<PAGE> 1
U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-QSB
(MARK ONE)
[X] QUARTERLY REPORT PURSUANT SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2000
[ ] TRANSITION REPORT PURSUANT SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
Commission file number 0-17756
CONSULIER ENGINEERING, INC.
- --------------------------------------------------------------------------------
(Exact name of small business issuer as specified in its charter)
Florida 59-2556878
- ------------------------------- ------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
2391 Old Dixie Highway, Riviera Beach, FL 33404
- --------------------------------------------------------------------------------
(Address of principal executive offices)
(561) 842-2492
- --------------------------------------------------------------------------------
(Issuer's telephone number)
169 Tequesta Drive, Suite 31E, Tequesta, FL 33469
- --------------------------------------------------------------------------------
Former name, former address and former fiscal year,
if changed since last report
Check whether the issuer (1) 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 [X] No [ ]
APPLICABLE ONLY TO CORPORATE ISSUERS
State the number of shares outstanding of each of the issuer's classes of common
equity, as of the latest practicable date:
AS OF MAY 17, 2000, THERE WERE 4,889,918 OUTSTANDING SHARES OF COMMON STOCK, PAR
VALUE $0.01 PER SHARE.
<PAGE> 2
CONSULIER ENGINEERING, INC. AND SUBSIDIARIES
INDEX
<TABLE>
<CAPTION>
Page
----
<S> <C>
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
Consolidated Balance Sheets as of March 31, 2000
and December 31, 1999 .................................................................... 3
Consolidated Statements of Operations for the
three months ended March 31, 2000
and 1999 ................................................................................. 4
Consolidated Statements of Cash Flows for the
three months ended March 31, 2000
and 1999 ................................................................................. 5
Notes to Consolidated Financial Statements ................................................. 6
Item 2. Management's Discussion and Analysis or
Plan of Operation ...................................................................... 10
PART II. OTHER INFORMATION
Item 1. Legal Proceedings ........................................................................ 14
Item 2. Changes in Securities .................................................................... 14
Item 3. Defaults upon Senior Securities .......................................................... 14
Item 4. Submission of Matters to a Vote of Security Holders ...................................... 14
Item 5. Other Information ........................................................................ 14
Item 6. Exhibits and Reports on Form 8-K ......................................................... 15
SIGNATURES ........................................................................................ 16
</TABLE>
2
<PAGE> 3
CONSULIER ENGINEERING, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
<TABLE>
<CAPTION>
March 31, December 31,
2000 1999
------------ ------------
(Unaudited)
<S> <C> <C>
ASSETS
CURRENT:
Cash $ 48,727 $ 80,097
Receivables, net 644,004 496,204
Receivables - related parties 1,134,405 1,091,054
Inventories (Note 2) 1,393,553 1,535,726
Income taxes receivable 311,124 311,124
Other current assets 13,544 10,094
------------ ------------
TOTAL CURRENT ASSETS 3,545,357 3,524,299
Property and equipment, net 2,090,056 2,098,175
Limited partnership interests 2,405,645 2,379,606
Notes receivable - related parties 2,172,357 2,172,357
Non-current inventory (Note 2) -- 311,000
Deferred income taxes 329,289 197,289
Patents and other assets 39,652 44,410
------------ ------------
$ 10,582,356 $ 10,727,136
------------ ------------
LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES:
CURRENT:
Accounts payable and accruals $ 351,432 $ 428,907
Notes payable - banks 3,137,681 3,167,681
Advances payable - related parties 200,818 22,766
------------ ------------
TOTAL CURRENT LIABILITIES 3,689,931 3,619,354
Bonds payable 781,185 777,300
------------ ------------
TOTAL LIABILITIES 4,471,116 4,396,654
STOCKHOLDERS' EQUITY:
Common stock of $.01 par value:
Authorized -- 25,000,000 shares;
Issued -- 5,137,066 shares 51,371 51,371
Additional paid-in capital 3,034,772 3,034,772
Retained earnings 3,493,460 3,712,702
------------ ------------
6,579,603 6,798,845
Less treasury stock at cost - 247,148 shares (468,363) (468,363)
------------ ------------
TOTAL STOCKHOLDERS' EQUITY 6,111,240 6,330,482
------------ ------------
$ 10,582,356 $ 10,727,136
============ ============
</TABLE>
SEE ACCOMPANYING NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.
