<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
----------------------
FORM 10-Q
(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2000
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 000-17288
TIDEL TECHNOLOGIES, INC.
(Exact name of registrant as specified in its charter)
Delaware 75-2193593
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
5847 San Felipe, Suite 900
Houston, Texas 77057
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (713) 783-8200
----------------------
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 requirement for the past 90 days. YES [X] NO [ ]
APPLICABLE ONLY TO CORPORATE ISSUERS:
The number of shares of Common Stock outstanding as of the close of
business on August 14, 2000 was 17,281,910.
<PAGE> 2
TIDEL TECHNOLOGIES, INC.
INDEX
<TABLE>
<CAPTION>
PAGE
NUMBER
------
<S> <C> <C>
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
Consolidated Balance Sheets as of June 30, 2000
and September 30, 1999 (unaudited)........................................ 1
Consolidated Statements of Income for the three
months and nine months ended June 30, 2000 and
1999 (unaudited).......................................................... 2
Consolidated Statements of Comprehensive Income
for the three months and nine months ended June 30,
2000 and 1999 (unaudited)................................................. 3
Consolidated Statements of Cash Flows for the nine
months ended June 30, 2000 and 1999 (unaudited)........................... 4
Notes to Consolidated Financial Statements (unaudited)....................... 5
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations....................................... 6
Item 3. Quantitative and Qualitative Disclosures About
Market Risks ........................................................... 10
PART II. OTHER INFORMATION
Item 1. Legal Proceedings .......................................................... 10
Item 2. Changes in Securities........................................................ 10
Item 3. Defaults Upon Senior Securities.............................................. 10
Item 4. Submission of Matters to a Vote
Of Security Holders....................................................... 10
Item 5. Other Information .......................................................... 10
Item 6. Exhibits and Reports on Form 8-K............................................. 11
SIGNATURE..................................................................................... 11
</TABLE>
<PAGE> 3
TIDEL TECHNOLOGIES, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
<TABLE>
<CAPTION>
JUNE 30, SEPTEMBER 30,
ASSETS 2000 1999
------------ -------------
<S> <C> <C>
Current Assets:
Cash and cash equivalents $ 2,033,598 $ 2,423,844
Trade accounts receivable, net of allowance of
$733,669 and $566,917, respectively 23,058,038 15,137,056
Notes and other receivables 1,169,628 897,368
Inventories 10,480,454 6,128,741
Prepaid expenses and other 980,191 964,290
------------ -------------
Total current assets 37,721,909 25,551,299
Investment in 3CI, at market value 218,270 261,924
Property, plant and equipment, at cost 4,595,278 3,912,348
Accumulated depreciation (2,595,734) (1,932,575)
------------ -------------
Net property, plant and equipment 1,999,544 1,979,773
Intangible assets, net of accumulated amortization of
$1,128,269 and $1,039,364, respectively 572,804 661,709
Other assets 238,132 241,364
------------ -------------
Total assets $ 40,750,659 $ 28,696,069
============ =============
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Current maturities of long-term debt $ 128,000 $ 128,000
Accounts payable 6,800,074 5,285,591
Accrued liabilities 3,237,715 2,114,314
------------ -------------
Total current liabilities 10,165,789 7,527,905
Long-term debt 6,456,000 5,246,634
------------ -------------
Total liabilities 16,621,789 12,774,539
------------ -------------
Commitments and contingencies
Shareholders' Equity:
Common stock, $.01 par value, authorized 100,000,000
shares; issued and outstanding 17,151,910 and
16,067,968 shares, respectively 171,519 160,680
Additional paid-in capital 15,361,261 14,299,373
Retained earnings 9,945,532 3,149,328
Stock subscriptions receivable -- (382,063)
Accumulated other comprehensive loss (1,349,442) (1,305,788)
------------ -------------
Total shareholders' equity 24,128,870 15,921,530
------------ -------------
Total liabilities and shareholders' equity $ 40,750,659 $ 28,696,069
============ =============
</TABLE>
See accompanying notes to consolidated financial statements.
