<PAGE>
U.S. Securities and Exchange Commission
Washington, D.C. 20549
Form 10-QSB
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended December 31, 1996
[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT
For the transition period from _________ to __________
Commission file number 33-13627
SARKIS CAPITAL, INC.
(Exact name of small business issuer as specified in its charter)
Delaware 75-2168244
(State or other jurisdiction of (IRS Employer Identification
incorporation or organization) No.)
421 E. Airport Freeway, Irving, Texas 75062
(Address of principal executive office)
(972-255-5533)
(Issuer's telephone number)
_______________________________________________________________________
(Former name, former address and former fiscal year,
if changed since last year)
Check whether 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: At December 31, 1996,
1,500,000 shares of common stock, $0.01 par value, were outstanding.
Transitional Small Business Disclosure Format (Check one):
Yes No X
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SARKIS CAPITAL, INC.
INDEX
PAGE NUMBER
PART I FINANCIAL INFORMATION
Balance Sheet - December 31, 1996 and
December 31, 1995 1
Statement of Loss - Three months ended
December 31, 1996 - Period March 18, 1987
(date of inception) to December 31, 1996 - 2
three months ended December 31, 1995
Statement of Cash Flow - For period 3
March 18, 1987 (date of inception) to
December 31, 1996 and for period
March 18, 1987 (date of inception) to
December 31, 1995
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>
<PAGE>
SARKIS CAPITAL, INC.
PART I - FINANCIAL INFORMATION
BALANCE SHEET
ASSETS
<TABLE>
<CAPTION>
December 31 December 31
1996 1995
Unaudited Unaudited
<S> <C> <C>
Current assets:
Cash $ 68 $ 227
Total current assets $ 68 $ 227
68 $ 227
LIABILITIES AND STOCKHOLDERS' EQUITY
<S> <C> <C>
Current Liabilities:
Due to stockholder 6.600 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 (30,532) (29,873)
$ 68 $ 227
</TABLE>
The accompanying notes are an integral part of these financial statements
1
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SARKIS CAPITAL, INC.
STATEMENT OF OPERATIONS
(Unaudited)
<TABLE>
<CAPTION>
For Period
03/18/87
(date of Three Months Three Months
inception) Ended Ended
To 12/31/96 12/31/96 12/31/95
Unaudited (Unaudited) (Unaudited)
<S> <C> <C> <C>
Revenues: $ -0- $ -0- $ -0-
-0- -0- -0-
Expenses:
Selling, general and
administrative 30,150 29 286
Advertising 418 -0- -0-
Travel and entertainment 565 -0- -0-
General taxes 557 -0- 28
Operating gain (loss) (31,690) (29) (314)
Other Income (Expenses):
Interest income 1,158 -0- 4
Net gain (loss) (30,532) $ (29) $ (310)
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, 1996 December 31, 1995
(Unaudited) (Unaudited)
<S> <C> <C>
Cash beginning balance $ -0- $ -0-
Net profit (loss) (30,532) (29,873)
Total from operations (30,532) (29,873)
Other Sources (Uses of Funds)
Note payable to stockholder 6,600 6,100
Common stock 15,000 15,000
Capital - contributed 9,000 9,000
Total source (use) of funds 30,600 30,100
Net increase (decrease) in cash 68 227
Cash ending balance $ 68 $ 227
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, 1996 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, 1996, the Company has been
in the development stage and did not receive any operating revenues.
During this period, expenses consisted of bank service charges,
making the Company have a net loss of $29. The Company has received
total operating advances through this quarter of $6,600 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, 1997. An additional operating advance may be required during
the fiscal year.
5
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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
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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: January 31, 1997 By: Sarkis J. Kechejian, M.D.
Sarkis J. Kechejian, M.D.
Chairman and Chief
Executive Officer
DATED: January 31, 1997 By: Sarkis J. Kechejian, M.D.
Sarkis J. Kechejian, M.D.
President, Treasurer,
Principal Financial and
Accounting Officer
7
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<RESTATED>
<MULTIPLIER> 1
<S> <C> <C>
<PERIOD-TYPE> 3-MOS 3-MOS
<FISCAL-YEAR-END> MAR-31-1997 MAR-31-1996
<PERIOD-END> DEC-31-1996 DEC-31-1995
<CASH> 68 227
<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> 68 227
<CURRENT-LIABILITIES> 6,600 6,100
<BONDS> 0 0
0 0
0 0
<COMMON> 15,000 15,000
<OTHER-SE> (30,532) (20,873)
<TOTAL-LIABILITY-AND-EQUITY> 68 227
<SALES> 0 0
<TOTAL-REVENUES> 0 0
<CGS> 0 0
<TOTAL-COSTS> 0 0
<OTHER-EXPENSES> 29 310
<LOSS-PROVISION> 0 0
<INTEREST-EXPENSE> 0 0
<INCOME-PRETAX> (29) (310)
<INCOME-TAX> 0 0
<INCOME-CONTINUING> 0 0
<DISCONTINUED> 0 0
<EXTRAORDINARY> 0 0
<CHANGES> 0 0
<NET-INCOME> (29) (310)
<EPS-PRIMARY> 0 0
<EPS-DILUTED> 0 0
</TABLE>
