<PAGE>
================================================================================
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 1998
OR
( ) 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. 1-11642
LASER TECHNOLOGY, INC.
(Exact name of registrant as specified in its charter)
DELAWARE 84-0970494
- ------------------------------- --------------------------------------
(State or other jurisdiction of (I.R.S. employer identification number)
incorporation or organization)
7070 SOUTH TUCSON WAY, ENGLEWOOD, COLORADO 80112
-------------------------------------------------
(Address of principal executive offices)
(303) 649-1000
--------------
(Registrant's telephone number including area code)
Indicate by check mark whether the Registrant (1) has filed all reports required
to be filed by Section 13 of 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
----- -----.
At July 20, 1998, 4,983,551 shares of common stock of the Registrant were
outstanding.
================================================================================
<PAGE>
INDEX
-----
PART I: FINANCIAL INFORMATION
<TABLE>
<CAPTION>
PAGE
----
<C> <S> <C>
Item 1. FINANCIAL STATEMENTS............................... 1
Consolidated Balance Sheets...................... 1
Consolidated Statements of Income................ 3
Consolidated Statements of Stockholders' Equity.. 4
Consolidated Statements of Cash Flows............ 5
Notes to Consolidated Financial Statements....... 6
Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS................ 8
Results of Operations............................ 8
Liquidity and Capital Resources.................. 10
PART II: OTHER INFORMATION
Item 1. LEGAL PROCEEDINGS.................................. 11
Item 2. CHANGES IN SECURITIES.............................. 11
Item 3. DEFAULTS UPON SENIOR SECURITIES.................... 11
Item 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS 11
Item 5. OTHER INFORMATION.................................. 11
</TABLE>
<PAGE>
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
LASER TECHNOLOGY, INC.
CONSOLIDATED BALANCE SHEETS
ASSETS
<TABLE>
<CAPTION>
JUNE 30, SEPTEMBER 30,
1998 1997
------------- -------------
(Unaudited)
<S> <C> <C>
CURRENT ASSETS
Cash and cash equivalents $ 1,306,943 $ 951,945
Investments 215,632 1,023,431
Trade accounts receivable, less allowance
of $10,000 for doubtful accounts 3,250,989 3,334,479
Royalties receivable 319,857 415,648
Inventories 3,780,231 2,798,903
Deferred income tax benefit 87,000 81,000
Prepaids and other current assets 396,261 188,824
----------- -----------
Total Current Assets 9,356,913 8,794,230
----------- -----------
PROPERTY AND EQUIPMENT, net of accumulated
depreciation and amortization 1,253,326 1,291,899
----------- -----------
LONG-TERM INVESTMENTS 634,726 617,427
----------- -----------
OTHER ASSETS 538,924 441,070
----------- -----------
TOTAL ASSETS $11,783,889 $11,144,626
=========== ===========
</TABLE>
See accompanying notes to the consolidated financial statements
1
<PAGE>
LASER TECHNOLOGY, INC.
CONSOLIDATED BALANCE SHEETS
LIABILITIES AND STOCKHOLDERS' EQUITY
<TABLE>
<CAPTION>
JUNE 30, SEPTEMBER 30,
1998 1997
------------- --------------
(Unaudited)
<S> <C> <C>
CURRENT LIABILITIES
Accounts payable $ 620,326 $ 660,736
Accrued expenses 323,497 329,529
----------- -----------
Total Current Liabilities 943,823 990,265
----------- -----------
STOCKHOLDERS' EQUITY
Preferred stock, $.01 par value--shares authorized
2,000,000; shares issued--none -- --
Common stock, $.01 par value-shares
authorized 25,000,000; shares issued 5,208,201 52,082 52,082
Additional paid-in capital 9,622,780 9,622,780
Treasury stock at cost, 224,650 and 209,850 shares (194,262) (141,459)
Retained earnings 1,359,466 620,958
----------- -----------
Total Stockholders' Equity 10,840,066 10,154,361
----------- -----------
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $11,783,889 $11,144,626
=========== ===========
</TABLE>
See accompanying notes to the consolidated financial statements
2
<PAGE>
LASER TECHNOLOGY, INC.
