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Previous: QUICKTURN DESIGN SYSTEMS INC, DEFA14A, 1998-10-01 |
Next: SHORT TERM INVESTMENTS CO /TX/, 497, 1998-10-01 |
================================================================================
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-QSB/A
[X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
FOR THE QUARTERLY PERIOD ENDED JUNE 30, 1998
[ ] TRANSITION REPORT UNDER SECTION 13 OR 15 (d) OF
THE SECURITIES EXCHANGE ACT OF 1934
FOR THE TRANSITION PERIOD FROM ___________ TO _______________
Commission File Number 0-25244
TRANS WORLD GAMING CORP.
---------------------------------------------------------------
(Exact name of small business issuer as specified in its charter)
Nevada 13-3738518
----------------------------- ----------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
One Penn Plaza, Suite 1503
New York, New York 10119-0002
------------------------------------------
(Address of principal executive offices)
(212) 563-3355
-------------------------------------------
(Issuer's telephone number including area code)
Check whether the Registrant (1) has filed all reports required to be filed by
Section 13 or 15(d) of the Securities and 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 ___.
Shares of the Registrant's Common Stock, par value $.001, outstanding as of
September 28, 1998: 3,044,286.
Transitional Small Business Disclosure Format (Check One): YES ___ NO X.
================================================================================
<PAGE>
The purpose of this Form 10-QSB/A is to revise certain information set forth in
the Form 10-QSB for the quarter ended June 30, 1998 in Part I, Item 1: Condensed
Consolidated Financial Statements, as filed with the Securities and Exchange
Commission on August 14, 1998. Part I, Item 1, as revised, is set forth below:
FINANCIAL INFORMATION
Item 1. Condensed Consolidated Statements
TRANS WORLD GAMING CORP.
Condensed Consolidated Balance Sheet
(In thousands)
<TABLE>
<CAPTION>
June 30,
1998
------------
<S> <C>
ASSETS
(unaudited)
CURRENT ASSETS
Cash & equivalents $3,766
Accounts/Notes receivable 1121
Inventories 65
Other current assets 197
------------
Total current assets 5,149
------------
PROPERTY AND EQUIPMENT -net 2,744
------------
OTHER ASSETS
Investment at equity 75
Goodwill 17,636
Deferred debt issuance costs, net 464
Deposits and deferred costs on investments 979
Deferred costs and other assets 224
------------
Total other assets 19,378
------------
TOTAL ASSETS $27,271
============
LIABILITIES AND STOCKHOLDERS EQUITY/(DEFICIT)
CURRENT LIABILITIES
Current portion of long term debt $1,797
Accounts payable and accrued expenses 3,390
------------
Total current liabilities 5,187
------------
LONG TERM DEBT, net of current portion 27,205
------------
STOCKHOLDERS EQUITY/(DEFICIT)
Capital stock 3
Additional paid-in-capital 8,896
Stock warrants outstanding 537
Accumulated deficit (14,557)
------------
Total stockholders equity/(deficit) (5,121)
------------
TOTAL LIABILITIES AND STOCKHOLDERS EQUITY/(DEFICIT) $27,271
============
</TABLE>
See accompanying notes to the financial statements
<PAGE>
TRANS WORLD GAMING CORP.
CONDENSED CONSOLIDATED STATEMENT OF EARNINGS
(In thousands except per share data)
(Unaudited)
<TABLE>
<CAPTION>
Six months ended Three months ended
June 30, June 30,
---------------------------------- -------------------------
1998 1997 1998 1997
---- ---- ---- ----
<S> <C> <C> <C> <C>
Revenues $6,358 $3,396 $4,789 $1,725
Costs and expenses
Cost of revenue 4,845 2,107 3,857 1,114
Administrative 979 595 769 267
Depreciation and Amortization 903 182 802 99
------------- ------------ -------------------------
Total costs and expenses 6,727 2,884 5,428 1,480
------------- ------------ -------------------------
Earnings/(loss) from operations (369) 512 (639) 245
Interest expense 925 354 670 182
------------- ------------ -------------------------
Earnings/(loss) before taxes (1,294) 158 (1,309) 63
Provision for tax 101 30 101 12
------------- ------------ -------------------------
Net earnings/(loss) ($1,395) $128 ($1,410) $51
============= ============ =========================
Earnings/(loss) per share - basic ($0.46) $0.04 ($0.46) $0.02
Weighted Average of Common
shares used in computing basic
earnings/(loss) per share 3,044 3,044 3,044 2,794
</TABLE>
See accompanying notes to the financial statements
<PAGE>
TRANS WORLD GAMING CORP.
Condensed Consolidated Statement of Cash Flows
(In thousands)
(Unaudited)
<TABLE>
<CAPTION>
Six months ended June 30,
----------------------------------
1998 1997
------------ ------------
<S> <C> <C>
Cash flows provided by operating activities $1,274 $291
Cash flows used by investing activities (14,953) (314)
Cash flows provided/(used) by financing activities 17,247 (211)
------------ ------------
Net increase/(decrease) in cash 3,568 (234)
Cash - beginning of period 198 489
------------ ------------
Cash - end of period $3,766 $255
============ ============
</TABLE>
See accompanying notes to the financial statements
<PAGE>
The further purpose of this Form 10-QSB/A is to revise certain
information which appeared in Part I, Item 2: Management's Discussion and
Analysis of Financial Condition or Plan of Operation - Liquidity and Capital
Resources," as follows:
a) The first sentence in the first paragraph in this section
on page 8 is deleted in its entirety and replaced with:
"The Company's working capital, defined as current assets
minus current liabilities, increased $1.0 million to $0.1
million for the six months ended June 30, 1998 from a working
capital deficit of ($0.9 million) at December 31, 1997."
b) The second sentence in the third paragraph in this Section
on page 8 is deleted in its entirety and replaced with:
"The Company will repay the principal and accrued interest in
nine equal monthly installments starting June 1, 1998 from
available cash flow, excluding cash flow from the European
casinos."
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
Date: September 29, 1998 TRANS WORLD GAMING CORP.
By: /s/ Dominick J. Valenzano
-------------------------
Dominick J. Valenzano
Chief Financial Officer
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