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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-QSB
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[X] Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the quarterly period ended June 30, 2000. |
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[ ] 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: 33-61888-FW |
COMPRESSCO, INC.
(FORMERLY EMERGING ALPHA CORPORATION)
(Exact name of small business issuer in its charter)
DELAWARE (State or other jurisdiction of Incorporation or organization) |
72-1235449 (I.R.S. Employer Identification No.) |
220 Camp Street, New Orleans, Louisiana (Address of principal executive offices) |
70130 (Zip Code) |
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 / / |
The number of shares outstanding of the issuer's classes of Common Stock as of June 30, 2000:
Common Stock, $1.00 Par Value - 153,235 shares
COMPRESSCO, INC.
Index to Form 10-Q
Part I. FINANCIAL INFORMATION
Item 1. |
Consolidated Financial Statements (Unaudited) |
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Compressco, Inc. |
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Consolidated Balance Sheets as of June 30, 2000 and December 31, 1999 |
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Consolidated Statements of Operations for the Three and Six Months Ended |
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Consolidated Statements of Cash Flows for the Six Months Ended |
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Notes to the Consolidated Financial Statements |
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Gas Jack, Inc. (Predecessor Company) |
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Statement of Operations for the Periods Ended June 30, 1999 |
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Statement of Cash Flows for the Periods Ended June 30, 1999 |
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Item 2. |
Management's Discussion and Analysis of Financial condition and Results of Operations |
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Part II. OTHER INFORMATION
Item 1. |
Legal Proceedings |
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Item 2. |
Changes in Securities and Use of Proceeds |
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Item 3. |
Defaults Upon Senior Securities |
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Item 4. |
Submission of Matters to a Vote of Security Holders |
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Item 5. |
Other Information |
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Item 6. |
Exhibits and Reports on Form 8-K |
PART 1. FINANCIAL STATEMENTS
Item 1. Financial Statements
COMPRESSCO, Inc.
CONSOLIDATED BALANCE SHEETS
(Unaudited)
June 30, 2000 |
December 31, 1999 |
|
ASSETS |
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CURRENT ASSETS: |
||
Cash and cash equivalents |
$841,908 |
$96,256 |
Accounts receivable, net of allowance of $27,000 |
502,474 |
495,072 |
Inventories |
1,099,860 |
803,411 |
Other |
88,394 |
61,034 |
Deferred income tax asset |
10,936 |
13,385 |
Total current assets |
2,543,572 |
1,469,158 |
PROPERTY AND EQUIPMENT: |
||
Gas Jack Compressors |
4,395,490 |
2,765,443 |
Less- Accumulated depreciation |
(365,765) |
(100,190) |
Total compressors, net |
4,029,725 |
2,665,253 |
Vehicles and Equipment |
393,822 |
305,958 |
Less - Accumulated depreciation |
(49,615) |
(15,159) |
Total vehicles and equipment, net |
344,207 |
290,799 |
OTHER ASSETS |
32,377 |
14,344 |
Total assets |
$6,949,881 |
$4,439,554 |
LIABILITIES AND STOCKHOLDERS' EQUITY |
||
CURRENT LIABILITIES: |
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Accounts payable |
$910,537 |
$537,567 |
Accrued liabilities |
121,908 |
96,721 |
Current portion of long-term debt |
561,153 |
627,971 |
Other |
3,882 |
8,273 |
Total current liabilities |
1,597,480 |
1,270,532 |
LONG-TERM DEBT, net of current portion |
2,399,268 |
2,246,418 |
DEFERRED INCOME TAXES |
193,573 |
216,291 |
STOCKHOLDERS' EQUITY: |
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Preferred stock, $1 par value; 2,000,000 shares authorized; |
|
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Common stock, $1 par value; 20,000,000 shares authorized; |
|
|
Additional paid-in capital |
2,663,715 |
633,657 |
Retained earnings (deficit) |
(57,390) |
(10,577) |
Total stockholders' equity |
2,759,560 |
706,313 |
Total liabilities and stockholders' equity |
$6,949,881 |
$4,439,554 |
The accompanying notes are an integral part of these consolidated balance sheets.
