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Previous: DISCOVER CARD TRUST 1993-B, 424B3, 1999-03-15 |
Next: ARCADIA RECEIVABLES FINANCE CORP, 305B2, 1999-03-15 |
<PAGE> 1
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): JANUARY 31, 1999
PLANET POLYMER TECHNOLOGIES, INC.
(Exact name of registrant as specified in its charter)
CALIFORNIA
(State or other jurisdiction of incorporation)
0-26804 33-0502606
(Commission File No.) (IRS Employer Identification No.)
9985 BUSINESSPARK AVENUE, SUITE A
SAN DIEGO, CALIFORNIA 92131
(Address of principal executive offices and zip code)
Registrant's telephone number, including area code: (619) 549-5130
<PAGE> 2
ITEM 5. OTHER EVENTS.
At the request of the Nasdaq Stock Market, the Registrant hereby files
its unaudited Consolidated Balance Sheet as of January 31, 1999 and unaudited
Consolidated Statement of Operations for one month ended January 31, 1999.
Pursuant to Marketplace Rule 4310(c)(2), the Registrant is required to
maintain net tangible assets of $2 million for continued quotation on the Nasdaq
SmallCap Market. As of January 31, 1999, the Registrant's net tangible assets
were $2.2 million. Failure to meet the maintenance criteria in the future may
result in the Registrant's Common Stock not being eligible for quotation. There
can be no assurance that the Registrant will be able to satisfy the criteria for
continued quotation on the Nasdaq SmallCap Market.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(c) EXHIBITS.
99.1 Unaudited Consolidated Balance Sheet as of January 31,
1999 and unaudited Consolidated Statement of Operations
for one month ended January 31, 1999.
2
<PAGE> 3
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Company has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
PLANET POLYMER TECHNOLOGIES, INC.
Dated: March 12, 1999 By: /s/ Robert J. Petcavich
-------------------------------
Robert J. Petcavich
Chairman, Chief Executive Officer and
Secretary
3
<PAGE> 4
INDEX TO EXHIBITS
99.1 Unaudited Consolidated Balance Sheet as of January 31, 1999 and
unaudited Consolidated Statement of Operations for one month
ended January 31, 1999. See page 5.
4
<PAGE> 1
EXHIBIT 99.1
PLANET POLYMER TECHNOLOGIES, INC. AND SUBSIDIARY
CONSOLIDATED BALANCE SHEET
---------------
<TABLE>
<CAPTION>
UNAUDITED
----------------
ASSETS JANUARY 31, 1999
----------------
<S> <C>
Current assets:
Cash and cash equivalents $ 913,085
Accounts receivable, net of allowance for doubtful accounts of $10,000 342,016
Inventories, net 259,963
Prepaid expenses 54,982
Income tax receivable 30,168
------------
Total current assets 1,600,214
Property and equipment, net of accumulated depreciation of $907,341 742,203
Goodwill, net of accumulated amortization of $98,670 541,352
Patents and trademarks, net of accumulated amortization of $117,399 317,364
Other assets 5,271
Deferred income taxes, net 32,144
------------
Total assets $ 3,238,548
============
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 142,163
Accrued payroll and vacation 43,335
Other accrued expenses 1,153
Current portion of capital lease obligations 12,005
------------
Total current liabilities 198,656
Capital lease obligations, less current portion 30,081
Other liabilities 265,842
------------
Total liabilities 494,579
------------
Commitments -
Shareholders' equity:
Preferred Stock, no par value
4,250,000 shares authorized
No shares issued or outstanding -
Series A Convertible Preferred Stock, no par value
750,000 shares authorized
500,000 shares issued and outstanding
Liquidation preference $1,000,000 804,435
Common Stock, no par value
20,000,000 shares authorized
6,341,062 shares issued and outstanding 11,868,611
Accumulated deficit (9,929,077)
------------
Total shareholders' equity 2,743,969
------------
Total liabilities and shareholders' equity $ 3,238,548
============
</TABLE>
5
<PAGE> 2
PLANET POLYMER TECHNOLOGIES, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENT OF OPERATIONS
---------------
<TABLE>
<CAPTION>
UNAUDITED
----------------
ONE MONTH ENDED
JANUARY 31, 1999
----------------
<S> <C>
Sales $ 177,947
Cost of sales 163,503
-----------
Gross profit 14,444
-----------
Operating expenses:
General and administrative 68,125
Marketing 15,828
Research and development, net 13,204
-----------
Total operating expenses 97,157
-----------
Loss from operations (82,713)
Other income, net 828
-----------
Loss before income taxes (81,885)
Income tax expense (280)
-----------
Net loss $ (82,165)
===========
Loss per share (basic and diluted) $ (0.01)
===========
Shares used in per share computation 5,986,223
===========
</TABLE>
6
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