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Previous: PIONEER COMMERCIAL FUNDING CORP /NY/, NT 10-Q, 1999-11-12 |
Next: CORPORATE VISION INC /OK, 10QSB, 1999-11-12 |
<PAGE>
FORM 10-QSB/A
U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
(X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Amendment No. 1
For the quarterly period ended September 30, 1999
Commission file number 001-10647
----------------------
PRECISION OPTICS CORPORATION, INC.
- --------------------------------------------------------------------------------
(Exact name of small business issuer as specified in its charter)
Massachusetts 04-2795294
------------- ----------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
22 East Broadway, Gardner, Massachusetts 01440-3338
- --------------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
(978) 630-1800
- --------------------------------------------------------------------------------
(Issuer's telephone number, including area code)
Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the Securities Exchange Act of 1934 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 ( )
The number of shares outstanding of issuer's common stock, par value $.01 per
share, at September 30, 1999 was 7,687,595 shares.
Transitional Small Business Disclosure Format (check one):
Yes ( ) No (X)
<PAGE>
PRECISION OPTICS CORPORATION, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
ASSETS
<TABLE>
<CAPTION>
September 30, 1999 June 30, 1999
------------------ -------------
<S> <C> <C>
CURRENT ASSETS
Cash and Cash Equivalents $ 962,855 $ 480,732
Accounts Receivable, Net 366,690 210,079
Inventories 942,478 979,284
Prepaid Expenses 87,287 47,996
----------- -----------
Total Current Assets 2,359,310 1,718,091
----------- -----------
PROPERTY AND EQUIPMENT 3,926,476 3,750,473
Less: Accumulated Depreciation (2,588,903) (2,496,949)
----------- -----------
Net Property and Equipment 1,337,573 1,253,524
----------- -----------
OTHER ASSETS 278,245 282,880
----------- -----------
TOTAL ASSETS $ 3,975,128 $ 3,254,495
=========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts Payable $ 245,717 $ 194,619
Accrued Payroll 126,373 75,644
Accrued Professional Services 81,874 50,283
Accrued Profit Sharing and Bonuses 31,250 25,000
Accrued Income Taxes -- 912
Accrued Vacation 61,034 78,056
Accrued Warranty Expense 50,000 50,000
Current Portion of Capital Lease Obligation 150,352 105,542
Other Accrued Liabilities 41,800 35,392
----------- -----------
Total Current Liabilities 788,400 615,448
----------- -----------
CAPITAL LEASE OBLIGATION 137,624 166,312
----------- -----------
STOCKHOLDERS' EQUITY
Common Stock, $.01 par value-
Authorized -- 10,000,000 shares
Issued and Outstanding - 7,687,595 and
6,687,595 shares at September 30, 1999
June 30, 1999, respectively 76,876 66,876
Additional Paid-in Capital 7,225,081 6,206,411
Accumulated Deficit (4,252,853) (3,800,552)
----------- -----------
Total Stockholders' Equity 3,049,104 2,472,735
----------- -----------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 3,975,128 $ 3,254,495
=========== ===========
</TABLE>
<PAGE>
PRECISION OPTICS CORPORATION, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED
SEPTEMBER 30, 1999 AND SEPTEMBER 30, 1998
(UNAUDITED)
<TABLE>
<CAPTION>
1999 1998
---- ----
<S> <C> <C>
REVENUES $ 716,885 $ 679,895
COST OF GOODS SOLD 383,686 516,129
----------- -----------
Gross Profit 333,199 163,766
RESEARCH and DEVELOPMENT 389,419 235,612
SELLING, GENERAL AND
ADMINISTRATIVE EXPENSES 396,467 364,868
----------- -----------
Total Operating Expenses 785,886 600,480
Operating Loss (452,687) (436,714)
INTEREST EXPENSE (5,824) (6,678)
INTEREST INCOME 6,208 19,308
----------- -----------
Loss Before Provision for Income Taxes (452,301) (424,084)
PROVISION FOR INCOME TAXES -- --
----------- -----------
Net Loss $ (452,301) $ (424,084)
=========== ===========
Basic and Diluted Loss Per Share $ (0.06) $ (0.06)
=========== ===========
Weighted Average Common Shares Outstanding 7,354,262 6,649,179
=========== ===========
</TABLE>
<PAGE>
PRECISION OPTICS CORPORATION, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED
SEPTEMBER 30, 1999 AND SEPTEMBER 30, 1998
(UNAUDITED)
<TABLE>
<CAPTION>
1999 1998
---- ----
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Loss $ (452,301) $ (424,084)
Adjustments to Reconcile Net Loss to Net Cash
(Used In) Provided by Operating Activities -
Depreciation and Amortization 103,644 83,411
Changes in Assets and Liabilities-
