U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 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 JUNE 30, 2000
( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File Number: 0-17776
LEAK-X ENVIRONMENTAL CORPORATION
(Exact name of small business issuer as specified in its charter)
Delaware 23-2823596
(State or other jurisdiction of (IRS Employer Identi-
incorporation or organization) fication Number)
790 East Market Street, Suite 270, West Chester, PA 19382
(Address of Principal Executive Offices) (Zip Code)
(610) 344-3380
(Issuer's telephone number)
Check whether the issuer (1) has filed all reports required to be filed by
Section 13 or 15(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
The number of shares of Common Stock, par value $.001 per share, outstanding
as of August 10, 2000 is 990,126 shares.
Transitional Small Business Disclosure Format:
Yes X No
CONSOLIDATED BALANCE SHEETS
LEAK-X ENVIRONMENTAL CORPORATION AND SUBSIDIARIES
<TABLE>
<S> <C> <C>
June 30, December 31,
2000 1999
(Unaudited)
ASSETS:
CURRENT ASSETS
Cash and cash equivalents $ 15,879 $ 15,056
Accounts receivable, net 602,530 610,350
Estimated earnings in excess of billings 3,200 5,703
Other current assets 49,778 28,508
Net assets of discontinued operations 450,000 450,000
TOTAL CURRENT ASSETS 1,121,387 1,109,617
PROPERTY AND EQUIPMENT, NET 44,776 55,475
OTHER ASSETS - Deposits 10,140 6,269
TOTAL ASSETS $1,176,303 $1,171,361
LIABILITIES AND STOCKHOLDERS' EQUITY:
LIABILITIES NOT SUBJECT TO COMPROMISE
CURRENT LIABILITIES
Accounts payable and accrued expenses $ 364,453 $ 833,107
Unearned revenue 11,954 48,532
Line of credit ------- 457,000
Current portion of long-term debt 100,000 131,250
Net liabilities of discontinued operations 366,898 416,425
TOTAL CURRENT LIABILITIES $ 843,305 $1,886,314
Liabilities Subject To Compromise (Note 2) 1,105,985 0
TOTAL LIABILITIES $1,949,290 $1,886,314
STOCKHOLDERS' EQUITY
Common stock $.001 par value:
5,000,000 shares authorized,
990,126 issued and outstanding 990 990
Additional paid-in capital 8,310,195 8,310,195
Accumulated deficit (9,084,172) (9,026,138)
TOTAL STOCKHOLDERS' EQUITY $ (772,987) $ (714,953)
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $1,176,303 $1,171,361
See notes to consolidated financial statements.
</TABLE>
CONSOLIDATED STATEMENTS OF OPERATIONS
LEAK-X ENVIRONMENTAL CORPORATION AND SUBSIDIARIES
(Unaudited)
<TABLE>
<S> <C> <C>
Three Months Ended June 30,
2000 1999
Revenues $ 566,290 $ 901,540
Cost of revenues 337,989 529,921
Gross profit 228,301 371,619
Selling, general and administrative expenses 247,675 383,299
Operating loss (19,374) (11,680)
Other income (565) 0
Interest expense 3,514 9,155
Net loss before reorganization items
and income taxes (22,323) (20,835)
Reorganization items:
Professional Fees (40,860) --------
Net loss before income taxes (63,183) (20,835)
Income taxes 321 (5,450)
Net Loss $(63,504) $(15,385)
Weighted average number of shares of common
stock outstanding - Basic and Diluted 990,126 990,126
Net loss per share: ($0.06) ($0.02)
See notes to consolidated financial statements.
</TABLE>
CONSOLIDATED STATEMENTS OF OPERATIONS
LEAK-X ENVIRONMENTAL CORPORATION AND SUBSIDIARIES
(Unaudited)
<TABLE>
<S> <C> <C>
Six Months Ended June 30,
2000 1999
Revenues $1,225,787 $2,062,944
Cost of revenues 700,958 1,234,189
Gross profit 524,829 828,755
Selling, general and
administrative expenses 529,319 792,994
Operating income/(loss) (4,490) 35,761
Other income (946) (858)
Interest expense 13,160 11,743
Net income(loss) before reorganization items and
income taxes (16,704) 24,876
Reorganization Items:
Professional Fees (40,860) --------
(40,860) 0
Net income/(loss) before income taxes (57,564) 24,876
Income taxes 470 3,719
Net income/(loss) $ (58,034) $ 21,157
Weighted average number of shares of common
stock outstanding - basic and diluted 990,126 990,126
Net income/(loss) per share: ($0.06) $0.02
See notes to consolidated financial statements.
