<PAGE> 1
U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-QSB/A-1
(X) QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended SEPTEMBER 30, 1994
-----------------------------------------
or
( ) TRANSITION REPORT UNDER SECTION 13 or 15(d) OF THE EXCHANGE ACT
For the transition period from to
----------------- ---------------------
Commission file number 0-17893
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TELTRONICS, INC.
------------------------------------------------------------------------------
(Exact name of small business issuer as specified in its charter)
Delaware 59-2937938
---------------------------------- ------------------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
2150 Whitfield Industrial Way, Sarasota, FL 34243-4046
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(Address or principal executive offices)
Issuer's telephone number (813) 753-5000
----------------------------------------------------
Not Applicable
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(Former name, former address and former fiscal year, if changed since last year)
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
-------- -------
APPLICABLE ONLY TO CORPORATE ISSUERS
State the number of shares outstanding of each of the issuer's
classes of common equity, as of the latest practicable date: 984,640.
(See "SUBSEQUENT EVENTS" page 9)
<PAGE> 2
PART I - FINANCIAL INFORMATION
TELTRONICS, INC.
BALANCE SHEET
ASSETS
<TABLE>
<CAPTION>
September 30, 1994 December 31, 1993
------------------ -----------------
(Unaudited)
<S> <C> <C>
CURRENT ASSETS:
Cash and cash equivalents $ 13,680 $ 10,332
Accounts receivable, net of allowance for
doubtful accounts of $30,723 at
September 30, 1994 and $120,000 at
December 31, 1993 2,311,725 2,038,447
Inventories 3,146,314 2,430,284
Due from Whitfield Capital of Sarasota, Inc. 2,637 212,000
Due from Receivable Dynamics, Inc. 44,879 44,879
Income taxes receivable 668,700 378,780
Deferred income taxes 0 150,900
Other current assets 108,740 141,939
---------------- ----------------
Total current assets 6,296,675 5,407,561
---------------- ----------------
PROPERTY AND EQUIPMENT, NET 1,046,771 1,225,110
---------------- ----------------
OTHER ASSETS:
Prepaid loan guarantee, net 305,679 326,676
Advances to H&N Management Co., Inc. 613,894 716,176
Marketable equity securities 0 652,000
Software development costs, net 1,401,030 999,130
Software licensing rights, net 1,044,261 1,280,504
Other 105,544 140,544
---------------- ----------------
Total other assets 3,470,408 4,115,030
---------------- ----------------
TOTAL ASSETS $ 10,813,854 $ 10,747,701
================ ================
</TABLE>
See accompanying notes
2
<PAGE> 3
TELTRONICS, INC.
BALANCE SHEET
(Continued)
LIABILITIES AND SHAREHOLDERS' EQUITY
<TABLE>
<CAPTION>
September 30, 1994 December 31, 1993
------------------ -----------------
(Unaudited)
<S> <C> <C>
CURRENT LIABILITIES:
Note payable on Line of Credit $ 1,870,205 $ 1,610,989
Current portion of long term debt 1,481,558 1,361,065
Bank overdraft 0 87,800
Accounts payable 1,435,123 1,176,435
Accrued liabilities 849,970 731,646
Deferred income 82,766 82,766
---------------- ----------------
Total current liabilities 5,719,622 5,050,701
---------------- ----------------
LONG-TERM LIABILITIES:
Long-term debt, less current portion 872,819 946,210
Deferred income taxes 0 421,450
---------------- ----------------
Total long-term liabilities 872,819 1,367,660
