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: September 30, 1996
Commission File Number: 0-17264
ALFA International Corp.
(Exact name of registrant as specified in its charter)
New Jersey 22-2216835
(State or other jurisdiction (I.R.S. Employer
of incorporation or organization) Identification Number)
50 S. Buckhout Street, Irvington, New York 10533
(Address of principal executive offices) (Zip Code)
(914) 591-1994
Registrant's telephone number, including area code
(Former name, former address and former fiscal year,
if changed since last report)
Indicate by check number 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 [ ]
As of September 30, 1996, the registrant had outstanding
1,085,313 shares of Common Stock, par value $.01 per share.
<PAGE>
ALFA INTERNATIONAL CORP.
INDEX
PART I - FINANCIAL INFORMATION
ITEM 1: FINANCIAL STATEMENTS
BALANCE SHEETS
DECEMBER 31, 1995
SEPTEMBER 30, 1996
STATEMENTS OF OPERATIONS
THREE MONTHS ENDED SEPTEMBER 30, 1995
THREE MONTHS ENDED SEPTEMBER 30, 1996
NINE MONTHS ENDED SEPTEMBER 30, 1995
NINE MONTHS ENDED SEPTEMBER 30, 1996
STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY
NINE MONTHS ENDED SEPTEMBER 30, 1996
STATEMENTS OF CASH FLOWS
NINE MONTHS ENDED SEPTEMBER 30, 1995
NINE MONTHS ENDED SEPTEMBER 30, 1996
NOTES TO FINANCIAL STATEMENTS
ITEM 2: MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
PART II - OTHER INFORMATION
ITEM 6: EXHIBITS AND REPORT ON FORM 8 -K ALFA
INTERNATIONAL CORP.
<PAGE>
<TABLE>
ALFA INTERNATIONAL CORP. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
<CAPTION>
Sep 30, 1996 Dec 31, 1995
(Unaudited) (Note 1)
____________ ____________
<S> <C> <C>
ASSETS
Current Assets:
Cash and equivalents $ 210 $ 0
Accounts receivable-trade less
allowance for doubtful accounts
of $ 0 in 1995 and $ 0 in 1994 0 0
Inventory 0 0
Prepaid expenses and other
current assets 12,871 0
____________ ____________
Total Current Assets: 13,081 0
Property and Equipment:
Office & Computer Equipment 0 0
Equipment 0 0
Vehicle 0 0
____________ ____________
0 0
Less: Accumulated depreciation 0 0
____________ ____________
0 0
Other Assets 22,935 0
TOTAL ASSETS $ 36,016 $ 0
LIABILITIES AND STOCKHOLDERS'
EQUITY
Current Liabilities:
Accounts payable - trade $ 740 $ 27,669
Accrued expenses and other
current liabilities 0 0
Short Term Loan 71,847 0
____________ ____________
Total Current Liabilities $ 72,587 $ 27,669
<PAGE>
STOCKHOLDERS EQUITY:
Undesignated preferred stock:
Authorized - 978,400 shares
Issued and outstanding - none
Common Stock - $ .01 par value
Authorized - 15,000,000 shares
Issued - 1,085,313 shares 10,853 10,853
Capital in excess of par value 3,053,721 3,053,721
Retained earnings (deficit) (3,101,145) (3,092,243)
____________ ____________
Total Stockholder's Equity: (36,571) (27,669)
____________ ____________
$ 36,016 $ 0
<FN>
See accompanying Notes to Financial Statements.
</TABLE>
<PAGE>
<TABLE>
ALFA INTERNATIONAL CORP AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
<CAPTION>
Three Months Ended Nine Months Ended
September 30 September 30
__________________ _________________
1996 1995 1996 1995
<S> <C> <C> <C> <C>
REVENUES:
Net sales $ 0 $ 0 $ 0 $ 0
Interest Income 0 0 0 0
Other income 0 0 0 0
________ ________ ________ ________
0 0 0 0
COST AND EXPENSES:
Cost of sales 0 0 0 0
Selling,general and
administrative 7,594 8,466 8,902 17,394
Interest expense 0 0 0 0
________ ________ ________ ________
7,594 8,466 8,902 17,394
Loss from Operations
Before Income Taxes (7,594) (8,466) (8,902) (17,394)
Net Loss $ (7,594) $ (8,466) $ (8,902) $(17,394)
Weighted Average
Number of Shares
Outstanding 1,085,313 597,974 1,085,313 597,974
Net Income (Loss)
per share $ (-) $ (-) $ (-) $ (-)
<FN>
See accompanying Notes to Financial Statements.
</TABLE>
<PAGE>
<TABLE>
ALFA INTERNATIONAL CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY
(Unaudited)
<CAPTION>
Net Loss for
Balance at the Nine Balance at
Dec. 31, 1995 Months ended Sep. 30, 1996
Sep. 30, 1996
_____________ _____________ _____________
<S> <C> <C> <C>
PREFERRED STOCK
Shares 0 - 0
COMMON STOCK
Shares 1,085,313 - 1,085,313
Par Value $ 10,853 - $ 10,853
Capital in Excess
of Par Value $ 3,053,721 $ 3,053,721
Retained Earnings $(3,092,243) $ (8,902) $(3,101,145)
(Deficit)
<FN>
See accompanying Notes to Financial Statements.
