SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-QSB/Amended (No changes; original submission did not include
Financial Data Schedule, Exhibit 27)
Quarterly Report Pursuant to Section 13 or 15 (d) of
the Securities Exchange Act of 1934
For the quarterly period ending Commission File
March 26, 1995 Number 0-3063
TINSLEY LABORATORIES, INC.
____________________________________________________________
(Exact name of registrant as specified in its charter)
California 94-1049146
State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization
3900 Lakeside Drive, Richmond, California 94806
_______________________________________________________________
(Address of principal executive offices and zip code)
Registrant's telephone number, including area code (510)222-8110
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 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 __
767,124 shares of Common Stock outstanding as of March 26, 1995.
<PAGE>
Part 1. Financial Information
Item 1.
<TABLE>
TINSLEY LABORATORIES, INC.
Condensed Consolidated Balance Sheets
(Unaudited)
<CAPTION>
Mar 26, Dec 26,
1995 1994
---------- ----------
<S> <C> <C>
ASSETS
Current Assets:
Cash and short-term investments $879,208 $893,241
Accounts receivable 2,524,759 2,684,667
Inventories 1,592,830 1,516,527
Prepaid expenses & other 308,782 272,253
---------- ----------
Total current assets 5,305,579 5,366,688
Net property, plant & equipment 4,844,178 4,895,000
Other assets 931,889 940,887
Net goodwill 1,608,592 1,639,135
---------- ----------
$12,690,238 $12,841,710
========== ==========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Trade account payable $339,794 $583,419
Current income taxes 260,360 226,982
Other accrued liabilities 1,256,597 1,238,479
--------- ---------
Total current liabilities 1,856,751 2,048,880
Long-term debt 1,016,894 1,047,938
Long-term notes payable
to related parties 860,000 860,000
Deferred income taxes 440,947 440,947
Deferred compensation 299,727 295,602
Stockholders' Equity:
Common stock at stated value 127,857 127,004
Capital in excess of stated value 1,343,877 1,316,680
Retained earnings 6,744,185 6,704,659
--------- ---------
Total stockholders' equity 8,215,919 8,148,343
--------- ---------
$12,690,238 $12,841,710
========== ==========
</TABLE>
<PAGE>
<TABLE>
TINSLEY LABORATORIES, INC.
Condensed Consolidated Statements of Income
(Unaudited)
<CAPTION>
Three months ended
------------------
Mar 26, Mar 27,
1995 1994
--------- ---------
<S> <C> <C>
Net sales $2,936,137 $3,136,425
Cost of sales & expenses 2,795,445 2,887,039
--------- ---------
Income from operations 140,692 249,386
Amortization of goodwill
& intangibles 55,543 55,543
Other (income) expense (1,376) 24,546
--------- ---------
Income before taxes 86,525 169,297
Provision for taxes on income 47,000 80,048
--------- ---------
Net income $39,525 $89,249
Per share of common stock:
Net income $0.05 $0.12
</TABLE>
Notes:
Per share data are based on 767,124 shares issued and outstanding in 1995
and 762,024 shares in 1994.
<PAGE>
TINSLEY LABORATORIES, INC.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
<TABLE>
<CAPTION>
For the three months ended
--------------------------
Mar 26, Mar 27,
1995 1994
--------- ---------
<S> <C> <C>
Cash flows from operating activities:
Net income (loss) $39,525 $89,249
Adjustments to reconcile net
income to net cash provided
(used) by operating activities:
Depreciation & amortization 216,959 210,578
Change in operating assets and
liabilities (138,848) (221,530)
---------- ----------
Net cash provided by operating
activities 117,636 78,297
Cash flows from investing activities:
Purchase of fixed assets (110,594) (49,892)
Other (16,000)
---------- ----------
Net cash used in investing
activities (126,594) (49,892)
Cash flows from financing activities:
Principal payments on long-term debt (33,125) (28,586)
Other 28,050
---------- ----------
Net cash provided by (used in)
financing activities (5,075) (28,586)
---------- ----------
Net change in cash and cash
equivalents (14,033) (181)
Cash and cash equivalents at
beginning of period 893,241 1,182,654
---------- ----------
Cash and cash equivalents at
end of period $879,208 $1,182,473
- --------------------------------------------------------------------
Supplemental disclosure of cash
flow information:
Cash paid for:
Interest $30,382 $35,628
Income taxes $14,577
- --------------------------------------------------------------------
</TABLE>
<PAGE>
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
March 26, 1995
Note: 1. Basis of Presentation
The accompanying unaudited condensed consolidated financial statements have
been prepared in accordance with generally accepted accounting principles
for interim financial information and with the instructions to Form 10-QSB
and article 10 of Regulation S-X. Accordingly, they do not include all of
the information and footnotes required by generally accepted accounting
principles for complete financial statements. In the opinion of management,
all adjustments (consisting of normal recurring accruals) considered
necessary for a fair presentation have been included. Operating results for
the three month period ended March 26, 1995 are not necessarily indicative
of the results that may be expected for any future periods. For further
information, refer to the consolidated financial statements and footnotes
thereto included in the Company's annual report on Form 10-KSB for the year
ended December 25, 1994.