COMPRESSCO, Inc.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
For the |
For the |
For the |
For the |
|
REVENUES: |
||||
Leasing revenue |
$1,594,222 |
$843,914 |
||
Sales - Gas Jack Compressors and parts |
373,114 |
181,705 |
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Service and other |
162,524 |
56,282 |
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Total revenues |
2,129,860 |
1,081,901 |
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COST OF SALES AND EXPENSES: |
||||
Cost of sales |
233,156 |
99,544 |
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Operating expenses |
1,490,771 |
$7,776 |
842,903 |
$3,172 |
Depreciation expense |
358,418 |
- |
187,298 |
- |
Total cost of sales and expenses |
2,082,345 |
7,776 |
1,129,745 |
3,172 |
OPERATING INCOME |
47,515 |
(7,776) |
(47,844) |
(3,172) |
OTHER INCOME (EXPENSE) |
||||
Interest income |
10,392 |
7,234 |
10,392 |
3,659 |
Interest expense |
(124,989) |
(57,521) |
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Total other income (expense) |
(114,597) |
7,234 |
(47,129) |
3,659 |
INCOME (LOSS) BEFORE PROVISION |
|
|
|
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PROVISION (BENEFIT) FOR INCOME |
|
|
|
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NET INCOME (LOSS) |
$(46,813) |
$(542) |
$(60,864) |
$(487) |
Earnings (Loss) per share: |
||||
Basic |
$(0.38) |
$(0.01) |
$(0.40) |
$(0.01) |
The accompanying notes are an integral part of these consolidated financial statements.
COMPRESSCO , INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
For The |
For The |
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CASH FLOWS FROM OPERATING ACTIVITIES: |
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Net income (loss) |
$(46,813) |
$(542) |
Adjustments to reconcile net income (loss) to net |
||
Depreciation and amortization |
358,418 |
70 |
Gain on sales of leased units |
(101,542) |
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Other assets |
(18,033) |
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Deferred income tax |
(20,269) |
|
Changes in current assets and liabilities: |
||
Accounts receivable |
(7,402) |
2,103 |
Inventories |
(296,449) |
|
Other current assets |
(27,360) |
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Accounts payable |
372,970 |
1,360 |
Accrued liabilities |
25,187 |
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Other current liabilities |
(4,391) |
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Net cash provided by (used in) operating activities |
234,316 |
2,991 |
CASH FLOWS FROM INVESTING ACTIVITIES: |
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Additions to leased units |
(1,741,948) |
|
Additions to vehicles and equipment |
(87,864) |
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Proceeds from sales of leased units |
134,900 |
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Net cash used in investing activities |
(1,694,912) |
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CASH FLOWS FROM FINANCING ACTIVITIES: |
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Proceeds from issuance of common stock |
2,100,060 |
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Payments of notes payable |
(280,000) |
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Proceeds from line of credit |
1,428,900 |
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Principal payments on line of credit |
(1,042,712) |
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Net cash provided by financing activities |
2,206,248 |
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NET INCREASE (DECREASE) IN CASH AND |
|
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CASH AND CASH EQUIVALENTS, Beginning of period |
96,256 |
289,174 |
CASH AND CASH EQUIVALENTS, End of period |
$841,908 |
$292,165 |
The accompanying notes are an integral part of these consolidated financial statements.
COMPRESSCO, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
1. ORGANIZATION
Compressco, Inc., formerly Emerging Alpha Corporation (the "Company"), was incorporated in the State of Delaware on February 10, 1993, for the purpose of creating a corporate vehicle to seek, investigate and, if the results of such investigations warrant, acquire business opportunities. Since its inception, the primary activity of the Company has been devoted to organizational activities and obtaining initial funding. Upon investigation and analysis by the Company's management, the Company decided to enter certain segments of the natural gas industry including equipment manufacturing, compression services and production of natural gas reserves.
On October 29, 1999, the Company purchased all outstanding shares of the capital stock of Gas Jack Inc. ("Gas Jack"), an Oklahoma corporation, for $2.7 million and all outstanding units of GJ Measurement, L.L.C. ("GJ Measurement") in exchange for 33,333 shares of the Company's common stock. Both acquisitions were accounted for using the purchase method of accounting. The Company did not recognize any goodwill as a result of these acquisitions. Subsequent to the acquisition, both Gas Jack and Gas Jack Measurement are wholly owned subsidiaries of the Company. In connection with the acquisitions, the Company changed its fiscal year-end from March 31 to December 31.