3
<PAGE> 4
CONSULIER ENGINEERING, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
For The Three Months Ended March 31, 2000 and 1999
<TABLE>
<CAPTION>
THREE MONTHS ENDED
MARCH 31,
------------------------------
2000 1999
--------- ---------
(Unaudited)
<S> <C> <C>
REVENUES:
Net sales $ 785,997 $ 723,071
--------- ---------
OPERATING COSTS AND EXPENSES:
Cost of goods sold 425,761 391,110
Selling, general and administrative 515,636 582,453
--------- ---------
941,397 973,563
--------- ---------
Operating loss (155,400) (250,492)
--------- ---------
OTHER INCOME (EXPENSE):
Investment income - related party 336,369 405,310
Interest income - related parties 60,100 50,498
Interest expense - other (76,417) (50,989)
Casualty loss (Note 2) (537,826) --
Other income (expense) 21,932 (6,183)
--------- ---------
(195,842) 398,636
--------- ---------
(Loss) income before income taxes (351,242) 148,144
Income tax (benefit) provision (132,000) 45,734
--------- ---------
Net (loss) income ($219,242) $ 102,410
========= =========
Basic and diluted (loss) earnings per share (Note 4) $ (0.04) $ 0.02
========= =========
</TABLE>
SEE ACCOMPANYING NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.
4
<PAGE> 5
CONSULIER ENGINEERING, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Three Months Ended March 31, 2000 and 1999
<TABLE>
<CAPTION>
Three Months Ended
March 31,
-------------------------------
2000 1999
--------- ---------
(Unaudited)
<S> <C> <C>
OPERATING ACTIVITIES:
Net (loss) income $(219,242) $ 102,410
Adjustments to reconcile net (loss) income to net
Cash used in operations:
Depreciation 27,365 28,830
Amortization 8,643 4,758
Casualty loss 537,826 --
Deferred Income Taxes (132,000) --
Investment income - related party (336,369) (405,310)
Changes in operating assets and liabilities:
(Increase) in receivables and other current assets (147,767) (65,385)
Decrease (increase) in inventories (84,653) (14,782)
(Increase) decrease in patents and other assets (3,450) 1,757
(Decrease) increase in accounts payable and accruals (77,475) 94,525
Increase in income taxes payable -- 25,734
--------- ---------
NET CASH USED IN OPERATIONS (427,122) (227,463)
--------- ---------
INVESTING ACTIVITIES:
Property and equipment additions, net of dispositions (19,246) (110,579)
Distributions from partnership interest 292,985 359,796
Investment in limited partnerships (26,039 22,858
--------- ---------
NET CASH PROVIDED BY INVESTING ACTIVITIES 247,700 272,075
--------- ---------
FINANCING ACTIVITIES:
Net borrowings and repayments of bank and other loans (30,000) 487,668
Net borrowings, related parties 178,052 (401,278)
--------- ---------
NET CASH PROVIDED BY FINANCING ACTIVITIES 148,052 86,390
--------- ---------
(DECREASE) INCREASE IN CASH (31,370) 131,002
CASH, BEGINNING OF PERIOD 80,097 265,952
--------- ---------
CASH, END OF PERIOD $ 48,727 $ 396,954
========= =========
</TABLE>
SEE ACCOMPANYING NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.
5
<PAGE> 6
CONSULIER ENGINEERING, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
NOTE 1. BASIS OF PRESENTATION
The accompanying unaudited consolidated financial statements have been prepared
in accordance with generally accepted accounting principles for interim
financial information and with instructions to Form 10-QSB and Regulation S-B.
Accordingly, they do not include all of the information and footnotes required
by generally accepted accounting principles for complete financial statements.
In the opinion of management, all adjustments, consisting of normal recurring
accruals considered necessary for a fair presentation have been included.
Operating results for the three month period ended March 31, 2000 are not
necessarily indicative of the results that may be expected for the year ending
December 31, 2000. For further information, 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.
