
decreases are primarily due to premiums paid for parts and
discounts granted to customers. A revised discount policy and
longer range planning on parts purchases have been implemented to
reverse this trend in gross margins.
Selling, general and administrative expenses of $1,907,488 for
the nine months ended March 31, 1996 were 59% of net sales for
the period as compared to expenses of $2,506,686 or 69% of net
sales for the same period last year. For the three months ended
March 31, 1996 selling, general and administrative expenses of
$582,656 represented 67% of net sales compared with $948,821 or
99% for the corresponding quarter last year. The $599,198
decrease in expenses for the recent nine months of which $366,165
was for the most recent three months were primarily due to a
reduction in company personnel, as well as continuing efforts to
reduce fixed costs, commission expense, and general expenses in
all areas of the company's operations.
Research and development costs during the first nine months of
fiscal 1996 decreased 25% over the comparable period in fiscal
1995. During the third quarter of fiscal 1996, research and
development costs decreased 45% from the third quarter last year.
These differences are primarily due to a reduction in company
personnel and continuing efforts to reduce costs.
Net loss for the nine months March 31, 1996 decreased to
$(663,110) from $(1,070,972) in the nine months ended March 31,
1995. For the quarter ended March 31, 1996 the net loss
decreased to $(263,998) from $(599,342) for the same period last
year. The net losses for the first nine months and the third
quarter of fiscal 1996 are primarily a result of lower sales and
lower gross margins coupled with high sales expenses on domestic
sales and excessive legal and other administrative expenses.
Also contributing were write-offs of bad debts, write-down of
inventory and premiums paid for parts. The company has downsized
it's internal sales force as of the end of January 1996 in an
effort to control costs of guaranteed commissions and training
(11)
expenses. The Company's net loss for the quarter also includes
the effect of miscellaneous income in the amount of $91,850
resulting from the restructure and forgiveness of debt of eight
(8) of it's operating leases and an unsecured note with a
Syracuse, New York bank.
During the first nine months of fiscal 1996, accounts receivable
increased from $643,153 at June 30, 1995 to $735,152 primarily
due to terms extended to an international distributor. Inventory
over this period decreased from $1,208,359 to $1,046,072. As a
result of closer control of purchasing and a net increase in
inventory reserves after scrapping certain obsolete parts.
LIQUIDITY AND CAPITAL RESOURCES
Operating activities used $269,816 of cash during the nine months
ended March 31, 1996 compared with $50,840 used during the first
nine months of fiscal 1995. In the first nine months of fiscal
1996, $45,896 was used for capital expenditures, compared to
$69,396 for the same period last year.
On March 12, 1996 the Company restructured eight (8) of it's
operating leases as well as a long-term unsecured note with a
Syracuse, New York bank (See note 6 to the financial statements).
In January 1996, the Company made an agreement with Scana
Development Corporation, landlord of the building leased at 111
Research Drive Columbia, South Carolina, to pay $6,250.00 per
month of the $13,004.92 monthly accruing rent, as well as, $7,000
per month against $29,593.83 in accrued property taxes. The
accrued rent of $169,446.83 has been in arrears since April 1995.
The agreed upon reduced monthly payment is being applied to the
arrearage. The Company will continue on this payment plan until
it can make other arrangements with the lessor.
The Company was released from a factoring agreement with
Cambridge Capital Management, Inc. of Boca Raton, Florida and
entered into a new factoring agreement with Global Acceptance
Corporation of Detroit, Michigan ("Global") pursuant to which
Global has agreed to advance 75% less $100 of the Company's
eligible accounts receivable. Global will receive a discount as
to each receivable [ranging from 3.75% to 15% (subject to a $25
minimum)] depending upon the number of days that elapse between
the date the receivable is factored and the date Global collects
the receivable. The Company had no outstanding invoices factored
with Global at March 31, 1996 and has no present plans to use
factoring because of the costs involved.
In January 1996 the Company sold to Carolina Medical, Inc.,
750,000 shares of Advanced Medical's authorized but unissued
common stock for $150,000 cash. On March 29, 1996 BIOTEL
International, Inc., a holding company that owns a majority
interest in Carolina Medical's common stock purchased an
additional 1,400,000 shares of Advanced Medical's common stock
for $280,000. These transactions provided $430,000 of cash for
working capital purposes.
(12)
Although the Company's auditors, BDO Seidman issued a "going
concern opinion" for the audit period ending June 30, 1995,
the Company believes that internally generated funds, existing
borrowing resources, and recent capital investments by Carolina
Medical and BIOTEL International, Inc. should provide sufficient
working capital to meet immediate commitments. However, in order
to improve its current cash flow position, the Company has
undertaken internal initiatives including steps to improve gross
margins, as well as, reduce operating expenses, inventory levels,
accounts receivable, and fixed costs.
The Company does not currently have specific plans for major
capital expenditures in fiscal 1996. Should needs arise, the
Company may consider additional capital sources to obtain
funding. There is no assurance any additional financing, if
required, will be available on terms acceptable to the Company.
(13)
PART II - OTHER INFORMATION
Item 2. Change in Securities.
Registrant has 4,000 shares of authorized Class A
Preferred Stock, no par value, of which 2,113 shares
are currently issued and outstanding. All such shares
are owned and held by Nishimoto Sangyo Company, Ltd.