</TABLE>
CONSOLIDATED STATEMENTS OF CASH FLOWS
LEAK-X ENVIRONMENTAL CORPORATION AND SUBSIDIARIES
(Unaudited)
<TABLE>
<S> <C> <C>
Six Months Ended June 30,
2000 1999
CASH FLOW FROM
OPERATING ACTIVITIES:
Net income ($ 58,034) $ 21,157
Adjustments to reconcile net income to net cash
used by operating activities of continuing operations:
Income from discontinued operations ------- -------
Depreciation 15,900 18,600
Changes in assets and liabilities:
Accounts receivable 7,819 660,102
Costs and estimated earnings in excess of billings 2,504 66,562
Other current assets (21,270) (55,215)
Accounts payable 210,236 (555,324)
Billings in excess of cost (36,578) (80,566)
Accrued expenses and other liabilities (50,158) (23,600)
NET CASH PROVIDED BY OPERATING ACTIVITIES OF
CONTINUING OPERATIONS 70,419 51,716
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures (5,201) (11,624)
Increase in other assets, net (3,871) --------
NET CASH USED BY INVESTING ACTIVITIES OF
CONTINUING OPERATIONS (9,072) (11,624)
CASH FLOWS FROM FINANCING ACTIVITIES:
Advance on line-of-credit (38,136) 58,020
Payments on long-term debt (18,750) (62,500)
Decrease in advances to discontinued operations -------- --------
NET CASH USED BY FINANCING ACTIVITIES OF
CONTINUING OPERATIONS (56,886) (4,480)
NET CASH PROVIDED BY CONTINUING OPERATIONS 4,461 35,612
NET CASH USED IN DISCONTINUED OPERATIONS (3,638) (20,190)
NET INCREASE IN CASH 823 15,422
CASH, beginning of the period 15,056 1,742
CASH, end of the period $ 15,879 $ 17,164
See notes to consolidated financial statements.
</TABLE>
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
LEAK-X ENVIRONMENTAL CORPORATION AND SUBSIDIARIES
(UNAUDITED)
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
Note 1. Basis of Presentation
The accompanying unaudited consolidated financial statements of Leak-X
Environmental Corporation (the "Company") have been prepared in accordance
with the American Institute of Certified Public Accountants Statement of
Position 90-7: "Financial Reporting by Entities in Reorganization Under the
Bankruptcy Code" ("SOP 90-7") and generally accepted accounting principles
applicable to a going concern, which principles, except as otherwise
disclosed, assume that assets will be realized and liabilities will be
discharged in the normal course of business. The Company's sole operating
subsidiary, Lexicon Environmental Associates, Inc. ("Lexicon"), filed a
petition for relief under Chapter 11 of the United States Bankruptcy Code
("Chapter 11") on May 2, 2000 (the "Filing"). Lexicon is presently operating
its business as a Debtor-In-Possession subject to the jurisdiction of the
United States Bankruptcy Court for the Southern District of New York
(the"Bankruptcy Court").
With respect to the unaudited consolidated financial statements for the
three-month and six-month periods ended June 30, 2000 and the three-month
and six-month periods ended June 30, 1999, it is the Company's opinion that
all necessary adjustments (consisting of normal and recurring adjustments)
have been included to present a fair statement of results for the interim
periods.
These statements should be read in conjunction with the Company's financial
statements (Form 10-K) for the fiscal year ended December 31, 1999. Refer to
the consolidated financial statements and footnotes thereto included in the
Company's Annual Report on Form 10-KSB for the year ended December 31, 1999.
Operating results for the six-month period ended June 30, 2000 are not
necessarily indicative of the results that may be expected for the year
ending December 31, 2000.
These financial statements have not been reviewed in accordance with
Statement of Auditing Standards (SAS) 71, Interim Financial Information.