The Company, through Gas Jack, is engaged primarily in the manufacture, leasing and service of natural gas compressors that provide economical well head compression to mature, low pressure natural gas wells. The Company's compressors are currently sold and leased to natural gas producers located primarily in Oklahoma, Kansas, Texas, Arkansas and New Mexico. GJ Measurement, an Oklahoma L.L.C, is a natural gas measurement, testing and service company, based in Oklahoma City, that began operations in September 1999.
In January 2000, the Company established a wholly owned energy production subsidiary, Providence Natural Gas, Inc. ("Providence"), to acquire certain pressure depleted reservoirs, having key reservoir characteristics known to be receptive to well-head compression. The Company plans to install compressors at the sites to enhance production and then market and sell the natural gas. Providence is currently in the process of completing its acquisition and production team to develop a sophisticated reservoir characteristic profiling model to be used in screening of acquisition prospects.
2. BASIS OF PRESENTATION
The consolidated balance sheet as of June 30, 2000, and the consolidated statements of operations and cash flows for the periods ended June 30, 2000 and 1999 are unaudited. In the opinion of management, such financial statements include all adjustments, consisting only of normal recurring adjustments necessary for a fair presentation of the financial position, results of operations and cash flows for the periods presented.
The consolidated balance sheet data at December 31, 1999 was derived from audited consolidated financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States. The consolidated financial statements presented herein should be read in connection with the Company's December 31, 1999 consolidated financial statements included in the Company's Form 10-KSB.
The results of operations for the three and six months ended June 30, 2000 are not necessarily indicative of the results of operations to be expected for the full fiscal year ending December 31, 2000.
3. LONG-TERM DEBT
Long-term debt consists of the following at June 30, 2000:
(a) On October 29, 1999, the Company borrowed $2,800,000 under a term loan agreement with a bank. The note bears interest at a fixed rate of 8.8%. Principal payments of $46,667 plus accrued interest are due monthly until maturity on September 30, 2004. The loan balance at June 30, 2000, is $2,473,326 of which $1,913,326 is long term. The loan is secured with the assets and compressor leases of Gas Jack and a personal guarantee of the Company's President.
(b) On October 29, 1999, the Company entered into a revolving line of credit agreement with a bank. Under the agreement the Company can borrow the lesser of $1,000,000 or the sum of 80% of the aggregate amount of eligible receivables, plus 50% of the aggregate amount of eligible inventory. The line of credit bears interest at Wall Street Journal Prime Rate (9.0% at June 30, 2000). Interest is due monthly with all outstanding borrowings due at maturity on October 29, 2001. The loan is secured with the assets and compressor leases of Gas Jack and a personal guarantee of the Company's President. The balance outstanding under the line of credit agreement at June 30, 2000 was $483,349.
4. STOCKHOLDERS' EQUITY
The Company issued 70,002 shares of its common stock during March 2000 through a private placement for $30.00 per share, or total proceeds of $2,100,060. The equity proceeds will be used primarily to fund the development of Providence Natural Gas, Inc. operations.
5. EARNINGS PER SHARE
Basic earnings per common share is calculated using the weighted average number of shares issued and outstanding during the period. The weighted average shares for the six months ending June 30, 2000 and 1999 were 124,388 and 43,600 respectively. The fully diluted earnings per share is not shown as the effect would be antidilutive.
6. PROFORMA STATEMENTS FOR 1999
The following is the proforma results of operations for Compressco, Inc., for the three and six months ended June 30, 1999 assuming the acquisition of Gas Jack, Inc. had taken place on January 1, 1999.
Proforma Results |
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Six Months Ended |
Three Months Ended |
|
Revenue |
$1,550,361 |
$766,828 |
Net income (loss) after taxes |
35,809 |
21,674 |
Earnings per share: |
|
|
GAS JACK, INC. (Predecessor Company)
STATEMENT OF OPERATIONS
For the Periods Ended June 30, 1999
(Unaudited)
Six Months |
Three Months |
|
REVENUES: |
||
Leasing revenue |
$1,229,016 |
$607,125 |
Sales - Gas Jack Compressors and parts |
225,783 |
110,111 |
Service and other |
95,562 |
49,592 |
Total revenues |
1,550,361 |
766,828 |
COST OF SALES AND EXPENSES: |
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Cost of sales |
132,948 |
67,177 |
Operating expenses |
926,277 |
452,178 |
Depreciation expense |
300,656 |
153,792 |
Total cost of sales and expenses |
1,359,881 |
673,147 |
OPERATING INCOME |
190,480 |
93,681 |
OTHER INCOME (EXPENSE) |
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Interest expense |
(15,190) |
(9,417) |
Total other income (expense) |
(15,190) |
(9,417) |
INCOME BEFORE PROVISION FOR INCOME TAXES |
175,290 |
84,264 |
PROVISION FOR INCOME TAXES |
(71,869) |
(35,459) |
NET INCOME |
$103,421 |
$48,805 |
The accompanying notes are an integral part of these consolidated financial statements.
