UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10QSB
/X/ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended: June 30, 1996
-------------------------------------------------
/ / TRANSACTION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
-------------------- ------------------------
Commission File Number: 0-23054
---------------------------------------------------------
Light Savers U.S.A., Inc.
-------------------------
(exact name of registrant as specified in its charter)
NEW YORK 11-3096379
- -------- ----------
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
509 Madison Avenue Suite 1114, New York, NY 10022
- ------------------------------------------- -----
(Address of principle executive offices) (Zip Code)
(212) 223-0699
--------------
(Registrant's telephone number, including area code)
969 Third Avenue, New York, NY 10022
------------------------------------
(Registrant's former address and former fiscal year, if changed since last
report)
Check whether the issuer (1) has filed all reports to be filed by Section 13 or
15(d) of the Exchange Act during the past 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. /X/ Yes / / No
APPLICABLE ONLY TO CORPORATE ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING
THE PRECEDING FIVE YEARS Check whether the registrant filed all documents and
reports required to be filed by Section 12, 13 or 15(d) of the Exchange Act
after the distribution of Securities under a plan confirmed by a court. / / Yes
/ / No
APPLICABLE ONLY TO CORPORATE ISSUER
State the number of shares outstanding of each of the issuer's classes of common
equity as of the latest practicable date: 7,125,655 shares as of August 8, 1996.
--------------------------------------
1
<PAGE>
LIGHT SAVERS U.S.A., INC. and SUBSIDIARY
TABLE OF CONTENTS
Page No.
--------
PART I
Item 1. Financial Statements
Consolidated Balance Sheets as of June 30, 1996
and December 31, 1995 3
Consolidated Statements of Operations for the three
months ended June 30, 1996 and 1995 and six
months ended June 30, 1996 and 1995 4
Consolidated Statement of Changes in Stockholders'
Equity for the six months ended June 30, 1996 5
Consolidated Statements of Cash Flows for the six
months ended June 30, 1996 and 1995 6
Notes to Consolidated Financial Statements 7-8
Item 2. Management's Discussion and Analysis
of Financial Condition and Results of
Operations 9-11
PART II
Item 6. Exhibits and Reports on Form 8-K 12
Signatures 13
2
<PAGE>
LIGHT SAVERS U.S.A., INC. and SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
<TABLE>
<CAPTION>
ASSETS
June 30, December 31,
1996 1995
---------------------- ---------------------
CURRENT ASSETS: Unaudited
<S> <C> <C>
Cash and cash equivalents $ 159,600 $ 390,702
Marketable securities - 715,000
Accounts receivable, less allowance for
doubtful accounts of $101,000 for 1995 3,995,975 1,586,836
Current assets of discontinued operations - 145,317
Costs in excess of billings 166,764 129,734
Prepaid and other current assets 99,588 130,671
---------------------- ---------------------
Total current assets 4,421,927 3,098,260
---------------------- ---------------------
Property and equipment, less accumulated depreciation
of $69,214 and $48,932 85,772 97,387
Notes receivable 350,000 350,000
Goodwill, less accumulated amortization of
$379,298 and $166,048 6,220,341 6,433,591
Other assets 35,005 52,008
---------------------- ---------------------
Total other assets 6,691,118 6,932,986
---------------------- ---------------------
TOTAL $ 11,113,045 $ 10,031,246
====================== =====================
LIABILITIES AND STOCKHOLDERS' EQUITY
June 30, December 31,
1996 1995
---------------------- ---------------------
CURRENT LIABILITIES: Unaudited
Loan Payable - Bank $ - $ 455,926
Accounts payable 1,235,882 1,040,587
Accrued and other liabilities 1,602,689 1,073,230
Sales tax payable 111,370 111,955
Billings in excess of costs 760,624 620,574
Accrued loss on disposal of discontinued operations - 398,806
Income taxes payable 271,653 -
---------------------- ---------------------
Total current liabilities 3,982,218 3,701,078
---------------------- ---------------------
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY
Preferred stock, $.01 par value, 2,500,000 shares
authorized, none issued and outstanding - -
Common stock, $.01 par value, 10,000,000 shares
authorized, 7,125,655 issued and outstanding 71,257 71,257
Additional paid-in capital 7,926,985 7,865,285
Accumulated deficit (867,415) (1,606,374)
---------------------- ------------------
Total stockholders' equity 7,130,827 6,330,168
---------------------- ---------------------
