<PAGE>
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q/A
AMENDMENT NO. 1
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 1996
Commission File Number: 0-27968
METEOR INDUSTRIES, INC.
(Exact Name of Issuer as Specified in its Charter)
COLORADO 84-1236619
(State or Other Jurisdiction of (I.R.S. Employer Identification Number)
Incorporation or Organization)
216 SIXTEENTH STREET, SUITE 730
DENVER, COLORADO 80202
(Address of Principal Executive Offices)
(303) 572-1137
(Registrant's Telephone Number,
Including Area Code)
Check whether the Issuer (1) has filed all reports required 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 Issuer was required to file such reports), and (2) has
been subject to such filing requirements for the past 90 days.
Yes X No___
There were 3,294,903 shares of the Registrant's $.001 par value common stock
outstanding as of June 30, 1996.
<PAGE>
METEOR INDUSTRIES, INC.
CONSOLIDATED BALANCE SHEET
ASSETS
June 30, 1996 December 31,
(Unaudited) 1995
CURRENT ASSETS
Cash and cash equivalents $ 705,137 $ 95,150
Restricted Cash 317,338 541,964
Accounts receivable-trade, net
of allowance 5,085,821 4,232,071
Notes receivable 180,953 156,962
Inventory 1,370,624 1,332,642
Deferred tax asset 98,672 149,824
Other current assets 134,354 151,103
Total current assets 7,892,899 6,659,716
Property, plant and equipment, net 8,816,211 8,568,392
Other assets
Notes receivable, related party 2,236,023 2,202,210
Investments in closely held businesses 688,758 409,141
Other assets 745,696 661,737
Total other assets 3,670,477 3,273,088
TOTAL ASSETS $20,379,587 $18,501,196
The accompanying notes are an integral part of the financial statements.
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<PAGE>
METEOR INDUSTRIES, INC.
CONSOLIDATED BALANCE SHEET
(Continued)
LIABILITIES AND SHAREHOLDERS' EQUITY
June 30, 1996 December 31,
(Unaudited) 1995
CURRENT LIABILITIES
Accounts payable, trade $ 3,758,869 $ 2,870,045
Bank overdraft -- 71,657
Current portion, long-term debt 576,823 561,048
Accrued expenses 168,296 196,909
Taxes payable 799,896 898,102
Revolving credit facility 2,032,532 2,275,512
Total current liabilities 7,336,416 6,873,273
Long-term debt 2,504,485 2,194,773
Deferred tax liability 1,686,126 1,893,579
Minority interest in subsidiary 3,901,030 3,615,398
Total liabilities 15,555,284 14,577,023
SHAREHOLDERS' EQUITY
Common stock, $.001 par value;
authorized 10,000,000 shares,
3,294,903 shares issued and
outstanding 3,295 3,025
Paid-in capital 3,200,438 2,508,813
Retained earnings 1,620,570 1,412,335
Total shareholders' equity 4,824,303 3,924,173
TOTAL LIABILITIES AND SHARE-
HOLDERS' EQUITY $20,379,587 $18,501,196
The accompanying notes are an integral part of the financial statements.
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<PAGE>
METEOR INDUSTRIES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
For the Three Months Ended June 30, 1996 and 1995
(UNAUDITED)
June 30, June 30,
1996 1995
Net sales $15,993,019 $ 268,856
Cost of sales 13,430,437 --
Gross profit 2,562,582 268,856
Selling, general and adminis-
trative expenses 2,037,756 224,606
Depreciation 212,489 15,000
Total expenses 2,250,245 239,606
Income (loss) from operations 312,337 29,250
Other income and (expenses)
Interest income 132,213 --
Interest expense (122,253) --
Gain (loss) on sale of assets -- --
Total other income 9,960 --
Income (loss) before income taxes
and minority interest 322,297 29,250
Provision for income taxes 192,034 --
Income (loss) from continuing oper-
ations before minority interest 130,263 29,250
Minority interest 95,316 --
Income (loss) from continuing
operations 34,947 29,250
Discontinued operations:
Income from discontinued
operations -- 154,315
Net income (loss) $ 34,947 $ 183,565
Income (loss) per common share
from continuing operations $ .01 $ .01
Net income per common share $ .01 $ .10
The accompanying notes are an integral part of the financial statements.