GAS JACK, INC. (Predecessor Company)
STATEMENT OF CASH FLOWS
For the Six Months Ended June 30,1999
(Unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
Net income |
$ 103,421 |
Adjustments to reconcile net income to net cash provided by |
|
Depreciation and amortization |
300,656 |
Gain on sales of leased units |
(55,413) |
Other assets |
(44,918) |
Changes in current assets and liabilities: |
|
Accounts receivable |
147,765 |
Inventories |
(381,174) |
Other current assets |
|
Accounts payable |
(54,587) |
Accrued liabilities |
1,381 |
Other current liabilities |
(1,251) |
Net cash provided by operating activities |
15,880 |
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
Additions to leased units |
(272,653) |
Additions to vehicles and equipment |
(30,766) |
Proceeds from sales of leased units |
112,100 |
Net cash used in investing activities |
(191,319) |
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
Payments of notes payable |
(100,000) |
Loan proceeds |
308,000 |
Net cash provided by financing activities |
208,000 |
NET INCREASE IN CASH AND CASH EQUIVALENTS |
32,561 |
CASH AND CASH EQUIVALENTS, Beginning of period |
29,166 |
CASH AND CASH EQUIVALENTS, End of period |
$61,727 |
The accompanying notes are an integral part of these consolidated financial statements.
GAS JACK, INC. (Predecessor Company)
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 1999
1. BASIS OF PRESENTATION
The accompanying financial statement of operations and statement of cash flows for the periods ended June 30, 1999 are unaudited. In the opinion of Predecessor company management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and six month periods ended June 30, 1999 are not necessarily indicative of the results that may be expected for the year ended December 31, 1999 or December 31, 2000.
2. SUBSEQUENT EVENT
On October 29, 1999 Compressco, Inc. acquired all outstanding capital stock of Gas Jack, Inc. for $2.7 million in cash. The bank credit facilities of Gas Jack, Inc. were repaid and terminated.
ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Overview
Prior to October 1999, the Company had no business operations; its only revenue since its inception in 1993 was from interest income and its only expenses related to administrative expenses. In October 1999, the Company purchased a privately held natural gas compressor manufacturing and service company, Gas Jack, for $2.7 million in cash, and also purchased GJ Measurement in exchange for 33,333 shares of the Company's common stock. Gas Jack, Inc., is considered a Predecessor Company for purposes of this document. These acquisitions were accounted for under the purchase method of accounting. In connection with the acquisitions, the Company's fiscal year end was changed from March 31 to December 31.
In January 2000, the Company established a wholly owned energy production subsidiary, Providence, to acquire certain pressure depleted reservoirs, having key reservoir characteristics known to be receptive to well-head compression. The Company plans to install compressors at the sites to enhance production and then market and sell the natural gas. Providence is currently in the process of completing its acquisition and production team to develop a sophisticated reservoir characteristic profiling model to be used in screening of acquisition prospects. Providence completed its first gas well acquisition on July 20, 2000 purchasing a well in Harper County, Oklahoma.
The following table sets forth selected financial information for the fiscal year ended December 31, 1999 and as of June 30, 2000 and for the six months ended June 30, 2000 and 1999 and is qualified in its entirety by the financial statements appearing elsewhere in this Form 10-QSB. In the text below, our financial results for the second quarter of 2000 are compared to the financial results of Gas Jack, Inc. ("Predecessor Company") for the second quarter of 1999.
