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U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB/A
(Mark One)
[X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934
FOR THE QUARTERLY PERIOD ENDED JUNE 30, 1996
[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
Commission file number 0-22514
PHOTONICS CORPORATION
(Exact name of registrant as specified in its charter)
CALIFORNIA
(State of other jurisdiction of incorporation or organization)
77-0102343
(I.R.S. Employer Identification Number)
1515 CENTRE POINTE DRIVE
MILPITAS, CA 95035
(Address of principal executive offices)
Registrant's telephone number:, including area code:
(408) 942-4000
Check whether the issuer (1) has filed all reports required to be filed by
Section 13 or 15(d) of the Securities 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. Yes [X] No [ ].
The number of shares outstanding of each of the issuer's classes of common
stock, as of the latest practicable date:
COMMON STOCK, $0.001 PAR VALUE
(Class)
4,328,984
(Outstanding at August 12, 1996)
<PAGE>
PHOTONICS CORPORATION
FORM 10-QSB
FOR THE QUARTER ENDED JUNE 30, 1996
INDEX
PAGE NUMBER
PART I FINANCIAL INFORMATION
ITEM 1 Consolidated Interim Financial Statements . 2
Consolidated Balance Sheet as of June 30,
1996 and December 31 1995 . . . . . . . . . . 3
Consolidated Statements of Operations for the
Three and Six Months Ended June 30, 1996 and 1995 4
Consolidated Statements of Cash Flows for the
Six Months Ended June 30, 1996 and 1995 . . . 5
Notes to Consolidated Financial Statements . 6
ITEM 2 Management's Discussion and Analysis of Financial
Condition and Results of Operations . . . . . 8
PART II OTHER INFORMATION
ITEM 1 Legal Proceedings. . . . . . . . . . . . . . 10
ITEM 2 Changes in Securities . . . . . . . . . . . . 10
ITEM 3 Defaults Upon Senior Securities . . . . . . 10
ITEM 4 Submission of Matters of a Vote of Security
Holders . . . . . . . . . . . . . . . . . . 10
ITEM 5 Other Information . . . . . . . . . . . . . . 10
ITEM 6 Exhibits and Reports on Form 8-K . . . . . . 10
1
<PAGE>
<TABLE>
<CAPTION>
PHOTONICS CORPORATION
Consolidated Balance Sheet
(amounts in thousands, except share data and par value)
<S> <C> <C> <C> <C> <C> <C>
June 30,1996 December
ASSETS (unaudited) 31,1996
(unaudited)
CURRENT ASSETS:
Cash and cash equivalents 121 31
Accounts receivable 1554 1642
Inventories 1061 774
Prepaid expenses and other current assets 309 155
Total current assets 3045 2602
Furniture and equipment 192 45
Other assets 14 14
Total assets 3251 2661
LIABILITIES AND SHAREHOLDERS EQUITY (DEFICIENCY)
CURRENT LIABILITIES:
Notes payable 312 0
Current portion of long term liabilities 0 155
Accounts payable 2611 2577
Accrued liabilities 2285 2573
Total current liabilities 5208 5305
Long term liabilities 0 1573
Deferred foreign taxes 1800 1800
Total liabilities 7008 8678
Minority interest in subsidiaries 125 125
SHAREHOLDERS' EQUITY (DEFICIENCY):
Common stock 4 18
Additional paid in capital 44098 40914
Treasury stock 0 -477
Capital stock subscribed 0 500
Accumulated deficit -48138 -47251
Total shareholders' equity (deficiency) 154 154
Total shareholders' equity (deficiency) -3882 -6142
Total liabilities and shareholders' 3251 2661
equity
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE CONSOLIDATED FINANCIAL
STATEMENTS
3
<PAGE>
<TABLE>
<CAPTION>
PHOTONICS CORPORATION
Consolidated Statements of Operations
(amounts in thousands, except per share data)
(unaudited)
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Three months ended Six months ended
June 30, June 30,
1996 1995 1996 1995
Revenues:
Product sales 1728 2868 4225 8716
Costs and expenses:
Cost of Revenue 1307 2294 3194 6908
Research and development 250 268 344 419
Selling, general and 660 652 1563 1392
administrative
Loss on disposal of assets and 0 0 0 242
divestiture of business unit
Income (loss) from -489 -346 -876 -245
operations
Interest income (expense) and other, -18 19 -10 24
net
Profit (loss) before -507 -327 -886 -221
taxes
Provision for taxes 1 1 1 1
Net Income (loss) -508 -328 -887 -222
Net income (loss) per share -0.12 -0.12 -0.23 -0.09
Shares used in per share calculation Shares
used in
per share
calculation
4332239 2678607 3898267 2530723
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE
CONSOLIDATED FINANCIAL STATEMENTS
4
<PAGE>
PHOTONICS CORPORATION
FORM 10-QSB
PART II OTHER INFORMATION
ITEM 1 Legal Proceedings -
Not Applicable
ITEM 2 Changes in Securities -
Not Applicable
ITEM 3 Defaults Upon Senior Securities -
Not Applicable
ITEM 4 Submission of Matters of a Vote of Security Holders -
Not Applicable
ITEM 5 Other Information -
Not Applicable
ITEM 6 Exhibits and Reports on Form 8-K -
(a) Exhibits
27.1 Financial Data Schedule
10
<PAGE>
PHOTONICS CORPORATION
FORM 10-QSB
SIGNATURE
Pursuant to the requirements of Section 3 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.
DTC DATA TECHNOLOGY
CORPORATION
Date: NOVEMBER 7, 1996 By:/S/ W. MORRIS
CHUBB
W. MORRIS CHUBB
CHIEF FINANCIAL
OFFICER
11
<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1996
<CASH> 121
<SECURITIES> 0
<RECEIVABLES> 1554
<ALLOWANCES> 0
<INVENTORY> 1061
<CURRENT-ASSETS> 3045
<PP&E> 3606
<DEPRECIATION> 3414
<TOTAL-ASSETS> 3251
<CURRENT-LIABILITIES> 5208
<BONDS> 0
0
0
<COMMON> 44579
<OTHER-SE> (48460)
<TOTAL-LIABILITY-AND-EQUITY> 3251
<SALES> 4225
<TOTAL-REVENUES> 4225
<CGS> 3194
<TOTAL-COSTS> 3194
<OTHER-EXPENSES> 344
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (886)
<INCOME-TAX> 1
<INCOME-CONTINUING> (886)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (887)
<EPS-PRIMARY> (.09)
<EPS-DILUTED> (.09)
</TABLE>
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