Certain information and footnote disclosures normally included in financial
statements prepared in accordance with generally accepted accounting
practices have been condensed or omitted, pursuant to the general rules and
regulations promulgated by the Securities and Exchange Commission.
The Company's ability to continue as a going concern is dependent upon
consummation of the Company's amended plan of reorganization by the
Bankruptcy Court, the ability to obtain additional financing, when needed,
the achievement of profitable operations and the resolution of the
uncertainties of the reorganization case discussed in Note 2. The Company
experienced significant revenue decline during Fiscal 2000 and 1999.
Note 2. Reorganization Case
In the Chapter 11 case, certain claims against the Debtor in existence
prior to the filing of the petition for relief under the federal bankruptcy
laws are stayed while the Debtor continues business operations as Debtor-
In-Possession. These claims are reflected in the June 30, 2000 balance
sheet as "liabilities subject to compromise." Additional claims (liabilities
subject to compromise) may arise subsequent to the filing date resulting from
rejection of executory contracts, including leases, and from the determination
by the court (or agreed to by parties in interest) of allowed claims for
contingencies and other disputed amounts. Claims secured against the Debtor's
assets ("secured claims") also are stayed, although the holders of such
claims have the right to move the court for relief from the stay. Secured
claims are secured primarily by an interest in the Debtor's accounts receivable.
The principal categories of claims classified as "Liabilities Subject to
Compromise" are identified below. Secured debt includes the outstanding
balance on the Company's Loan with First Union National Bank ("First Union").
The Company has paid $7,500 on this outstanding balance since the filing date
in accordance with the cash collateral order signed by the Bankruptcy Court.
Priority tax claims include unemployment and sales tax liabilities. Employee
claims include reimbursables due to employees. Bank fees and interest include
interest accrued through May 1, 2000 and fees related to the default under the
Company's loan agreement with First Union. Trade includes all other normal
operating liabilities outstanding as of the date of the Filing.
LIABILITIES SUBJECT TO COMPROMISE
<TABLE>
<S> <C>
Secured debt, 9.5%, secured by accounts receivable $ 418,864
Priority tax claims 10,089
Priority employee claims 20,516
Bank fees and interest 31,227
Trade and other miscellaneous claims 625,289
$1,105,985
</TABLE>
The Debtor received approval from the Bankruptcy Court to pay or otherwise
honor certain of its prepetition obligations, including payroll withholdings
and other payroll-related trust fund monies. The Debtor has determined that
there is insufficient collateral to cover the amount of the secured claims.
Contractual interest on these obligations amounts to $19,634, which is $6,709
in excess of reported interest expense; therefore, the debtor has discontinued
accruing interest on these obligations. Refer to Note 4 for further discussion
of the secured debt.
Note 3. Discontinued Operations
Net assets of discontinued operations at June 30, 2000 consist of accounts
receivable of $450,000. Net liabilities of discontinued operations at
June 30, 2000 include accounts payable and accrued expenses of $346,251 and
$20,647, respectively.
Note 4. Debt
As a result of the Filing, substantially all the debt outstanding at May 2,
2000 was classified as liabilities subject to compromise (Note 2). Principal
payments of $7,500 per month have been included in the cash collateral order
which was authorized by the Bankruptcy Court. These monthly payments are
scheduled to continue until Plan or Reorganization has been approved.
Generally, interest on pre-petition debt ceases to accrue upon the filing of
a petition under the bankruptcy Code. Contractual interest expense not
recorded on certain pre-petition debt (the "Loan Agreement") totaled $6,709.
Note 5. Reorganization Items
The Company incurred $40,860 of professional fees associated with the
Chapter 11 proceedings. These fees represent estimates of expenses incurred,
primarily for legal services provided to the Company and the creditors
committee (which are required to be paid by the Company while in Chapter 11).
Note 6. Debtor-In-Possession
The following is the condensed financial statements for Lexicon from the date of
its Chapter 11 filing through June 30, 2000.
Lexicon Environmental Associates, Inc.