TOTAL $ 11,113,045 $ 10,031,246
====================== =====================
</TABLE>
The accompanying notes are an integral part of these statements
3
<PAGE>
LIGHT SAVERS U.S.A., INC. and SUBSIDIARY
CONSOLIDATED STATMENTS OF OPERATIONS
Unaudited
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
June 30, June 30,
1996 1995 1996 1995
-------------------- ------------------- ------------------ ------------------
<S> <C> <C> <C> <C>
Net Sales $ 7,423,443 $ - $ 9,416,764 $ -
Cost of goods sold 5,312,771 - 6,990,707 -
-------------------- ------------------- ------------------ ------------------
Gross profit 2,110,672 - 2,426,057 -
-------------------- ------------------- ------------------ ------------------
Selling, general and administrative
expenses 978,857 200,039 1,418,151 338,057
-------------------- ------------------- ------------------ ------------------
Income (loss) from operations 1,131,815 (200,039) 1,007,906 (338,057)
-------------------- ------------------- ------------------ ------------------
Other income (expense):
Interest income - 33,736 2,706 68,475
Realized loss on sale of securities - (34,871) - (34,871)
Income (loss) before provision for income
-------------------- ------------------- ------------------ ------------------
taxes 1,131,815 (201,174) 1,010,612 (304,453)
-------------------- ------------------- ------------------ ------------------
Provision for income taxes 304,232 - 271,653 -
-------------------- ------------------- ------------------ ------------------
Income (loss) from continuing operations 827,583 (201,174) 738,959 (304,453)
-------------------- ------------------- ------------------ ------------------
Discontinued operations:
Income from discontinued operations - 403 - 164,214
-------------------- ----------------- ---------------- ----------------
NET INCOME (LOSS) $ 827,583 $ (200,771) $ 738,959 $ (140,239)
==================== =================== ================== ==================
Income (loss) per share:
Continuing operations 0.12 (0.04) 0.11 (0.07)
Discontinued operations 0.00 0.00 0.00 0.04
==================== =================== ================== ==================
$ 0.12 $ (0.04) $ 0.11 $ (0.03)
==================== =================== ================== ==================
WEIGHTED AVERAGE NUMBER
OF COMMON SHARES OUTSTANDING 7,106,424 4,625,655 7,027,990 4,625,655
==================== =================== ================== ==================
</TABLE>
The accompanying notes are an integral part of these statements
4
<PAGE>
LIGHT SAVERS U.S.A., INC. and SUBSIDIARY
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY
FOR THE SIX MONTHS ENDED JUNE 30, 1996
Unaudited
<TABLE>
<CAPTION>
Common Stock Treasury Stock
---------------------------- --------------
Additional Total
Paid in Accumulated Stockholders'
Shares Value Value Capital Deficit Equity
---------------------------- -------------- ----------- -------------- -------------
<S> <C> <C> <C> <C> <C> <C>
BALANCE, JANUARY 1, 1996 7,125,655 $ 71,257 $ -- $ 7,865,285 $(1,606,374) $6,330,168
Purchase of treasury stock (500,000) - (437,500) -- -- (437,500)
Private placement of common shares 500,000 - 437,500 61,700 -- 499,200
Net Income -- - -- -- 738,959 738,959
--------------------------- ------------- ------------ ------------ -------
BALANCE, JUNE 30, 1996 7,125,655 $ 71,257 $ -- $ 7,926,985 $(867,415) $7,130,827
=========================== ============ ============= ============== ==========
</TABLE>
The accompanying notes are an integral part of these statements
5
<PAGE>
LIGHT SAVERS U.S.A., INC. and SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS
Unaudited
<TABLE>
<CAPTION>
SIX MONTHS ENDED
JUNE 30,
1996 1995
------------------- --------------------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) $ 738,959 $ (140,239)
Adjustments to reconcile net income (loss) to net cash
used for operating activities:
Depreciation and amortization 233,442 5,653
Provision for losses on accounts receivable (101,000) (58,895)
Realized loss on sale of securities - (34,871)
Deferred income taxes - -
(Increase) decrease in current assets:
Accounts receivable (2,308,139) (127,878)
Current assets of discontinued operations 145,317 -
Costs in excess of billings (37,030) -
Prepaid and other current assets 31,083 (84,956)
Inventory - (58,288)
Increase (decrease) in current liabilities: - -
Accounts payable 195,295 15,082
Accrued and other liabilities 529,459 (49,398)
Sales tax payable (585) 24,437
Billings in excess of costs 140,050 -
Accrued loss on disposal of discontinued operations (398,806) -
Income taxes payable 271,653 -
(Increase) decrease in other assets 17,003 (3,350)