RESULTS OF OPERATIONS
SELECTED CONSOLIDATED FINANCIAL DATA
STATEMENT OF OPERATIONS DATA:
SIX MONTHS ENDED JUNE 30, |
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2000 |
1999 |
1999 |
|
Operating Revenues |
$2,129,860 |
$ --- |
$1,550,361 |
Cost of Sales and Expenses |
2,082,345 |
7,776 |
1,375,071 |
Operating Income (Expense) |
47,515 |
(7,776) |
175,290 |
Net Income (Loss) |
(80,922) |
(542) |
$ 103,421 |
June 30, 2000 |
December 31, 1999 |
|
BALANCE SHEET DATA (AT END OF PERIOD): |
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Cash |
$ 841,908 |
$ 96,256 |
Total Assets |
6,951,864 |
4,439,554 |
Total Liabilities |
4,226,413 |
3,733,241 |
Stockholders' Equity |
2,725,451 |
706,313 |
The following discussion regarding the consolidated financial statements of the Company should be read in conjunction with the financial statements and notes thereto.
SIX MONTHS ENDED JUNE 30, 2000 FOR THE COMPANY COMPARED TO SIX MONTHS ENDED JUNE 30, 1999 FOR THE PREDECESSOR COMPANY
The Company's results of operations for the six months ended June 30, 2000 reflect the acquisition of Gas Jack on October 29, 1999. Prior to the acquisition, Compressco had no business operations. For all periods prior to the acquisition, Compressco's only revenue was from interest income from equity invested in Compressco and expenses related to administration of Compressco's assets.
The revenues for the six months ended June 30, 2000 of $2,129,860 increased by $579,499 or 37% for the comparable period in 1999. The following table sets forth the components of our revenue for the six months ended June 30, 2000 and the Predecessor Company revenue for the six months ended June 30, 1999:
2000 |
1999 |
|
Revenue: |
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Leasing revenue |
$1,594,222 |
$1,229,016 |
Sale of compressors and parts |
373,114 |
225,783 |
Service and other |
162,524 |
95,562 |
Total revenue |
$2,129,860 |
$1,550,361 |
The Company has 272 compressors in service at June 30, 2000 compared to 217 at June 30,1999. In the six months ended June 30, 2000 the Company sold 6 compressors compared to selling 5 units in 1999.
The cost of sales and expenses for the 2000 period were 81% of sales revenue compared to 68% in the 1999 period. Operating expenses for the 2000 period were $1,490,771 or 70% of revenues, compared to $926,277, or 60% of revenues, for the 1999 period. Operating expenses in the 2000 period include $129,135 of start up expenses related to Providence Natural Gas, Inc.
The Company manufactured 72 compressors in the 2000 period compared to 7 in the 1999 period. The increase in the number of compressors was due to higher demand as a result of higher natural gas prices in 2000.
Depreciation expense increased in the 2000 period to $358,418 compared to $300,656 for the 1999 period due to more compressors being in service in 2000.
The 2000 period includes interest expense of $115,272 relating to financing the acquisition of Gas Jack in October 1999.
The net loss before taxes was $(67,082) for the 2000 period compared to net income before taxes of $175,290 for the 1999 period. The decrease in net income was primarily due to higher interest expense, the Providence Natural Gas operating expenses and higher depreciation expense in 2000.
In March 2000, the Company issued 70,002 shares of its common stock through a private placement for $30.00 per share, or total proceeds of $2,100,060. The proceeds will be used primarily to fund the development of Providence.
LIQUIDITY AND CAPITAL RESOURCES
On October 29, 1999, the Company borrowed $2,800,000 under a term loan agreement with Hibernia National Bank. The related note bears interest at a fixed rate of 8.8%. Principal payments of $46,667, plus accrued interest, are due monthly until maturity on September 30, 2004. The loan is secured with the assets and compressor leases of Gas Jack, and a personal guarantee of the Company's President.
On October 29, 1999, the Company and Gas Jack entered into a revolving line of credit agreement with Hibernia. Under the agreement, the Company may borrow up to the lesser of (i) $1,000,000 or (ii) the sum of 80% of the aggregate amount of eligible receivables, plus 50% of the aggregate amount of eligible inventory. The line of credit bears interest at Wall Street Journal Prime Rate (9.0% at June 30, 2000). Interest is due monthly with all outstanding borrowings due at maturity on October 29, 2001. The loan is secured with the assets and compressor leases of Gas Jack and a personal guarantee of the Company's President.
In March 2000, the Company issued 70,002 shares of its common stock through a private placement for $30.00 per share, or total proceeds of $2,100,060. The equity proceeds were used in part to repay borrowings under the Company's line of credit and the remaining proceeds will be used primarily to fund the development of Providence.