("Nishimoto"). The Class A Preferred Stock provides
that a majority of the holders of such shares may
require Registrant to redeem all or any portion of such
shares at any time following the expiration or
termination of that certain Distribution Agreement
between Registrant and Nishimoto, dated September 8,
1992, as amended, or in the event of a change of
control of Registrant of a nature which would be
required to be reported in response to Item 6(e) of
Schedule 14A of the Securities Exchange Act of 1934, as
amended. Further, Registrant was required to redeem
all outstanding shares of the Class A Preferred Stock
on October 15, 2002.
Pursuant to that certain First Amendment to Preferred
Stock Purchase Agreement between Registrant and
Nishimoto, effective as of March 31, 1996 (the
"Amendment"), Nishimoto assigned to Registrant all
rights of redemption, mandatory or otherwise, to which
Nishimoto was entitled with respect to all or any part
of the Class A Preferred Stock. The rights of
redemption which were assigned included all demand
redemption rights upon the expiration or termination of
the Distribution Agreement or as of October 15, 2002.
Nishimoto further agreed that any transaction which has
or may result in a change of control of Registrant
which is sufficient to entitle it to demand redemption
rights were waived and are not applicable in the event
Carolina Medical, Inc. or any of its affiliates,
including Bio-Tel International, Inc., is the party or
parties acquiring control of Registrant. In any other
transaction involving a change of control sufficient to
result in demand redemption rights to Nishimoto, if
Nishimoto does not consent to any such change of
control, Nishimoto will continue to enjoy demand
redemption rights with respect to such transaction.
Additionally, Registrant and Nishimoto modified the
definition of "change of control" for this purpose. A
"change of control" will constitute the occurrence of a
change in the power to direct the voting rights of
greater than fifty percent (50%) of each class of
outstanding voting shares of capital stock of
Registrant or the transfer of substantially of all
(14)
Registrant's assets. These modifications were effected
solely by contract between Nishimoto and Registrant,
and have not been incorporated in Registrant's
certificate of incorporation.
Item 3. Defaults Upon Senior Securities.
(a) The terms of the Class A Preferred Stock entitled the
holder thereof to cash dividends at the rate of $50.00
per annum per share. Dividends on such shares are
cumulative. Such dividends are payable annually in
arrears. The dividends payable upon the Class A
Preferred Stock for December 31, 1994 and December 31,
1995 were not paid to the holder of such shares. As of
March 31, 1996, the total arrearage was $215,000.
Pursuant to the Amendment with Nishimoto, Registrant
satisfied the accrued, but unpaid, December 31, 1994
dividend by the issuance of 113 shares of Registrant's
Class A Preferred Stock. Nishimoto released any and
all claims and causes of action against Registrant with
regard to such dividend.
In satisfaction of the accrued, but unpaid, December
31, 1995 dividend, Registrant agreed to issue to
Nishimoto 300,000 shares of Registrant's common stock.
Such shares are to be issued not later than December
31, 1996. Registrant must amend its certificate of
incorporation to increase the number of authorized
shares of common stock in order to issue such shares to
Nishimoto. If stockholder approval is not obtained by
December 31, 1996, then the accrued December 31, 1995
dividend of $100,000, together with all interest
accrued thereon through such date, will become
immediately due and payable. Nishimoto waived and
released any and all claims and causes of action
against Registrant arising on account of the nonpayment
of the December 31, 1995 dividend.
(b) In January 1996, the Company made an agreement with
Scana Development Corporation, landlord of the building
leased at 111 Research Drive Columbia, South Carolina,
to pay $6,250.00 per month of the $13,004.92 monthly
accruing rent, as well as, $7,000 per month against
$29,593.83 in accrued property taxes. The accrued rent
of $169,446.83 has been in arrears since April 1995.
The agreed upon reduced monthly payment is being
applied to the arrearage. The Company will continue on
this payment plan until it can make other arrangements
with the lessor.
Item 6. Exhibits and Reports on Form 8-K.
(a) Exhibits - No exhibits were filed during the quarter
for which this report is filed; however, since December
31, 1995 two exhibits, (a) January 12, 1996 Agreements
(15)
Relating to Change in Control of the Company and (b)
Intellectual Property License Agreement dated January
12, 1996, which were filed January 26, 1996 with Form
8-K to report the Changes of Control of the Registrant.
(b) Reports on Form 8-K - No reports on form 8-K were filed
during the quarter for which this Report is filed;
however, a Form 8-K was filed on January 26, 1996 to
report the Change of Control of the Registrant that
took place on January 12, 1996.
(16)
SIGNATURES
In accordance with the requirements of the Exchange Act, the
Registrant caused this Report to be signed on its behalf by the
undersigned thereunto duly authorized.
Advanced Medical Products Inc.
(Registrant)
By:s/ Ronald G. Moyer
Ronald G. Moyer
President
Dated: April 24, 1996
(17)
SIGNATURES
In accordance with the requirements of the Exchange Act, the
Registrant caused this Report to be signed on its behalf by the
undersigned thereunto duly authorized.
Advanced Medical Products Inc.
(Registrant)
By:
Ronald G. Moyer
President
Dated: April 24, 1996
(18)
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<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-END> MAR-31-1996
<CASH> 116,244
<SECURITIES> 0
<RECEIVABLES> 763,629
<ALLOWANCES> 28,476
<INVENTORY> 1,046,072
<CURRENT-ASSETS> 120,403
<PP&E> 1,125,641
<DEPRECIATION> 799,618
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2,026,247
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<INCOME-CONTINUING> (663,110)
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