------------------- -----------------
NET CASH USED FOR OPERATING ACTIVITIES (543,299) (512,703)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of marketable securities - (710,065)
Sale of short term marketable securities 715,000 3,135,052
Notes receivable - (2,500,000)
Purchase of property and equipment (8,577) (12,786)
------------------- -----------------
NET CASH PROVIDED BY (USED) FOR INVESTING ACTIVITIES 706,423 (87,799)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payment of loan payable - bank (455,926) -
Purchase of stock (437,500) -
Sale of treasury stock 499,200 -
Proceeds from short term borrowings - 193,440
------------------- --------------------
NET CASH PROVIDED BY (USED) FOR FINANCING ACTIVITIES (394,226) 193,440
------------------- --------------------
NET DECREASE IN CASH (231,102) (407,062)
CASH AND CASH EQUIVALENTS,
BEGINNING OF PERIOD 390,702 878,903
------------------- --------------------
CASH AND CASH EQUIVALENTS,
END OF PERIOD $ 159,600 $ 471,841
=================== ====================
</TABLE>
The accompanying notes are an integral part of these statements
6
<PAGE>
LIGHT SAVERS U.S.A., INC. and SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
JUNE 30, 1996
(UNAUDITED)
NOTES TO FINANCIAL STATEMENTS
- -----------------------------
1. Organization and Light Savers U.S.A., Inc. (the "Company") was
Basis of Presentation incorporated in the State of New York on October
10, 1991. On August 1, 1995, the Company acquired
substantially all of the assets and business, and
assumed certain liabilities, of AGF Interior
Services, Inc. (d/b/a Hospitality Restorations and
Builders) ("AGF"), through its newly formed
subsidiary corporation, Hospitality Restorations
and Builders, Inc. ("HRB"). HRB provides interior
and exterior cosmetic renovations and maintenance
for leading hotel and hospitality customers
nationwide. The acquisition was accounted for as a
purchase with the results of HRB included from the
acquisition date.
The consolidated financial statements and related
notes thereto as of June 30, 1996 and for the
three and six months ended June 30, 1996 and 1995
are presented as unaudited but in the opinion of
management include all adjustments necessary to
present fairly the information set forth therein.
These adjustments consist solely of normal
recurring accruals. The consolidated balance sheet
information for December 31, 1995 was derived from
the audited financial statements included in the
Company's Form 10-KSB. These interim financial
statements should be read in conjunction with that
report. The interim results are not necessarily
indicative of the results for any future period.
2. Income (Loss) per Income (loss) per share of common stock was
Share of Common Stock computed bydividing the loss by the weighted
average number of common shares and common stock
equivalents outstanding during the period. For the
three months ended June 30, 1996 and 1995, and the
six months ended June 30, 1996 and 1995 there were
no common stock equivalents included in the
calculation since the impact would be immaterial.
3. Discontinued In December 1995, the Company determined to focus
Operations its resources on its hospitality and restoration
business and discontinue its lighting business. On
February 26, 1996, the Company entered into a
divestiture agreement (the "Agreement") with its
former President. In accordance with the
Agreement, the Company disposed of the lighting
business, together with accounts receivable,
inventory and fixed assets to the former
President, who also assumed certain liabilities.
Additionally, in accordance with the Agreement,
the following occurred: (i) the Company
repurchased 500,000 shares of common stock from
the former President for $250,000, (ii) the
Company retained the former President as a
consultant for a three year period at an annual
retainer of $100,000, (iii) the former President
granted to the Company the option to purchase an
7
<PAGE>
additional 1,000,000 shares of common stock over a
two year period at a 33% discount from the average
trading price for the prior 20 trading days, but
not below certain minimum set prices. The
Agreement also provides that the former President
has the ability to request the Company to purchase
the relevant optioned shares at a 50% discount to
market. If the Company does not purchase the
relevant optioned shares, the option will be
canceled with respect to such shares. Based on a
reallocation of fair value to the components of
the Agreement, the 500,000 shares of common stock
repurchased from the former president have been
recorded as $437,500 of treasury stock.