1
<PAGE> 4
TIDEL TECHNOLOGIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
<TABLE>
<CAPTION>
THREE MONTHS ENDED JUNE 30, NINE MONTHS ENDED JUNE 30,
--------------------------- ---------------------------
2000 1999 2000 1999
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
Revenues $ 20,264,113 $ 12,380,264 $ 52,708,956 $ 29,727,204
Cost of sales 12,456,986 8,318,589 32,781,695 19,944,417
------------ ------------ ------------ ------------
Gross profit 7,807,127 4,061,675 19,927,261 9,782,787
Selling, general and administrative 3,069,171 2,374,901 8,295,501 6,116,611
Depreciation and amortization 345,444 199,054 974,334 540,399
------------ ------------ ------------ ------------
Operating income 4,392,512 1,487,720 10,657,426 3,125,777
Interest expense, net 126,550 103,672 318,222 303,434
------------ ------------ ------------ ------------
Income before taxes 4,265,962 1,384,048 10,339,204 2,822,343
Income tax expense 1,470,000 425,000 3,543,000 985,000
------------ ------------ ------------ ------------
Net income $ 2,795,962 $ 959,048 $ 6,796,204 $ 1,837,343
============ ============ ============ ============
Basic earnings per share:
Net income $ 0.17 $ 0.06 $ 0.41 $ 0.11
============ ============ ============ ============
Weighted average common shares
outstanding 16,823,276 16,061,704 16,402,625 15,988,646
============ ============ ============ ============
Diluted earnings per share:
Net income $ 0.15 $ 0.06 $ 0.37 $ 0.11
============ ============ ============ ============
Weighted average common and
dilutive shares outstanding 18,767,060 17,108,680 18,380,196 17,004,001
============ ============ ============ ============
</TABLE>
See accompanying notes to consolidated financial statements.
2
<PAGE> 5
TIDEL TECHNOLOGIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(UNAUDITED)
<TABLE>
<CAPTION>
THREE MONTHS ENDED JUNE 30, NINE MONTHS ENDED JUNE 30,
--------------------------- --------------------------
2000 1999 2000 1999
------------ ------------ ----------- -----------
<S> <C> <C> <C> <C>
Net income $ 2,795,962 $ 959,048 $ 6,796,204 $ 1,837,343
Other comprehensive income (loss):
Unrealized loss on
investment in 3CI (174,616) (130,613) (43,654) (436,540)
------------ ------------ ----------- -----------
Comprehensive income $ 2,621,346 $ 828,435 $ 6,752,550 $ 1,400,803
============ ============ =========== ===========
</TABLE>
See accompanying notes to consolidated financial statements.
3
<PAGE> 6
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
<TABLE>
<CAPTION>
NINE MONTHS ENDED JUNE 30,
--------------------------
2000 1999
----------- -----------
<S> <C> <C>
Cash flows from operating activities:
Net income $ 6,796,204 $ 1,837,343
Adjustments to reconcile net income to net cash
(used in) provided by operating activities:
Depreciation and amortization 974,334 540,399
Deferred taxes -- 146,379
Gain on sale of property, plant and equipment -- (2,750)
Changes in assets and liabilities:
Trade accounts receivable, net (7,920,982) (1,772,626)
Notes and other receivables (272,260) (107,174)
Inventories (4,351,713) (299,727)
Prepaid expenses and other assets (12,669) (136,088)
Accounts payable and accrued liabilities 2,637,884 (135,663)
----------- -----------
Net cash (used in) provided by operating activities (2,149,202) 70,093
----------- -----------
Cash flows from investing activities:
Purchases of property, plant and equipment (905,200) (764,086)
Proceeds from sale of property, plant and equipment -- 2,750
Increase in intangible assets -- (80,320)
----------- -----------
Net cash used in investing activities (905,200) (841,656)
----------- -----------
Cash flows from financing activities:
Borrowings of long-term debt 1,305,366 540,030
Repayments of notes payable (96,000) (96,000)
Proceeds from exercise of options and warrants 1,072,727 156,895
Payments of stock subscriptions receivable 382,063 --
----------- -----------
Net cash provided by financing activities 2,664,156 600,925
----------- -----------
Net decrease in cash and cash equivalents (390,246) (170,638)
Cash and cash equivalents at beginning of period 2,423,844 1,400,148
----------- -----------
Cash and cash equivalents at end of period $ 2,033,598 $ 1,229,510
=========== ===========
Supplemental disclosure of cash flow information:
Cash paid for interest $ 358,548 $ 341,635
=========== ===========
Cash paid for taxes $ 3,010,100 $ 991,268
=========== ===========
</TABLE>
See accompanying notes to consolidated financial statements.
