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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q/A
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For Quarterly Period Ended September 30, 1997
OR
[ ] TRANSACTION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
Commission File No. 0-23165
RENEX CORP.
(Exact name of Registrant as specified in its charter)
Florida 65-0422087
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
2100 Ponce de Leon Boulevard, Suite 950
Coral Gables, Florida 33134
(Address of principal executive offices, including Zip Code)
Registrant's telephone number including area code: (305) 448-2044
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
APPLICABLE ONLY TO CORPORATE ISSUERS:
Title of Each Class Number of Shares Outstanding
Common Stock September 30, 1997
3,974,247
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RENEX CORP. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
<TABLE>
<CAPTION>
September 30, December 31,
1997 1996
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(Unaudited)
<S> <C> <C>
ASSETS
Current assets:
Cash and cash equivalents $ 1,154,000 $ 952,000
Accounts receivable (net of allowance for
doubtful accounts of $1,430,000 and
$1,261,000 at September 30, 1997
and December 31, 1996, respectively) 5,141,000 4,535,000
Inventories 359,000 347,000
Prepaids and other 361,000 225,000
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Total current assets 7,015,000 6,059,000
Fixed assets, net 6,906,000 6,042,000
Intangible assets, net 1,127,000 1,309,000
Notes receivable from affiliates
(interest rate of 8%) 85,000 85,000
Other assets 1,764,000 1,666,000
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TOTAL ASSETS $16,897,000 $15,161,000
=========== ===========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 974,000 $ 708,000
Accrued expenses and other 2,847,000 2,393,000
Current portion of long-term debt 6,000 46,000
Current portion of capital lease
obligations 403,000 523,000
----------- -----------
Total current liabilities 4,230,000 3,670,000
----------- -----------
Line of credit 1,000,000
-----------
Long-term debt, less current portion 6,196,000 6,184,000
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Capital lease obligations, less current
portion 1,923,000 990,000
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Shareholders' equity:
Common stock, $.001 par value,
30,000,000 shares authorized,
3,974,247 shares as of
September 30, 1997 and 3,970,115
shares as of December 31, 1996,
issued and outstanding 3,000 3,000
Additional paid-in capital 9,163,000 9,151,000
Accumulated deficit (5,618,000) (4,837,000)
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Total shareholders' equity 3,548,000 4,317,000
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TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY $16,897,000 $15,161,000
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</TABLE>
See accompanying notes to consolidated financial statements.
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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.
RENEX CORP.
(Registrant)
By: /s/ JAMES P. SHEA
-------------------------------------
James P. Shea
President and Chief Executive Officer
By: /s/ ORESTES L. LUGO
-------------------------------------
Orestes L. Lugo
Date: November 24, 1997 Vice President--Finance and
Chief Financial Officer
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