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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q/A
(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 1996.
OR
[_] 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: 0-25356
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P-COM, Inc.
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(Exact name of Registrant as specified in its charter)
Delaware 77-0289371
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(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
3175 S. Winchester Boulevard, Campbell, California 95008
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(Address of principal executive offices) (zip code)
Registrant's telephone number, including area code: (408) 866-3666
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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 .
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As of September 30, 1996, there were 19,183,895 shares of the Registrant's
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Common Stock outstanding, par value $0.0001.
This quarterly report on Form 10-Q Consists of 24 pages which this is page 1.
The Exhibit Index appears on page 24.
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P-COM, INC.
Consolidated Condensed Statements of Cash Flows
(in thousands, unaudited)
Nine Months Ended September 30,
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1996 1995
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Cash flows from operating activities:
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Net income $ 7,891 $ 380
Adjustments to reconcile net income to net
cash used in operating activities:
Depreciation 2,940 711
Amortization 65 ---
Change in minority interest 591 ---
Non-cash charges --- 284
Changes (net of acquisition balances) in:
Accounts receivable (13,652) (10,896)
Inventories (10,926) (7,788)
Prepaid expenses (319) (243)
Other assets 430 (2)
Accounts payable (510) 6,628
Accrued employee benefits 9 (309)
Other accrued liabilities 735 354
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Net cash used in operating activities (12,746) (10,881)
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Cash flows from investing activities:
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Acquisition of property and equipment (8,504) (4,996)
Cash paid for acquisition of Geritel
S.p.A., net (2,714) ---
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Net cash used for investing activities (11,218) (4,996)
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Cash flows from financing activity:
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Payment of capital lease obligations --- (1,341)
Payment of notes payable (1,269) (2,610)
Proceeds from stock issuances, net of expense 53,886 37,183
Proceeds from sale leasebacks --- 112
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Net cash provided from financing
activities 52,617 33,344
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Effect of exchange rate changes on cash 80 ---
Net increase in cash and cash equivalents 28,733 17,467
Cash and cash equivalents at the beginning of
the period 7,655 1,294
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Cash and cash equivalents at the end of the
period $ 36,388 $ 18,761
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Supplemental disclosure of cash flow
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information:
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Cash paid for interest $ 36 $ 68
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Supplemental disclosure of non-cash financing
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activities
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Stock options issued for services $ --- $ 284
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The accompanying notes are an integral part of these
unaudited consolidated condensed financial statements.
5
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SIGNATURES
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Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the Registrant has duly caused this report to be signed on its behalf
by the undersigned thereunto duly authorized.
P-COM, INC.
(Registrant)
Date: November 15, 1996 By: /s/ George Roberts
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George Roberts
Chairman of the Board of Directors, President
and Chief Executive Officer
Date: November 15, 1996 By: /s/ Michael Sophie
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Michael Sophie
Chief Financial Officer,
Vice President Finance and
Administration and Controller
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