---------------- ----------------
SHAREHOLDERS' EQUITY:
Common stock, $.001 par, 50,000,000
shares authorized, 808,760 issued and
outstanding at September 30, 1994 and
573,760 at December 31, 1993 809 574
Additional paid-in capital 8,191,284 7,900,119
Shares issued for future services (1,315,753) (1,605,873)
Accumulated deficit (2,654,927) (1,965,480)
---------------- ----------------
Total shareholders' equity 4,221,413 4,329,340
---------------- ----------------
TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY $ 10,813,854 $ 10,747,701
================ ================
</TABLE>
See accompanying notes
3
<PAGE> 4
TELTRONICS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
<TABLE>
<CAPTION>
3 MONTHS ENDED 9 MONTHS ENDED
-------------------------------- --------------------------------
SEPTEMBER 30, SEPTEMBER 30,
1994 1993 1994 1993
------------- ------------- ------------ -------------
<S> <C> <C> <C> <C>
SALES $ 3,417,146 $ 2,345,286 $ 11,040,409 $ 7,854,496
COST OF GOODS SOLD 1,670,136 1,138,123 5,511,666 3,980,505
------------- ------------- ------------ -------------
GROSS PROFIT 1,747,010 1,207,163 5,528,743 3,873,991
------------- ------------- ------------ -------------
OPERATING EXPENSES
General and administrative 790,580 600,009 2,064,397 1,811,084
Research and development 218,254 225,690 805,846 934,756
Selling and marketing expenses 1,029,159 1,015,120 2,678,574 2,727,633
------------- ------------- ------------ -------------
2,037,993 1,840,819 5,548,817 5,473,473
------------- ------------- ------------ -------------
OPERATING INCOME (LOSS) (290,983) (633,656) (20,074) (1,599,482)
OTHER INCOME (EXPENSES)
Interest (67,129) (41,857) (173,215) (135,186)
Gain/Loss on ComCentral transactions (897,781) 0 (897,781) 1,240,000
Miscellaneous (298) 2,728 6,497 4,640
Equity in earnings of ComCentral 0 0 0 (107,736)
Financing expense (165,344) 0 (165,344) 0
Sales commission to H&N 0 0 0 (300,000)
------------- ------------- ------------ -------------
INCOME (LOSS) BEFORE
INCOME TAXES (1,421,535) (672,785) (1,249,917) (897,764)
PROVISION (BENEFIT) FOR
INCOME TAXES (560,470) 0 (560,470) 0
------------- ------------- ------------ ------------
NET INCOME (LOSS) $ (861,065) $ (672,785) $ (689,447) $ (897,764)
============= ============= ============ =============
NET INCOME (LOSS) PER SHARE $ (1.17) $ (1.36) $ (1.10) $ (1.89)
============= ============= ============ =============
AVERAGE NUMBER OF COMMON
SHARES OUTSTANDING 737,238 494,630 628,852 474,163
============= ============= ============ =============
</TABLE>
See accompanying notes
4
<PAGE> 5
TELTRONICS, INC.
STATEMENT OF SHAREHOLDERS' EQUITY (UNAUDITED)
<TABLE>
<CAPTION>
Retained
COMMON STOCK Additional Shares Issued Earnings
----------------------- Paid-In for Future (Accumulated
Shares Amount Capital Services Deficit) Total
---------- --------- ------------ -------------- -------------- ------------
<S> <C> <C> <C> <C> <C> <C>
BALANCE AT,
December 31, 1993 573,760 $ 574 $ 7,900,119 $ (1,605,873) $ (1,965,480) $ 4,329,340
Issuance of shares to
Consultants for
future services 235,000 235 291,165 (291,400) 0 0
Amortization of value
of shares issued
for services 0 0 0 581,520 0 581,520
Net Profit 0 0 0 0 (689,447) (689,447)
---------- --------- ------------ -------------- ------------- -------------
BALANCE AT,
September 30, 1994 808,760 $ 809 $ 8,191,284 $ (1,315,753) $ (2,654,927) $ 4,221,413
</TABLE>
See accompanying notes
5
<PAGE> 6
TELTRONICS, INC.
