<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-QSB/A
(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES AND EXCHANGE ACT OF 1934
For Quarterly Period Ended December 31, 1996
OR
[_] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES AND EXCHANGE ACT OF 1934
Commission File Number: 0-24604
TIVOLI INDUSTRIES, INC.
- -------------------------------------------------------------------------------
(Exact name of small business issuer as specified in its charter)
California 95-2786709
- --------------------------------------------------------------------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
1513 East St. Gertrude Place, Santa Ana, California 92705
- --------------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
(714) 957-6101
- --------------------------------------------------------------------------------
(Registrant's telephone number, including area code)
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
----- -----
Indicate the number of shares outstanding of each of the registrant's classes of
common stock, as of the latest practicable date.
Class Outstanding at December 31, 1996
----- --------------------------------
Common stock, $.001 par value 3,920,721
Class A Warrants to purchase Common Stock 1,362,150
Class B Warrants to purchase Common Stock 1,362,150
<PAGE>
TIVOLI INDUSTRIES, INC.
STATEMENTS OF CASH FLOWS
(UNAUDITED)
<TABLE>
<CAPTION>
THREE MONTHS ENDED DECEMBER 31
------------------------------
1996 1995
------------ ------------
<S> <C> <C>
Cash flows from operating activities:
Net income $ 70,552 $ 59,117
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization 35,771 55,251
Deferred income taxes (41)
Changes in operating assets and liabilities:
Accounts receivable, net 364,606 128,779
Inventories (123,170) (113,260)
Prepaid expenses and other (2,066) (40,631)
Accounts payable (113,442) (60,383)
Accrued expenses and other current liabilities (25,223) (8,600)
------------ ------------
Net cash provided by operating activities 206,987 20,273
------------ ------------
Cash flows from investing activities:
Deposits and other 13,683 (7,119)
Capital expenditures (246,203) (15,851)
Patent expenditures 11,074 (39,400)
------------ ------------
Net cash used in investing activities (221,446) (62,370)
------------ ------------
Cash flows from financing activities:
Net borrowings under line of credit and notes
payable to bank (Note 3) (19,373) 71,016
------------ ------------
Net cash provided by financing activities (19,373) 71,016
------------ ------------
Net increase in cash and cash equivalents 4,914 28,919
------------ ------------
Cash and equivalents, beginning of period 1,692,928 1,971,778
------------ ------------
Cash and equivalents, end of period $1,697,842 $2,000,697
============ ============
</TABLE>
See accompanying notes to financial statements
-6-
<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: March 4, 1997 TIVOLI INDUSTRIES, INC.
/s/ TERRENCE C. WALSH
----------------------------------
Terrence C. Walsh
President, Chief Executive Officer
and Director
/s/ VINCENT F. MONTE
----------------------------------
Vincent F. Monte
Director and Chief Financial
Officer (Principal Financial
and Accounting Officer)
-13-
