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Previous: IN HOME HEALTH INC /MN/, PRER14A, 2000-10-30 |
Next: AMERICAN EXPRESS FINANCIAL ADVISORS, 13F-HR, 2000-10-30 |
<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15 (d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 30, 2000
ACTRADE FINANCIAL TECHNOLOGIES LTD.
-----------------------------------
(Exact name of registrant as specified in its charter)
<TABLE>
<CAPTION>
Delaware 0-18711 13-3437739
-------- ------- ----------
<S> <C> <C>
(State or other jurisdiction (Commission file Number) (IRS Employer
of incorporation) Identification Number)
</TABLE>
<TABLE>
<S> <C>
7 Penn Plaza, Suite 422, New York, New York 10001
(Address of Principal Executive Offices) (Zip Code)
</TABLE>
Registrant's telephone number, including area code: (212) 563-1036
ACTRADE INTERNATIONAL, LTD.
---------------------------
(Former name)
<PAGE>
ITEM 5. OTHER EVENTS - Recast of Previously Issued Unaudited Consolidated
Quarterly Income Statements for information purposes only;
(a) During the fourth quarter of the year ended June 30, 2000, the
Registrant adopted the Securities and Exchange Commission Staff
Accounting Bulletin No. 101 ("SAB 101") - REVENUE RECOGNITION IN
FINANCIAL STATEMENTS. SAB 101 was issued to provide guidance in
applying generally accepted accounting principles to a large number of
revenue recognition issues that registrant encounter. Accordingly, the
Registrant changed the income statement presentation of Revenue -
International Merchandise Trade from reflecting sales and cost of
sales to a net basis. In addition, the Registrant will no longer
disclose, in the consolidated statements of income, Gross Sales -
Trade Acceptance Drafts and Gross Sales - International Merchandise
Trade. The prior period presentation has been changed to conform to
the current period presentation. The adoption of SAB 101 did not have
any impact on the net income of the Registrant.
(b) For informational purposes only, Registrant has recast in this 8-K
Report only, previously issued unaudited consolidated quarterly income
statements in conformity with the presentation on its 10-K Annual
Report for fiscal 2000.
(c) Such recast unaudited consolidated quarterly statements are issued for
the five years ended June 30, 2000.
<PAGE>
ACTRADE FINANCIAL TECHNOLOGIES LTD. AND SUBSIDIARIES
(Formerly Actrade International, Ltd.)
QUARTERLY CONSOLIDATED STATEMENTS OF INCOME
FOR FISCAL YEAR 2000
Dollars in thousands except per share amounts
<TABLE>
<CAPTION>
Unaudited
--------------------------------------------------------------
Three Months Ended
-------------------------------------------------------------- Year Ended
September 30, December 31, March 31, June 30, June 30,
1999 1999 2000 2000 2000
--------------- --------------- --------------- -------------- ------------
<S> <C> <C> <C> <C> <C>
Revenue:
Trade Acceptance Drafts $4,073 $4,078 $4,681 $4,040 $16,872
International Merchandise Trade 2,680 2,844 3,483 5,768 14,775
----- ----- ----- ----- ------
Total Revenue 6,753 6,922 8,164 9,808 31,647
----- ----- ----- ----- ------
Operating Expenses:
General and administrative 2,039 2,024 2,847 1,783 8,693
Bad debt 931 1,385 1,310 2,448 6,074
Interest, net 922 1,394 1,127 1,932 5,375
Other, net 0 0 0 2 2
- - - - -
Total Operating Expenses 3,892 4,803 5,284 6,165 20,144
----- ----- ----- ----- ------
Income before Provision for Income Taxes 2,861 2,119 2,880 3,643 11,503
Provision for Income Taxes 353 120 (307) 33 199
--- --- ----- -- ---
Net Income $2,508 $1,999 $3,187 $3,610 $11,304
====== ====== ====== ====== =======
Net Income per Common Share:
Basic $0.29 $0.23 $0.36 $0.41 $1.30
Diluted $0.29 $0.22 $0.35 $0.38 $1.23
Weighted Average Number of Shares Outstanding:
Basic 8,528,051 8,646,428 8,810,196 8,856,263 8,708,380
Diluted 8,780,414 9,068,434 9,203,399 9,495,570 9,211,874
</TABLE>
<PAGE>
ACTRADE FINANCIAL TECHNOLOGIES LTD. AND SUBSIDIARIES
(Formerly Actrade International, Ltd.)