STATEMENTS OF CASH FLOWS (UNAUDITED)
<TABLE>
<CAPTION>
9 MONTHS ENDED
-------------------------------------------
September 30,
-------------------------------------------
1994 1993
---------------- ----------------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ (689,447) $ (897,764)
Adjustments to reconcile net income
to net cash:
Depreciation and amortization 898,251 376,114
Reduction of shares issued for
future services 581,520 119,145
Changes in assets and liabilities:
Loss on ComCentral transactions 652,000 0
Accounts receivable and other assets (102,799) (279,402)
Income tax receivable (289,920) 0
Inventories (716,030) 357,440
Due from affiliates 209,363 0
Deferred income taxes (270,550) (31,150)
Accounts payable and accrued liabilities 289,213 250,586
Income taxes payable 0 (7,462)
Other current liabilities 0 (49,084)
---------------- ----------------
Net cash flows from operating activities 561,601 (161,577)
---------------- ----------------
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment (97,571) (161,977)
Deferred charges and other noncurrent assets 0 432,788
Capitalized software development costs (767,000) (312,000)
---------------- ----------------
Net cash flows from investing activities (864,571) (41,189)
---------------- ----------------
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from line of credit 10,322,500 7,994,184
Repayment on line of credit (10,063,284) (8,040,409)
Repayment of notes payable and
other long-term debt (77,898) (92,621)
Addition to long-term debt 0 126,420
Proceeds from notes payable 125,000 195,956
---------------- ----------------
Net cash flows from financing activities 306,318 183,530
---------------- ----------------
Net increase (decrease) in cash 3,348 (19,236)
Cash and cash equivalents, beginning of year 10,332 34,526
---------------- ----------------
Cash and cash equivalents, end of period $ 13,680 $ 15,290
================ ================
</TABLE>
See accompanying notes
6
<PAGE> 7
TELTRONICS, INC.
NOTES TO THE CONDENSED FINANCIAL STATEMENTS
NOTE A - GENERAL
The financial statements as of September 30, 1994 and for the nine month period
then ended are unaudited and, in the opinion of the Company, reflect all
adjustments necessary for a fair presentation of such data and have been
prepared on a basis consistent with the December 31, 1993 Audited Financial
Statements. All such adjustments were of a normal recurring nature. The
Company's significant accounting policies are described in the notes to the
December 31, 1993 Audited Financial Statements and there have been no material
changes in significant accounting policies from those described therein except
as described in Note B below.
On June 20, 1994 the Company effected a 1 for 25 reverse stock split, reducing
the number of issued and outstanding shares of the Company's outstanding common
stock from 14,344,000 to 573,760. The accompanying financial statements have
been restated for the effect of this change.
The year-end condensed balance sheet data included in the condensed financial
statements was derived from audited financial statements, but does not include
all disclosures required by generally accepted accounting principles.
NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
INVESTMENTS - The Company adopted Statement of Financial Accounting Standards
(FAS) No. 115, "Accounting for Certain Investments in Debt and Equity
Securities. This statement required classification of securities into three
categories: held-to-maturity, trading securities, and available for sale. The
Company has categorized its investment in equity securities of ComCentral Corp.
as available for sale at September 30, 1994. The Company may classify
securities as available for sale when the intent of the Company does not
categorize such securities as either held to maturity or trading securities.
The adoption of FAS No. 115 had no effect on net income. The carrying values
of the Company's investments in equity securities are reviewed on an ongoing
basis. At September 30, 1994, the Company identified unrealized holding losses
to be other than temporary and the entire investment in ComCentral equity
securities has been written down to zero with an unrealized loss of $652,000
included in Loss on ComCentral transactions. (See Note H).
NOTE C - INVENTORIES
The major classes of inventories as of September 30, 1994 are as follows:
<TABLE>
<S> <C>
Raw material $ 1,495,210
Work in process 408,404
Finished goods 1,368,148
---------------
$ 3,271,762
Reserve for obsolescence (125,448)
---------------
$ 3,146,314
===============
</TABLE>
7
<PAGE> 8
NOTE D - PROPERTY AND EQUIPMENT
The major classifications of property and equipment as of September 30, 1994
are as follows:
<TABLE>
<S> <C>
Machinery and equipment $ 1,044,591
Furniture and fixtures 713,855
Leasehold improvements 139,992
Equipment under capital
lease 485,983
---------------
$ 2,384,421
Accumulated depreciation
and amortization 1,337,650
---------------
$ 1,046,771
===============
</TABLE>
NOTE E - NOTES PAYABLE
At September 30, 1994, the Company has a $2,000,000 line of credit which is due
in full sixty days after demand by the bank. Interest is payable monthly at a
rate equal to the prime rate plus 2.0%. Accounts receivable, inventory and
fixed assets are pledged as collateral on the line of credit. In addition, the
line of credit is guaranteed by two principal shareholders.