CONSOLIDATED STATEMENTS OF INCOME
FOR THE THREE AND NINE MONTHS ENDED
JUNE 30, 1998 AND 1997
(Unaudited)
<TABLE>
<CAPTION>
NINE MONTHS ENDED THREE MONTHS ENDED
JUNE 30, JUNE 30,
------------------------ -----------------------
1998 1997 1998 1997
---------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
NET SALES $8,078,026 $6,335,002 $3,260,262 $1,996,728
LESS COST OF GOODS SOLD 3,608,960 2,783,429 1,444,422 852,811
---------- ---------- ---------- ----------
Gross Profit 4,469,066 3,551,573 1,815,840 1,143,917
ROYALTY AND LICENSING INCOME 844,399 453,284 293,693 191,227
---------- ---------- ---------- ----------
TOTAL OPERATING INCOME 5,313,465 4,004,857 2,109,533 1,335,144
OPERATING EXPENSES 4,258,378 3,775,513 1,501,124 1,364,654
---------- ---------- ---------- ----------
INCOME FROM OPERATIONS 1,055,087 229,344 608,409 (29,510)
INTEREST INCOME, NET 99,421 123,362 11,101 41,409
---------- ---------- ---------- ----------
INCOME BEFORE TAXES ON INCOME 1,154,508 352,706 619,510 11,899
TAXES ON INCOME 416,000 125,000 231,000 4,000
---------- ---------- ---------- ----------
NET INCOME $ 738,508 $ 227,706 $ 388,510 $ 7,899
========== ========== ========== ==========
BASIC EARNINGS PER COMMON SHARE $ .15 $ .04 $ .08 $ .002
========== ========== ========== ==========
WEIGHTED AVERAGE SHARES
OUTSTANDING 4,995,513 4,998,351 4,986,840 4,998,351
========== ========== ========== ==========
</TABLE>
See accompanying notes to the consolidated financial statements
3
<PAGE>
LASER TECHNOLOGY, INC.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
FOR THE NINE MONTHS ENDED JUNE 30, 1998
(Information for the nine months ended June 30, 1998 is unaudited)
<TABLE>
<CAPTION>
COMMON STOCK ADDITIONAL
---------------------- PAID-IN TREASURY RETAINED
SHARES AMOUNT CAPITAL STOCK EARNINGS TOTAL
------------ -------- ---------- ----------- ----------- -------------
<S> <C> <C> <C> <C> <C> <C>
Balance, September 30, 1997 5,208,201 $52,082 $9,622,780 $(141,459) $ 620,958 $10,154,361
Purchase of treasury stock -- -- -- (52,803) -- (52,803)
Net income for the period -- -- -- -- 738,508 738,508
------------ -------- ---------- --------- ---------- -----------
Balance, June 30, 1998 5,208,201 $52,082 $9,622,780 $(194,262) $1,359,466 $10,840,066
============ ======== ========== ========= ========== ===========
</TABLE>
4
<PAGE>
LASER TECHNOLOGY, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
FOR THE NINE MONTHS ENDED JUNE 30, 1998
AND JUNE 30, 1997
(Unaudited)
<TABLE>
<CAPTION>
JUNE 30, JUNE 30,
1998 1997
------------ ------------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Net income $ 738,508 $ 227,706
Adjustments to reconcile net income to cash
provided by operating activities:
Depreciation and amortization 253,314 145,170
Deferred income taxes (6,000) 9,000
Changes in operating assets and liabilities:
Trade accounts receivable 83,490 299,796
Inventories (981,328) (94,809)
Other assets (111,646) (150,008)
Accounts payable and accrued expenses (46,442) (289,267)
---------- -----------
Net cash provided by (used in) operating activities (70,104) 147,588
---------- -----------
CASH FLOWS FROM INVESTING ACTIVITIES
(Increase) decrease in investments 790,500 (645,488)
Patent costs paid (114,122) (89,474)
Purchases of property and equipment (198,473) (326,670)
---------- -----------
Net cash provided by (used in) investing activities 477,905 (1,061,592)
---------- -----------
CASH FLOWS FROM FINANCING ACTIVITIES
Treasury Stock Acquired (52,803) (123,922)
---------- -----------
Net cash provided by (used in) financing activities (52,803) (123,922)
---------- -----------
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 354,998 (1,037,926)
CASH AND CASH EQUIVALENTS AT BEGINNING
OF PERIOD 951,945 2,247,239
---------- -----------
CASH AND CASH EQUIVALENTS AT END
OF PERIOD $1,306,943 $ 1,209,313
========== ===========
</TABLE>
See accompanying notes to the consolidated financial statements
5
<PAGE>
LASER TECHNOLOGY, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Information for the nine months ended June 30, 1998 is unaudited)
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
A. BASIS OF PRESENTATION
The consolidated financial statements presented are those of Laser
Technology, Inc. and its wholly-owned subsidiaries; Laser Communications, Inc.,
Laser Technology, U.S.V.I., and International Measurement and Control Company.
