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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-K/A
(Mark One)
/X/ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934 (FEE REQUIRED)
For the fiscal year ended June 30, 1996
/ / TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934 (NO FEE REQUIRED)
For the transition period from to
Commission file number 0-18954
COMMUNICATIONS AND ENTERTAINMENT CORP.
(Exact name of registrant as specified in its charter)
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NEVADA 95-4269048
(State or other jurisdiction of (I.R.S. Employer Identification Number)
incorporation or organization)
1875 CENTURY PARK EAST, SUITE 2130, 90067
LOS ANGELES, CALIFORNIA (Zip code)
(Address of principal executive offices)
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Registrant's telephone number, including area code: (310) 229-2430
Securities registered pursuant to Section 12(b) of the Act: None
Securities registered pursuant to Section 12(g) of the Act: Common Stock, $.01 par value
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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 / /
Indicate by check mark if disclosure of delinquent filers pursuant to Item
405 of Regulation S-K is not contained herein, and will not be contained, to the
best of Registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this form 10-K or any amendment to this
Form 10-K. / /
The aggregate market value of the voting stock held by non-affiliates of the
Registrant as of September 30, 1996 was approximately $2,049,161 (based on the
mean between the closing bid and asked prices of the Common Stock on such date),
which value, solely for the purposes of this calculation, excludes shares held
by Registrant's officers and directors. Such exclusion should not be deemed a
determination by Registrant that all such individuals are, in fact, affiliates
of the Registrant.
As of September 30, 1996 there were outstanding 2,591,242 shares of
Communication and Entertainment Corp.'s common stock, par value $.01 per share
(the "Common Stock").
Portions of the Registrant's Proxy Statement relating to the 1996 Annual
Meeting of Stockholders are incorporated by reference into Part III of this
Annual Report on Form 10-K.
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SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) 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.
COMMUNICATIONS AND ENTERTAINMENT CORP.
Dated: , 1997 By: /s/ STEPHEN R. GREENWALD
-----------------------------------------
Stephen R. Greenwald,
CHIEF EXECUTIVE OFFICER
(PRINCIPAL EXECUTIVE OFFICER)
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.
SIGNATURE TITLE DATE
- ------------------------------ --------------------------- -------------------
/s/ LAWRENCE I. SCHNEIDER Co-Chairman in the Office / /97
- ------------------------------ of Chairman; Director
Lawrence I. Schneider
/s/ STEPHEN R. GREENWALD Chief Executive Officer; / /97
- ------------------------------ Co-Chairman in the Office
Stephen R. Greenwald of Chairman; Director
/s/ IRA N. SMITH President; Co-Chairman in / /97
- ------------------------------ the Office of Chairman;
Ira N. Smith Director
/s/ ROBERT E. MILLER, JR. Director / /97
- ------------------------------
Robert E. Miller, Jr.
/s/ MARVIN GROSSMAN Exec. Vice-President & / /97
- ------------------------------ Chief Financial Officer
Marvin Grossman (Principal Financial and
Accounting Officer)
21
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<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-START> JUL-01-1995
<PERIOD-END> JUN-30-1996
<CASH> 462,971
<SECURITIES> 0
<RECEIVABLES> 996,574
<ALLOWANCES> 0
<INVENTORY> 1,000,968
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 2,488,458
<CURRENT-LIABILITIES> 0
<BONDS> 0
0
0
<COMMON> 25,913
<OTHER-SE> (2,774,726)
<TOTAL-LIABILITY-AND-EQUITY> 2,488,458
<SALES> 1,010,826
<TOTAL-REVENUES> 1,010,826
<CGS> 1,046,299
<TOTAL-COSTS> 1,046,299
<OTHER-EXPENSES> 4,827,785
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 97,701
<INCOME-PRETAX> (4,959,716)
<INCOME-TAX> 0
<INCOME-CONTINUING> (4,959,716)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (4,959,716)
<EPS-PRIMARY> (2.17)
<EPS-DILUTED> (2.17)
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