<PAGE>
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-QSB
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended: March 31, 1997
Commission file number: 33-26828
WINDSOR CAPITAL CORP.
----------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 59-2754843
- --------------------------------------------------------------------------------
(State or other jurisdiction (IRS Employer
of incorporation) Identification No.)
1111 Kane Concourse, Suite 505, Bay Harbor Islands, FL 33154
------------------------------------------------------------
(Address of principal executive offices)
Registrant's telephone number, including area code (305) 864-3255
------------------------
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 .
----- ---
State the number of shares outstanding of each of the issuer's classes of
common equity, as of the latest practicable date: 5,525,000 shares of common
stock, $.001 par value per share, were outstanding as of May 12, 1997
<PAGE>
Item 1. Financial Statements
--------------------
See list of financial statements filed herewith set forth in Item 6.
Item 2. Management's Discussion and Analysis of Financial Condition and
---------------------------------------------------------------
Results of Operations and Liquidity and Capital Resources
---------------------------------------------------------
The Company is continuing its search for acquisition opportunities and
anticipates that it has sufficient working capital to meet its needs. There can
be no assurance that the Company will be successful in acquiring operating
assets.
Item 6. Exhibits and Reports of Form 8-K
--------------------------------
FINANCIAL STATEMENTS
The following financial statements of the Company are included in this
report:
a. Balance Sheet as of March 31, 1997 and September 30, 1996;
b. Statement of Income for the three and six months ended March 31,
1997 and 1996;
c. Statement of Cash Flows for the six months ended March 31, 1997
and 1996; and
d. Notes to Financial Statements.
FORM 8-K
There were no reports filed on Form 8-K for the quarter ended March 31,
1997.
2
<PAGE>
PART 1 - FINANCIAL INFORMATION
WINDSOR CAPITAL CORPORATION
BALANCE SHEET
(UNAUDITED)
<TABLE>
<CAPTION>
ASSETS
March 31, September 30,
1997 1996
-------- ------------
<S> <C> <C>
Current assets
Cash $ 582 $ 1,174
Mutual funds, at market 561,850 521,294
-------- --------
Total current assets $562,432 $522,368
======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable and income taxes $ 6,397 $ 6,085
-------- --------
Total current liabilities 6,397 6,085
-------- --------
Stockholders' equity
Preferred stock, $.01 par value
Authorized 10,000,000 shares
None issued or outstanding
Common stock, $.001 par value
Authorized 25,000,000 shares
5,525,000 shares issued and
outstanding 5,525 5,525
Additional paid in capital 339,725 339,725
Retained earnings 210,785 171,033
-------- --------
556,035 516,283
-------- --------
$562,432 $522,368
======== ========
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF
THESE FINANCIAL STATEMENTS
3
<PAGE>
WINDSOR CAPITAL CORPORATION
STATEMENT OF INCOME
(UNAUDITED)
<TABLE>
<CAPTION>
Six months Three months
ended ended
March 31, March 31,
1997 1996 1997 1996
------- ------- ------- -------
<S> <C> <C> <C> <C>
Revenues
Dividend income $21,619 $20,170 $10,997 $10,101
Interest income 6 6 1 4
------- ------- ------- -------
21,625 20,176 10,998 10,106
------- ------- ------- -------
Operating expenses 1,745 1,650 1,745 1,650
------- ------- ------- -------
19,880 18,526 9,253 8,455
------- ------- ------- -------
Other income (expenses)
Interest expense
Gain (loss) on sale
of marketable
securities 7,605 124
Unrealized gain (loss)
in marketable
securities 14,516 24,354 (8,258) 4,397
------- ------- ------- -------
22,121 24,354 (8,134) 4,397
------- ------- ------- -------
Income before income taxes 42,001 42,880 1,119 12,792
Income tax 2,250 700 1,650 247
------- ------- ------- -------
Net income $39,751 $42,180 $ (531) $12,545
======= ======= ======= =======
Net income per common share $ .007 $ .008 $ .000 $ .002
======= ======= ======= =======
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF
THESE FINANCIAL STATEMENTS
4
<PAGE>
WINDSOR CAPITAL CORPORATION
STATEMENT OF CASH FLOWS
(UNAUDITED)
<TABLE>
<CAPTION>
Six months ended
---------------------
March 31,
---------------------
1997 1996
--------- ---------
<S> <C> <C>
Cash provided by (used for)
OPERATIONS
Net income (loss) $ 39,751 $ 42,180
Increase (decrease) in payables 312 700
-------- --------
Net cash provided by operations 40,063 42,880
-------- --------
INVESTMENTS
Changes in marketable securities (40,655) (58,140)
-------- --------
Net cash used for investments (40,655) (58,140)
-------- --------
FINANCING
Changes in loans from brokers
-------- --------
Net cash provided by financing
-------- --------
Net increase (decrease) in cash (592) (15,260)
Cash, beginning of period 1,174 16,575
-------- --------
Cash, end of period $ 582 $ 1,315
======== ========
</TABLE>
No cash was paid out for interest or income taxes
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF
THESE FINANCIAL STATEMENTS
5
<PAGE>
WINDSOR CAPITAL CORPORATION
NOTES TO FINANCIAL STATEMENTS
(UNAUDITED)
NOTE 1: BASIS OF PRESENTATION
The financial information included herein is unaudited; however, such
information reflects all adjustments (consisting solely of normal recurring
adjustments) which are, in the opinion of management, necessary for a fair
statement of results for the interim periods.
The results of operations for the three and six month ended periods ended March
31, 1997 are not necessarily indicative of the results to be expected for the
full year.
6
<PAGE>
SIGNATURES
----------
In accordance with 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.
WINDSOR CAPITAL CORP.
By: /s/ Robert M. Leopold
---------------------------------
Date: June 12, 1997 Robert M. Leopold
President
Pursuant to the requirements of the Securities Exchange Act of 1934, this
report has been signed below by the following persons on behalf of the
registrant and in the capacities and on the dates indicated.
<TABLE>
<CAPTION>
Signature Title Date
- --------- ----- ----
<S> <C> <C>
/s/ Robert M. leopold President/Principal Executive
- --------------------- and Financial Officer and
ROBERT M. LEOPOLD Director June 12, 1997
</TABLE>
7
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM FINANCIAL
STATEMENTS FOR THE PERIOD ENDED MARCH 31, 1997 AND IS QUALIFIED IN ITS ENTIRETY
BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> MAR-31-1997
<CASH> 582
<SECURITIES> 561,850
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 562,432
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 562,432
<CURRENT-LIABILITIES> 6,397
<BONDS> 0
0
0
<COMMON> 345,250
<OTHER-SE> 210,785
<TOTAL-LIABILITY-AND-EQUITY> 562,432
<SALES> 0
<TOTAL-REVENUES> 21,625
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 42,001
<INCOME-TAX> 39,751
<INCOME-CONTINUING> 39,751
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 39,751
<EPS-PRIMARY> .007
<EPS-DILUTED> .007
</TABLE>