Laser Technology, Inc. is engaged in the business of developing, manufacturing
and marketing laser based measurement instruments.
In the opinion of management, the unaudited financial statements reflect
all adjustments, consisting only of normal recurring accruals necessary for a
fair presentation of (a) the consolidated statements of income for the three and
nine month periods ended June 30, 1998 and 1997, (b) the consolidated financial
position at June 30, 1998 and September 30, 1997, and (c) the consolidated
statement of cash flows for the nine month periods ended June 30, 1998 and 1997.
The accounting policies followed by the Company are set forth in the Notes to
the Consolidated Financial Statements of the Company for the fiscal year ended
September 30, 1997. The results of operations for interim periods are not
necessarily indicative of the results to be expected for the full year.
B. EARNINGS PER SHARE
Through December 31, 1997, the Company followed the provisions of
Accounting Principles Board Opinion ("APB") 15, "Earnings Per Share." Effective
for the quarter ended March 31, 1998, the Company implemented Statement of
Financial Accounting Standards ("SFAS") No. 128, "Earnings Per Share." SFAS No.
128 provides for the calculation of "Basic" and "Diluted" earnings per share.
Basic earnings per share includes no dilution and is computed by dividing income
available to common stockholders by the weighted average number of common shares
outstanding for the period. Diluted earnings per share reflects the potential
dilution of securities that could share in the earnings of an entity that were
outstanding for the period, similar to fully diluted earnings per share. For the
three and nine month periods ended June 30 31, 1998 and 1997, 995,333 and
3,053,083 dilutive common equivalent shares of common stock were not included in
the computation of diluted earnings per share because their effect was anti-
dilutive. All prior period earnings per share data has been restated to reflect
the requirements of SFAS No. 128.
The following is provided to reconcile the earnings per share calculation:
<TABLE>
<CAPTION>
NINE MONTHS ENDED THREE MONTHS ENDED
JUNE 30, JUNE 30,
----------------------------- ----------------------
1998 1997 1998 1997
---------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
BASIC EARNINGS PER COMMON SHARE
Numerator
Net Income $ 738,508 $ 227,706 $ 388,510 $ 7,899
Denominator
Weighted Average Shares 4,995,513 4,998,351 4,986,840 4,998,351
---------- ---------- ---------- ----------
Per Share Amounts
Basic Earnings $ .15 $ .04 $ .08 $ .002
========== ========== ========== ==========
</TABLE>
For the three and nine month periods ended June 30, 1998 and 1997 the
calculation for diluted earnings per common share was the same as presented for
basic earnings per common share.
6
<PAGE>
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONCLUDED)
C. TREASURY STOCK
Pursuant to the Company's stock repurchase program, In April 1998, the
Company purchased 14,800 shares of the Company's common stock. Such shares were
purchased by the Company at fair market value and recorded as treasury stock.
D. RECENT ACCOUNTING PRONOUNCEMENTS
The Financial Accounting Standards Board ("FASB") has issued SFAS No. 130,
"Reporting Comprehensive Income" and SFAS No. 131, "Disclosures about Segments
of an Enterprise and Related Information." SFAS No. 130 establishes standards
for reporting and display of comprehensive income, its components and
accumulated balances. Comprehensive income is defined to include all changes in
equity except those resulting from investments by owners and distributions to
owners. Among other disclosures, SFAS No. 130 requires that all items that are
required to be recognized under current accounting standards as components of
comprehensive income be reported in a financial statement that displays with the
same prominence as other financial statements. SFAS No. 131 supersedes SFAS No.