4. Private Placement On March 29, 1996 the Company consummated a
private placement of 325,000 shares of common
stock to accredited investors at a price of $1.00
per share, for aggregate gross proceeds of
$325,000.
On April 9, 1996 the Company completed an
additional private placement of 175,000 shares of
common stock to accredited investors at a price of
$1.00 per share, for aggregate gross proceeds of
$175,000.
5. Pro Forma The following pro forma consolidated
financial Information information has been
prepared to reflect the acquisition of the assets
and business of AGF. The pro forma financial
information is based on the historical financial
statements of the Company and AGF, and should be
read in conjunction with the accompanying
footnotes. The accompanying pro forma operating
statements are presented as if the transaction
occurred January 1, 1995. The pro forma financial
information is unaudited and is not necessarily
indicative of what the actual results of operation
of the Company would have been assuming the
transaction had been completed as of January 1,
1995, and neither is it necessarily indicative of
the results of operations for future periods.
Six months ended June 30 1995
--------------------------------------------------
(unaudited)
Net Sales $2,037,116
Loss from continuing operations (443,413)
Loss per share from continuing
operations (.06)
--------------------------------------------------
The above unaudited pro forma statements have been
adjusted to reflect the amortization of goodwill,
as generated by the acquisition, over a 17-year
period, interest income on the $350,000 note
receivable, elimination of the interest income on
the $2,500,000 funds used in connection with the
acquisition, and the 2,500,000 shares issued as
consideration in the transaction. The impact of
outstanding stock options was not included in the
calculation of loss per share from continuing
operations as the impact would be immaterial.
8
<PAGE>
LIGHT SAVERS U.S.A., INC. and SUBSIDIARY
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
OVERVIEW
- --------
In August 1995, the Company's wholly-owned subsidiary, Hospitality Restoration
and Builders, ("HRB"), acquired substantially all of the assets and business and
assumed certain liabilities of AGF Interior Services ("AGF"), a company that
provides renovation services to the hospitality industry ("the Acquisition"). In
December 1995, the Company determined to focus its resources on its hospitality
restoration business and to discontinue its lighting business. In February 1996,
the Company sold its lighting business to the Company's former President.
Certain matters discussed in this report are forward-looking statements that are
subject to risks and uncertainties that could cause actual results to differ
materially from those projected.
RESULTS OF OPERATIONS
- ---------------------
Three months ended June 30, 1996 vs. three months ended June 30, 1995.
Net sales for the three month period ended June 30, 1996 were $7,423,443,
compared to $136,493, for the same period last year. The June 30, 1996 sales
were those of HRB. Sales for the Company increased significantly, due to growth
in the Company's restoration business from increased sales efforts and the
establishment of the Company's name in the hospitality industry.
Gross profit for the three months ended June 30, 1996 was $2,110,672, or 28.4%
of revenues, compared to $70,633, or 51.7%, for the same period last year. The
high gross profit for the lighting operation, which business has been
discontinued, in the three months ended June 30, 1995 was due to sales of a few
high margin decorative lighting products.
Selling, general and administrative expenses for the quarter ended June 30, 1996
were $978,857, or 13.2% of sales, compared to $200,039, or 146.6% of sales, for
the same period last year. Included in the selling, general and administrative
expenses for the quarter ended June 30, 1996 was $99,625 of amortization of
goodwill for the acquisition of HRB. The Company believes that these costs will
continue to increase as its business grows and as it develops a larger
infrastructure to handle future growth, but should continue to decrease as a
percentage of future revenues as the Company achieves further economies of
scale.
Income from operations for the quarter ended June 30, 1996 was $1,131,815,
compared to a loss of ($200,039) for the same period last year. Operating
profits increased in 1996 due to larger revenues and the ability of the Company
to maintain low selling, general and administrative expenses as a percentage of
sales.
Total other income/(expense) for the quarter ended June 30, 1996 was $0 compared
to $(1,135) for the same period last year. Included in 1995 is $33,736 of
interest income earned from investments of the proceeds from the Company's
initial public offering, consummated in January 1994, less a one time loss of
$34,871 on the sale of securities.
