|
|
|
|
|
|
|
|
|
|
|
|
|
<PAGE>
FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarter ended September 30, 1995 Commission file number 33-13627
------------------ --------
SARKIS CAPITAL, INC.
- - --------------------------------------------------------------------------------
Delaware 75-2168244
- - ------------------------------- --------------------------------
(State or other jurisdiction of (I.R.S. Employer I.D.#)
incorporation or organization)
421 E. Airport Freeway, Irving, Texas 75062
- - ------------------------------------- --------------------------------
(Address of principal executive office) (Zip Code)
Registrant's telephone number, including area code (214)-255-5533
---------------
- - --------------------------------------------------------------------------------
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 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 practicable date.
Class Outstanding at September 30, 1995
- - --------------------------------- ---------------------------------
(Common stock, $0.01 par value) 1,500,000
<PAGE>
SARKIS CAPITAL, INC.
INDEX
<TABLE>
<CAPTION>
PAGE NUMBER
<S> <C> <C>
PART I FINANCIAL INFORMATION
Balance Sheet - September 30, 1995 and
September 30, 1994 1
Statement of Loss - Three months ended
September 30, 1995 - Period March 18, 1987
(date of inception) to September 30, 1995 2
Statement of Cash Flow - September 30, 1995 3
and September 30, 1994
Notes to Financial Statements 4
Management's Discussion and Analysis of
Financial Condition and Results of
Operation 5
PART II OTHER INFORMATION
Item 5. Exhibits and Reports on Form 8-K 6
SIGNATURES 7
</TABLE>
<PAGE>
SARKIS CAPITAL, INC.
PART I - FINANCIAL INFORMATION
BALANCE SHEET
ASSETS
<TABLE>
<CAPTION>
September 30 September 30,
1995 1994
Unaudited Unaudited
------------ ----------
<S> <C> <C>
Current assets:
Cash $ 537 $ 980
Total current assets $ 537 $ 980
--------- --------
Other Assets:
Organization costs (less accumulated -0- -0-
amortization of $15,385 in 1993 and
and 1994
$ 537 $ 980
========= ========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts Payable $ 6,100 $ 6,100
Notes Payable -0- -0-
---------- ---------
Total current liabilities $ 6,100 $ 6,100
Stockholders' Equity:
Preferred stock-par value of $0.01
per share; authorized 1,000,000 shares;
issued and outstanding -0- -0-
Common stock-par value of $0.01 per
share; authorized 20,000,000, issued
1,500,000 15,000 15,000
Additional paid-in capital 9,000 9,000
Net income (loss) (29,563) (29,120)
---------- --------
( 5,563) ( 5,120)
$ 537 $ 980
========= ========
</TABLE>
The accompanying notes are an integral part of these financial statements
1
<PAGE>
SARKIS CAPITAL, INC.
STATEMENT OF OPERATIONS
<TABLE>
<CAPTION>
For period March
Three Months 18, 1987 (date Three months
ended of inception) ended
Sep 30, 1995 to Sep 30, 1994
(Unaudited) Sep 30, 1995 (Unaudited)
------------- ---------------- -------------
<S> <C> <C> <C>
REVENUES $ -0- $ -0- $ -0-
EXPENSES:
Operating, selling,
general and administrative 63 30,713 11
--------- --------- ---------
Operating gain (loss) (63) (30,713) (11)
--------- --------- ---------
Other income: 4 1,150 4
--------- --------- ---------
Interest income
Net gain (loss) $ (59) $ (29,563) $ (7)
========= ========= ==========
Gain (loss) per common share $ -0- $ (.02) $ -0-
========= ========= ==========
Weighted average number of
shares outstanding $1,500,000 $1,500,000 $1,500,000
========= ========= ==========
</TABLE>
The accompanying notes are an integral part of the financial statements.
2
<PAGE>
SARKIS CAPITAL, INC.
