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Previous: CORVEL CORP, DEF 14A, 1999-06-29 |
Next: WNC HOUSING TAX CREDIT FUND III L P, 10-K/A, 1999-06-29 |
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB/A
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended: April 30, 1999
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (D) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from ________________ to _________________
Commission file number: 0-24627
IDF International, Inc.
(Exact name of registrant as specified in its charter.)
New York 11-3059198
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
330 West 42nd St. (20th Floor)
New York, New York 10036
(Address of principal executive offices)
Registrant's telephone number, including area code: 212-563-6900
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the 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 the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practical date: 15,185,835 shares of Common
Stock, $.01 par value, as of April 30, 1999.
Transitional Small Business Disclosure Format (check one): Yes [ ] No [X]
Documents Incorporated by Reference: None.
<PAGE>
Purpose of Amendment: The purpose of this Amendment No. 1 to the registrant's
Form 10-QSB for the fiscal quarter ended April 30, 1999 is to include certain
financial statements which were inadvertently omitted from the original filing.
All information contained herein is as of the date of the original filing, June
21, 1999 and does not purport to provide an update of any information after such
date.
<PAGE>
IDF INTERNATIONAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE NINE MONTHS ENDED APRIL 30, 1999
UNAUDITED
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid during the period for:
Interest $668,411
Income taxes 0
NON-CASH TRANSACTION:
During the nine months ended April 30, 1999, the Board of Directors
authorized the issuance of 81,551 shares of Series C Preferred Stock (designated
Series A-1 Preferred Stock) in payment of preferred stock dividends in the
aggregate amount of $101,940.
<PAGE>
<TABLE>
<CAPTION>
IDF INTERNATIONAL INC, AND SUBSIDIARIES
CONSOLIDATED INCOME STATEMENT
(UNAUDITED)
THREE MONTHS ENDED
APRIL 30
1999 1998
<S> <C> <C>
REVENUE EARNED $ 3,493,925 $ 3,815,718
Cost Revenue Earned $ 1,897,942 $ 2,069,358
------------------ ------------------
GROSS PROFIT $ 1,595,983 $ 1,746,360
Selling & Administrative exps $ 2,516,660 $ 1,435,911
------------------ ------------------
(LOSS) INCOME FROM OPERATIONS $ (920,677) $ 310,449
OTHER INCOME (EXPENSE)
Interest Expense $(203,213) $ (273,448)
Other Income $ 189,461 $ (13,752) $ 38,329 $ (235,119)
------------------ ------------------
(LOSS) Income Before Provision for Inc Taxes $ (934,429) $ 75,330
PROVISION FOR INCOME TAXES 141,085 $ -
------------------ ------------------
NET INCOME (LOSS) $(1,075,514) $ 75,330
------------------ ------------------
(LOSS) Earnings per Share $ (0.07)
0.01
<CAPTION>
NINE MONTHS ENDED
APRIL 30
1999 1998
<S> <C> <C>
REVENUE EARNED $ 9,526,945 $ 11,932,571
Cost Revenue Earned $ 5,309,153 $ 6,749,018
------------------------ ---------------------
GROSS PROFIT $ 4,217,792 $ 5,183,553
Selling & Administrative exps $ 5,450,087 $ 4,248,152
------------------------ ---------------------
(LOSS) INCOME FROM OPERATIONS $ (1,232,295) $ 935,401
OTHER INCOME (EXPENSE)
Interest Expense $ (668,411) $ (816,680)
Other Income $ 220,272 $ (448,139) $ 38,329 $ (778,351)
------------------------ ---------------------
(LOSS) Income Before Provision for Inc Taxes $ (1,680,434) $ 157,050
PROVISION FOR INCOME TAXES $ 54,946
141,085
------------------------ ---------------------
NET INCOME (LOSS) $ (1,821,519) $ 102,104
------------------------ ---------------------
(LOSS) Earnings per Share $ (0.12) 0.01
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