QUARTERLY CONSOLIDATED STATEMENTS OF INCOME
FOR FISCAL YEAR 1999
Dollars in thousands except per share amounts
<TABLE>
<CAPTION>
Unaudited
--------------------------------------------------------------
Three Months Ended
--------------------------------------------------------------
Year Ended
September 30, December 31, March 31, June 30, June 30,
1998 1998 1999 1999 1999
--------------- --------------- --------------- -------------- -------------
<S> <C> <C> <C> <C> <C>
Revenue:
Trade Acceptance Drafts $786 $1,635 $1,566 $3,954 $7,941
International Merchandise Trade 1,507 1,573 1,949 3,402 8,431
----- ----- ----- ----- -----
Total Revenue 2,293 3,208 3,515 7,356 16,372
----- ----- ----- ----- ------
Operating Expenses:
General and administrative 1,202 1,321 1,798 2,162 6,483
Bad debt 50 274 112 1,165 1,601
Interest, net 6 93 258 1,360 1,717
Other, net 0 0 0 180 180
- - - --- ---
Total Operating Expenses 1,258 1,688 2,168 4,867 9,981
----- ----- ----- ----- -----
Income before Provision for Income Taxes 1,035 1,520 1,347 2,489 6,391
Provision for Income Taxes (96) 104 (26) 175 157
--- --- ---- --- ---
Net Income $1,131 $1,416 $1,373 $2,314 $6,234
====== ====== ====== ====== ======
Net Income per Common Share:
Basic $0.13 $0.17 $0.16 $0.27 $0.73
Diluted $0.13 $0.16 $0.16 $0.27 $0.71
Weighted Average Number of Shares Outstanding:
Basic 8,436,849 8,433,838 8,435,213 8,435,213 8,527,851
Diluted 8,790,959 8,762,426 8,739,762 8,577,213 8,810,267
</TABLE>
<PAGE>
ACTRADE FINANCIAL TECHNOLOGIES LTD. AND SUBSIDIARIES
(Formerly Actrade International, Ltd.)
QUARTERLY CONSOLIDATED STATEMENTS OF INCOME
FOR FISCAL YEAR 1998
Dollars in thousands except per share amounts
<TABLE>
<CAPTION>
Unaudited
--------------------------------------------------------------
Three Months End
--------------------------------------------------------------
Year Ended
September 30, December 31, March 31, June 30, June 30,
1997 1997 1998 1998 1998
--------------- --------------- --------------- -------------- -------------
<S> <C> <C> <C> <C> <C>
Revenue:
Trade Acceptance Drafts $701 $821 $888 $890 $3,300
International Merchandise Trade 1,007 1,231 1,206 1,396 4,840
----- ----- ----- ----- -----
Total Revenue 1,708 2,052 2,094 2,286 8,140
----- ----- ----- ----- -----
Operating Expenses:
General and administrative 686 903 955 876 3,420
Bad debt 0 0 0 64 64
Interest, net (46) (5) (31) (71) (153)
Other, net (9) 0 (21) (1) (31)
--- - ---- --- ----
Total Operating Expenses 631 898 903 868 3,300
--- --- --- --- -----
Income before Provision for Income Taxes 1,077 1,154 1,191 1,418 4,840
Provision for Income Taxes 124 70 84 145 423
--- -- -- --- ---
Net Income $953 $1,084 $1,107 $1,273 $4,417
==== ====== ====== ====== ======
Net Income per Common Share:
Basic $0.12 $0.13 $0.13 $0.15 $0.55
Diluted $0.11 $0.12 $0.12 $0.15 $0.50
Weighted Average Number of Shares Outstanding:
Basic 7,670,059 8,113,072 8,268,311 8,305,030 8,079,996
Diluted 8,886,843 9,076,002 8,982,648 8,705,901 8,903,726
</TABLE>
<PAGE>
ACTRADE FINANCIAL TECHNOLOGIES LTD. AND SUBSIDIARIES
(Formerly Actrade International, Ltd.)