In order to maintain consistency and comparability between periods presented,
certain amounts have been reclassified from the previously reported financial
statements in order to conform to the financial statement presentation of the
current period.
The consolidated financial statements include Consulier Engineering, Inc. (the
"Company") and its wholly-owned subsidiaries, Southeast Automotive Acquisition
Corporation, Consulier Business Services, Inc., and C-6 Products, Inc. All
inter-company balances and transactions have been eliminated.
6
<PAGE> 7
CONSULIER ENGINEERING, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
NOTE 2. INVENTORIES
Inventories are stated at the lower of cost, determined on a first-in, first-out
basis, or market. Inventory that management estimates will take more than one
year to sell is classified as non-current. Major classes of inventory are
summarized as follows:
March 31, December 31,
2000 1999
----------- -----------
Raw materials $ 92,250 $ 95,788
CRA-Z Soap 2,390 217,861
Finished goods 1,392,913 1,316,077
Obsolescence reserve (94,000) (94,000)
----------- -----------
$ 1,393,553 $ 1,535,726
=========== ===========
Non-Current Inventory -- $ 311,000
=========== ===========
The non-current portion of inventory at December 31, 1999 consists of $311,000
of CRA-Z soap, which the company believed would take longer than one year to
sell.
The company suffered extreme hurricane damage resulting in destruction of a
large portion of its inventory, damage to its equipment and physical plant and
suffered other damage during October 1999. For the year ended December 31, 1999,
management estimated and recorded losses due to Hurricane Irene of approximately
$1,092,000. Upon further inspection and evaluation of the CRA-Z Soap inventory,
management estimates that an additional $537,836 of CRA-Z Soap representing all
of the remaining CRA-Z Soap located at Southeast Automotive is unsaleable. The
$537,826 change in estimate is recorded as a casualty loss for the three months
ended March 31, 2000 in the accompanying Consolidated Statement of Operations.
7
<PAGE> 8
CONSULIER ENGINEERING, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
NOTE 3. LIMITED PARTNERSHIP INTERESTS
The limited partnership interests consist of Consulier's investment in AVM, L.P.
("AVM") and a 40% interest in BioSafe, LLC. These investments are accounted for
under the equity method. Following is a summary of the operations of AVM (in
thousands):
Three Months Ended
March 31,
--------------------------
2000 1999
------- -------
Revenue $ 7,801 $11,588
Costs and expenses 3,843 4,009
------- -------
Net income $ 3,958 $ 7,579
======= =======
Consulier's share of
earnings $ 336 $ 405
Consulier owned approximately 10% and 9% of AVM's capital as of March 31, 2000
and 1999. Based on capital and earnings distributions provided in the
partnership agreement, Consulier was allocated approximately 9% and 5% of AVM's
earnings at March 31, 2000 and 1999, respectively.
8
<PAGE> 9
CONSULIER ENGINEERING, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
NOTE 4. (LOSS) EARNINGS PER SHARE
<TABLE>
<CAPTION>
Three Months Ended
March 31,
-----------------------------------
2000 1999
----------- -----------
<S> <C> <C>
Numerator:
Net (loss) income,
numerator for basic and diluted
(loss) earnings per share $ (219,242) $ 102,410
Denominator:
Denominator for basic (loss) earnings
per share, weighted - average shares 4,889,918 4,888,918
Effect of dilutive securities:
Stock options -- 12,545
Warrants -- --
----------- -----------
Dilutive potential common shares -- 12,545
Denominator for diluted (loss) earnings
per share, adjusted weighted -
average shares 4,889,918 4,901,463
=========== ===========
Basic (loss) earnings per share $ (0.04) $ 0.02
Diluted (loss) earnings per share $ (0.04) $ 0.02
</TABLE>
Options to purchase 35,000 shares of common stock at prices ranging from $2.19
to $2.50 per share were not included for both three month periods ended March
31, 2000 and 1999 in the computation of diluted (loss) earnings per share
because the options exercise price was greater than the average market price of
the common shares and, therefore, the effect would be antidilutive.
Options and warrants to purchase 233,512 shares of common stock at prices
ranging from $1.25 to $1.72 per share were not included in the March 31, 2000
computation of diluted loss per share as the effect would be antidilutive.