14 "Financial Reporting for Segments of a Business Enterprise." SFAS No. 131
establishes standards on the way that public companies report financial
information about operating segments in annual financial statements and requires
reporting of selected information about operating segments in interim financial
statements issued to the public. It also establishes standards for disclosure
regarding products and services, geographic areas and major customers. SFAS No.
131 defines operating segments as components of a company about which separate
financial information is available that is evaluated regularly by the chief
operating decision maker in deciding how to allocate resources and in assessing
performance.
SFAS 130 is effective for financial statements for periods beginning after
December 15, 1997 and requires comparative information for earlier years to be
restated. Management believes that this standard will have no impact on its
financial statements because the Company currently has no changes in equity
which would be defined as components of comprehensive income.
SFAS 131 is effective for financial statements for periods beginning after
December 15, 1997 and requires comparative information for earlier years to be
restated. Because of the recent issuance of this standard, management has been
unable to fully evaluate the impact, if any, the standard may have on future
financial statement disclosures. Results of operations and financial position,
however, will be unaffected by implementation of the standard.
In February 1998, the FASB issued SFAS No. 132, "Employers' Disclosures
about Pensions and Other Postretirement Benefits" which standardizes the
disclosure requirements for pensions and other Postretirement benefits and
requires additional information on changes in the benefit obligations and fair
values of plan assets that will facilitate financial analysis. SFAS No. 132 is
effective for years beginning after December 15, 1997 and requires comparative
information for earlier years to be restated, unless such information is not
readily available. Management believes the adoption of this statement will have
no material impact on the Company's financial statements.
In June 1998, the FASB issued SFAS No. 133, "Accounting for Derivative
Instruments and Hedging Activities" which requires companies to record
derivatives on the balance sheet as assets or liabilities, measured at fair
market value. Gains or losses resulting from changes in the values of those
derivatives would be accounted for depending on the use of the derivative and
whether it qualifies for hedge accounting. The key criterion for hedge
accounting is that the hedging relationship must be highly effective in
achieving offsetting changes in fair value or cash flows. SFAS No. 133 is
effective for all fiscal quarters of fiscal years beginning after June 15, 1999.
Management believes the adoption of this statement will have no material impact
on the Company's financial statements.
7
<PAGE>
ITEM 2.
=======
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
RESULTS OF OPERATIONS FOR THE THREE AND NINE MONTHS ENDED JUNE 30, 1998 AND JUNE
30, 1997
For the three and nine month fiscal periods ended June 30, 1998 and 1997,
the following table provides the percentage relationship to net sales of
principal items in the Company's Consolidated Statements of Income. It should
be noted that percentages discussed throughout this analysis are stated on an
approximate basis.
<TABLE>
<CAPTION>
NINE MONTHS ENDED THREE MONTHS ENDED
JUNE 30, JUNE 30,
------------------ ------------------
1998 1997 1998 1997
---- ---- ---- ----
<S> <C> <C> <C> <C>
Net sales 100% 100% 100% 100%
Cost of goods sold 45 44 44 43
---- ---- ---- ----
Gross profit 55 56 56 57
Royalty and licensing income 10 7 9 10
---- ---- ---- ----
Total operating income 65 63 65 67
Operating expenses 52 59 46 68
---- ---- ---- ----
Income from operations 13 4 19 (1)
Interest income, net 1 2 - 2
---- ---- ---- ----
Income before taxes on income 14 6 19 1
Taxes on income 5 2 7 -
---- ---- ---- ----
Net income 9% 4% 12% 1%
==== ==== ==== ====
</TABLE>
REVENUES
The following sales analysis provides information as to the percentage of
net sales of the Company's primary product lines. Revenues realized from sales
of the Company's less significant revenue producing product lines are classified
as "Other" for presentation purposes.
<TABLE>
<CAPTION>
NINE MONTHS ENDED THREE MONTHS ENDED
JUNE 30, JUNE 30,
------------------------------ -------------------------------
1998 1997 1998 1997
---------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
TRAFFIC SAFETY SYSTEMS $5,096,359 $2,839,279 $2,089,094 $ 813,871
Percentage of revenues 63% 45% 64% 41%
SURVEY AND MAPPING SYSTEMS 2,598,944 3,037,681 1,157,260 1,132,207
Percentage of revenues 32% 48% 36% 57%
OTHER 382,723 458,042 13,908 50,650
Percentage of revenues 5% 7% -% 2%
Total Revenues $8,078,026 $6,335,002 $3,260,262 $1,996,728
========== ========== ========== ==========
</TABLE>
8
<PAGE>
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (CONTINUED)
Net sales for the third quarter ended June 30, 1998 ("1998") increased 63%
to $3,260,262 from $1,996,728 realized in the third quarter ended June 30, 1997
("1997"). Revenues for the first nine months of 1998 were $8,078,026 compared
to $6,335,002 realized during the first nine months of 1997 representing a 28%
increase in revenues from the previous year.