(Debtor-In-Possession)
Balance Sheet
June 30, 2000
<TABLE>
<S> <C>
Total Assets
Cash $ 18,343
Accounts Receivable 602,531
Intercompany Receivable 1,466,279
Other Current Assets 50,142
Total Current Assets 2,137,295
PP&E, net 44,776
Other Assets 10,140
Total Assets $2,192,211
Total Liabilities and Stockholders' Equity
Accounts Payable $ 288,439
Other Liabilities 62,006
Total Current Liabilities 350,445
Liabilities subject to compromise 1,105,984
Stockholders' Equity
Common Stock 2
Retained earnings 799,336
Total Stockholders' Equity 799,338
Total Liabilities and Stockholders' Equity $2,192,211
</TABLE>
Lexicon Environmental Associates, Inc.
(Debtor-in-Possession)
Statement of Operation
May 3, 2000 - June 30, 2000
<TABLE>
<S> <C>
Revenues $ 392,340
Cost of revenues 241,421
Gross Profit 150,919
Selling, General & Administrative Expenses 133,311
Operating Income 17,608
Other Income ( 447)
Interest expense 33
Intercompany Interest Income ( 7,000)
Net income before reorganization items
and income tax expense 25,022
Reorganization Items:
Professional Fees ( 40,860)
Net Loss before income tax expense ( 15,838)
Income Tax Expense 214
Net Loss ( 16,052)
</TABLE>
Lexicon Environmental Associates, Inc.
(Debtor-in-Possession)
Statement of Cash Flows
May 3, 2000 - June 30, 2000
Cash Flows from Operating Activities:
Cash received from customers $ 296,857
Cash paid to suppliers and employees (277,487)
Interest paid 34
Net cash provided by operating activities
before reorganization items 19,404
Operating Cash Flows from Reorganization Items:
Professional fees paid for services rendered in
connection with the Chapter 11 proceeding --------
Net cash used by reorganization items --------
Net cash provided by operating activities 19,404
Cash Flows from Investing Activities:
Increase in other assets - deposits ( 2,803)
Net cash used by investing activities ( 2,803)
Cash Flows from Financing Activities:
Principal payments on prepetition debt
authorized by court ( 7,500)
Net cash used by financing activities ( 7,500)
Net Increase in Cash 9,101
Cash, Beginning of Period 9,242
Cash, End of Period $ 18,343
Reconciliation of net loss to net cash provided by
operating activities
Net Loss $ (16,052)
Adjustments to reconcile net loss to net cash
provided by operating activities
Depreciation 5,200
Intercompany activity (25,709)
Changes in assets and liabilities:
Accounts receivable (108,904)
Other current assets 32,957
Intercompany activity 488
Accounts payable 119,193
Prepetition liabilities ( 31,421)
Other current liabilities 43,653
Net cash provided by operating activities $ 19,405
Item 2. Management's Discussion and Analysis or Plan of Operation
Results of Operations
Quarter Ended June 30, 2000 Compared to the Quarter Ended June 30, 1999
The Company's sole operating subsidiary, Lexicon, filed a petition for
relief under Chapter 11 of the federal bankruptcy laws on May 2, 2000.
Lexicon is currently operating its business as a Debtor-In-Possession.
The Company's net loss was $63,504, or ($0.06) per share, for the quarter
ended June 30, 2000 (the "2000 Quarter"), as compared to a net loss of
$15,386, or ($0.01) per share, for the quarter ended June 30, 1999 (the
"1999 Quarter"). The loss in the 2000 Quarter is primarily attributable to
a decrease in revenues and an increase in legal fees as a result of the
Chapter 11 proceeding. Revenues decreased $335,250, or 37%, to $566,290 for
the 2000 Quarter, as compared to $901,540 for the 1999 Quarter. This
the fact that the 1999 Quarter included $153,000 of revenues from temporary
labor who were hired in 1999 to work on various Y2K issues at the Company's
client. The remaining decrease in revenues is due to lower overall sales
volume.
The Company's gross margin declined slightly to 40% in the 2000 Quarter,
as compared to 41% in the 1999 Quarter. The 1999 Quarter had a higher
percentage of labor revenues, including temporary labor revenues, which
contribute a higher gross margin than subcontractors and reimbursables.