Income tax expense for the three months ended June 30, 1996 was $304,232,
compared to $0 for the same period last year. The effective income tax rate used
to calculate the tax provision is based on the expected annual income tax rate
which takes into account the utilization of an $800,000 net operating loss
carryforward for federal income tax purposes.
As a result of the above, net income for the quarter ended June 30, 1996 was
$827,583, or $.12 per share compared to a loss of ($201,174), or ($.04) per
share for the same period last year.
9
<PAGE>
Six months ended June 30, 1996 vs. six months ended June 30, 1995.
Net sales for the six month period ended June 30, 1996 were $9,416,764, compared
to $459,875 for the same period last year. The June 30, 1996 sales were those of
HRB. Sales for the Company increased significantly, due to growth in the
Company's restoration business from increased sales efforts and the
establishment of the Company's name in the hospitality industry.
Gross profit for the six months ended June 30, 1996 was $2,426,057, or 25.8% of
revenues, compared to $304,674, or 66.3%, for the same period last year. The
high gross profit for the lighting operation, which business has been
discontinued, in the six months ended June 30,1995 was due to the sales of a few
high margin decorative lighting products.
Selling, general and administrative expenses for the six months ended June 30,
1996 were $1,418,151, or 15.0% of sales, compared to $338,057, or 73.5% of
sales, for the same period last year. Included in the selling, general and
administrative expenses for the six months ended June 30, 1996 was $213,250 of
amortization of goodwill for the acquisition of HRB. The Company believes that
these costs will continue to increase as its business grows and as it develops a
larger infrastructure to handle future growth, but should continue to decrease
as a percentage of future revenues as the Company achieves further economies of
scale.
Income from operations for the six months ended June 30, 1996 was $1,007,906,
compared to a loss of ($338,057) for the same period last year. Operating
profits increased in 1996 due to larger revenues and the ability of the Company
to maintain low selling, general and administrative expenses as a percentage of
sales.
Total other income/(expense) for the six months ended June 30, 1996 was $2,706,
compared to $33,739 for the same period last year. Included in 1995 is $68,475
of interest income earned from investments of the proceeds from the Company's
initial public offering, consummated in January 1994, less a one time loss of
$34,871 on the sale of securities.
Income tax expense for the six months ended June 30, 1996 was $271,653, compared
to $0 for the same period last year. The effective income tax rate used to
calculate the tax provision is based on the expected annual income tax rate
which takes into account the utilization of an $800,000 net operating loss
carryforward for federal income tax purposes.
As a result of the above, net income for the six months ended June 30, 1996 was
$738,959 or $.11 per share compared to a net loss of ($140,239) or ($.03) per
share for the same period last year.
The results for the six months ended June 30, 1996 are not indicative
of the Company's future operating results since the Company acquired
the assets and business of AGF in August 1995 and discontinued its
lighting business in December 1995. Therefore, the following
Management's Discussion and Analysis of Financial Condition and Results
of Operations reflects the Company's operating results on a pro forma
consolidated basis giving effect to the Acquisition and the
discontinuance of the lighting business as if such transactions took
place on January 1, 1995. The pro forma financial information is based
on the historical financial statements of the Company and AGF and
should be read in conjunction with such financial statements and the
notes thereto included elsewhere herein. The pro forma financial
information is unaudited and is not necessarily indicative of what the
actual results of operations of the Company would have been assuming
the Acquisition and the discontinuance of the lighting business had
been completed as of January 1, 1995, and neither is it necessarily
indicative of the results of operations for future periods.
For the six months ended June 30, 1996, sales were $9,416,764, compared to
$2,037,116 for the same period last year. The increase in net sales is related
to the Company's continuing investment in sales and marketing activities.
Gross profit for the six months ended June 30, 1996 was $2,426,057, or 25.8% of
revenues, compared to $764,619, or 37.5% of revenues, for the same period last
year. The decrease in gross profit as a percentage of revenue is due to the
Company accepting lower margins jobs to promote its name, including one
significant project in New York.
10
<PAGE>
Selling, general and administrative expenses were $1,418,151 for the six months
ended June 30, 1996, compared to $1,163,264 for the same period last year.