Traffic Safety sales during the 1998 second quarter increased 157% to
$2,089,094 from $813,871 realized in the prior year period and increased 79%
during the first nine months of 1998 to $5,096,359 compared to $2,839,279
realized in the first nine months of 1997. Sales growth in 1998 is attributable
to increased volume sales of the Company's Traffic Safety products resulting
from improved distribution and the introduction of second generation products.
Sales of the Company's Survey and Mapping products were $1,157,260 and
$1,132,207 for the 1998 and 1997 third quarters. Increased volume sales of the
Company's Impulse and introduction of the Company's new MapStar in North America
late in the 1998 third quarter, offset slower international sales. On a year to
year basis, the Company's Survey and Mapping sales have decreased 14% to
$2,598,944 for the first nine months of 1998 compared to $3,037,681 realized in
the comparable 1997 period, the result of slower international sales of the
Company's Survey and Mapping products due to the Asian economic downturn.
International sales comprised 36% and 43% of net sales for the third quarter
and first nine months of 1998 as compared to 44% and 41% for the corresponding
1997 periods. Historically, the Company experiences quarterly fluctuations in
foreign sales due to the placement of typically large orders for the Company's
Traffic Safety products. Management believes that sales of the Company's
Traffic Safety products to Pacific Rim areas have not been affected by the
current Asian economic crisis but that international sales of the Company's
Survey and Mapping products have slowed due to the current Asian economic
situation. Management intends to continue to evaluate the market potential of
the Company's products during this economic downturn. Foreign sales of the
Company's products are expected to continue to comprise a significant portion of
the Company's revenues.
Gross profit as a percentage of net sales was 56% and 55% for the third
quarter and first nine months of 1998 and 57% and 56% for the second quarter and
first nine months of 1997. The change in the Company's gross margins is
primarily due to quarterly fluctuations in product mix.
Royalty and licensing income rose 54% to $293,693 from $191,227 in the 1998
third quarter. On a year to year basis, royalties have increased 86% to
$844,399 in 1998 from $453,284 realized in 1997. Management believes that
royalties received from its current licensing agreements will continue to have a
positive impact on the Company's results of operations.
Total operating expenses increased approximately 10% to $1,501,124 for the
1998 third quarter from $1,364,564 for the comparable 1997 period, and 13% to
$4,258,378 for the first nine months of 1998 from $3,775,513 for the first nine
months of 1997. Increased operating expenses primarily relate to increased
personnel. As a percentage of net sales, total operating expenses fell to 46%
for the third quarter of 1998 from 68% for the third quarter of 1997, and to 52%
for the first nine months of 1998 from 59% for the first nine months of 1997.
Decreased operating expenses as a percentage of sales is attributable to
increased sales and the leveling of expenses related to the development of the
Company's infrastructure in the prior year period.
Income from operations was $608,409 for the 1998 third quarter compared to a
loss from operations of $29,510 realized in the third quarter of 1997 and
$1,055,087 for the first nine months of 1998 compared to $229,344 realized in
the 1997 period. After taxes on income, the Company realized net income of
$388,510 in 1998, or $.08 basic earnings per share, and $7,899 in 1997, or
breakeven on a per share basis. When combined with net income from the first
half of 1998, the Company realized net income of $738,508 for the first nine
months of 1998, or $.15 basic earnings per share, as compared with net income of
$227,706, or $.04 basic earnings per share, for the nine months ended 1997.
9
<PAGE>
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (CONCLUDED)
LIQUIDITY AND CAPITAL RESOURCES
At June 30, 1998, the Company had working capital of $8,413,090. The
Company's present working capital is expected to adequately meet the Company's
needs for at least the next twelve months.
