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Previous: HARRIS ASSOCIATES L P, SC 13G/A, 1996-02-09 |
Next: VALUE MERCHANTS INC, SC 13G/A, 1996-02-09 |
FORM 10-QSB
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
[ X ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended December 31, 1995
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from to
-------------------- ---------------------
Commission File Number 0-17345
W-J International, Ltd.
(Exact name of small business issuer as specified in its charter)
Delaware 41-1578316
(State of other jurisdiction of (I.R.S. Employer
organization) Identification No.)
23 Washburne Avenue
Paynesville, Minnesota 56362
(Address of principal executive offices)
612-243-3311
(Registrant's telephone number, including area code)
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 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
---------- ----------
At February 9, 1996 12,214,632 shares of registrant's common stock (par value,
$.01) were outstanding.
Transitional Small Business Disclosure Format: Yes No X
---------- --------
<PAGE>
W-J International, Ltd.
Balance Sheet
<TABLE>
<CAPTION>
December 31, September 30,
1995 1995
(Unaudited) (Audited)
ASSETS
<S> <C> <C>
Current Assets:
Cash $ 317,783 $ 338,358
----------- -----------
Total current assets 317,783 338,358
Property and equipment:
Land 30,648 30,648
Buildings 374,266 374,266
----------- -----------
404,914 404,914
Less: accumulated depreciation (89,935) (86,137)
----------- -----------
Net property and equipment 314,979 318,777
----------- -----------
Total Assets $ 632,762 $ 657,135
=========== ===========
LIABILITIES AND EQUITY
Current liabilities:
Current portion of long-term debt $ 177,998 $ 172,862
Operations borrowing 2,624 2,624
Accounts payable - Trade 0 0
Accrued expenses 88,945 85,248
Due to related parties 27,323 53,941
Notes payable - related parties 17,610 20,264
----------- -----------
Total current liabilities 314,500 334,939
----------- -----------
Long-term debt, net of current portion 86,483 96,045
----------- -----------
Stockholders equity:
Common stock, $.01 par value;
20,000,000 shares authorized,
12,214,632 shares issued and
outstanding 122,146 122,146
Additional paid-in capital 2,274,840 2,274,840
Accumulated deficit (2,165,207) (2,170,835)
----------- -----------
Total stockholders equity 231,779 226,151
----------- -----------
Total liabilities and stockholders equity $ 632,762 $ 657,135
=========== ===========
</TABLE>
See notes to financial statements
<PAGE>
W-J International, Ltd.
Statement of operations
<TABLE>
<CAPTION>
Three Months Ended
December 31,
1995 1994
(Unaudited) (Unaudited)
<S> <C> <C>
Rental Income: $ 20,489 $ 11,659
Gain on extinguishment of debt $ 0 $ 56,156
------------ ------------
Total Income $ 20,489 $ 67,815
Expenses:
General & Administrative 5,466 5,295
Interest 2,908 4,251
------------ ------------
8,374 9,546
------------ ------------
Income (loss) from continuing operations
before discontinued operations 12,115 58,269
Discontinued Operations:
Loss from discontinued operations (6,487) (13,298)
Net Income (loss) 5,628 44,971
============ ============
Weighted average common shares outstanding 12,214,632 12,214,632
during period ========== ==========
Net (loss) per share $ 0.00 $ 0.00
============ ============
</TABLE>
See notes to financial statements
<PAGE>
W-J International, Ltd.