Accounts Receivable (156,611) 240,339
Inventories 36,806 (104,770)
Prepaid Expenses (39,291) (50,899)
Accounts Payable 51,098 42,700
Customer Advances -- (116,841)
Accrued Expenses 77,044 (155,647)
----------- -----------
Net Cash Used In Operating Activities (379,611) (485,791)
----------- -----------
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of Property and Equipment (133,503) (164,084)
Increase in Other Assets (7,055) (4,724)
----------- -----------
Net Cash Used in Investing Activities (140,558) (168,808)
----------- -----------
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayment of Capital Lease Obligation (26,378) (29,164)
Net Proceeds (Costs) From Private Placement of
Common Stock 1,028,670 (13,483)
Proceeds from Exercise of Warrants -- 76,670
----------- -----------
Net Cash Provided By Financing Activities 1,002,292 34,023
----------- -----------
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS 482,123 (620,576)
CASH AND CASH EQUIVALENTS AT BEGINNING
OF PERIOD 480,732 2,060,146
----------- -----------
CASH AND CASH EQUIVALENTS AT END
OF PERIOD $ 962,855 $ 1,439,570
=========== ===========
SUPPLEMENTAL DISCLOSURE OF CASH FLOW
INFORMATION:
Cash Paid for-
Interest $ 5,824 $ 6,678
=========== ===========
Income Taxes $ 912 $ 842
=========== ===========
SUPPLEMENTAL DISCLOSURE OF NONCASH
INVESTING AND FINANCING ACTIVITIES:
Capital Lease Obligation $ 42,500 $ --
=========== ===========
Common Stock Issued for Payment of Royalties $ -- $ 7,500
=========== ===========
</TABLE>
<PAGE>
PRECISION OPTICS CORPORATION, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The accompanying consolidated financial statements include the accounts
of Precision Optics Corporation, Inc. and its wholly-owned subsidiaries.
All significant intercompany accounts and transactions have been
eliminated in consolidation.
These financial statements have been prepared by the Company, without
audit, and reflect normal recurring adjustments which, in the opinion of
management, are necessary for a fair statement of the results of the
first quarter of the Company's fiscal year 2000. These financial
statements do not include all disclosures associated with annual
financial statements and, accordingly, should be read in conjunction with
footnotes contained in the Company's financial statements for the period
ended June 30, 1999 together with the auditors' report filed under cover
of the Company's 1999 Annual Report on Form 10-KSB.
Basic (loss) earnings per share is computed by dividing net income (loss)
by the weighted average number of shares of common stock outstanding
during the period. For the three months ended September 30, 1999 and
1998, the effect of stock options and warrants was antidilutive;
therefore, they were not included in the computation of diluted (loss)
earnings per share. The number of shares that were excluded from the
computation as their effect would be antidilutive were 2,605,500 and
1,754,500, for the three months ended September 30, 1999 and 1998,
respectively.
2. INVENTORIES
Inventories are stated at the lower of cost (first-in, first-out) or
market and consist of the following:
<TABLE>
<CAPTION>
September 30, 1999 June 30, 1999
------------------ -------------
<S> <C> <C>
Raw Materials $643,494 $589,762
Work-In-Process 174,764 248,085
Finished Goods and Components 124,220 141,437
-------- --------
Total Inventories $942,478 $979,284
======== ========
</TABLE>
<PAGE>
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.
PRECISION OPTICS CORPORATION, INC.
DATE: November 12, 1999 BY: /s/ Jack P. Dreimiller
-----------------------------------
Jack P. Dreimiller
Senior Vice President, Finance,
Chief Financial Officer and Clerk
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> JUN-30-2000
<PERIOD-END> SEP-30-1999
<CASH> 962,855
<SECURITIES> 0
<RECEIVABLES> 366,690
<ALLOWANCES> 0
<INVENTORY> 942,478
<CURRENT-ASSETS> 2,359,310
<PP&E> 3,926,476
<DEPRECIATION> 2,588,903
<TOTAL-ASSETS> 3,975,128
<CURRENT-LIABILITIES> 788,400
<BONDS> 137,624
0
0
<COMMON> 76,876
<OTHER-SE> 2,972,228
<TOTAL-LIABILITY-AND-EQUITY> 3,975,128
<SALES> 716,885
<TOTAL-REVENUES> 716,885
<CGS> 383,868
<TOTAL-COSTS> 383,686
<OTHER-EXPENSES> 785,886
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 5,842
<INCOME-PRETAX> (452,301)
<INCOME-TAX> 0
<INCOME-CONTINUING> (452,301)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (452,301)
<EPS-BASIC> (.06)
<EPS-DILUTED> (.06)
</TABLE>
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