Tanknology-NDE International, Inc. and Subsidiaries
U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB/A
Amendment No. 1
(Mark One)
[X] Quarterly Report Under Section 13 or 15(d) of the Securities Exchange
Act of 1934 for the quarterly period ended September 30, 1998.
[ ] Transition Report Under to Section 13 or 15(d) of the Exchange Act
for the transition period from ________________ to _________________.
Commission File Number 1-10361
Tanknology-NDE International, Inc.
(Exact name of small business issuer as specified in its charter)
Delaware 95-3634420
(State of Incorporation) (IRS Employer Identification No.)
8900 Shoal Creek Blvd., Bldg. 200 Austin, Texas 78757
(Address of Principal Executive offices)
Issuer's telephone number, including area code (512) 451-6334
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 ninety 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.
Outstanding at September 30,
Class 1998
- -------------- -----------------------------------
Common 16,404,166
Transitional Small Business Disclosure Format (check one): Yes [ ] No [X]
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Tanknology-NDE International, Inc. and Subsidiaries
The undersigned registrant hereby amends the following items, financial
statements, and Notes to the financial statements of its Quarterly Report on
Form 10-QSB for the fiscal quarter ended September 30, 1998 as set forth in the
pages attached hereto:
Condensed Consolidated Statement of Operations is hereby amended and
replaced in its entirety to correct an error in the calculation of the
Net Income (Loss) Available to Common Shareholders for the 3 and 9
month periods ending September 30, 1998.
Note 2 is hereby amended and replaced in its entirety to correct an
error in the calculation of the Numerator for basic income (loss) per
share -income available to common shareholders and the Numerator for
diluted income (loss) per share for the 3 and 9 month periods ending
September 30, 1998.
Tanknology-NDE International, Inc.
(Registrant)
Date: November 16, 1998 /s/ DAVID G. OSOWSKI
-------------------- ------------------------------------------
David G. Osowski
Vice President and Chief Financial Officer
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Tanknology-NDE International, Inc. and Subsidiaries
PART I Financial Information
Item 1. Financial Statements (Unaudited)
Condensed Consolidated Statements of Operations
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended
------------------------------- --------------------------------
September 30, September 30, September 30, September 30,
1998 1997 1998 1997
-------------- -------------- -------------- --------------
<S> <C> <C> <C> <C>
Revenues.................................... $ 17,405,934 $ 9,889,309 $ 44,513,355 $ 25,407,707
Cost of services............................ 12,830,362 7,410,762 33,044,725 19,211,475
-------------- -------------- -------------- --------------
Gross Margin........................... 4,575,572 2,478,547 11,468,630 6,196,232
Selling, general and administrative......... 3,256,279 1,853,215 8,377,025 5,971,560
-------------- -------------- -------------- --------------
Operating Income ...................... 1,319,293 625,332 3,091,605 224,672
Other income (expense):
Interest income....................... 31,641 66,202 93,437 66,202
Interest expense...................... (447,258) (810,570) (1,243,597) (2,481,934)
Other income (expense), net............ 13,702 -- 18,606 --
-------------- -------------- -------------- --------------
Income (Loss) Before Provision
for Income Taxes................... 917,378 (119,036) 1,960,051 (2,191,060)
Provision for income taxes.................. 226,356 600 260,253 25,900
-------------- -------------- -------------- --------------
Net Income (Loss)..................... 691,022 (119,636) 1,699,798 (2,216,960)
Less - Preferred stock dividends............ (37,500) -- (112,500) --
-------------- -------------- -------------- --------------
Net Income (Loss) Available to
Common Shareholders................ $ 653,522 $ (119,636) $ 1,587,298 $ (2,216,960)
============== ============== ============== ==============
Basic Income (Loss) Per Share.......... $ 0.04 $ (0.01) $ 0.10 $ (0.14)
============== ============== ============== ==============
Diluted Income (Loss) Per Share........ $ 0.03 $ (0.01) $ 0.07 $ (0.14)
============== ============== ============== ==============
<FN>
See accompanying notes to condensed consolidated financial statements.
</FN>
</TABLE>
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Tanknology-NDE International, Inc. and Subsidiaries
NOTE 2: INCOME (LOSS) PER SHARE CALCULATIONS
The following table sets forth the calculation of basic and diluted income
(loss) per share:
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended
-------------------------- ---------------------------
September September September September
30, 1998 30, 1997 30, 1998 30, 1997
----------- ----------- ----------- -----------
Numerator:
<S> <C> <C> <C> <C>
Net income (loss) ......................... $ 691,022 $ (119,636) $ 1,699,798 $(2,216,960)
Preferred stock dividends ................. (37,500) -- (112,500) --
----------- ----------- ----------- -----------
Numerator for basic income (loss) per share
-income available to common shareholders .. 653,522 (119,636) 1,587,298 (2,216,960)
Effect of dilutive securities - preferred
stock dividends ........................... 37,500 -- 112,500 --
----------- ----------- ----------- -----------
Numerator for diluted income (loss) per
share ..................................... $ 691,022 $ (119,636) $ 1,699,798 $(2,216,960)
Denominator:
Denominator for basic income (loss) per
share - weighted-average shares ........... 16,303,623 15,978,610 16,201,960 15,978,610
Effect of dilutive securities:
Stock options ............................. 3,680,104 -- 3,873,458 --
Warrants .................................. 2,850,530 -- 3,157,291 --
Convertible preferred stock ............... 1,147,139 -- 1,387,578 --
------------ ---------- ------------ ------------
Dilutive potential common shares .......... 7,677,773 -- 8,418,327 --
Denominator for diluted earnings (loss) per
share - adjusted weighted- average shares
and assumed conversions .................. 23,981,396 -- 24,620,287 --
============ ========== ============ ============
Basic income (loss) per share ............. $ 0.04 $ (0.01) $ 0.10 $ (0.14)
============ ========== ============ ============
Diluted income (loss) per share ........... $ 0.03 $ (0.01) $ 0.07 $ (0.14)
============ ========== ============ ============
</TABLE>
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