9
<PAGE> 10
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION
RESULTS OF OPERATIONS
Consulier Engineering, Inc. ("Consulier") experienced a decrease in net income
for the first quarter of 2000. Net income decreased $321,652 or 314% to a loss
of ($219,242) from income of $102,410 in 1999. Revenues increased 9% or $62,926
in the first quarter of 2000 compared to 1999. Cost of goods sold increased a
similar 9% in the first quarter of 2000 compared to 1999. Selling, general and
administrative expenses decreased $66,817 and the operating loss decreased
$95,092 to $155,400 in the first quarter of 2000.
Net sales of the Company's Southeast Automotive parts distribution segment
represent 99% of Consulier's net sales. Sales for this segment increased 12% or
$82,422 to $778,246 in 2000 compared to $695,824 in the first quarter of 1999.
Selling, general and administrative expenses were $368,195 in 2000 compared to
$361,205 in 1999, an increase of $6,990. Other income/expense increased $21,191
in the first quarter of 2000 due primarily to an increase in interest expense of
2000. A casualty loss of $537,826 was recorded in the first quarter. During this
quarter it was determined that the remaining current and non-current inventory
of CRA-Z Soap which was previously estimated to be undamaged or saleable as new
was in fact damaged as a result of Hurricane Irene in October 1999. The
product's unique fragrance was severely impaired by the conditions that were a
result of the hurricane. The automotive parts distribution segment experienced a
loss before taxes of ($620,660) in 2000 compared to a loss before taxes of
($90,582) in the first quarter of 1999.
In April 1997 Consulier contracted to purchase six patents for tool and ladder
related products. A wholly owned subsidiary was formed, C-6 Products, Inc., to
develop, manufacture, sell and distribute the products. This is the Household
and Tool products segment. In the first quarter of 2000 this segment lost
($54,815) compared to a loss in the first quarter of 1999 of ($124,032). The
major reductions were in marketing and legal expenditures. In the first quarter
of 2000 this segment had revenues of $5,843 compared to $24,786 in 1999.
Selling, general and administrative expenses were $17,726 in 2000 compared to
$105,893 in the first quarter of 1999.
Investment income from Consulier's AVM limited partnership interest was $336,369
in 2000, a decrease of 17% from 1999 income of $405,310. The first quarter of
2000 annualized return on investments was 65% compared to 78% in the first
quarter of 1999.
10
<PAGE> 11
LIQUIDITY AND CAPITAL RESOURCES
At March 31, 2000, Consulier's cash totaled $48,727 as compared to $80,097 at
December 31, 1999. During the quarter, Consulier's cash decreased $31,370. The
Company has relied on cash flows from its limited partnership investment in AVM
supplemented, as necessary, by bank borrowings and loans from Chairman of the
Board and CEO Warren B. Mosler to finance working capital and capital
expenditures.
The ability of Consulier to continue to generate cash flow in excess of its
normal operating requirements depends almost entirely on the performance of its
limited partnership investment in AVM. Consulier cannot, with any degree of
assurance, predict whether there will be a continuation of the net return
experienced in the period that the AVM limited partnership interest has been
owned. However, Consulier does not expect that the rate of return will decline
to the point where Consulier has negative cash flow. Furthermore, although AVM
has given Consulier no indication of any intention on its part to redeem the
partnership interest, there can be no assurance that AVM will not do so in the
future. Consulier believes that it may require additional financing to complete
agreements, which are currently in place. The timing and amount of Consulier's
additional financing needs will depend, among other things, upon the timing of
Tool Topper(TM) manufacturing and sales.
FUTURE OUTLOOK
Based on AVM's current operations and operating results, Consulier expects
continued returns in 2000 on its limited partnership investment. However, there
is no guarantee that the returns of the past can be maintained.
Consulier's automotive parts wholesale distribution business experienced an
increase in sales in the first quarter of 2000 and management is seeing an
improvement in sales due to the hiring and training of new salespeople,
strengthening of existing product lines, and increased marketing and promotion.