IDF INTERNATIONAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE NINE MONTHS ENDED APRIL 30, 1999
UNAUDITED
APRIL 30
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS:
CASH FLOWS FROM OPERATING ACTIVITIES:
<S> <C>
Net loss $ (1,821,519)
Adjustments to reconcile net loss to net cash (used in) operating activities:
Depreciation and amortization $ 100,826
Amortization of goodwill $ 27,938
Amortization of deferred costs $ 10,971
Changes in operating assets and liabilities:
(Increase) in contract receivables $ (809,201)
Decrease in costs and earnings in excess of billings on uncompleted contracts $ 143,310
(Increase) in prepaid expenses and other current assets $ (221,817)
Increase in other assets $ (26,000)
(Decrease) in bank overdraft $ (73,119)
Increase in accounts payable $ 564,606
(Decrease) in billings in excess of costs and earnings on uncompleted contracts $ (78,632)
(Decrease) in accrued wages, salaries and related costs $ (610,869)
Increase in current liabiliites $ 2,473,195
-------------
NET CASH (USED IN) OPERATING ACTIVITIES $ (320,311)
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to fixed assets $ (47,297)
Proceeds from acquisition of subsidiary
-------------
NET CASH (USED IN) INVESTING ACTIVITIES $ (47,297)
CASH FLOWS FROM FINANCING ACTIVITIES:
(Decrease) in revolving credit facility $ (430,590)
Increase in long-term debt $ 91,905
-------------
NET CASH PROVIDED BY FINANCING ACTIVITIES $ (338,685)
NET (DECREASE) IN CASH AND CASH EQUIVALENTS $ (706,293)
Cash and cash equivalents, at beginning of year $ 791,804
-------------
CASH AND CASH EQUIVALENTS, AT END OF PERIOD $ 85,511
-------------
-------------
</TABLE>
<PAGE>
IDF INTERNATIONAL, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
UNAUDITED
<TABLE>
<CAPTION>
APRIL 30 JULY 31
1999 1998
(UNAUDITED)
<S> <C> <C>
CURRENT ASSETS
Cash 85,512 791,804
Accounts receivable 4,507,042 3,763,506
Allowance for doubtful accounts (414,335) (480,000)
Work in process 2,447,286 2,590,596
Prepaid expenses/other current assets 507,609 285,792
---------- ----------
TOTAL CURRENT ASSETS 7,133,114 6,951,698
FIXED ASSETS
Total fixed assets 879,603 832,306
less accumulated depreciations (583,769) (482,943)
---------- ----------
TOTAL FIXED ASSETS 295,834 349,363
OTHER ASSETS
Goodwill-net 532,252 560,190
Engineering license -net 143,719 149,626
Deferred acquisition cost-net 98,684 103,748
Other 163,041 137,042
---------- ----------
TOTAL OTHER ASSETS 937,696 950,606
TOTAL ASSETS 8,366,644 8,251,667
---------- ----------
---------- ----------
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Accounts payable 1,393,936 909,023
Revolving credit facility 2,328,539 2,759,129
Bank overdraft 191,647 264,766
Note payable -subordinated 15,000 35,000
Accrued wages & related costs 363,741 974,610
Current portion-LTD 106,584 95,521
Other 3,652,622 1,179,427
---------- ----------
TOTAL CURRENT LIABILITIES 8,052,069 6,217,476
LONG TERM LIABILITIES
Long term debt -net current 598,384 495,521
---------- ----------
TOTAL LONG TERM LIABILITIES 598,384 495,521
SHAREHOLDERS EQUITY
Series A preferred stock 14,167 1,750,000
Series B preferred stock 0 800,000
Series C preferred stock 0 1,534,000
Dividend Payable 0 0
Common stock 15,186 9,928
Common stock warrants 19,527 19,527
A.P.I.C., 15,041,377 10,875,469
Retained earnings (15,354,146) (13,432,354)
less stock sub receivable (17,900) (17,900)
---------- ----------
TOTAL STOCKHOLDERS EQUITY/(DEFICIT) (281,789) 1,538,670
TOTAL LIABILITIES AND EQUITY 8,368,664 8,251,667
---------- ----------
---------- ----------
</TABLE>
<PAGE>
SIGNATURES
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.
Dated: June 29, 1999 IDF INTERNATIONAL, INC.
By: /s/ Michael J. Losch
--------------------------------
Michael J. Losch
Chief Operating Officer and
Chief Financial Officer
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