4
<PAGE> 7
TIDEL TECHNOLOGIES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(1) CONSOLIDATED FINANCIAL STATEMENTS
The accompanying consolidated balance sheets and related interim
consolidated statements of operations and cash flows of Tidel
Technologies, Inc. (the "Company"), a Delaware corporation, are unaudited.
In the opinion of management, these financial statements include all
adjustments (consisting only of normal recurring items) necessary for
their fair presentation in accordance with generally accepted accounting
principles. Preparing financial statements requires management to make
estimates and assumptions that affect the reported amounts of assets,
liabilities, revenues and expenses. Actual results may differ from these
estimates. Interim results are not necessarily indicative of results for a
full year. The information included in this Form 10-Q should be read in
conjunction with the Company's Annual Report on Form 10-K for the year
ended September 30, 1999.
(2) INVENTORIES
Inventories consisted of the following at June 30, 2000 and September 30,
1999:
<TABLE>
<CAPTION>
June 30, September 30,
2000 1999
------------ -------------
<S> <C> <C>
Raw materials ................. $ 7,726,534 $ 5,200,887
Work in process ............... 26,722 36,749
Finished goods ................ 2,503,646 590,852
Other ......................... 390,552 384,963
------------ -------------
10,647,454 6,213,451
Inventory reserve ............. (167,000) (84,710)
------------ -------------
$ 10,480,454 $ 6,128,741
============ =============
</TABLE>
(3) EARNINGS PER SHARE
Basic earnings per share is computed by dividing the income available to
common shareholders by the weighted average number of common shares
outstanding during the period. Diluted earnings per share is computed by
dividing the income available to common shareholders by the weighted
average number of common shares and dilutive potential common shares. The
following is a reconciliation of the numerators and denominators of the
basic and diluted per-share computations for net income for the three
months and nine months ended June 30, 2000 and 1999:
<TABLE>
<CAPTION>
Weighted
Average Shares Per Share
Income Outstanding Amount
------------ -------------- ----------
<S> <C> <C> <C>
Three Months Ended June 30, 2000:
Basic earnings per share............................. $ 2,795,962 16,823,276 $ .17
Effect of dilutive warrants and options.............. -- 1,943,784 (.02)
------------ -------------- ----------
Diluted earnings per share........................... $ 2,795,962 18,767,060 $ .15
============ ============== ==========
</TABLE>
5
<PAGE> 8
<TABLE>
<CAPTION>
Weighted
Average Shares Per Share
Income Outstanding Amount
------------ -------------- ----------
<S> <C> <C> <C>
Three Months Ended June 30, 1999:
Basic earnings per share........................ $ 959,048 16,061,704 $ .06
Effect of dilutive warrants and options......... -- 1,046,976 --
------------ -------------- ----------
Diluted earnings per share...................... $ 959,048 17,108,680 $ .06
============ ============== ==========
Nine Months Ended June 30, 2000:
Basic earnings per share........................ $ 6,796,204 16,402,625 $ .41
Effect of dilutive warrants and options......... -- 1,977,571 (.04)
------------ -------------- ----------
Diluted earnings per share...................... $ 6,796,204 18,380,196 $ .37
============ ============== ==========
Nine Months Ended June 30, 1999:
Basic earnings per share........................ $ 1,837,343 15,988,646 $ .11
Effect of dilutive warrants and options......... -- 1,015,355 --
------------ -------------- ----------
Diluted earnings per share...................... $ 1,837,343 17,004,001 $ .11
============ ============== ==========
</TABLE>
(4) INVESTMENT IN 3CI
The Company owns 698,464 shares of common stock of 3CI Complete Compliance
Corporation ("3CI"), which is carried at market value. In addition, the
Company owned warrants to purchase 226,939 shares of common stock of 3CI,
exercisable at $1.50 per share, which expired unexercised in April 2000.