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<PAGE>
METEOR INDUSTRIES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
For the Six Months Ended June 30, 1996 and 1995
(UNAUDITED)
June 30, June 30,
1996 1995
Net sales $29,378,558 $433,889
Cost of sales 24,260,360 --
Gross profit 5,118,198 433,889
Selling, general and adminis-
trative expenses 3,998,806 481,763
Depreciation 433,578 15,000
Total expenses 4,432,384 496,763
Income (loss) from operations 685,814 (62,874)
Other income and (expenses)
Interest income 186,914 --
Interest expense (249,953) --
Gain (loss) on sale of assets 31,105 --
Total other income (31,934) --
Income (loss) before income taxes
and minority interest 653,880 (62,874)
Provision for income taxes 255,013 --
Income (loss) from continuing oper-
ations before minority interest 398,867 (62,874)
Minority interest 190,632 --
Income (loss) from continuing
operations 208,235 (62,874)
Discontinued operations:
Income from discontinued operations -- 232,986
Net income (loss) $ 208,235 $170,112
Income (loss) per common share
from continuing operations $ .07 $ (.03)
Net income per common share $ .07 $ .09
The accompanying notes are an integral part of the financial statements.
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<PAGE>
METEOR INDUSTRIES, INC.
CONSOLIDATED STATEMENT OF CASH FLOWS
For the Six Months Ended June 30, 1996 and 1995
(UNAUDITED)
June 30, June 30,
1996 1995
Cash flows from operating activities
Net income (loss) $ 208,235 $ 170,112
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depreciation and amortization 433,578 15,000
Gain (loss) on disposal of property
& equipment (31,105) --
Deferred income taxes (29,074) --
Minority interest 190,632 --
Changes in assets and liabilities, net of
effects from reverse acquisition
(Increase) decrease in accounts receivable (853,750) (20,664)
(Increase) in inventories (37,982) --
(Increase) decrease in other current assets 16,749 776
Increase in accounts payable 888,818 55,269
Increase (decrease) in accrued liabilities (28,613) --
Increase (decrease) in taxes payable (98,206) --
(Increase) in other assets (83,959) --
Discontinued operations -- (232,986)
Net cash provided by operating activities 575,323 (12,493)
Cash flows from investing activities
Purchases of property, equipment and
investment (834,909) (2,666)
Net cash used by investing activities (834,909) (2,666)
Cash flows from financing activities
Payments on revolving credit facilities (242,980) --
Decrease in bank overdraft (71,657) --
Note receivable payments (57,804) --
Payments on long-term debt (197,768) --
Borrowings 523,255 --
Restricted cash 224,626 --
Sale of Stock 691,901 --
Net cash provided by financing activities 869,573 --
Net increase in cash and equivalents 609,987 (15,159)
Cash and equivalents, beginning of period 95,150 1,277
Cash and equivalents, end of period $ 705,137 $(13,882)
The accompanying notes are an integral part of the financial statements.
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<PAGE>
METEOR INDUSTRIES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
JUNE 30, 1996
NOTE 1 -- BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
Meteor Industries, Inc. ("Meteor" or "Company") was incorporated on December
22, 1992, as a Colorado based holding company. Graves Oil & Butane Co., Inc.
("Graves"), which was acquired effective September 1, 1993, is a distributor
of petroleum products primarily in northern New Mexico, Colorado, Arizona and
Utah. Graves also operates gasoline and convenience stores in northern New
Mexico and Colorado. El Boracho, Inc., which was acquired September 1, 1993,
holds a liquor license for use by an Albuquerque, New Mexico convenience
store. Hillger Oil Company ("Hillger"), which was acquired effective April 1,
1995, is a distributor of petroleum products primarily in southern New Mexico.
In addition, Hillger operates gasoline and convenience stores in southern New
Mexico. Capco Resources, Inc. ("CRI"), is a holding Company which owns an
equity in Saba Power Company Ltd. ("Saba Power") which is involved in
developing a power project in Pakistan, and Capco Analytical Services, Inc.
("CAS") which is involved in providing environmental consulting and laboratory
analysis in California, both were acquired in November 1995. The acquisition
of CRI was accounted for as a reverse acquisition with CRI treated as the
acquirer. The historical accounts of CRI are reflected in the financial
statements for the previous year.
The consolidated financial statements include the accounts of Meteor
Industries, Inc., and its wholly owned subsidiaries, Graves, (including its
wholly owned subsidiary, El Boracho, Inc.) Hillger, CRI and CAS. All
significant intercompany transactions and balances have been eliminated in
consolidation.