As a result of the hurricane damage to the CRA-Z soap inventory, marketing and
sales efforts have been curtailed, thus sales of CRA-Z Soap have fallen in the
first quarter of 2000. The CRA-Z Soap inventory was damaged as a result of the
hurricane and is not saleable. Management has been working on changing the
packaging and expects a new shipment of soap to arrive in July, 2000.
In 1997, Consulier entered into a contract for the purchase of six patents for
tools and related products. Several are related to work platform and tool
holding attachments to ladders tentatively being called our Tool Topper(TM) line
of products. The balance of the patents are related to powered hack saws powered
11
<PAGE> 12
by 110/220 volt AC, pneumatic and battery power sources. A Florida corporation
was established to develop, manufacture, sell and distribute the patented
products. This corporation, C-6 Products, Inc. ("C-6"), is a wholly owned
subsidiary of Consulier.
In 1999, the sales and marketing agreement with Consulier's agent was terminated
due to pre-established sales quotas not being achieved. The Tool Topper(TM) will
be marketed by the in house sales personnel at Consulier, until a new network of
sales representatives is developed sometime in 2000. C-6 Products, Inc. has
received a vendor number and initial purchase order from Kmart for the sale of
the Paint & Decorating Ladder Top Workstation. The initial order of
approximately 400 units or $4,800 was shipped to the Kmart regional distribution
centers in March, 2000.
In October 1997, Consulier purchased a 40% equity interest in BioSafe Systems,
LLC., a New Jersey limited liability corporation ("BioSafe"). Biosafe develops
and markets environmentally safe products, alternatives to traditionally toxic
pesticides.
Recent public concern over environmental practices and the effect of toxic
chemicals on the environment are producing increasing pressure on agricultural
concerns to limit their use. BioSafe uses peroxygen chemistry as a pesticide,
algaecide and fungicide. Peroxigen chemistry uses the power of free radical
oxidation to kill all forms of microorganisms that may be pathogenic to plants,
without causing harm to the plant. Peroxygens immediately biodegrade upon
reacting with either microorganisms or organic material such as soil, into
components of oxygen and water leaving behind no toxic residues.
BioSafe's initial product, ZeroTol(TM), utilizes a formulation using peroxygens
as the principal active ingredients. No other company currently has or has
requested a US EPA registration for the use of peroxygens for these purposes.
BioSafe's federal EPA registration for its ZeroTol(TM) product was received in
1999 permitting its use on ornamental plants and turf applications.
Additionally, the U.S. Patent Office granted a patent for ZeroTol(TM).
BioSafe, based in Glastonbury, CT, completed a profitable year in 1999 with the
introduction of ZeroTol Algaecide/Fungicide to the commercial greenhouse,
nursery and turf industries.
ZeroTol has been well received by professional growers and golf course
superintendents across the country. BioSafe introduced a new class of pesticide
chemistry to these markets that utilizes the power of peroxygen oxidation to
clean plant tissue of both disease organisms and the spores that propagate these
organisms. ZeroTol is the only product labeled for Horticulture that is capable
12
<PAGE> 13
of deactivating algae, bacterial and fungal spores on contact.
BioSafe has developed a well-established national distribution network, serving
the greenhouse and nursery marketplace. In additional, BioSafe has established
distribution in Central and South America. Product registrations have been
secured in Costa Rica, Colombia and Ecuador.
BioSafe will be introducing two new products in 2000 to both the horticultural
industry as well as general agriculture. The first product is trademarked as
OxiDate(TM) Bactericide/Fungicide and is labeled for applications to major
high value food crops such as potatoes, leafy vegetables, apples, citrus, stone
fruits, grapes and bananas. BioSafe will concentrate its efforts at expanding
its distribution network to cover a broad-spectrum distribution into the
agricultural markets and will utilize some of the already established
distributors who now carry ZeroTol to accomplish this.
BioSafe will also introduce TerraCare Algaecide/Fungicide for use in the
commercial greenhouse/nursery and turf markets. The granular formulation
introduces a new class of peroxygen chemistry that is capable of both killing
and inhibiting algae as well as bacterial and fungal organisms. The TerraCare
product is completely biodegradable into components of oxygen, carbon dioxide
and calcium carbonate (Lime). The existing BioSafe distributors will also
distribute TerraCare.
BioSafe is expected to continue to grow at a slow and steady pace.
