FORM 10-QSB - Quarterly Report Under Section 13 or 15(d)
of the Securities Exchange Act of 1934
UNITED STATES
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 period ended June 30, 1996
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or
[ ] Transition Report Pursuance to Section 13 or 15(d) of the Securities
Exchange act of 1934.
For the transition period from to
Commission File Number 33-16820-D
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TRAVIS INDUSTRIES, INC.
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(Exact name of registrant as specified in its charter)
Colorado 84-1063149
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(State or other jurisdiction of (I.R.S. Employer
incorporation or organization Identification No.)
3415 W. Broadway, Council Bluffs, IA 51501
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(Address of principal executive offices) (Zip Code)
(712) 328-3040
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(Registrant's telephone number, including area code)
None
----
(Former name, former address and former fiscal year, if changed
since last report.)
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
APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS
DURING THE PRECEDING FIVE YEARS:
Indicated by check mark whether the registrant has filed all documents
and reports required to be filed by Sections 12, 13 or 15(d) of the Securities
Exchange Act of 1934 subsequent to the distribution of securities under a plan
confirmed by a court.
[ ] Yes [ X ] No
APPLICABLE ONLY TO CORPORATE ISSUERS:
As of June 30, 1996, Registrant had 121,308,864 shares of common stock, no par
value, outstanding.<PAGE>
INDEX
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Page
Number
- ------
Part I. Financial Information
Item I. Financial Statements
Balance Sheet as of June 30, 1996 2
Statement of Operations, Three Months
Ended June 30, 1996 and 1995 3
Statement of Cash Flows, Three Months
Ended June 30, 1996 and 1995 4
Notes to Financial Statements 5
Item 2. Management's Discussion and Analysis of
Financial Conditions and Results of
Operations 6
Part II. Other Information 7
TRAVIS INDUSTRIES, INC.
------------------------
BALANCE SHEET
June 30, 1996
(Unaudited)
Current Assets
Accounts receivable, net of allowance for
doubtful accounts of $71,706 $ 80,856
Other -
------------
Total Current Assets 80,856
Furniture and equipment, net of accumulated
depreciation of $228,732 184,293
Allowance for idle equipment (124,149)
Other assets 13,915
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Total Assets $ 154,915
=============
Current Liabilities
Outstanding checks in excess of amounts
reported by banks $ 30,189
Note payable, current portion 10,000
Accounts payable and accrued expenses 121,127
Total Current Liabilities 161,316
Note payable, net of current portion 77,385
Other long-term debt 117,844
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Total Liabilities 356,545
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Commitments and contingencies (Notes 2) -
Stockholders' Equity:
Redeemable preferred stock - $.0001 par
value 100,000,000 shares authorized:
Series A, none issued and outstanding -
Series B, 28,400,000 shares issued and
outstanding, (liquidation amount of
$710,000) 710,000
Common stock - $.0001 par value,
500,000,000 shares authorized;
121,308,864 shares issued and
outstanding 12,131
Additional paid-in capital 5,228,335
Accumulated deficit (6,152,096)
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Total Stockholders' (Deficit) (201,630)
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Total Liabilities and Stockholders' (Deficit) $ 154,915
=============
The accompanying notes are an integral part of the financial statements.<PAGE>
TRAVIS INDUSTRIES, INC.
------------------------
STATEMENT OF OPERATIONS
For the Three Months Ended June 30
(Unaudited)
1996 1995
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Sales $ 442,884 $ 446,369
Cost of goods sold (exclusive
of depreciation shown
separately below) 322,890 360,408
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Gross Profit 119,994 85,961
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Operating Expenses
Depreciation 7,222 13,869
Bad debts - 17,926
Rent 29,216 34,603
Salaries 65,255 63,695
Consulting fees, related
party 1,000 8,025
Other operating expenses 45,787 56,770
Total Operating Expenses 148,480 194,888
Net Operating (Loss) (28,486) (108,927)
Other Income (Expenses)
Interest and miscellaneous
income 9,158 1,186
Interest (expense) - (3,542)
Total Other 9,158 (2,356)
Net (Loss) $ (19,328) (111,283)
Net (Loss) per Share $ nil $ nil
Weighted Average Shares
Outstanding 121,308,864 121,308,864
The accompanying notes are an integral part of the financial statements.
TRAVIS INDUSTRIES, INC.