At September 30, 1994 borrowings against the Line of Credit amounted to
$1,870,205. The banks prime rate at September 30, 1994 was 7.75%.
On April 1, 1994 the bank made demand for full payment of the note balance on
or before June 6, 1994. That date was extended to November 6, 1994. On
October 28, 1994 the Company replaced the $2 million Line of Credit with a $3.5
million facility with The CIT Group. (See "SUBSEQUENT EVENTS".)
NOTE F - PROVISION FOR INCOME TAXES
The Company adopted, effective January 1, 1993, the Statement of Financial
Accounting Standards (SFAS) No. 109, "Accounting for Income Taxes", issued in
February 1992. Under the liability method specified by SFAS 109, the deferred
tax liability is determined based on the difference between the financial
statement and tax bases of assets and liabilities as measured by the enacted
tax rates which will be in effect when these differences reverse. Deferred tax
expense is the result of changes in the liability for deferred taxes. The
principal types of differences between assets and liabilities for financial
statement and tax return purposes are accumulated depreciation resulting from
use of accelerated methods for tax purposes, the timing of recognition of
accrued compensated absences and capitalization of software development costs
and certain inventory costs. This change did not have a significant impact on
shareholder's equity in the year of adoption. The Company has fully
implemented FAS 109.
NOTE G - RELATED PARTY TRANSACTIONS
In order to secure The CIT Group financing, it was necessary for a director of
the Company to personally guarantee a portion of The CIT Group Line of Credit.
(See "SUBSEQUENT EVENTS".)
8
<PAGE> 9
NOTE H - INVESTMENT IN COMCENTRAL CORP.
The subject matter set forth on page F-10 of the Company's Form 10-KSB dated
December 31, 1993 under Financial Note 3, Investment in ComCentral Corp., is
hereby incorporated by reference and there has been no significant change to
such subject matter. At September 30, 1994, the Company, in accordance with
FAS No. 115 charged operations for unrealized holding losses of $652,000. Such
unrealized holding loss was deemed to be by the Company as other than
temporary. Included in gain/loss on ComCentral transactions is $245,781 of
amounts due from ComCentral at September 30, 1994.
NOTE I - REVERSE STOCK SPLIT
On June 20, 1994 the Company effected a 1 for 25 reverse stock split, reducing
the number of issued and outstanding shares of the Company's outstanding common
stock from 14,344,000 to 573,760. The accompanying financial statements have
been restated for the effect of this change.
NOTE J - COMMON STOCK
During the three months ended September 30, 1994 the Company issued 235,000
shares under the Consultant Plan registered on Form S-8 at a price of $1.24 per
share. The aggregate proceeds of the issuance of the shares in 1994 ($291,400)
were placed in escrow pending the receipt of services from an international
marketing consultant engaged by the Company. As services are performed or
sales commissions are earned, the funds received from the sale of the shares
are to be released from escrow to the consultant. The Company has reserved
165,000 shares for possible future issuance to the international marketing
consultant. In 1994, the $291,400 aggregate proceeds received were charged to
operations for consultant services rendered. The escrow agent is a company
controlled by Norman R. Dobiesz, a Director of the Company.
NOTE K - COMMITMENTS AND CONTINGENCIES
The subject matter set forth on Page F-15 of the Company's Form 10-KSB/A-1 for
the year ended December 31, 1993 under Financial Note 8 is hereby incorporated
by reference and there has been no significant change to such subject matter.
NOTE L - SUBSEQUENT EVENTS
An aggregate 91,100 shares of the Company's common stock registered on Form S-8
were issued in October, 1994 under the Company's Employee Stock Payment Plan.
Certificates for 500,000 of the 800,000 registered shares were prepared for
delivery to the employee account under the Plan but have been returned to the
Transfer Agent for cancellation. The remaining 208,900 shares have been
deposited in an employee DTC escrow account controlled by the Company for
possible future sale only if the Company elects to offer any or all of the
shares to its employees under the Plan.