These financial statements have been prepared in accordance with generally
accepted principles for interim financial information. Accordingly, they do
not include all of the information and footnotes required by generally
accepted accounting principles for complete financial statements. In the
opinion of management, such interim statements reflect all adjustments
(consisting of normal recurring accruals) necessary to present fairly the
financial position and the results of operations and cash flows for the
interim periods presented. The results of operations for these interim
periods are not necessarily indicative of the results to be expected for the
full year. These financial statements should be read in conjunction with the
audited consolidated financial statements and footnotes for the year ended
December 31, 1995, filed with the Company's Form 10.
Earnings per common and common equivalent share are computed by dividing the
net income by the weighted average number of common shares. The number of
shares used in the earnings per share computation for the three months ended
June 30, 1996, is 3,114,903; for the six months ended June 30, 1996, is
3,069,903; and for the three and six months and the pro forma periods ended
June 30, 1995 is 1,745,000. The number of shares reflects Meteor's share
activity during 1996 and CRI's equivalent share activity during 1995.
-7-
<PAGE>
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS FOR METEOR INDUSTRIES, INC.
LIQUIDITY AND CAPITAL RESOURCES
Effective November 2, 1995, Meteor acquired CRI. The acquisition was treated
as a reverse acquisition of Meteor by CRI. Accordingly, the historical
accounts of CRI are reflected in the financial statements, so comparisons with
prior year are not very meaningful.
Net cash provided by operating activities totaled $575,000 for the six months
ended June 30, 1996 compared to a use of funds of $12,000 for the six months
ended June 30, 1995. The increase in cash provided is primarily related to
increases in net income and accounts payable.
As of June 30, 1996, the Company had working capital of $556,000 compared to
a working capital deficit of $214,000 at December 31, 1995. The increase in
the working capital is due primarily to sale of stock of yielding net proceeds
of $692,000.
Net cash used by investing activities totaled $835,000 for the six months
ended June 30, 1996, compared to a use of $3,000 for the six months ended June
30, 1995. The increase is for property, equipment purchases and investments
in 1996.
Because of the Company's continued expansion and development efforts, the
Company's liquidity requirements have increased and are expected to continue
to increase as a result of the need to reduce the Company's existing debt
related to prior acquisitions.
Net cash provided by financing activities totaled $870,000 for the six months
ended June 30, 1996 compared to a use of $0 for the six months ended June 30,
1995. The provision is primarily related to sale of stock and borrowings
related to property purchases.
The Company has two revolving bank credit facilities with Norwest Business
Credit, Inc. - one for $3,000,000 and one for $1,500,000. The credit lines
are subject to the borrowing base of the Company's subsidiaries, as defined
and on June 30, 1996, $1,901,000 and $132,000 were borrowed against the
facilities. The Company has been in default on timely filing of information
with the lender. Rather than change the due dates of various reports, the
lender has given written waivers of this requirement in the past and has
indicated they will probably continue to waive it in the future whenever the
Company might be late in filing such information. The Company has filed such
information in a timely manner during the past several months, but because of
very short time requirements the Company may not be able to file timely in the
future.
The Company has a term loan with a New Mexico bank which is due in January,
1998 and a term loan with Norwest Business Credit, Inc which is due in June,
1998. The balances at June 30, 1996, were $312,000 and $291,000,
respectively. The loans are collateralized by real estate and buildings and
equipment and require approximately $29,000 per month in payments.
The Company owns 50% of a limited liability company which in June, 1996,
acquired a convenience store for $610,000 using financing from Phillips 66 for
$523,000. The Company is a co-signer on this loan which has a term of 10
years.
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<PAGE>
A subsidiary of the Company has preferred stock outstanding which requires no
periodic payments but accrues an 8% dividend and must be redeemed for
$3,543,500 plus accrued dividends at the holders request any time after
September 15, 2000 unless earlier converted into common stock pursuant to its
terms. This preferred stock is treated as a minority interest on the balance
sheet and recorded at its discounted value.
The Company owes the founder of one of its subsidiaries $1,868,000 payable in
semi-annual installments of $200,000 which includes principal and interest
calculated at 2 percentage points in excess of Citibank's prime rate. All
previously unpaid principal and interest is due October 1, 1997. It is
anticipated that $435,000 will be offset by payments on notes receivable from
the founder also due October 1, 1997.
The Company is obligated to pay lease costs of approximately $61,000 monthly
for land, building, facilities, and equipment.