(5) LITIGATION
The Company and its subsidiaries are each subject to certain litigation
and claims arising in the ordinary course of business. In the opinion of
the management of the Company, the amounts ultimately payable, if any, as
a result of such litigation and claims will not have a material adverse
effect on the Company's consolidated financial position, results of
operations or cash flows.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
RESULTS OF OPERATIONS
The Company develops, manufactures, sells and supports automated teller
machines and related software (the "ATM" products) and electronic cash
controller safes (the "Timed Access Cash Controller" or "TACC" products).
PRODUCT REVENUES
Total revenues increased $7,884,000, or 64%, for the third quarter of
fiscal 2000 compared to the same quarter of 1999. On a year-to-date basis,
revenues increased $22,982,000, or 77%, in 2000 when compared to 1999. As
discussed below, a significant increase in ATM shipments was the principal
factor in the Company's revenue growth. Revenue by product is detailed in
the following table:
6
<PAGE> 9
<TABLE>
<CAPTION>
(Dollars in 000's)
---------------------------------------------------------
Three Months Ended June 30, Nine Months Ended June 30,
--------------------------- ---------------------------
2000 1999 2000 1999
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
ATM ......................... $ 16,799 $ 9,735 $ 42,814 $ 22,278
TACC ........................ 1,805 1,808 5,465 4,695
Parts, service and other .... 1,660 837 4,430 2,754
------------ ------------ ------------ ------------
$ 20,264 $ 12,380 $ 52,709 $ 29,727
============ ============ ============ ============
</TABLE>
The growth in sales was due to continued strong demand for the Company's
core Ignition Series ATMs. The Company shipped 3,419 ATMs in the quarter
ended June 30, 2000, an increase of 77%, from the 1,937 ATMs shipped in
the comparable period a year ago. For the nine months ended June 30, 2000,
the Company shipped 8,687 ATMs, an increase of 101%, from the 4,319 ATMs
shipped in the same period in 1999. Resulting ATM product sales increased
$7,064,000, or 73%, for the quarter ended June 30, 2000 compared to the
same period in 1999. On a year-to-date basis, ATM sales increased
$20,536,000, or 92%, from the same period in 1999.
TACC product sales were unchanged from the quarter ended June 30, 1999 to
2000; however, sales increased $770,000, or 16%, on a year-to-date basis.
These increases were partially due to increased shipments of the new TACC
IV model.
Parts, service and other revenues vary with sales of finished goods, and
have increased accordingly, except for sales of environmental monitoring
equipment which have declined and are now insignificant.
GROSS PROFIT, OPERATING EXPENSES AND NON-OPERATING ITEMS
A comparison of certain operating information is provided in the following
table:
<TABLE>
<CAPTION>
(Dollars in 000's)
---------------------------------------------------------
Three Months Ended June 30, Nine Months Ended June 30,
--------------------------- ---------------------------
2000 1999 2000 1999
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
Gross profit ........................... $ 7,807 $ 4,062 $ 19,927 $ 9,783
Selling, general and administrative .... 3,069 2,375 8,296 6,117
Depreciation and amortization .......... 345 199 974 540
Operating income ....................... 4,393 1,488 10,657 3,126
Interest expense ....................... 127 104 318 304
Income before taxes .................... 4,266 1,384 10,339 2,822
Income taxes ........................... 1,470 425 3,543 985
Net income ............................. 2,796 959 6,796 1,837
</TABLE>
Gross profit on product sales increased $3,745,000, or 92%, from the
quarter ended June 30, 1999 to the quarter ended June 30, 2000. On a
year-to-date basis, gross profit increased $10,144,000, or 104%, from 1999
to 2000. Gross profit as a percentage of sales improved markedly from
32.8% in the quarter ended June 30, 1999 to 38.5% in the 2000 quarter as a
result of reductions in the cost of certain raw material components used
in the ATM product line. On a year-to-date basis, gross margin improved
from 32.9% in 1999 to 37.8% in 2000.