In October, 1994, the Company refinanced its line of credit with a $3,500,000
line of credit with The CIT Group. As part of the financing, $350,000
principal amount of the Company's Convertible Promissory Notes privately placed
in late 1993 were cancelled by payment of $132,698.91 and issuance of 77,780
restricted shares of the Company's Common Stock subject to the Company's right
to reacquire the shares under certain conditions. The note holders returned
8,000 shares formerly securing the Notes which have been returned to the
Transfer
9
<PAGE> 10
Agent for cancellation. An entity controlled by a Director of the Company
advanced $140,000 which was utilized for the partial payment to the note
holders and closing costs. The Director also agreed to personally guarantee a
portion of The CIT Group line of credit.
An aggregate $479,623 principal amount of the Company's 8% Convertible
Promissory Notes also privately placed in late 1993 matured on October 31,
1994. The Company has proposed revised conversion rights to the holders. If
all of the notes are converted, 119,906 restricted shares of the Company's
Common Stock and 59,953 restricted Warrants exercisable at $8.00 per share at
any time prior to October 31, 1995 would be issuable upon cancellation of the
notes.
10
<PAGE> 11
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
TELTRONICS, INC.
GENERAL OVERVIEW
The first nine months of 1994 reflected sales of $11,040,409 compared to
$7,854,496 for the first nine months of 1993. Gross profit increased to
$5,528,743 from $3,873,991 for the same period last year. Total operating
expenses reflected an increase of $75,344 from the first nine months of the
prior year due primarily to non-recurring marketing consulting expenses of
$291,000 and amortization expenses of $117,000 related to the ORBi-TEL License
Agreement which were expensed during the third quarter. As a direct result of
increased sales the first nine months of 1994 reflected an operating loss of
$(20,074) as compared to $(1,599,482) for the first nine months of 1993. Other
income (expense) of $(1,229,844) for the first nine months was comprised
primarily of $(173,000) in interest charges and non-recurring charges of
approximately $(1,063,000) which resulted in a net loss of $(689,000) for the
first nine months of 1994 as compared to a net loss of $(898,000) for the same
period of 1993.
RESULTS OF OPERATIONS
THREE MONTHS ENDED SEPTEMBER 30, 1994 AND 1993
For the three months ended September 30, 1994 the Company's total sales and
gross margin percentage were $3,417,146 and 51.1% respectively, compared to
$2,345,286 and 51.5% for the same period of 1993.
Total operating expenses for the three months ended September 30, 1994 were
$2,037,993, an increase of approximately $197,000 over the same period of 1993
primarily as a result of $117,000 additional amortization of the ORBi-TEL
License Agreement and $291,000 in non-recurring marketing consulting expenses.
The sales increase of approximately 46% in conjunction with increased
expenditures resulted in operating loss of $(290,983) for the three months
ended September 30, 1994 as compared to an operating loss of $(633,656) for the
same period of 1993.
Other income (expenses) included a $(898,000) non-recurring loss on ComCentral
transactions comprised of $(652,000), unrealized losses on securities and a
charge of $(246,000) related to amounts due from ComCentral.
Net loss for the three months ended September 30, 1994 was $(861,000) as
compared to a loss of $(672,785) for the comparable period of 1993 primarily as
a result of non-recurring charges during the third quarter.
NINE MONTHS ENDED SEPTEMBER 30, 1994 AND 1993
Total sales for the nine months ended September 30, 1994 increased by 41% to
$11,040,409 as compared to $7,854,496 for the first nine months of 1993.
11
<PAGE> 12
This increase was primarily the result of additional sales in the Long Distance
Management and Remote Maintenance product lines as well as increased sales in
Contract Manufacturing.
Gross profit increased by 42.7% from $3,873,991 for the first nine months of
1993 to $5,528,743 for the nine months ended September 30, 1994.
Total operating expenses for the nine months were $5,548,817, approximately
$75,000 more than the same period of 1993. The increase in operating expenses
was primarily the result of $117,000 additional amortization of the ORBi-TEL
License Agreement and $291,000 in non-recurring marketing consulting expenses.