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
Except for the historical information contained in this report, certain matters
discussed in Management's Discussion and Analysis are forward looking statements
which involve risks and uncertainties including, but not limited to statements
regarding Consulier's planned capital expenditure requirements, cash and working
capital requirements. Consulier's expectations regarding the adequacy of current
financing arrangements, product demand and market growth, other statements
regarding future plans and strategies, anticipated events or trends, and similar
expressions concerning matters that are not historical facts. It should be noted
that Consulier's actual results could differ materially from those contained in
such forward looking statements mentioned above due to adverse changes in any
number of factors that affect Consulier's business including, without
limitation, risks associated with investing in and the marketing of Consulier's
Tool Topper(TM) and CRA-Z Soap products, manufacturing and supply risks, risks
concerning the protection of Consulier's patents, reliance upon distributors,
regulatory risks, risks of expansion, product liability and other risks
described herein.
13
<PAGE> 14
PART II. OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
As of March 31, 2000, there were no legal proceedings pending against the
Company or its subsidiaries nor did the Company have any knowledge of any
proceedings, which were being contemplated.
On October 15, 1999, the Company suffered extreme hurricane damage resulting in
destruction primarily of a large portion of its inventory, and certain damage to
its equipment and physical plant. The Company has begun litigation (Consulier
Engineering, Inc. vs American States Insurance Company filed in Circuit Court of
the Fifteenth Judicial Circuit Court in Palm Beach County on February 1, 2000)
against the insurance company whose policy covered the Southeast warehouse
facility and inventory, to recover the loss. However, the insurance company is
disputing the claim, therefore there can be no assurance that a recovery will be
made, and if a recovery is made that it would be for the total amount of the
loss.
ITEM 2. CHANGES IN SECURITIES
During the first quarter of 2000 there were no changes in the instruments
defining the rights of the holders of any class of registered securities, nor
were the rights evidenced by any class of registered securities limited or
qualified by the issuance or modification of any other class of securities.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
During the first quarter of 2000, there have been no material defaults in the
payment of principal, interest, or any other material default with respect to
any indebtedness, nor has there been any arrearage in the payment of dividends
of any class of stock.
ITEM 4. SUBMISSION OF MATTERS tO A VOTE OF SECURITY HOLDERS
During the first quarter of 2000, the Company did not submit any matters to a
vote of security holders.
ITEM 5. OTHER INFORMATION
The Company has no other information to report, which might otherwise be
reported under Form 8-K.
14
<PAGE> 15
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) EXHIBITS REQUIRED BY ITEM 601 OF REGULATION S-K
EXHIBIT DESCRIPTION
------- -----------
27 Financial Data Schedule (for SEC use only)
(b) CURRENT REPORTS ON FORM 8-K
Form 8-K dated February 23, 2000, Item 6, reporting resignation of one of
registrant's directors and Item 7, letter of resignation.
15
<PAGE> 16
SIGNATURE
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.
CONSULIER ENGINEERING, INC.
(Registrant)
By: /s/ Ralph D. Butler
---------------------------
Date: May 18, 2000 Ralph D. Butler
Secretary/Treasurer
Chief Financial Officer
16
<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-2000
<PERIOD-START> JAN-01-2000
<PERIOD-END> MAR-31-2000
<CASH> 49
<SECURITIES> 0
<RECEIVABLES> 1,778
<ALLOWANCES> 65
<INVENTORY> 1,394
<CURRENT-ASSETS> 3,545
<PP&E> 2,882
<DEPRECIATION> 792
<TOTAL-ASSETS> 10,582
<CURRENT-LIABILITIES> 3,690
<BONDS> 781
0
0
<COMMON> 51
<OTHER-SE> 6,111
<TOTAL-LIABILITY-AND-EQUITY> 10,582
<SALES> 786
<TOTAL-REVENUES> 786
<CGS> 426
<TOTAL-COSTS> 426
<OTHER-EXPENSES> 516
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 76
<INCOME-PRETAX> (351)
<INCOME-TAX> (132)
<INCOME-CONTINUING> (219)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (219)
<EPS-BASIC> (.04)
<EPS-DILUTED> (.04)
</TABLE>