Included in the selling, general and administrative expenses for the six months
ended June 30, 1996 was $213,250 of amortization of goodwill for the acquisition
of HRB. The Company believes that these costs will continue to increase as its
business grows and as it develops a larger infrastructure to handle future
growth, but should continue to decrease as a percentage of future revenues as
the Company achieves further economies of scale.
Income tax expense for the six months ended June 30, 1996 was $271,653, compared
to $0 for the same period last year. The effective income tax rate used to
calculate the tax provision is based on the expected annual income tax rate
which takes into account the utilization of an $800,000 net operating loss
carryforward for federal income tax purpose.
Net income for the six months ended June 30, 1996 was $738,959, compared to a
net loss of ($443,413), for the same period last year.
LIQUIDITY AND CAPITAL RESOURCES
The Company's short-term and long-term liquidity needs generally consist of
operating capital for restoration and maintenance related costs and selling,
general and administrative expenses. The Company expects to satisfy its short-
term and long-term liquidity requirements with cash generated from operations.
To date, the Company has not required outside sources of financing to meets its
liquidity needs.
Net cash used by operating activities was ($543,299) for the six months ended
June 30, 1996, compared to ($512,703) for the same period last year. During the
six months ended June 30, 1996, the Company's accounts receivable increased by
$2,308,139. Such increase resulted from revenue growth. This increase was only
partially offset by an increase in accounts payable and accrued expense of
$724,754. The negative cash for 1996 is due mainly to the timing of receipts for
a few large contracts that the Company expects to collect entirely in the third
quarter.
Net cash provided by investing activities for the six months ended June 30,1996
was $706,423, compared to a net use of ($87,799) for the six months ended June
30, 1995. The increase is the result of the sale of the Company's short term
marketable security of $715,000. Due to the nature of the Company's business,
including the outsourcing of most restoration and maintenance related work, the
Company has insignificant capital requirements, and therefore can use its
operating cash for operating needs.
On April 8, 1996, the Company completed the private placement of 175,000 shares
of Common Stock to accredited investors at a price of $1.00 per share, for
aggregate gross proceeds of $175,000. The Company used the proceeds of the
private placement for working capital. During the first quarter of 1996, the
Company sold 325,000 shares in a private placement at $1.00 per share, for
aggregate gross proceeds of $325,000.
During the first six months of 1996, the Company signed approximately $12.4
million of new contracts for the cosmetic renovation of fourteen hotels. In
July, the Company signed an additional $4.2 million of contracts for cosmetic
renovation. All of the contracts discussed above are expected to be completed
during 1996. The Company believes it has sufficient resources to complete these
contracts in a timely and profitable manner.
The Company believes its present cash position, including increasing sales and
cash on hand, is sufficient to meet its short-term and long-term operating needs
for at least twelve months.
11
<PAGE>
LIGHT SAVERS U.S.A., INC. and SUBSIDIARY
TABLE OF CONTENTS
PART II
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
27 Financial Data Schedule
(b) Reports on Form 8-K
None
12
<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.
LIGHT SAVERS U.S.A., INC.
By: /s/ Alan G. Friedberg
-------------------------------------
Alan G. Friedberg
President and Chief Executive Officer
By: /s/ Howard G. Anders
-------------------------------------
Howard G. Anders
Executive Vice President and Chief
Financial Officer
Dated: August 12, 1996
13
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
COMPANY'S FORM 10-QSB FOR THE QUARTER ENDED JUNE 30, 1996 AND IS QUALIFIED IN
ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> JUN-30-1996
<CASH> 159,600
<SECURITIES> 0
<RECEIVABLES> 3,995,975
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 4,421,927
<PP&E> 85,772
<DEPRECIATION> 233,442
<TOTAL-ASSETS> 11,113,045
<CURRENT-LIABILITIES> 3,982,218
<BONDS> 0
0
0
<COMMON> 71,257
<OTHER-SE> 7,059,570
<TOTAL-LIABILITY-AND-EQUITY> 11,113,045
<SALES> 9,416,764
<TOTAL-REVENUES> 9,416,764
<CGS> 6,990,707
<TOTAL-COSTS> 6,990,707
<OTHER-EXPENSES> 1,418,151
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 1,010,612
<INCOME-TAX> 271,653
<INCOME-CONTINUING> 738,959
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 728,959
<EPS-PRIMARY> .11
<EPS-DILUTED> .11
</TABLE>