Selling, general and administrative expenses for the three months and the
nine months ended June 30, 2000 were up $694,000 and $2,179,000,
respectively, from the same periods in 1999. These increases were
attributable to the addition of engineering personnel in connection with
the development of new products and the addition of marketing personnel to
support the expansion of sales into international markets.
7
<PAGE> 10
Depreciation and amortization increased 73% from $199,000 in the quarter
ended June 30, 1999 to $345,000 for the same period in 2000. On a
year-to-date basis, depreciation and amortization expense increased 80%
from $540,000 in 1999 to $974,000 in 2000. The increases are due to
additions of property, plant and equipment primarily for the development
of new products.
Interest expense increased slightly from 2000 to 1999 due to higher
average debt outstanding and slightly higher interest rates during the
period.
Income taxes approximate the statutory state and federal rates in both
years.
LIQUIDITY AND CAPITAL RESOURCES
The financial position of the Company continues to improve primarily as a
result of profitable operations, as reflected in the following key
indicators as of June 30, 2000 and September 30, 1999:
<TABLE>
<CAPTION>
(dollars in 000's)
---------------------------
June 30, September 30,
2000 1999
-------- -------------
<S> <C> <C>
Working capital.................... $ 27,556 $ 18,023
Total assets....................... 40,751 28,696
Shareholders' equity............... 24,129 15,922
</TABLE>
The improvement in working capital was principally due to increases in
accounts receivable and inventory during the nine months ended June 30,
2000.
The Company has a credit agreement with a bank which provides for a
$7,000,000 revolving line of credit at the prime rate and a $640,000 term
loan at 8.4% per annum. The balance outstanding pursuant to the revolving
line of credit was $6,200,000 at June 30, 2000, and the balance of the
revolving line of credit of $800,000 was available for future borrowing.
As of June 30, 2000, the Company was in compliance with all debt
covenants.
The Company continues to own 698,464 shares of 3CI common stock subsequent
to its divestiture of a majority interest in February 1994. Although the
market value of 3CI common stock has recently declined, the Company does
not believe that such decline represents a permanent impairment of the
investment. At present, 680,818 shares are pledged to secure an
outstanding note payable in the principal amount of $384,000.
As of June 30, 2000, the Company had outstanding warrants to purchase
742,500 shares of common stock at exercise prices ranging from $.625 to
$5.00 per share, which expire at various dates through February 2003, and
if exercised would generate proceeds to the Company of approximately
$1,278,000.
The Company's research and development budget for fiscal 2000 is estimated
at $3,100,000. The majority of these expenditures are applicable to
enhancements of the existing product lines and development of new
automated teller machine products and related software applications.
During the three months and nine months ended June 30, 2000, research and
development expenditures were approximately $414,000 and $1,723,000,
respectively.
8
<PAGE> 11
With its present capital resources, its continuing earnings, its potential
capital from the exercise of warrants, and availability from its borrowing
facility, the Company believes it should have sufficient resources to meet
its operating needs for the foreseeable future and to provide for debt
maturities and capital expenditures.
The Company has never paid dividends on shares of its common stock, and
does not anticipate paying dividends in the foreseeable future. In
addition, the Company's wholly owned subsidiary is restricted from paying
dividends to the Company pursuant to the subsidiary's revolving credit
agreement with a bank.
SEASONALITY
The Company can experience seasonal variances in its operations and
historically has its lowest dollar volume sales months between November
and February. The Company's operating results for any particular quarter
may not be indicative of the results for the future quarter or for the
year.
IMPACT OF RECENTLY ISSUED ACCOUNTING STANDARDS
In June 1998, the FASB issued Statement of Financial Accounting Standards
No. 133, "Accounting for Derivative Instruments and Hedging Activities"
("SFAS 133"). SFAS 133 establishes new accounting and reporting standards
requiring that all derivative instruments (including certain derivative
instruments embedded in other contracts) be recorded in the balance sheet
as either an asset or liability measured at its fair value. SFAS 133
requires that changes in the derivative's fair value be recognized
currently in earnings unless specific hedge accounting criteria are met.