Selling, general, and administrative ("SG&A") expenses decreased 35%, or
$135,625, to $247,675 for the 2000 Quarter, as compared to $383,300 in the
1999 Quarter. This decrease is primarily attributable to actions taken to
reduce the Company's expenses. In August 1999, the Company initiated a cost
reduction program, primarily reductions in marketing expenses and personnel
layoffs. The Quarter 2000 reflects these actions in its lower overall SG&A
expenses. The Company's focus is to incur minimum expenses in order to preserve
its working capital for growth within the Company's operating subsidiary.
The Company incurred lower interest expense of $3,514 in the 2000 Quarter,
as compared to $9,155 in the 1999 Quarter, due to the Chapter 11 proceeding.
Due to the fact that the Company's secured lender is under collateralized,
the Company is no longer accruing interest expense on this obligation.
Income tax expense of $321 in the 2000 Quarter was higher than the income
tax benefit of $5,450 in the 1999 Quarter due to the adjustment of a tax
accrual.
Six Months Ended June 30, 2000 Compared to the Six Months Ended June 30, 1999
The Company's net loss was $58,034, or ($0.06) per share, for the six months
ended June 30, 2000 (the "2000 Period"), as compared to net income of
$21,158, or $0.02 per share, for the six months ended June 30, 1999 (the
"1999 Period"). The loss in the 2000 Quarter is primarily attributable to a
decrease in revenues and an increase in legal fees as a result of the
Chapter 11 proceeding. Revenues decreased $837,157, or 41%, to $1,225,787
for the 2000 Period, as compared to $2,062,944 for the 1999 Period. This
decrease in revenues is due to the fact that the 1999 Quarter included
$153,000 of revenues from temporary labor who were hired in 1999 to work on
various Y2K issues at the Company's client. The remaining decrease in
revenues is due to lower overall sales volume.
Revenues decreased $837,157, or 41%, to $1,225,787 for the 2000 Period,
as compared to $2,062,944 for the 1999 Period. The decrease in revenues was
anticipated and is a result of a lower volume of construction management
services as the compliance deadline for the upgrade or replacement of
underground storage tanks passed in December 1998. Construction management
services have typically included a large portion of subcontractor costs which
became included in the Company's revenues, but resulted in lower margins.
The Company's gross margin improved to 43% in the 2000 Period, as compared
to 40% in the 1999 Period. As the demand for low margin construction
management services declined, the Company experienced a higher percentage of
traditional environmental engineering services which contribute a higher
gross margin.
SG&A expenses decreased 33%, or $263,676, to $529,318 for the 2000 Period,
as compared to $792,994 in the 1999 Period. This decrease is primarily
attributable to actions taken to reduce the Company's expenses. In August
1999, the Company initiated a cost reduction program, primarily reductions
in marketing expenses and personnel layoffs. The 2000 Period reflects these
actions in its lower overall SG&A expenses. The Company's focus is to incur
minimum expenses in order to preserve its working capital for growth within the
Company's operating subsidiary.
The Company incurred higher interest expense of $13,161 in the 2000 Period,
as compared to $11,742 in the 1999 Period due to less cash, higher debt and
higher interest rates during the 2000 Period. Income tax expense of $470 in
the 2000 Period was lower than income tax expense of $3,719 in the 1999
Period due to higher Fiscal 1998 expenses which were recorded in Fiscal 1999.
Liquidity and Capital Resources
The Company provided $70,418 of cash from operating activities of
continuing operations in the 2000 Period, as compared to providing $51,716
of cash from operating activities in the 1999 Period. The net loss of
$58,034 in the 2000 Period was lower than the net income of $21,157 in the
1999 Period. The 2000 Period included a $7,819 decrease in accounts
receivable and a $210,236 increase in accounts payable, as compared to a
decrease of $660,102 in accounts receivable and a decrease of $555,324 in
accounts payable in 1999 Period. The 2000 Period represented
stable sales and the 1999 Period represented a significant change in
accounts receivable and accounts payable, primarily due to the decrease in
revenues from construction management services.
Net cash used by investing activities of continuing operations in the 2000
Period was $9,072, as compared to $11,624 net cash used in the 1999 Period.
Capital expenditures in the 2000 Period of $5,201, which were primarily for
computer equipment, were lower than the $11,624 in the 1999 Period. The 2000
Period included new deposits of approximately $3,871, primarily related to
the Chapter 11 proceeding.