QUARTERLY CONSOLIDATED STATEMENTS OF INCOME
FOR FISCAL YEAR 1997
Dollars in thousands except per share amounts
<TABLE>
<CAPTION>
Unaudited
--------------------------------------------------------------
Three Months Ended
--------------------------------------------------------------
Year Ended
September 30, December 31, March 31, June 30, June 30,
1996 1996 1997 1997 1997
--------------- --------------- --------------- -------------- -------------
<S> <C> <C> <C> <C> <C>
Revenue:
Trade Acceptance Drafts $197 $277 $360 $532 $1,366
International Merchandise Trade 477 647 652 896 2,672
--- --- --- --- -----
Total Revenue 674 924 1,012 1,428 4,038
--- --- ----- ----- -----
Operating Expenses:
General and administrative 385 518 533 623 2,059
Bad debt 0 0 0 16 16
Interest, net 15 1 3 (3) 16
Other, net 0 0 0 (66) (66)
- - - ---- ----
Total Operating Expenses 400 519 536 570 2,025
--- --- --- --- -----
Income before Provision for Income Taxes 274 405 476 858 2,013
Provision for Income Taxes 14 33 (28) 90 109
-- -- ---- -- ---
Net Income $260 $372 $504 $768 $1,904
==== ==== ==== ==== ======
Net Income per Common Share:
Basic $0.05 $0.06 $0.08 $0.11 $0.29
Diluted $0.04 $0.06 $0.08 $0.10 $0.25
Weighted Average Number of Shares Outstanding:
Basic 5,701,621 6,330,153 6,500,125 7,014,014 6,617,167
Diluted 5,811,621 6,465,153 6,635,125 7,623,787 7,701,712
</TABLE>
<PAGE>
ACTRADE FINANCIAL TECHNOLOGIES LTD. AND SUBSIDIARIES
(Formerly Actrade International, Ltd.)
QUARTERLY CONSOLIDATED STATEMENTS OF INCOME
FOR FISCAL YEAR 1996
Dollars in thousands except per share amounts
<TABLE>
<CAPTION>
Unaudited
--------------------------------------------------------------
Three Months Ended
--------------------------------------------------------------
Year Ended
September 30, December 31, March 31, June 30, June 30,
1995 1995 1996 1996 1996
--------------- --------------- --------------- -------------- -------------
<S> <C> <C> <C> <C> <C>
Revenue:
Trade Acceptance Drafts $87 $182 $87 $170 $526
International Merchandise Trade 357 338 422 324 1,441
--- --- --- --- -----
Total Revenue 444 520 509 494 1,967
--- --- --- --- -----
Operating Expenses:
General and administrative 287 313 335 259 1,194
Bad debt 0 0 0 0 0
Interest, net (4) 10 9 37 52
Other, net 0 0 0 (58) (58)
- - - ---- ----
Total Operating Expenses 283 323 344 238 1,188
--- --- --- --- -----
Income before Provision for Income Taxes 161 197 165 256 779
Provision for Income Taxes 17 2 0 2 21
-- - - - --
Net Income $144 $195 $165 $254 $758
==== ==== ==== ==== ====
Net Income per Common Share:
Basic $0.03 $0.04 $0.03 $0.05 $0.14
Diluted $0.03 $0.04 $0.03 $0.05 $0.14
Weighted Average Number of Shares Outstanding:
Basic 5,330,681 5,330,681 5,330,681 5,347,947 5,334,974
Diluted 5,330,681 5,330,681 5,398,043 5,403,355 5,378,427
</TABLE>
<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.
ACTRADE FINANCIAL TECHNOLOGIES LTD.
Date: October 30, 2000 By: /s/ Joseph P. D'Alessandris
---------------------------
Name: Joseph P. D'Alessandris
Title: Chief Financial Officer
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