<PAGE> 1
================================================================================
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q/A
[MARK ONE]
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES
EXCHANGE ACT OF 1934
FOR THE QUARTERLY PERIOD ENDED MAY 31, 1996
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES
EXCHANGE ACT OF 1934
FOR THE TRANSITION PERIOD FROM __________________ TO _________________
COMMISSION FILE NO. 000-20068
PRECISION SYSTEMS, INC.
(Exact name of registrant as specified in its charter)
DELAWARE 41-1425909
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
11800 30TH COURT NORTH, ST. PETERSBURG, FLORIDA 33716
(Address of principal executive offices)
(813) 572-9300
(registrant's telephone number, including area code)
NOT APPLICABLE
(Former name, former address and former fiscal year,
if changed since last report)
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 [ ]
APPLICABLE ONLY TO CORPORATE ISSUERS: Indicate the number of shares
outstanding of each of the issuer's classes of capital stock as of the latest
practicable date.
Total number of shares of outstanding capital stock as of July 12,
1996:
<TABLE>
<S> <C>
Common Stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,160,220
Series A Preferred Stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,000
</TABLE>
===============================================================================
<PAGE> 2
PART II - OTHER INFORMATION
ITEM 2. CHANGES IN SECURITIES
None
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
None
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
None
ITEM 5. OTHER INFORMATION
None
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
27 Financial Data Schedule (For SEC Use Only)
<PAGE> 3
SIGNATURES
Pursuant to 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 SYSTEMS, INC.
Date: October 2, 1996 /s/ Russell I. Pillar
------------------- --------------------------------------------------
Russell I. Pillar, President and Chief Executive
Officer
Date: October 2, 1996 /s/ Steven H. Grant
------------------- --------------------------------------------------
Steven H. Grant, Senior Vice President and
Chief Financial Officer
Date: October 2, 1996 /s/ Kenneth M. Clinebell
------------------- ---------------------------------------------------
Kenneth M. Clinebell, Vice President and Controller
(Principal Accounting Officer)
<PAGE> 4
EXHIBIT INDEX
Exhibit
Number Title
- ------- -----
27 Financial Data Schedule (For SEC Use Only)
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
STATEMENT OF OPERATIONS AND BALANCE SHEET OF PRECISION SYSTEMS, INC. FOR THE
NINE MONTHS ENDED MAY 31, 1996 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO
SUCH FORM 10-Q.
</LEGEND>
<MULTIPLIER> 1
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> AUG-31-1996
<PERIOD-START> SEP-01-1995
<PERIOD-END> MAY-31-1996
<EXCHANGE-RATE> 1
<CASH> 20,501,454
<SECURITIES> 0
<RECEIVABLES> 15,073,796
<ALLOWANCES> 647,411
<INVENTORY> 0
<CURRENT-ASSETS> 36,250,142
<PP&E> 26,228,230
<DEPRECIATION> 17,883,564
<TOTAL-ASSETS> 84,725,433
<CURRENT-LIABILITIES> 26,777,642
<BONDS> 0
0
100
<COMMON> 147,083
<OTHER-SE> 57,308,608
<TOTAL-LIABILITY-AND-EQUITY> 84,725,433
<SALES> 15,283,553
<TOTAL-REVENUES> 21,083,399
<CGS> 7,218,361
<TOTAL-COSTS> 7,218,361
<OTHER-EXPENSES> 20,059,777
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> (264,052)
<INCOME-PRETAX> (4,668,273)
<INCOME-TAX> 210,000
<INCOME-CONTINUING> (4,878,273)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (4,878,273)
<EPS-PRIMARY> (.35)
<EPS-DILUTED> (.35)
</TABLE>
