<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-QSB/A
QUARTERLY REPORT UNDER SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For Quarter Ended: September 30, 1996
STRUTHERS INDUSTRIES, INC.
-----------------------------------------------------------------
(Exact Name of Small Business Issuer as Specified in Its Charter)
Delaware 0-2707 73-0746455
- ---------------------------- ----------- ------------------
(State or other jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
1875 Century Park East, Suite 200, Los Angeles, CA 90067
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(Address of principal executive offices) (Zip Code)
Issuer's telephone number, including area code (310) 557-1875
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100 West 5th Street, Suite 601, Tulsa, OK 74103
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(Issuer's Former Address) (Zip Code)
Check whether the issuer (1) 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 registrant was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days. Yes [x] No [ ]
State the number of shares outstanding of each of the issuer's classes of common
equity, as of the latest practicable date:
Common Stock $0.10 Par Value 24,722,467
- -------------------------------------- -------------------------------
Class Outstanding at October 31, 1996
Transitional Small Business Disclosure Format (Check one): Yes [ ] No [x]
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STRUTHERS INDUSTRIES, INC.
(A MAJORITY OWNED SUBSIDIARY OF WINCO CORP.)
(A DEVELOPMENT STAGE COMPANY)
INDEX
PAGE NO.
--------
PART I. Financial Information
Item 1. Condensed Consolidated Balance Sheets --
September 30, 1996 and December 31, 1995 3-4
(Revised to reflect restated financial statements
of World Interactive Network, Inc. at December 31, 1995)
2
<PAGE> 3
PART I - FINANCIAL INFORMATION
STRUTHERS INDUSTRIES, INC.
(A MAJORITY OWNED SUBSIDIARY OF WINCO CORP.)
(A DEVELOPMENT STAGE COMPANY)
CONDENSED CONSOLIDATED BALANCE SHEETS
<TABLE>
<CAPTION>
SEPTEMBER 30, DECEMBER 31,
1996 1995
(Unaudited) (Audited)
------------- ------------
ASSETS
<S> <C> <C>
CURRENT ASSETS
Cash $ 311,151 $ 330,767
Equity securities 49,183 --
Accounts receivable, trade 229,851 --
Inventory 135,083 438,654
Prepaid expenses and other assets 612,712 656,689
Loans receivable 4,828,848 6,175
------------ -----------
6,166,828 1,432,285
PROPERTY AND EQUIPMENT, net 3,298,908 206,831
OTHER ASSETS
Broadcast licenses 90,984,412 --
Contract for broadcast equipment build-out 4,600,080 --
Real estate held for investment 29,122,683 4,349,762
Annuity -- 6,643,427
Property rights 6,000,030 --
Investment in unconsolidated companies 6,149,833 615,973
Investment securities 525,000 --
Other licenses 686,521 232,497
Trust deed receivable 49,151 49,151
Loan receivable from related company 7,920,183 13,850
Intellectual property rights 14,500 --
Trademark - WINCOM -- --
------------ -----------
Total other assets 146,052,393 11,904,660
============ ===========
$155,518,129 $13,543,776
============ ===========
</TABLE>
See notes to condensed consolidated financial statements
3
<PAGE> 4
STRUTHERS INDUSTRIES, INC.
(A MAJORITY OWNED SUBSIDIARY OF WINCO CORP.)
(A DEVELOPMENT STAGE COMPANY)
CONDENSED CONSOLIDATED BALANCE SHEETS
(CONTINUED)
<TABLE>
<CAPTION>
SEPTEMBER 30, DECEMBER 31,
1996 1995
(Unaudited) (Audited)
------------- ------------
LIABILITIES AND STOCKHOLDERS' DEFICIT
<S> <C> <C>
CURRENT LIABILITIES
Accounts payable $ 3,200,996 $ 1,080,444
Accrued commissions -- 1,328,024
Accrued officer compensation -- 93,742
Payroll taxes 98,331 469,002
Accrued interest 1,110,617 134,503
Other accrued expenses 416,430 --
Loans from related parties 37,676 8,500
Debentures payable 25,370 115,300
Demand loans payable 1,669,964 562,215
Current portion of long-term debt 107,335 --
Contract obligation -- --
Accrued settlement expense 3,250,000 --
------------ -----------
Total current liabilities 9,916,719 3,791,730
LONG-TERM OBLIGATIONS
Installment obligations to FCC 16,511,650 --
Other 508,678 --
PREFERRED STOCK OF SUBSIDIARY
Series A, B, C and D preferred
stock of subsidiary 197,428,860 39,241,964
Stock subscription receivable (851,554) --
Shares issued for future obligations (8,868,121) (4,529,639)
Shares issued to entities with a major
investment in the preferred stock (17,693,026) (10,892,992)
------------ -----------
Total preferred stock of subsidiary, net 170,016,159 23,819,333
STOCKHOLDERS' DEFICIT
Common stock 2,472,247 55,342
Additional paid-in capital 160,053 699,690
Stock subscription receivable (140,000) --
Deficit accumulated during the
development stage (43,927,377) (14,822,319)
------------ -----------
(41,435,077) (14,067,287)
------------ -----------
$155,518,129 $13,543,776
============ ===========
</TABLE>
See notes to condensed consolidated financial statements
4
<PAGE> 5
SIGNATURES
In accordance with the requirements of the Exchange Act, the registrant caused
this report to be signed on its behalf by the undersigned, thereunto duly
authorized.
STRUTHERS INDUSTRIES, INC.
By: /s/ Richard Wade
------------------------------
Richard Wade, Vice President
Dated: November 19, 1996
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM FINANCIAL
STATEMENTS AS OF SEPTEMBER 30, 1996 AND FOR THE NINE MONTH PERIOD THEN ENDED AND
IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FORM 10-QSB FOR THE QUARTER
ENDED SEPTEMBER 30, 1996.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> SEP-30-1996
<CASH> 311,151
<SECURITIES> 49,183
<RECEIVABLES> 249,851
<ALLOWANCES> 20,000
<INVENTORY> 135,083
<CURRENT-ASSETS> 6,166,828
<PP&E> 3,571,441
<DEPRECIATION> 272,533
<TOTAL-ASSETS> 155,518,129
<CURRENT-LIABILITIES> 9,916,719
<BONDS> 0
0
0
<COMMON> 2,472,247
<OTHER-SE> (43,907,324)
<TOTAL-LIABILITY-AND-EQUITY> 155,518,129
<SALES> 175,378
<TOTAL-REVENUES> 175,378
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 20,200,517
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 750,425
<INCOME-PRETAX> (21,994,682)
<INCOME-TAX> 0
<INCOME-CONTINUING> (21,994,682)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (21,994,682)
<EPS-PRIMARY> (1.71)
<EPS-DILUTED> (1.71)
</TABLE>
