As filed with the Securities and Exchange Commission on September 5, 1997
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 quarter ended JUNE 30, 1997
or
[ ] Transition Report Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
Commission File Number: 000-21956
EVANS SYSTEMS, INC.
(Exact name of registrant as specified in its charter)
Texas 74-1613155
(State or other jurisdiction (I.R.S. Employer
of incorporation or organization) Identification Number)
720 Avenue F North, Bay City, Texas 77414 (409) 245-2424
(Address including zip code, and telephone number, including area code, of
registrant's principal executive offices)
JERRIEL L. EVANS, SR., PRESIDENT
Mailing Address: P.O. Box 2480, Bay City, Texas 77404-2480 (409) 245-2424
Physical Address: 720 Avenue F North, Bay City, Texas 77414 (409) 245-2424
(Name, address, including zip code, and telephone number, including area code,
of agent for service)
NONE
(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 [ ]
Number of shares of common stock of registrant outstanding exclusive of
Treasury Shares or shares held by subsidiaries of the registrant at August
13, 1997: 3,090,939
1
<PAGE>
PART I. FINANCIAL INFORMATION
EVANS SYSTEMS, INC.
CONDENSED CONSOLIDATED BALANCE SHEET
(UNAUDITED)
<TABLE>
<CAPTION>
June 30, September 30,
1997 1996
------------- --------------
ASSETS (in thousands) (in thousands)
<S> <C> <C>
Current Assets:
Cash and cash equivalents ........................... $ 2,397 $ 2,793
Marketable equity securities ........................ 16 1,599
Trade receivables, net of allowance for
of $50,000 and $50,000 ............................. 5,874 5,160
Inventory ........................................... 9,804 8,182
Prepaid expenses and other current assets ........... 1,241 955
Income taxes receivable ............................. 964 37
-------- --------
Total current assets ......................... 20,296 18,726
-------- --------
Property, plant and equipment, net ..................... 21,261 20,848
-------- --------
Other assets:
Intangible assets, net
Other ............................................... 1,162 1,499
-------- --------
Total other assets ........................... 1,162 1,499
-------- --------
Total assets ................................. $ 42,719 $ 41,073
======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued expenses ............... $ 8,990 $ 6,051
Accrued excise and other taxes payable .............. 2,012 1,511
Current portion of long-term debt ................... 2,700 2,145
Deferred income taxes ............................... 38 17
-------- --------
Total current liabilities .................... 13,740 9,724
Long-term debt ......................................... 9,157 10,400
Deferred income taxes .................................. 1,201 1,201
Deferred income ........................................ 76 0
-------- --------
Total liabilities ............................ 24,174 21,325
-------- --------
Commitments and contingencies
Stockholders' equity:
Preferred stock $0.01 par value, 1,500,000 shares
authorized, No shares issued and outstanding ..... -- --
Common stock $0.01 par value, 15,000,000 shares
authorized, 3,163,528 and 3,105,590 shares issued 32 31
Additional paid in capital .......................... 12,297 12,133
Retained earnings ................................... 6,650 8,393
Net unrealized loss on marketable equity securities . -- (375)
Treasury stock, 72,589 common shares at cost ........ (434) (434)
-------- --------
Total stockholders' equity ................... 18,545 19,748
-------- --------
Total liabilities and stockholders' equity ... $ 42,719 $ 41,073
======== ========
</TABLE>
SEE NOTES TO THE CONDENSED FINANCIAL STATEMENTS
2
<PAGE>
PART II. OTHER INFORMATION
EXHIBITS AND REPORTS ON FORM 8-K
A. EXHIBITS INDEX
EXHIBITS SEQUENTIAL PAGE NUMBER
10.1 None
B. REPORTS ON FORM 8-K
No report on Form 8-K has been filed during the quarter for which this report
is filed.
SIGNATURE
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.
EVANS SYSTEMS, INC.
(REGISTRANT)
Date: September 5, 1997 By: /s/ LARRY N. MILLER
Larry N. Miller
Chief Financial Officer
And authorized to sign on behalf of the
Registrant
By: /s/ DENIS J. WALDRON
Denis J. Waldron
Corporate Controller
And authorized to sign on behalf of the
Registrant
3
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THE FINANCIAL DATA SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED
FROM BALANCE SHEET AND STATEMENT OF INCOME AND IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-END> JUN-30-1997
<CASH> 2,397
<SECURITIES> 16
<RECEIVABLES> 5,924
<ALLOWANCES> 50
<INVENTORY> 9,804
<CURRENT-ASSETS> 20,296
<PP&E> 34,372
<DEPRECIATION> 13,111
<TOTAL-ASSETS> 42,719
<CURRENT-LIABILITIES> 13,740
<BONDS> 0
0
0
<COMMON> 32
<OTHER-SE> 18,513
<TOTAL-LIABILITY-AND-EQUITY> 42,719
<SALES> 0
<TOTAL-REVENUES> 0
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 0
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