The Company believes that cash flow from operations and funds available under its credit facilities will provide the necessary working capital to fund the Company's requirements for current operations through 2000. However, in connection with any expansion of operations or acquisition activities, it is likely that the Company will need additional sources of debt or equity financing. The Company cannot provide assurance that these funds will be available or if available will be available on satisfactory terms.
IMPORTANT FACTORS RELATING TO FORWARD-LOOKING STATEMENTS
In connection with forward-looking statements contained in this Form 10-QSB and those that may be made in the future by or on behalf of the Company which are identified as forward-looking by such words as "believes," "intends" or words of a similar nature, the Company notes that there are various factors that could cause actual results to differ materially from those set forth in any such forward-looking statements. The forward-looking statements contained in this Form 10-QSB were prepared by management and are qualified by, and subject to, significant business, economic, competitive, regulatory and other uncertainties and contingencies, all of which are difficult or impossible to predict and many of which are beyond the control of the Company. Accordingly, there can be no assurance that the forward-looking statements contained in this Form 10-QSB will be realized or the actual results will not be significantly higher or lower. These forward-looking statements have not been audited by, examined by, compiled by or subjected to agreed-upon procedures by independent accountants, and no third-party has independently verified or reviewed such statements. Readers of this Form 10-QSB should consider these facts in evaluating the information contained herein. In addition, the business and operations of the Company are subject to substantial risks which increase the uncertainty inherent in the forward-looking statements contained in this Form 10-QSB. The inclusion of the forward-looking statements contained in this Form 10-QSB should not be regarded as a representation by the Company or any other person that the forward-looking statements contained in this Form 10-QSB will be achieved. In light of the foregoing, readers of this Form 10-QSB are cautioned not to place undue reliance on the forward-looking statements contained herein.
PART II. OTHER INFORMATION
Item 1. |
LEGAL PROCEEDINGS |
||
Item 2. |
Changes in Securities and Use of Proceeds In March 2000, the Company issued 70,002 shares of it's common stock through a private placement under Section 4(2) of the Securities Act of 1933 for $30.00 per share, or total proceeds of $2,100,060. The equity proceeds were used in part to repay borrowings under the Company's line of credit and the remaining proceeds will be used primarily to fund the development of Providence Natural Gas, Inc. |
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Item 3. |
DEFAULTS UPON SENIOR SECURITIES |
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Item 4. |
SUBMISSION OF MATTER TO A VOTE OF SECURITY HOLDERS |
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Item 5. |
OTHER INFORMATION |
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Item 6. |
EXHIBITS AND REPORTS ON FORM 8-K |
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(a) |
Exhibits. The following exhibits of the Company are included herein. |
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3. |
Certificate of Incorporation and Bylaws |
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*3.1 |
Restated Certificate of Incorporation |
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*3.2 |
Bylaws |
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*3.3 |
Proposed Certificate of Amendment to the Restated Certificate of Incorporation |
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10. |
Material Contracts |
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*10.1 |
1993 Stock Option Plan |
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*10.2 |
Form of Stock Option Agreements with Messrs. Keenan, Killeen, Jarrell and Chaffe with Schedule of Details |
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**10.3 |
Stock Purchase Agreement, dated as of October 29, 1999, by and among Emerging Alpha Corporation and the Stockholders of Gas Jack, Inc. |
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**10.4 |
Loan Agreement, dated as of October 29, 1999, by and between Hibernia National Bank and Emerging Alpha Corporation. |
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**10.5 |
Loan Agreement, dated as of October 29, 1999, by and among Hibernia National Bank, Emerging Alpha Corporation and Gas Jack, Inc. |
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(b) |
Reports of Form 8-K. |
___________
* Filed with Registration Statement on Form SB-2, File No. 33-61888-FW and incorporated by reference herein.
** Filed with Current Report on Form 8-K (October 29, 1999) and incorporated by reference herein.
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) 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 on August 15, 2000.
COMPRESSCO, INC. |
|
By: /S/ JERRY W. JARRELL |
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities on August 15, 2000.
By: |
/S/ BURT H. KEENAN |
Chairman of the Board and Director |
By: |
/S/ BROOKS MIMS TALTON |
Chief Executive Officer, President and Director |
By: |
/S/ JERRY W. JARRELL |
Chief Financial Officer, Secretary and Director |
|