In order to pay its obligations, the interest on such obligations and other
expenses, the Company must generate cash flows from operations which exceeds
that which has been achieved in the past. In addition, even if historical
cash flow is exceeded throughout the terms of its obligations, the Company
will probably be required to raise capital or refinance its existing debt in
order to pay its obligations as they become due.
In June 1996, the Company reaffirmed a Letter of Intent with an underwriter
concerning a proposed second public offering of the Company's Common Stock.
Under the terms of the Letter of Intent, the proposed offering would be for at
least $2 million on a "firm commitment" basis. Such offering is expected to
occur during the third quarter of 1996, subject to a number of contingencies
including a registration statement to be filed with the Securities and
Exchange Commission becoming effective.
The Company utilizes underground tanks at various locations to store
petroleum products and is therefore subject to various federal and state
statutes concerning environmental protection, as well as the New Mexico
Ground Water Protection Act. The various federal and state statutes are
designed to identify environmental damage, identify hazardous material
and/or operations, regulate operations engaged in hazardous activities, and
establish procedures for remedial action as necessary.
The state of New Mexico has recognized the potential cleanup costs resulting
from regulations, and the New Mexico Ground Water Protection Act has in-
cluded the establishment of a corrective action fund. The purpose of the
fund is to provide monetary assistance in both assessing site damage and
correcting the damage where such costs are in excess of $10,000. Assistance
is not available to repair or replace underground tanks or equipment. The
law specifies requirements which must have been met for an applicant to be
eligible, including a provision that payments will be made in accordance with
regulations (which have not yet been issued), and states that payment from the
corrective action fund are limited to amounts in that fund. The Company is
responsible for any contamination of land it owns or leases; however, the
Company's responsibilities may be limited as a result of possible claims for
reimbursement from third parties.
The Company maintains detailed inventory records and performs tank and line
tightness tests on a regular basis on all underground storage tanks.
Management has assessed the environmental contingencies and does not
anticipate any potential liabilities that will have a material adverse effect
on the consolidated financial position, results of operation, or liquidating
of the Company.
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<PAGE>
The Pakistan power project will not provide any significant cash flow to the
Company for approximately three to four years. In August 1996, CRI negotiated
an amendment to the Project Development and Shareholder's Agreement. This
agreement allows CRI to make approximately a $1,700,000 equity investment in
the Pakistan power project in exchange for approximately an 8% interest in
Saba Power. In addition, CRI will have an option (the "Project Option") to
increase its interest in Saba Power by an additional 9.93% for 750 days. If
the Company chooses to fully exercise such Project Option, it will have to
invest approximately $4,400,000 plus "interest" accruing at 14% per annum
during the period in which the Project Option remains unexercised. CRI can
take advantage of this Project Option to a lesser degree by making a
proportionately smaller equity investment.
In August 1996, CRI entered into an agreement with Saba Petroleum Company
("Saba") whereby Saba, a related party, is participating with CRI in the
Pakistan power project. Saba has agreed to invest $500,000 for a 2.3%
interest in Saba Power. Saba has no interest in the Project Option. As a
result of the above described agreements CRI will invest approximately
$1,200,000 for a 5.7% interest in Saba Power and CRI has retained its Project
Option to increase its interest up to approximately 15.6%. As of June 30,
1996, CRI had invested approximately $302,000.
Meteor will provide CRI the necessary funds for the remainder of the Saba
Power equity commitment from the proceeds of a private placement of Meteor's
Common Stock completed in June 1996 and expects the partial collection
($500,000) on its note receivable from Saba Petroleum Company. CRI has a
commitment outstanding for $75,000 as a finders fee to an unaffiliated party
due upon completion of the project of which one half is to be reimbursed by
one of the other shareholders of Saba Power.
On July 14, 1996, the Government of Pakistan gave notice to Saba Power that
Saba Power was in default of certain provisions in the Implementation
Agreement which required construction of the power project to start by July 3,
1996. The Implementation Agreement and the notice states that Saba Power has
90 days from the date of the notice to cure such default.
In early August 1996, Saba Power and the shareholders thereof completed the
final negotiations with the project's construction lender. When certain
consents are obtained from the Government of Pakistan, which consents relate
to the construction loan documents, construction activities will commence and
the default would then be cured. It is anticipated that such consents will be
obtained and construction will begin by the end of August 1996, well before
the end of the 90 day period provided in the notice of default.
RESULTS OF OPERATIONS
COMPARISON OF THE THREE MONTHS ENDED JUNE 30, 1996 TO JUNE 30, 1995
The Company is primarily engaged in the business of marketing and distributing
refined petroleum and related products employing wholesale, convenience store
operations and environmental services.