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STATEMENT OF CASH FLOWS
For the Three Months Ended June 30
(Unaudited)
1996 1995
-------------- --------------
Cash Flows from Operating
Activities:
Net (loss) $ (19,328) $ (111,283)
Adjustments to reconcile net
income (loss) to net cash
used in operating activities
Depreciation 7,222 13,869
Increase (decrease) in
accounts payable, accrued
expenses and other (11,110) 137,368
(Increase) decrease in
accounts receivable 23,216 (10,954)
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Net Cash Provided by Operating
Activities - 29,000
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Cash Flows from Investing
Activities - -
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Cash Flows from Financing
Activities - -
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Increase in cash - 29,000
Cash, beginning of year - 16,504
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Cash, end of year $ - $ 45,504
============== ================
Interest paid $ - $ 3,542
Income taxes paid $ - $ -
The accompanying notes are an integral part of the financial statements.<PAGE>
TRAVIS INDUSTRIES, INC.
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NOTES TO FINANCIAL STATEMENTS
June 30, 1996 (Unaudited)
(1) Condensed Financial Statements
------------------------------
The financial statements included herein have been prepared by Travis
Industries, Inc. without audit, pursuant to the rules and regulations of the
Securities and Exchange Commission. Certain information and footnote
disclosures normally included in the financial statements prepared in
accordance with generally accepted accounting principles have been condensed
or omitted as allowed by such rules and regulations, and management believes
that the disclosures are adequate to make the information presented not
misleading.
The management of Travis Industries, Inc. believes that the accompanying
unaudited condensed financial statements contain all adjustments (including
normal recurring adjustments) necessary to present fairly the operations and
cash flows for the periods presented.
(2) Basis of Presentation - Going Concern
-------------------------------------
The accompanying financial statements have been prepared in conformity with
generally accepted accounting principles, which contemplates continuation of
the Company as a going concern. However, the Company has sustained recurring
operating losses, has a net capital deficiency, and is delinquent on payment
of payroll taxes and creditor liabilities pursuant to the plan of
reorganization. Management is attempting to raise additional capital and
looking for a business combination.
In view of theses matters, realization of certain of the assets in the
accompanying balance sheet is dependent upon continued operations of the
Company, which in turn is dependent upon the Company's ability to meet its
financing requirements, raise additional capital, and the success of its
future operations. Management believes that actions planned and presently
being taken to revise the Company's operating and financial requirements
provide the opportunity for the Company to continue as a going concern.
<PAGE>
ITEM 2
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
Travis Industries, Inc. (the "Company") was organized as a Colorado
corporation on June 21, 1987. The Company is in the business of printing
advertising materials and coupons and mailing them to its customers. During
1995, the Company filed a plan of reorganization which was approved by the
United States Bankruptcy Court.
The Company generated operating revenues of approximately $442,884 and
$446,369 with cost of goods sold of approximately $322,890 and $360,408 during
the quarter ended June 30, 1996 and 1995 respectively, and incurred operating
expenses of approximately $148,480 and $194,888, respectively.
The Company had liabilities in excess of assets at June 30, 1996 and 1995 of
$201,630 and $118,090, respectively.
At June 30, 1996, the Company had no material commitments for capital
expenditures.<PAGE>
PART II. OTHER INFORMATION
Item 1. Legal Proceedings
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None.
Item 2. Changes in Securities
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None.
Item 3. Defaults upon Senior Securities
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None.
Item 4. Submission of Matters to a Vote of Security Holders
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None.
Item 5. Other Information
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None.
Item 6. Exhibits and Reports on Form 8-K
--------------------------------
None.
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.
Travis Industries, Inc.
Date JANUARY 14, 1997 By: STEPHEN E. CAYOU
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Stephen E. Cayou, President,
Chief Executive Officer, and Director
Date JANUARY 14, 1997 By JEFFREY R. SKINNER
------------------ --------------------------
Jeffrey R. Skinner, Chief Financial Officer
Secretary, Treasurer and Director
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<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> MAR-31-1997
<PERIOD-END> JUN-30-1996
<CASH> 0
<SECURITIES> 0
<RECEIVABLES> 152,562
<ALLOWANCES> 71,706
<INVENTORY> 0
<CURRENT-ASSETS> 80,856
<PP&E> 289,876
<DEPRECIATION> 228,732
<TOTAL-ASSETS> 154,915
<CURRENT-LIABILITIES> 161,316
<BONDS> 0
0
710,000
<COMMON> 12,131
<OTHER-SE> (923,761)
<TOTAL-LIABILITY-AND-EQUITY> 154,915
<SALES> 442,884
<TOTAL-REVENUES> 452,042
<CGS> 322,890
<TOTAL-COSTS> 471,370
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (19,328)
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (19,328)
<EPS-PRIMARY> .00
<EPS-DILUTED> .00
</TABLE>