Net cash used by financing activities of continuing operations was $56,886
in the 2000 Period, as compared to net cash used by financing activities of
continuing operations of $4,480 in the 1999 Period. During the 2000 Period,
the Company repaid $38,136 on its outstanding balance under its promissory
note and paid out $18,750 on its long-term debt. During the 1999 Period,
the Company's cash management system, which applies excess cash balances
against its outstanding line of credit, resulted in an increase of $58,020 on
the line of credit balance and paid out $62,500 on long-term debt.
The Company's working capital deficit of $827,903 at June 30, 2000
increased slightly compared to the working capital deficit of $776,697 at
December 31, 1999.
The Company's operating subsidiary, Lexicon, filed a voluntary petition
for Chapter 11 Reorganization in the Unites States Bankruptcy Court in the
Southern District of New York on May 2, 2000. Lexicon received approval for
temporary use of its collections during its cash collateral hearings held on
May 8, 2000 and May 25, 2000 in accordance with its court approved budget.
Lexicon has been operating as a Debtor-In-Possession since the filing and is
in the process of preparing its Plan of Reorganization to be submitted to the
Bankruptcy Court within the 90-day requirement. The Company is actively
pursuing alternative financing, including debt and equity options.
Backlog at June 30, 2000 of $625,000 is lower than the level at December
31, 1999 of $800,000, but the Company continues to be successful in obtaining
new work as it continues to complete the ongoing projects which were booked
at the beginning of the fiscal year. The Company believes that all of the
current backlog will be completed in 2000, although, no assurance of this
can be given. Much of the Company's backlog is subject to termination at
will and rescheduling without significant penalty. The Company has not had a
significant decrease in sales as a result of the Chapter 11 petition.
The Company has not experienced any difficulties as a result of the "Y2K"
problems. The Company's internal systems are Y2K compliant and we have not
experienced any problems with vendors or clients. While we do not expect any
problems, we will continue to monitor compliance.
Management has maintained control of overhead expenses and operating
margins. However, there is no assurance that the cost controlling measures
will be sufficient to permit the Company to meet its financial obligations
while providing capital for ongoing operations.
The Company deems its present facilities and equipment adequate for its
immediate needs and it has no material commitments for capital expenditures.
The Company believes its present liquidity and cash flow are adequate for
its current needs. There can be no assurance, however, that additional
financing, whether from debt or equity, will be available to the Company
when needed on commercially reasonable terms, or at all.
The Company's management believes that inflation has not had a significant
impact on its business during the past three years.
The statements contained herein include forward looking statements that
involve a number of risks and uncertainties. In addition to the facts
discussed, among the other factors that could cause actual results to differ
materially are the following: enforcement of environmental regulations,
business conditions, and growth in the industry and general economy;
competitive factors, such as rival designs and prices; changes in sales mix;
the ability to raise additional capital, when needed; and the risk factors
listed from time to time in the Company's SEC reports.
PART II. OTHER INFORMATION
Item 1. Legal Proceedings
A civil action, entitled George A. Nolan and James G. Warburton,
Plaintiffs, versus Leak-X Environmental Corporation, Defendants, Court
of Common Pleas, Chester County, Pennsylvania, was filed on May 18, 2000.
The Plaintiffs in this action seek $100,000 due under a Stock Purchase
Agreement dated September 30, 1998 plus interest and costs. The Company
had been making monthly payments of the outstanding liability under the
Agreement through February 2000. In February 2000, the Company was not
able to make anymore payments at the time. The Plaintiffs have filed
a Motion for Summary Judgement in the amount of $62,500, the total of
monthly payments which have not been received since February 2000. The
Company contends they have until October 31, 2000 to repay the balance
of the total due under the Agreement. The Company is vigorously defending
itself against this action.
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits:
10.1 None
27.1 Financial Data Schedule
(b) Reports on Form 8-K:
None.
SIGNATURES
In accordance with the requirements of the Exchange Act, the Registrant
has caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.
Dated: August 14, 2000
LEAK-X ENVIRONMENTAL CORPORATION
by: /s/ Joyce A. Rizzo
Joyce A. Rizzo
Chief Executive Officer
by: /s/ Eileen E. Bartoli
Eileen E. Bartoli
Controller and
Chief Financial Officer