The following table sets forth, for the three month period ended June 30, 1996
and 1995 certain items of the Company's Consolidated Statements of Operations.
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<PAGE>
Percentage of Sales
1996 1995 1995
(Pro Forma)
Net Sales 100.0% 100.0% 100.0%
Cost of Sales 84.0% --% 84.7%
Gross Profit 16.0% 100.0% 15.3%
Selling, General &
Administrative Expenses 12.7% 83.5% 15.5%
Depreciation Expense 1.3% 5.6% 1.2%
Other Income and Expenses --% --% .5%
Income Taxes (Benefit) .12% --% (.3)%
Minority Interest .6% --% .6%
Net Income (loss) from
continuing operations .2% 10.9% (1.2)%
_______________
The pro forma operations for the quarter ended June 30, 1995 combines the
operations of Meteor for the quarter ended May 31, 1995, the operations of
Hillger for the month ended March 31, 1995, and the operations of CRI and CAS
for the three months ended June 30, 1995.
The Company's sales for the three months ended June 30, 1996, were $15,993,000
compared to $269,000 for the comparable period ending June 30, 1995 and
$14,737,000 on a pro forma basis. The increase in revenue on a pro forma
basis is due to an increase in sales at Graves of $651,000, an increase at
Hillger of $436,000, an increase of $58,000 at CAS and an increase at Meteor
of $111,000. The increase in revenues is due to increases in volumes and
prices. Sales are expected to be relatively constant throughout the remainder
of the year.
The Company's cost of sales for the three months ended June 30, 1996, were
$13,430,000 compared to $0 for the comparable period ended June 30, 1995, and
$12,494,000 on a pro forma basis. The increase in costs of sales on a pro
forma basis is due to an increase in sales as discussed above.
The Company's gross profit for the three months ended June 30, 1996, was
$2,563,000 compared to $269,000 for the comparable period ended June 30, 1995
and $2,243,000 on a pro forma basis. The increase is primarily related to
higher sales and increased margins for gasoline at the retail level. Retail
gasoline margins are dictated by competition in a given area and the Company
has no control over such margins.
The Company's selling, general and administrative expenses were $2,038,000 for
the three months ended June 30, 1996, compared to $225,000 for the three
months ended June 30, 1995 and $2,279,000 on a pro forma basis. The reduction
in expenses on a pro forma basis is related to combining the operations of
Hillger and Graves and realizing the benefits of overhead reduction and
reduction of certain operating costs.
The Company's depreciation for the three months ended June 30, 1996, was
$212,000 compared to $15,000 for the comparable period ended June 30, 1995 and
$172,000 on a pro forma basis. The increase in depreciation expense is due
primarily to the step up in basis of property due to the reverse acquisition.
The Company's other income for the three months ended June 30, 1996 was
$10,000 compared to $0 for the comparable period ended June 30, 1995 and
$74,000 on a pro forma basis. The reasons for the decrease on a pro forma
basis are primarily
-11-
<PAGE>
related to an increase in interest income of $58,000 related to the notes
receivable, a reduction in interest expense of $16,000 due to a reduction in
long term debt, and a decrease of $138,000 due to no sales of assets this
quarter.
The Company's income from continuing operations for the three months ended
June 30, 1996 was $35,000 compared to income from continuing operations of
$29,000 in the prior year and a loss of $183,000 on a pro forma basis.
COMPARISON OF THE SIX MONTHS ENDED JUNE 30, 1996 TO JUNE 30, 1995
The Company is primarily engaged in the business of marketing and distributing
refined petroleum and related products employing wholesale, convenience store
operations and environmental services.
The following table sets forth, for the six month period ended June 30, 1996
and 1995 certain items of the Company's Consolidated Statements of Operations.
Percentage of Sales
1996 1995 1995
(Pro Forma)
Net Sales 100.0% 100.0% 100.0%
Cost of Sales 82.6% --% 83.2%
Gross Profit 17.4% 100.0% 16.8%
Selling, General &
Administrative Expenses 13.6% 111.0% 16.6%
Depreciation Expense 1.5% 3.5% 1.1%
Other Income and Expenses (.1)% --% .5%
Income Taxes (Benefit) .9% --% (.2)%
Minority Interest .6% --% .7%
Net Income (loss) from
continuing operations .7% (14.5)% (.9)%
_______________
The pro forma operations for the six months ended June 30, 1995 combines the
operations of Meteor for the six months ended May 31, 1995, the operations of
Hillger for the three months ended March 31, 1995, and the operations of CRI
and CAS for the six months ended June 30, 1995.