As a result of increased sales, the operating loss for the first nine months of
1994 was $(20,074) as compared to an operating loss of $(1,599,482) for the
comparable period of 1993.
Net loss for the first nine months of 1994 was $(689,447) in comparison to a
loss of $(897,764) for the first nine months of 1993. Included in the loss for
the first nine months of 1994 were non-recurring charges of approximately
$1,062,000 comprised of $898,000 related to ComCentral transactions and
$165,000 related to financing expense. Included in the first nine months of
1993 was a gain on the sale of investment of $1,240,000 which was reflected as
other income. This gain was unique to 1993 and contributed substantially to
reducing the loss for that period.
FINANCIAL CONDITION
Total assets at September 30, 1994 were $10,813,854 compared to $10,747,701 at
December 31, 1993. The Company's current ratio at September 30, 1994 was
1.10:1, compared to 1.07:1 at December 31, 1993.
LIQUIDITY AND CAPITAL RESOURCES
Cash requirements were met with cash generated from operations supplemented by
borrowings from Barnett Bank of Manatee County, N.A. under its credit facility
("Barnett Line of Credit"). On October 28, 1994 the $2 million Line of Credit
from Barnett Bank was replaced with a $3.5 million facility with The CIT Group.
CIT is one of the largest collateral based financial lenders in America. The
line of credit with CIT is for a three year period. As part of The CIT Credit
financing, certain debt of the Company was partially paid and the balance
converted into restricted shares of the Common Stock of the Company. (See
"SUBSEQUENT EVENTS".)
The Company's working capital ratio at September 30, 1994 was 1.10:1. Net
working capital was $577,053 at September 30, 1994.
Short term cash requirements are expected to be met through cash flows from
operations augmented by credit line facilities. Long term capital needs are
expected to be financed through operations, bank borrowings and/or a
combination of cash from and/or equity financings. Management expects that
cash available from operations and borrowings from banks, should be sufficient
to meet current cash requirements for normal operations. The Company is
continuing to investigate possible placement of the Company's Common Stock to
raise additional funds and/or discharge Company obligations. There can be no
assurance
12
<PAGE> 13
that the Company will locate sources of funding or that if located will be
willing to provide the funds on terms satisfactory to the Company.
OUTLOOK
The Company continues to grow its revenues by approximately 30% over that of
1993. However, due to the delays in bringing in the new banking facility,
coupled with lack of capital investment, cash flow during 1994 has been
extremely tight. The Company has therefore had to pay premium rates for its
parts as well as additional charges for expediting and short term deliveries
coupled with payments for overtime. This has resulted in lower margins than
originally anticipated. Management continues to look for ways of improving its
efficiency. It is confident the strong relationships that have now been
established with its customers together with the enhancements it has made in
its core products should enable the Company to continue its growth.
13
<PAGE> 14
PART II - OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS - None
ITEM 2. CHANGES IN SECURITIES - None
ITEM 3. DEFAULTS UPON SENIOR SECURITIES - None
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS - None
ITEM 5. OTHER INFORMATION - None
ITEM 6A. EXHIBITS
<TABLE>
<S> <C> <C>
10.122 Conversion Agreements between the Company
and certain Note Holders of an aggregate of
$350,000 of 8% convertible notes dated
October 25, 1994 . . . . . . . . . . . . . . . . . . . . . . . . . . . . (a)
10.123 Letter acknowledging W&D Consultants , Inc.
advance of $140,000 to the Company dated
October 25, 1994 . . . . . . . . . . . . . . . . . . . . . . . . . . . . (a)
10.124 Loan and Security Agreement between the
Company and The CIT Group/Credit Finance,
Inc. dated October 28, 1994 . . . . . . . . . . . . . . . . . . . . . . (a)
</TABLE>
ITEM 6B. REPORT ON FORM 8-K - None
_________________
(a) * Filed as an Exhibit to this Report on Form 10-QSB.
* Filed as an Exhibit to Teltronics' Report on Form 10-Q dated
November 11, 1994.
14
<PAGE> 15
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.
TELTRONICS, INC.
August 7, 1995 s/Ewen Cameron
-------------------------------------
President and Chief Executive Officer
15
