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Previous: PIONEER MONEY MARKET TRUST, N-30D, 1996-02-20 |
Next: SEPARATE ACCOUNT FOUR OF THE MANUFACTURERS LIFE INS CO OF AM, 497, 1996-02-20 |
<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 December 31, 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 December 31, 1994
- ------------------------------- --------------------------------
(Common stock, $0.01 par value) 1,500,000
<PAGE>
SARKIS CAPITAL, INC.
INDEX
PAGE NUMBER
PART I FINANCIAL INFORMATION
Balance Sheet - December 31, 1995 and
December 31, 1994 1
Statement of Loss - Three months ended
December 31, 1995 - Period March 18, 1987
(date of inception) to December 31, 1995 -
three months ended December 31, 1994 2
Statement of Cash Flow - For period
March 18, 1987 (date of inception) to
December 31, 1995 and for period
March 18, 1987 (date of inception) to
December 31, 1994 3
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
<PAGE>
SARKIS CAPITAL, INC.
PART I - FINANCIAL INFORMATION
BALANCE SHEET
ASSETS
<TABLE>
<CAPTION>
December 31 December 31,
1995 1994
Unaudited Unaudited
----------- ------------
<S> <C> <C>
Current assets:
Cash $ 227 $ 911
-------- --------
Total current assets $ 227 $ 911
$ 227 $ 911
======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Due to stockholder $ 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
Deficit accumulated (29,873) (29,189)
-------- --------
$ 227 $ 911
======== ========
</TABLE>
The accompanying notes are an integral part of these financial statements
1
<PAGE>
SARKIS CAPITAL, INC.
STATEMENT OF OPERATIONS
(Unaudited)
<TABLE>
<CAPTION>
For Period
03/18/87
(date of Three Months Three Months
inception) Ended Ended
To 13/31/95 12/31/95 12/31/94
Unaudited (Unaudited) (Unaudited)
------------ ----------- -----------
<S> <C> <C> <C>
Revenues: $ -0- $ -0- $ -0-
---------- ---------- ----------
-0- -0- -0-
Expenses:
Selling, general and
administrative 29,550 286 86
Advertising 418 -0- -0-
Travel and entertainment 565 -0- -0-
General taxes 494 28 -0-
---------- ---------- ----------
Operating gain (loss) (31,027) (314) (86)
Other Income (Expenses):
Interest income 1,154 4 7
---------- ---------- ----------
Net gain (loss) (29,873) $ (310) $ (79)
========== ========== ==========
Gain (loss) per common share $ (.02) $ -0- $ -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>
For period March 18, 1987 For period March 18, 1987
(date of inception) to (date of inception) to
December 31, 1995 December 31, 1994
(Unaudited) (Unaudited)
<S> <C> <C>
Cash beginning balance $ -0- $ -0-
Net profit (loss) (29,873) (29,189)
Total from operations (29,873) (29,189)
Other Sources (Uses of Funds)
Note payable to stockholder 6,100 6,100
Common stock 15,000 15,000
Capital - contributed 9,000 9,000
-------- --------
Total source (use) of funds 30,100 30,100
-------- --------
Net increase (decrease) in cash 227 911
-------- --------
Cash ending balance $ 227 $ 911
-------- --------
</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 December 31, 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 December 31, 1995, the Company has been in the
development stage and did not receive any operating revenues. During this
period, expenses consisted of bank service charges, and combined with interest
received on money market funds the Company had a net loss of $310. The Company
has received total operating advances through this quarter of $6,100 from Sarkis
J. Kechejian, M.D. 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 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: February 14, 1996 By: Sarkis J. Kechejian, M.D.
-------------------------
Sarkis J. Kechejian, M.D.
Chairman and Chief
Executive Officer
DATED: February 14, 1996 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-31-1996 MAR-31-1995
<PERIOD-START> OCT-01-1995 OCT-01-1994
<PERIOD-END> DEC-31-1995 DEC-31-1994
<CASH> 227 911
<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> 227 911
<CURRENT-LIABILITIES> 6,100 6,100
<BONDS> 0 0
0 0
0 0
<COMMON> 15,000 15,000
<OTHER-SE> (20,873) (20,189)
<TOTAL-LIABILITY-AND-EQUITY> 227 911
<SALES> 0 0
<TOTAL-REVENUES> 0 0
<CGS> 0 0
<TOTAL-COSTS> 0 0
<OTHER-EXPENSES> 310 79
<LOSS-PROVISION> 0 0
<INTEREST-EXPENSE> 0 0
<INCOME-PRETAX> (310) (79)
<INCOME-TAX> 0 0
<INCOME-CONTINUING> 0 0
<DISCONTINUED> 0 0
<EXTRAORDINARY> 0 0
<CHANGES> 0 0
<NET-INCOME> (310) (79)
<EPS-PRIMARY> 0 0
<EPS-DILUTED> 0 0
</TABLE>
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