Special accounting for qualifying hedges allows a derivative's gains and
losses to offset related results on the hedged item in the income
statement and requires that a company must formally document, designate,
and assess the effectiveness of transactions that receive hedge
accounting. SFAS 133, as amended, is effective for all fiscal years
beginning after June 15, 2000. The Company has determined that SFAS 133
will not have an impact on its financial position or results of operations
in the foreseeable future, and plans to adopt this standard effective
October 1, 2000.
MAJOR CUSTOMERS AND CREDIT RISKS
The Company generally retains a security interest in the underlying
equipment that is sold to customers until it receives payment in full. In
addition, one major customer has pledged additional collateral to the
Company. The Company would incur an accounting loss equal to the carrying
value of the accounts receivable, less any amounts recovered from
liquidation of collateral, if a customer failed to perform according to
the terms of the credit arrangements.
The Company has good relationships with its customers, but there can be no
assurance that these relationships will continue. The loss of any of the
Company's major customers, or a substantial portion of these accounts,
could have a material adverse effect on the Company. Sales to major
customers were as follows for the three months and nine months ended June
30, 2000 and 1999:
<TABLE>
<CAPTION>
(Dollars in 000's)
---------------------------------------------------------
Three Months Ended June 30, Nine Months Ended June 30,
--------------------------- ---------------------------
2000 1999 2000 1999
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
Customer A ............. $ 12,786,718 $ 4,663,147 $ 31,574,551 $ 10,684,340
Customer B ............. 864,533 1,572,220 2,909,139 3,367,272
</TABLE>
9
<PAGE> 12
Foreign sales accounted for 8% and 6% of the Company's total sales during
the three months and nine months ended June 30, 2000, respectively,
compared to 5% and 3% of total sales during the three months and nine
months ended June 30, 1999, respectively.
FORWARD-LOOKING STATEMENTS
This Form 10-Q contains certain forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended, which are
intended to be covered by the safe harbors created thereby. Investors are
cautioned that all forward-looking statements involve risks and
uncertainty, (including without limitation, the Company's compliance with
Year 2000 Issues, the Company's future product sales, gross profit,
selling, general and administrative expense, the Company's financial
position, working capital and seasonal variances in the Company's
operations, as well as general market conditions) though the Company
believes that the assumptions underlying the forward-looking statements
contained herein are reasonable, any of the assumptions could be
inaccurate, and therefore, there can be no assurance that the
forward-looking statements included in this Form 10-Q will prove to be
accurate. In light of the significant uncertainties inherent in the
forward-looking statements included herein, the inclusion of such
information should not be regarded as a representation by the Company or
any other person that the objectives and plans of the Company will be
achieved.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES
ABOUT MARKET RISK
The Company is exposed to changes in interest rates as a result of
financing through its issuance of variable-rate and fixed-rate debt. If
market interest rates were to increase 1% in fiscal 2000, however, there
would be no material impact on the Company's consolidated results of
operations or financial position.
PART II. OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
Not applicable.
ITEM 2. CHANGES IN SECURITIES
Not applicable.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
Not applicable.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
Not applicable.
ITEM 5. OTHER INFORMATION
Not applicable.
10
<PAGE> 13
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
A) EXHIBITS
27 - Financial Data Schedule
B) REPORTS ON FORM 8-K
The Company filed no Reports on Form 8-K during the quarter ended June
30, 2000.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Company
has duly caused this report to be signed on its behalf by the undersigned
thereunto duly authorized.
TIDEL TECHNOLOGIES, INC.
(Registrant)
DATE: August 14, 2000 By: /s/ JAMES T. RASH
--------------------------
James T. Rash
Principal Executive
and Financial Officer
11
<PAGE> 14
EXHIBIT INDEX
<TABLE>
<CAPTION>
EXHIBIT
NUMBER DESCRIPTION
------- -----------
<S> <C>
27 Financial Data Schedule
</TABLE>
