SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q/A
( X ) QUARTERLY REPORT PURSUANT TO SECTION
13 OR 15 (d) OF THE SECURITITES AND
EXCHANGE ACT OF 1934
For the Quarterly Period Ended:
June 30, 2000
Commission File Number 1-12506
LUCILLE FARMS INC.
(Exact Name of Registrant as Specified in
its charter)
Delaware 13-2963923
(State or other Jurisdiction (I.R.S. Employer
of Incorporation) Identification number)
150 River Road, P.O. Box 517
Montville, New Jersey 07045
(Address of Principal Executive Offices) (zip code)
(Registrant's Telephone Number, Including Area Code)
(973)334-6030
Former name, former address and former fiscal year, if
Changed since last report. N/A
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 and 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 of Registrant's common stock, par
Value $.001 per share, outstanding as of August 4, 2000
was 2,971,342.
1
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
LUCILLE FARMS, INC.
CONSOLIDATED BALANCE SHEET
ASSETS
JUNE 30, 2000 MARCH 31, 2000
(UNAUDITED)
CURRENT ASSETS:
Cash and cash equivalents $451,000 $447,000
Accounts receivable, net 3,268,000 3,122,000
Of allowances of $122,000
At June 30, 2000 and $103,000
At March 31, 2000
Inventories 2,395,000 2,175,000
Deferred income taxes 60,000 60,000
Prepaid expenses and other
Current assets 74,000 107,000
Total current assets 6,248,000 5,911,000
PROPERTY, PLANT AND EQUIPMENT, NET 8,508,000 8,328,000
OTHER ASSETS:
Due from officers 129,000 144,000
Deferred income taxes 490,000 490,000
Deferred loan costs, net 272,000 256,000
Other 108,000 94,000
Total Other Assets 999,000 984,000
TOTAL ASSETS $15,755,000 $15,223,000
See notes to consolidated financial statements
2
LUCILLE FARMS,INC.
CONSOLIDATED BALANCE SHEET
LIABILITIES AND STOCKHOLDER'S EQUITY
JUNE 30,2000 MARCH 31, 2000
(UNAUDITED)
CURRENT LIABILITES:
Accounts Payable $4,253,000 $3,556,000
Current portion of long-term debt 101,000 103,000
Accrued expenses 318,000 307,000
Total Current Liabilities 4,672,000 3,966,000
LONG TERM LIABILITIES:
Long-term debt 4,998,000 4,853,000
Revolving credit line 3,129,000 3,117,000
Deferred income taxes 550,000 550,000
Total Long-Term Liabilities 8,677,000 8,520,000
TOTAL LIABILITIES 13,349,000 12,486,000
STOCKHOLDERS EQUITY:
Common stock - $.001 par value, 3,000 3,000
10,000,000 shares authorized,
3,021,342 shares issued
Additional paid-in capital 4,438,000 4,438,000
Retained (Deficit) earnings (1,910,000) (1,579,000)
2,531,000 2,862,000
Less: 50,000 shares treasury
Stock at cost (125,000) (125,000)
Total Stockholders' Equity 2,406,000 2,737,000
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $15,755,000 $15,223,000
See notes to consolidated financial statements
3
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of
1934, registrant has duly caused this report to be signed on its
behalf by the undersigned thereunto duly authorized.
August 8, 2000 Lucille Farms, Inc.
(Registrant)
By: /s/Alfonso Falivene
Alfonso Falivene,
President (Duly Authorized)
By: /s/Stephen M. Katz
Stephen M. Katz,
Vice President-Finance
and Administration
(Principal Financial Officer)
13