Statement of Cash Flows
Increase (Decrease) in Cash
<TABLE>
<CAPTION>
Three Months Ended
December 31,
CASH FLOWS FROM OPERATING ACTIVITIES 1995 1994
(Unaudited) (Unaudited)
<S> <C> <C>
Net (Loss) $ 5,628 ($ 55,948)
Adjustments to reconcile net (loss)
to net cash flows from operating activities:
Depreciation 3,798 10,284
Changes in:
Accounts receivable - Trade 0 347,322
Accounts receivable - Related parties 0 (9,539)
Prepaid expenses 0 8,853
Accounts payable - Trade 0 (3,691)
Accounts payable - Related parties (29,272) 14,428
Accrued expenses 3,697 (8,181)
--------- ---------
Net cash flows from operating activities (16,149) 303,528
--------- ---------
Cash flows from investing activities:
Purchase of property and equipment 0 0
Net cash flows from investing activities 0 0
--------- ---------
Cash flows from financing activities:
Gain on extinguishment of debt 0 0
Principal payments on long-term debt (4,426) (3,582)
--------- ---------
Net cash flows from financing activities (4,426) (3,582)
--------- ---------
Net increase (decrease) in cash (20,575) 299,946
Cash, beginning of year 338,358 275,682
--------- ---------
Cash, end of year $ 317,783 $ 575,628
========= =========
</TABLE>
See notes to financial statements
<PAGE>
W-J International, Ltd.
NOTES TO CONDENSED FINANCIAL STATEMENTS
(Unaudited)
Note 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The condensed balance sheet as of December 31, 1995 (Unaudited) and
September 30, 1995 (Audited) and the related statement of operations
and cash for the three-month period ended December 31, 1995
(Unaudited) are enclosed. In the opinion of management, all
adjustments necessary for a fair presentation of such financial
statements have been included. Such adjustments consisted only of
normal recurring items.
The Financial statements and notes are presented as permitted by Form
10-Q and contain certain information included in the Company's annual
financial statements and notes of W-J International, Ltd., a Delaware
Corporation ("W-J" or the "Company").
Note 2. INVENTORIES
Inventories consist of the following:
December 31, September 30,
1995 1995
Parts and Components $ 0 $ 0
Finished Units 0 0
Total $ 0 $ 0
Note 3. STOCKHOLDERS' EQUITY
<TABLE>
<CAPTION>
(Audited) Equity Changes (Unaudited)
September 30, Due to Operation December 31,
1995 1995
<S> <C> <C> <C>
Number of Shares 12,214,632 0 12,214,632
Common Stock 122,146 0 122,146
Additional Paid-In Capital 2,274,840 0 2,274,840
Retained Earnings
(Accumulated Deficit) (2,170,835) 5,628 (2,165,207)
Total 226,151 5,628 231,779
</TABLE>
<PAGE>
Item 2 - Management's Discussion and Analysis of Results of Operations and
Financial Condition.
RESULTS OF OPERATIONS
Rental Income for the first three-month period ended December 31, 1995
increased $8,830 from $11,659 for the three-month period ended December 31,
1994. The increase in rent for the first quarter for fiscal 1996 as compared to
the same quarter of fiscal 1995 was primarily due the tenant renting additional
square footage.
Expenses for the first three-month period ended December 31, 1995 decreased
12% to $8,374 from $9,546 for the three-month period ended December 31, 1994.
Discountinued Operations expenses for the three-month period ended December
31, 1995 decreased to $6,487 from $13,298 for the three-month period ended
December 31, 1994.
The Company's net profit for the three-month period ended December 31, 1995
decreased to $5,628 from $44,971 for the same period ended December 31, 1994.
LIQUIDITY AND CAPITAL RESOURCES
The Company's working capital decreased to $3,373 for the three months
ended December 31, 1995 from $3,419 for the year ended September 30, 1995. The
Company has operated on limited and deficit working capital since the first
quarter of 1989 when the Company's previous bank demanded immediate repayment of
and cancelled the Company's bank line of credit.
PART II. OTHER INFORMATION
Item 4. Submission of Matters to a Vote of Security Holders.
No matters were submitted to a vote of security holders during the quarter
ended December 31, 1995.
Item 6. Exhibits and Reports on Form 8-K.
(a) Exhibits
No exhibits are required to be filed for the three-month period ended
December 31, 1995.
(b) Reports on Form 8-K.
No report on Form 8-K was filed during the three-month period ended
December 31, 1995.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Issuer
has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.
W-J International, Ltd.
("Small Business Issuer")
By /s/ Edward H. Webb
Edward H. Webb
President
Date: February 9, 1996
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