The Company's sales for the six months ended June 30, 1996, were $29,379,000
compared to $434,000 for the comparable period ending June 30, 1995 and
$29,016,000 on a pro forma basis. The increase in revenue on a pro forma
basis is due to an increase in sales at Graves of $69,000, an increase at
Hillger of $71,000, an increase of $112,000 at CAS and an increase at Meteor
of $111,000. The increase in revenues is due to increases in volumes and
prices. Sales are expected to be relatively constant throughout the remainder
of the year.
The Company's cost of sales for the six months ended June 30, 1996, were
$24,260,000 compared to $0 for the comparable period ended June 30, 1995, and
$24,152,000 on a pro forma basis. The increase in costs of sales on a pro
forma basis is due to an increase in sales as discussed above.
The Company's gross profit for the six months ended June 30, 1996, was
$5,118,000 compared to $434,000 for the comparable period ended June 30, 1995
and $4,864,000 on a pro forma basis. The increase is primarily related to
higher sales and
-12-
<PAGE>
increased margins for gasoline at the retail level. Retail gasoline margins
are dictated by competition in a given area and the Company has no control
over such margins.
The Company's selling, general and administrative expenses were $3,999,000 for
the six months ended June 30, 1996, compared to $482,000 for the comparable
period ended June 30, 1995 and $4,816,000 on a pro forma basis. The reduction
in expenses on a pro forma basis is related to combining the operations of
Hillger and Graves and realizing the benefits of overhead reduction and
reduction of certain operating costs.
The Company's depreciation for the six months ended June 30, 1996, was
$434,000 compared to $15,000 for the comparable period ended June 30, 1995 and
$320,000 on a pro forma basis. The increase in depreciation expense is due
primarily to the step up in basis of property due to the reverse acquisition.
The Company's other income for the six months ended June 30, 1996 was
$(32,000) compared to $0 for the comparable period ended June 30, 1995 and
$138,000 on a pro forma basis. The reasons for the decrease on a pro forma
basis are primarily related to an increase in interest income of $43,000
related to the notes receivable, a reduction in interest expense of $32,000
due to a reduction in long term debt, and a decrease of $245,000 due to fewer
sales of assets this quarter.
The Company's provision for income taxes for the six months ended June 30,
1996, was $225,000 compared to $0 for the comparable period ended June 30,
1995, and $(48,000) on a pro forma basis. The reasons for the increase is due
to income from continuing operation this period compared to a loss for the
comparable period last year.
The Company's income from continuing operations for the six months ended June
30, 1996 was $208,000 compared to a loss from continuing operations of $63,000
in the prior year and a loss of $277,000 on a pro forma basis.
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<PAGE>
SIGNATURES
In accordance with the requirements of the Exchange Act, the Issuer caused
this Amendment to be signed on its behalf by the undersigned, thereunto duly
authorized.
METEOR INDUSTRIES, INC.
By /s/ Dennis R. Staal
Dennis R. Staal, Treasurer(Chief
Financial and Accounting Officer)
Dated: September 26, 1996
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<PAGE>
EXHIBIT INDEX
EXHIBIT METHOD OF FILING
- ------- -----------------------------
27. FINANCIAL DATA SCHEDULE Filed herewith electronically
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from the
consolidated balance sheets and consolidated statements of operations found on
pages 3, 4 and 5 of the Company's Form 10-Q for the year to date, and is
qualified in its entirety by reference to such financial statements.
</LEGEND>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> JUN-30-1996
<CASH> 1,022,475
<SECURITIES> 0
<RECEIVABLES> 5,266,774
<ALLOWANCES> 0
<INVENTORY> 1,370,624
<CURRENT-ASSETS> 7,892,899
<PP&E> 8,816,211
<DEPRECIATION> 0
<TOTAL-ASSETS> 20,379,587
<CURRENT-LIABILITIES> 7,336,416
<BONDS> 0
<COMMON> 3,295
0
0
<OTHER-SE> 4,821,008
<TOTAL-LIABILITY-AND-EQUITY> 20,379,587
<SALES> 29,378,558
<TOTAL-REVENUES> 29,378,558
<CGS> 24,260,360
<TOTAL-COSTS> 24,260,360
<OTHER-EXPENSES> 4,432,384
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 249,953
<INCOME-PRETAX> 463,248
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