</TABLE>
<PAGE>
<TABLE>
ALFA INTERNATIONAL CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
<CAPTION>
Nine Months Ended
September 30
____________________
1996 1995
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) $ (8,902) $ (17,394)
Adjustments to reconcile net income
(loss) to net cash flows from
operating activities: - -
Depreciation and amortization - -
Provision for losses on accounts
receivable - -
Other - -
Changes in operating assets and
liabilities:
Accounts receivable - trade - 4,674
Inventories - -
Prepaid expenses and other assets (12,871) -
Accounts payable-trade creditors (26,929) 12,720
Accrued expenses and other current
liabilities - -
Net cash flows from operating
activities (48,702) 0
_________ __________
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisitions of property and
equipment - -
Loan to Ty-Breakers (22,935) 0
Net cash flows from investing
activities (22,935) 0
_________ __________
CASH FLOWS FROM FINANCING ACTIVITIES:
Net borrowings under short term loan 71,847 0
Net cash flows from financing
activities 71,847 0
_________ __________
NET CHANGE IN CASH AND EQUIVALENTS: 210 0
CASH AND EQUIVALENTS,
BEGINNING OF PERIOD 0 0
_________ __________
CASH AND EQUIVALENTS, END OF PERIOD $ 210 $ 0
SUPPLEMENTAL CASH FLOW INFORMATION:
Income taxes paid (refunded) - -
Interest paid $ - $ -
<FN>
See accompanying Notes to Financial Statements.
</TABLE>
<PAGE>
ALFA INTERNATIONAL CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS
NOTE 1 - BASIS OF PRESENTATION:
The balance sheet at the end of the preceding fiscal year has been
derived from the audited balance sheet contained in the Company's amended
annual report on Form 10-KSB. All other financial statements are unaudited.
In the opinion of management, all adjustments which include only normal
recurring adjustments necessary to present fairly the financial position,
results of operations and changes in financial position for all periods
presented have been made. The results of operations for interim periods
are not necessarily indicative of operating results for the full year.
The Company presently has two wholly-owned inactive subsidiaries, one of
which it intends to dissolve. All intercompany transactions have been
eliminated in its consolidation with the Company.
Footnote disclosures normally included in financial statements prepared
in accordance with generally accepted accounting principles have been omitted
in accordance with the published rules and regulations of the Securities and
Exchange Commission. These financial statements should be read in
conjunction with the audited financial statements and notes thereto included
in the Company's amended annual report on Form 10-KSB.
NOTE 2 - OTHER ASSETS
During the third quarter of 1996, the Company made short term advances
totalling $22,935 to Ty-Breakers (NY) Corp., a corporation with which the
Company is holding discussions regarding a possible acquisition, and the
$31,847.13 of accounts payable which the Company owed as of July 1, 1996
(all of which was owed to Ty-Breakers) was assumed by the Company's president.
NOTE 3 - MANAGEMENT'S PLANS:
The Company's Plan of Reorganization is now fully implemented. It
remains managements' intention to attempt to combine Alfa, via a merger or
acquisition transaction, with a privately held company or companies seeking
to become publicly held, thereby once again giving Alfa an operating business.
The financial statements of Alfa have been prepared on a going concern
basis, which contemplates the realization of assets and satisfaction of
liabilities in the normal course of business. The Plan has now been fully
implemented and is reflected in the financial statements as of December 31,
1995 and September 30, 1996 contained herein.
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS.
RESULTS OF OPERATIONS:
THREE MONTHS ENDED SEPTEMBER 30, 1996 vs.
THREE MONTHS ENDED SEPTEMBER 30, 1995
Net sales revenue was zero during the third quarter of 1996 and the third
quarter of 1995. The Company had no sales during the third quarters of 1996
and 1995 since it discontinued all operations effective March 31, 1993. The
Company incurred a net loss of $ 7,594 during the third quarter of 1996 as
compared to a net loss of $ 8,466 for the comparable period in 1995.
Effective March 31, 1993 the Company sold substantially all of its assets.
The Company no longer has any operating business and is presently holding
discussions with a potential acquisition candidate.
NINE MONTHS ENDED SEPTEMBER 30,1996 vs.
NINE MONTHS ENDED SEPTEMBER 30,1995
Net sales revenue of zero during the first nine months of 1996 was the same
as the first nine months of 1995. As noted the Company discontinued all
operations effective March 31, 1993 and has had no sales since that date.
The Company's loss for the nine month period ending September 30, 1996 was
$ 8,902 compared to a loss of $ 17,394 for the comparable period in 1995.
LIQUIDITY AND CAPITAL RESOURCES:
The Company had a working capital deficit of ($36,571) at September 30, 1996
as compared to a deficit of ($589,184) at December 31, 1995. This represents
a decrease in the working capital deficit of $552,613 and is attributable to
the reorganization of the Company's pre-petition debt, the Company's
operating loss for the nine month period, prepaid legal fees, short term
loans to the Company from the Company's president and advances made by the
Company to Ty-Breakers (NY) Corp., a corporation with which the Company is
holding negotiations regarding a possible business combination. On November
13,1996 the Company received the proceeds of a $100,000 loan from a party
with which the Company is negotiatoing a possible offering of the Company's
securities.
<PAGE>
PART II - OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORT ON FORM 8-K
(A) EXHIBITS
NONE
(B) REPORTS ON FORM 8-K
Report Dated August 12, 1996
ALFA INTERNATIONAL CORP.
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.
ALFA INTERNATIONAL CORP.
(Registrant)
November 18, 1996 By: /s/ Frank J. Drohan
Date Frank J. Drohan
Chief Executive Officer
and Chief Financial Officer
<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> SEP-30-1996
<CASH> 210
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 13,081
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 36,016
<CURRENT-LIABILITIES> 72,587
<BONDS> 0
0
0
<COMMON> 10,853
<OTHER-SE> (47,424)
<TOTAL-LIABILITY-AND-EQUITY> 36,016
<SALES> 0
<TOTAL-REVENUES> 0
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 8,902
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (8,902)
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (8,902)
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