For the nine month period ended June 30, 1998, cash used in operating
activities was $70,104. Net income of $738,508 financed an increase in
inventories of $981,328 related to new product introductions and wider
production runs. Cash provided by investing activities of $477,905 related to
investment maturities of $790,500 of which $312,595 was used for the purchase of
property and equipment and patent related costs. Pursuant to the Company's
stock repurchase program, cash used in financing activities of $52,803 was used
to purchase shares of the Company's common stock which have been recorded into
treasury. For the nine month period ended June 30, 1998, cash and cash
equivalents increased $354,998.
For the nine month period ended June 30, 1997, cash provided by operating
activities of $147,588 was primarily attributable to net income of $227,706 for
the period combined with a decrease of $299,796 in accounts receivable of which
$289,267 was used to decrease accounts payable and accrued expenses and $150,008
was used to increase other assets. Cash used in investing activities of
$1,061,592 related to the reinvestment of unused cash reserves of $645,448 and
$326,670 was used for the purchase of property and equipment and leasehold
improvements related to the expansion of the Company's facilities. Cash used in
financing activities of $123,922 related primarily to the purchase of shares of
the Company's common stock, recorded at cost. Cash and cash equivalents
decreased $1,037,926 for the nine month period ended June 30, 1997.
YEAR 2000 COMPLIANT
During the year ended September 30, 1997, the Company converted its computer
systems to be year 2000 compliant (e.g., to recognize the difference between '99
and '00 as one year instead of negative 99 years). The Company continues to
evaluate year 2000 compliance and believes that the majority of its computer
systems are currently in compliance and does not anticipate any additional
material expenditures related to the year 2000 conversion process.
RECENT ACCOUNTING PRONOUNCEMENTS
See Note 1.d. to the Notes to the Consolidated Financial Statements for a
discussion on recent accounting pronouncements.
RISK FACTORS AND CAUTIONARY STATEMENTS
Forward-looking statements in this report are made pursuant to the "safe
harbor" provisions of the Private Securities Litigation Reform Act of 1995. The
Company wishes to advise readers that actual results may differ substantially
from such forward-looking statements. Forward-looking statements involve risks
and uncertainties including but not limited to, continued acceptance of the
Company's products in the marketplace, competitive factors, potential changes in
the budgets of federal and state agencies, compliance with current and possible
future FDA or environmental regulations, and other risks detailed in the
Company's periodic report filings with the Securities and Exchange Commission.
10
<PAGE>
PART II.
ITEM 1. LEGAL PROCEEDINGS
This Item is not applicable to the Company.
ITEM 2. CHANGES IN SECURITIES
This Item is not applicable to the Company.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
This Item is not applicable to the Company.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
No matters were submitted to a vote of the Company's security holders
during the three months ended June 30, 1998.
ITEM 5. OTHER INFORMATION
This Item is not applicable to the Company.
11
<PAGE>
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.
LASER TECHNOLOGY, INC.
----------------------
7070 SOUTH TUCSON WAY
ENGLEWOOD, COLORADO 80112
Date: August 8, 1998 By /s/ Pamela Sevy
-------------- -------------------------------------
Pamela Sevy
Chief Financial Officer
Date: August 8, 1998 By /s/ David Williams
-------------- -------------------------------------
David Williams
President and Chief Executive Officer
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> SEP-30-1998
<PERIOD-START> OCT-01-1997
<PERIOD-END> JUN-30-1998
<CASH> 1,306,943
<SECURITIES> 0
<RECEIVABLES> 3,260,989
<ALLOWANCES> 10,000
<INVENTORY> 3,780,231
<CURRENT-ASSETS> 9,356,913
<PP&E> 2,366,496
<DEPRECIATION> 1,113,170
<TOTAL-ASSETS> 11,783,889
<CURRENT-LIABILITIES> 943,823
<BONDS> 0
0
0
<COMMON> 5,208,201
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 11,783,889
<SALES> 8,078,026
<TOTAL-REVENUES> 8,078,026
<CGS> 3,608,960
<TOTAL-COSTS> 5,923,917
<OTHER-EXPENSES> 1,943,421
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 1,154,508
<INCOME-TAX> 416,000
<INCOME-CONTINUING> 738,508
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 738,508
<EPS-PRIMARY> .15
<EPS-DILUTED> 0
</TABLE>
