U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-QSB
[X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934 FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 1997
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[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934 FOR THE TRANSITION PERIOD FROM ____________ TO ____________
Commission file number 0-5887
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RTI INC.
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(Exact name of small business issuer as specified in its charter)
NEW YORK 11-2163152
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(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
P.O. BOX 3048, 301 ANTONE, SUNLAND PARK, NEW MEXICO 88063
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(Address of principal executive offices) (Zip Code)
(505) 589-5431
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(Issuer's telephone number, including area code)
Check whether the issuer (1) filed all reports required to be filed by
Section l3 or l5(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
[X]
State the number of shares outstanding of each of the issuer's classes
of common equity, as of the latest practicable date.
October 31, 1997 - 1,481,166 shares of common stock
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Transitional Small Business Disclosure Form Yes [ ] No [X]
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RTI INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
September 30, December 31,
1997 1996
LIABILITIES AND STOCKHOLDERS' EQUITY (unaudited)
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CURRENT:
Accounts payable $ 807,735 $ 19,811
Short-term borrowings (Note 5) 593,000 --
Current portion of long term debt 44,990 --
Accrued expenses 174,975 74,433
TOTAL CURRENT LIABILITIES 1,620,700 94,244
Long-term debt, net of current portion
and discount of $5,500 and $22,000 259,500 265,000
Other liabilities (Notes 3 and 4) 1,032,035 970,935
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TOTAL LIABILITIES 2,912,235 1,330,179
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STOCKHOLDERS' EQUITY:
Preferred stock, $.05 par value -
shares authorized 2,000,000;
issued and outstanding: 100,000 5,000 --
Common stock, $.08 par value -
shares authorized 15,000,000;
issued and outstanding, 1,481,166 118,495 88,094
Additional paid-in capital 17,679,624 16,053,542
Deficit (14,624,532) (13,227,131)
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TOTAL STOCKHOLDERS' EQUITY 3,178,587 2,914,505
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TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $ 6,090,822 $ 4,244,684
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See accompanying notes to consolidated financial statements.
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ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits: None
(b) Reports on Form 8-K
The Company filed a Current Report on Form 8-K/A dated February 24,
1997, reporting the consummation of the acquisition of the business
of Quality Air Inc. An Amendment No.1 to this Current Report was
filed with the Securities and Exchange Commission on May 9, 1997.
It contained a Pro Forma Condensed Consolidated Balance Sheet of
the Company as of December 31, 1996.
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SIGNATURE
In accordance with the requirements of the Exchange Act, the registrant
caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.
RTI INC.
Date: November 3, 1997 By: /s/ THEO W. MULLER
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Theo W. Muller
Chief Executive Officer
By: /s/ JAMES M. CAYLOR
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James M. Caylor
Controller and Principal
Accounting Officer
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