STATEMENT OF CASH FLOW
<TABLE>
<CAPTION>
September 30, September 30,
1995 1994
(Unaudited) (Unaudited)
------------- -------------
<S> <C> <C>
Cash beginning balance $ -0- $ -0-
Net profit (loss) (29,563) (29,120)
Items using no funds outlay
Amortization-organization 15,385 15,385
------- ------
Total from operations (14,178) (13,735)
------ ------
Other sources (uses) of funds
Accounts payable 6,100 6,100
Notes payable -0- -0-
Organization costs (15,385) (15,385)
Common stock 15,000 15,000
Capital contributed 9,000 9,000
------ ------
Total source (use) of funds 14,715 14,715
------ ------
Net increase (decrease) in cash 537 980
------ ------
Cash ending balance $ 537 $ 980
======= =========
</TABLE>
The accompanying notes are an integral part of these financial statements.
3
<PAGE>
SARKIS CAPITAL, INC.
NOTES TO FINANCIAL STATEMENTS
(UNAUDITED)
Note 1. Basis of Presentation
The financial information included herein is unaudited, and reflects all
adjustments which are, in the opinion of management, necessary for a fair
statement of results.
The results of operations for the quarter ended September 30, 1995 are not
necessarily indicative of the results expected for a full year.
4
<PAGE>
SARKIS CAPITAL, INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATION
The following is management's discussion and analysis of certain
significant factors which have affected the Company's financial condition and
operation results for the period included in the accompanying financial
statements.
Results of Operation and Financial Condition
- - --------------------------------------------
For the quarter ended September 30, 1995, the Company has been in the
development stage and did not receive any operating revenues. During this
period, expenses consisted of operating costs, and combined with interest
received on money market funds the Company had a net loss of $59. The Company
has received total operating advances through this quarter of $6,100 which are
to be repaid when the Company merges with another company.
Management believes that Sarkis Capital's cash on hand and interest
earnings thereon may not be sufficient to meet cash requirements through the
remainder of the fiscal year ending March 31, 1996. An additional operating
advance may be required during the fiscal year.
5
<PAGE>
SARKIS CAPITAL, INC.
PART II - OTHER INFORMATION
Item 5. Exhibits and Reports on Form 8-K
--------------------------------
No reports on Form 8-K were filed during this quarter.
6
<PAGE>
SIGNATURES
Pursuant to the requirements of the Section 13 or 15 (d) 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.
DATED: November 1, 1995 By: Sarkis J. Kechejian, M.D.
-------------------------
Sarkis J. Kechejian, M.D.
Chairman and Chief
Executive Officer
DATED: November 1, 1995 By: Sarkis J. Kechejian, M.D.
-------------------------
Sarkis J. Kechejian, M.D.
President, Treasurer,
Principal Financial and
Accounting Officer
7
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<S> <C> <C>
<PERIOD-TYPE> 3-MOS 3-MOS
<FISCAL-YEAR-END> MAR-31-1995 MAR-31-1994
<PERIOD-START> JUL-01-1995 JUL-01-1994
<PERIOD-END> SEP-30-1995 SEP-30-1994
<CASH> 537 980
<SECURITIES> 0 0
<RECEIVABLES> 0 0
<ALLOWANCES> 0 0
<INVENTORY> 0 0
<CURRENT-ASSETS> 0 0
<PP&E> 0 0
<DEPRECIATION> 0 0
<TOTAL-ASSETS> 537 980
<CURRENT-LIABILITIES> 6,100 6,100
<BONDS> 0 0
<COMMON> 15,000 15,000
0 0
0 0
<OTHER-SE> (20,563) (20,120)
<TOTAL-LIABILITY-AND-EQUITY> 537 537
<SALES> 0 0
<TOTAL-REVENUES> 0 0
<CGS> 0 0
<TOTAL-COSTS> 0 0
<OTHER-EXPENSES> 59 7
<LOSS-PROVISION> 0 0
<INTEREST-EXPENSE> 0 0
<INCOME-PRETAX> (59) (7)
<INCOME-TAX> 0 0
<INCOME-CONTINUING> 0 0
<DISCONTINUED> 0 0
<EXTRAORDINARY> 0 0
<CHANGES> 0 0
<NET-INCOME> (59) (59)
<EPS-PRIMARY> 0 0
<EPS-DILUTED> 0 0
</TABLE>
|
|