The consolidated financial statements include the accounts of Tinsley
Laboratories, Inc., and its wholly owned subsidiaries, Century Precision
Industries, Inc. d/b/a Century Precision Optics ("Century") and Tinsley
International, Inc., after elimination of intercompany transactions and
balances.
Note: 2. Inventories
The components of inventory consist of the following:
<TABLE>
<CAPTION>
March 26, December 25,
1995 1994
---------- ----------
<S> <C> <C>
Raw materials $272,257 $241,244
Contracts in progress (net of
cost of progress billings of
$264,000 at March 26, 1995 and
$136,000 at December 25, 1994) 648,087 594,759
Finished goods 672,486 680,524
---------- ---------
$1,592,830 $1,516,527
========== =========
</TABLE>
<PAGE>
MANAGEMENT'S DISCUSSION AND ANALYSIS
OF QUARTERLY FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
Item 2.
Our sales for the first quarter of 1995 were $2,936,137 compared to
$3,136,425 for the first quarter of 1994, a decrease of 6%. Net income
of $39,525, or 5 cents a share, for the first quarter of 1995 was also lower
than net income for the first quarter of 1994 which was $89,249, or 12 cents
a share.
Our lower sales and lower earnings were primarily due to reduced military
business and to the start up of new programs and the associated high
initial costs.
Century Precision, the Company's wholly-owned subsidiary, has
introduced several new products in recent months and is expecting further
new product releases during the remainder of the year.
Our backlog at the end of the March 1995 quarter was $5,552,000 against
the backlog at the end of the first quarter of 1994 of $4,652,000 and
$4,000,000 at the start of the current year.
In late April, we were awarded a $1,839,000 cost plus fixed fee contract by
the Lawrence Livermore National Laboratory for Manufacturing Development
for Finishing Optics for Inertial Confinment Lasers. The manufacturing
capabilities developed during this program are for use in making optics
for the proposed National Ignition Facility to be started in 1999 if
finally approved by the Administration and Congress.
The Company's Annual Meeting of Shareholders was held in the Tinsley
plant on April 26. At the Annual Meeting five directors were elected to
serve the Company for the ensuing year: Robert J. Aronno, Steven L.
Davenport, Daniel J. Duckhorn, Stephen L. Globus, Steven E. Manios.
Liquidity and Sources of Capital:
Cash flows from operations were $117,636 for the three months ended
March 26, 1995 as compared to $78,297 in the first three months of 1994.
The funds provided by net income plus depreciation and amortization for
the period, was offset by changes in working capital accounts. Accounts
receivable balances decreased by $159,908 from the 1994 year end level
while inventories increased by $76,303 and accounts payable reduced by
$245,146. Available cash was sufficient to pay for capital expenditures of
$110,594 and principal payments of debt of $33,125 during the three month
period. The Company believes that funds generated from operations
should be sufficient to meet normal cash flow requirements through the
balance of 1995.
<PAGE>
Part II Other Information
Item 4. Submission of Matters to a Vote of Security Holders
Reference is made to materials appearing with respect to election of the
Board of Directors, set forth in the Company's definitive Proxy Statment
filed in connection with the Company's 1995 Annual Meeting of
Shareholders, held on April 26, 1995 which material is incorporated
herein.
Item 6. Exhibits and Reports on Form 8-K
(b) No reports on Form 8-K were filed during the current period.
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
TINSLEY LABORATORIES, INC.
Robert J. Aronno
President and Chief Executive Officer
