FORM 10-Q
AMENDMENT NO. 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 For the Three Month period ended June 30, 1999
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from _____ to _____. Commission file number ____
PHOTONICS CORPORATION
D/B/A DTC Data Technology
(Exact name of Small Business Issuer as specified in its charter)
California 77-0102343
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
1222 Alderwood Avenue (408) 745-9320
Sunnyvale, California 94089
(Address of Principal Executive Offices) (Issuer's telephone number)
Check whether the issuer: (1) filed all reports required to be filed by
Section 13 or 15(d) of the Securities Exchange Act of 1934 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 the issuer's Common Stock, $.001 par
value, as of June 30, 1999 was 4,396,272 shares.
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PHOTONICS CORPORATION
dba
DTC DATA TECHNOLOGY
For the quarter ended June 30, 1999
INDEX
Page Number
PART I FINANCIAL INFORMATION 2
ITEM I Interim Financial Statements
Amended Consolidated Balance Sheet as of
June 30, 1999 and March 31, 1999 3
Signatures 4
1
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PART 1 FINANCIAL INFORMATION
The condensed consolidated interim financial statements included herein have
been prepared by the Company, without audit, pursuant to the rules and
regulations of the Securities and Exchange Commission. Certain information
and footnote disclosures normally included in financial statements prepared
in accordance with generally accepted accounting principles have been
condensed or omitted pursuant to such rules and regulations, although the
Company believes that the disclosures made are adequate to make the
information presented not misleading. It is suggested that the condensed
consolidated interim financial statements be read in conjunction with the
consolidated financial statement and the notes thereto included in the
Company Annual Report on Form 10-K for the year ended December 31, 1998.
The accompanying consolidated interim financial statements have been
prepared, in all material respects, in conformity with the standards of
accounting measurements set forth in Accounting Principles Board Opinion No.
28 and reflect, in the opinion of management, all adjustments, which are of
a normal recurring nature, necessary to summarize fairly the financial
position and results of operations for such periods. The results of
operations for such interim periods are not necessarily indicative of the
results to be expected for the full year.
The amended consolidated balance sheet included herewith amends and replaces
The consolidated balance sheet filed with the 10-Q for the period ending
June 30, 1999.
2
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PHOTONICS CORPORATION
Consolidated Balance Sheet
(Amounts in thousands)
<TABLE>
<CAPTION>
June 30, March 31,
1999 1999
(Unaudited) (Unaudited)
<S> <C> <C>
Assets
Current Assets:
Cash and cash equivalents 7 $ 6
Accounts Receivable less reserves 319 427
Other Receivables (49) 0
Inventories, net 280 327
Prepaid expenses and other current assets 25 47
Total current assets 582 807
Furniture and equipment, net 18 18
Other Assets 15 15
Total Assets 615 840
Liabilities and shareholders equity (deficiency)
Current Liabilities:
Note Payable - AR Credit Line 98 125
Due to Related Parties 2,121 2,075
Accounts payable 1,376 1,669
Accrued liabilities 394 328
Total current liabilities 3,989 4,197
Deferred Taxes 0 0
Total Liabilities 3,989 4,197
Minority interest in subsidiaries 125 125
Shareholders' equity (deficiency):
Common stock 44,096 44,096
Treasury stock
Capital subscription 2,404 2,339
Accumulated deficit (49,869) (50,070)
Cumulative translation adjustment 154 154
Total shareholders' equity (deficiency) (3,374) (3,481)
Total liabilities and shareholders' equity $ 615 $ 840
</TABLE>
The accompanying notes are an integral part of these consolidated financial
statements
3
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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
PHOTONICS CORPORATION dba
DTC DATA TECHNOLOGY
DATE: August 23, 1999
BY: /s/ James T. Koo
Acting Chief Financial Officer
4
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<TABLE> <S> <C>
<S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
CONSOLIDATED BALANCE SHEET AS OF JUNE 30, 1999 AND THE CONSOLIDATED
STATEMENT OF OPERATIONS FOR THE THREE MONTHS ENDED JUNE 30, 1999 OF
PHOTONICS CORPORATION, AND IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> MAR-01-1999
<PERIOD-END> JUN-30-1999
<CASH> 7
<SECURITIES> 0
<RECEIVABLES> 319
<ALLOWANCES> 0
<INVENTORY> 280
<CURRENT-ASSETS> 562
<PP&E> 18
<DEPRECIATION> 3
<TOTAL-ASSETS> 615
<CURRENT-LIABILITIES> 3,989
<BONDS> 0
0
2,404
<COMMON> 44,096
<OTHER-SE> (49,869)
<TOTAL-LIABILITY-AND-EQUITY> 615
<SALES> 429
<TOTAL-REVENUES> 429
<CGS> 18
<TOTAL-COSTS> 197
<OTHER-EXPENSES> 500
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 106
<INCOME-PRETAX> (219)
<INCOME-TAX> 0
<INCOME-CONTINUING> (219)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (219)
<EPS-BASIC> (.05)
<EPS-DILUTED> (.03)
<PAGE>
</TABLE>
