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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB/A
Quarterly Report under Section 13 or 15(d) of the
Securities Exchange Act of 1934
For the quarterly period ended December 31, 1998
Transition Report under Section 13 or 15(d) of the
Securities Exchange Act of 1934
For the transition period from to
Commission file number 0-16152
Metrisa, Inc.
(Exact Name of Small Business Issuer as Specified in Its
Charter)
Delaware 04-2891557
(State or Other Jurisdiction of (I.R.S. Employer
Incorporation or Organization) Identification Number)
25 Wiggins Avenue, Bedford, Massachusetts 01730
(Address of Principal Executive Offices)
(781) 275-3300
(Issuers Telephone Number, Including Area Code)
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 No
As of December 31, 1998, 1,020,074 shares of Common Stock
were outstanding.
Transitional Small Business Disclosure Format:
Yes No _______
FORM 10-QSB/A
QUARTERLY REPORT
TABLE OF CONTENTS
Facing Page . . . . . . . . . . . . . . . . . . . . . . .. . . . 1
Table of Contents . . . . . . . . . . . . . . . . . . . . . . 2
PART I. FINANCIAL INFORMATION (*)
Item 1. Condensed Consolidated Financial Statements
Balance Sheets . . . . . . . . . . . . . . . . . . . . 3
Statements of Loss . . . . . . . . . . . . . . . . . . 5
Statements of Cash Flows. . . . . . . . . . . . . . .. 6
Notes to Condensed Consolidated Financial Statements... . 7
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations_ 9
PART II. OTHER INFORMATION
Item 1. Legal Proceedings . . . . . . . . . . . . . . .. . 12
Item 2. Changes in Securities . . . . . . . . . . . . . 12
Item 3. Defaults upon Senior Securities . . . . . . . . 12
Item 4. Submission of Matters to a Vote of Security
holders . . . . . . . . . . . 12
Item 5. Other Information . . . . . . . . . . . . . . . 12
Item 6. Exhibits and Reports on Form 8-K . . . . . . . . 12
SIGNATURES . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
(*) The financial information at September 30, 1998 has been
taken from the audited financial statements at that date. All
other financial statements are unaudited.
PART I. FINANCIAL INFORMATION
Item 1. FINANCIAL STATEMENTS
METRISA, INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS ASSETS
December 31, September 30,
1998 1998
(Unaudited) (*)
CURRENT ASSETS:
Cash and cash equivalents $1,624,092 $ 2,469,053
Accounts receivable, less allowance
for doubtful accounts of $78,500
at December 31, 1998 and
September 30, 1998 1,757,357 1,926,602
Inventories 1,408,056 1,370,460
Other current assets 124,179 93,029
TOTAL CURRENT ASSETS 4,913,684 5,859,144
EQUIPMENT AND FIXTURES - net 350,895 377,783
OTHER ASSETS - net 1,922,231 1,970,981
TOTAL ASSETS $7,186,810 $8,207,908
The accompanying notes are an integral part of these
financial statements.
(*)Balance sheet at September 30, 1998 has been derived from
the audited financial statements at that date. All other
financial statements are unaudited.
METRISA, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS - Continued
LIABILITIES AND STOCKHOLDERS' EQUITY
December 31, September 30,
1998 1998
(Unaudited) (*)
CURRENT LIABILITIES:
Notes payable to bank $ 213,059 $ 213,059
Accounts payable 1,053,262 1,312,773
Accrued expenses and other 410,785 508,319
Current portion of long-term debt 849,775 561,441
TOTAL CURRENT LIABILITIES 2,526,881 2,595,592
Long- term debt,
less current portion 2,245,172 2,833,777
Commitments
STOCKHOLDERS' EQUITY:
Common stock, $.50 par value,
2,000,000 shares
authorized; 1,020,074 and
1,022,911 shares issued
and outstanding at December 31, 1998
and September 30, 1998,
respectively 510,037 511,456
Additional paid-in capital 1,995,939 2,455,069
Retained earnings
(accumulated deficit) (78,229) 242,276
2,427,747 3,208,801
Less: Treasury stock (at cost) (12,990) (430,262)
TOTAL STOCKHOLDERS' EQUITY 2,414,757 2,778,539
TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY $7,186,810 $8,207,908
The accompanying notes are an integral part of these financial
statements.
(*)Balance sheet at September 30, 1998 has been derived from the
audited financial statements at that date. All other
financial statements are unaudited.
METRISA, INC.
CONDENSED CONSOLIDATED STATEMENTS OF LOSS
(Unaudited)
Three-Month Period Ended December 31,
1998 1997
NET REVENUES $1,627,938 $1,634,223
COST OF SALES 828,956 836,858
GROSS PROFIT 798, 982 797,365
SELLING, GENERAL AND
ADMINISTRATIVE EXPENSES 856,573 885,822
RESEARCH AND DEVELOPMENT 155,803 172,792
TOTAL OPERATING EXPENSE 1,012,376 1,058,614
`
LOSS FROM OPERATIONS (213,394) (261,249)
INTEREST EXPENSE - net (107,111) (27,282)
LOSS BEFORE MINORITY INTEREST (320,505) (288,531)
MINORITY INTEREST IN NET INCOME OF
CONSOLIDATED SUBSIDIARY - (2,318)
NET LOSS ( $320,505) ( $290,849)
NET LOSS PER COMMON SHARE:
basic and diluted ($0.31) ($0.34)
Shares Outstanding--basic 1,020,074 862,070
and diluted
The accompanying notes are an integral part of these financial
statements.
METRISA, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Three-Month Period Ended December 31
CASH FLOWS FROM OPERATING ACTIVITIES: 1998 1997
Net loss ($320,505) ($290,849)
Adjustments to reconcile net loss
to net cash provided by (used for)
operating activities:
Depreciation and amortization 89,535 57,165
Minority interest 2,318
Changes in operating assets and liabilities:
Accounts receivable 169,245 373,718
Notes receivable -- 100,000
Inventories (37,596) (13,517)
Other current assets (31,150) (36,914)
Accounts payable and accrued expenses (357,045) (450,187)
Net cash used for operating activities (487,516) (258,266)
CASH FLOWS FROM INVESTING ACTIVITIES:
Equipment and fixtures additions (15,231) (23,171)
Decrease in other assets 1,334 --
Cash paid for Micromet acquisition (208,166) --
Net cash used for investing activities (222,063) (23,171)
CASH FLOWS FROM FINANCING ACTIVITIES:
Principal payments of long-term debt (92,105) (59,817)
Proceeds from sale of common stock -- 11,416
Purchase of treasury stock (43,277) --
Net cash used for financing activities (135,382) (48,401)
Net decrease in cash and cash equivalents (844,961) (329,838)
Cash and cash equivalents,
beginning of period 2,469,053 935,717
Cash and cash equivalents,
end of period $1,624,092 $605,879
The accompanying notes are an integral part of these financial
statements.
SIGNATURE
Pursuant to the requirements of the Exchange Act,
the Registrant has caused this report to be signed on its
behalf by the undersigned, thereunto duly authorized.
Metrisa, Inc.
By: \s\ John E. Wolfe
John E. Wolfe
President
Date: February 10, 1999
