-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, LuzN4+LKzPOmPc731Hr0H8cwrZM8nPkOtkJseHXL6T3Vn7mtfjNjhdonHbPdU/UO HBsNwOEI9npIt6DhKWHBig== 0000950147-99-000072.txt : 19990202 0000950147-99-000072.hdr.sgml : 19990202 ACCESSION NUMBER: 0000950147-99-000072 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19981031 FILED AS OF DATE: 19990201 FILER: COMPANY DATA: COMPANY CONFORMED NAME: COX TECHNOLOGIES INC CENTRAL INDEX KEY: 0000065031 STANDARD INDUSTRIAL CLASSIFICATION: CRUDE PETROLEUM & NATURAL GAS [1311] IRS NUMBER: 860220617 STATE OF INCORPORATION: AZ FISCAL YEAR END: 0430 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-08006 FILM NUMBER: 99517861 BUSINESS ADDRESS: STREET 1: 69 MCADENVILLE ROAD STREET 2: SUITE 450 CITY: BELMONT STATE: NC ZIP: 28012 BUSINESS PHONE: 704-825-8146 MAIL ADDRESS: STREET 1: 69 MCADENVILLE ROAD STREET 2: SUITE 450 CITY: BELMONT STATE: NC ZIP: 28012 FORMER COMPANY: FORMER CONFORMED NAME: ENERGY RESERVE INC DATE OF NAME CHANGE: 19950907 10-Q 1 QUARTERLY REPORT FOR THE QTR ENDED 10/31/98 FORM 10-Q SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 QUARTERLY REPORT UNDER SECTION 13 OR 15 (d) of the Securities Exchange Act of 1934 For Quarter ended October 31, 1998 Commission file number 0-8006 COX TECHNOLOGIES, INC. FKA: Energy Reserve, Inc. ------------------------------------------------------ (Exact name of registrant as specified in its charter) ARIZONA 86-0220617 - ------------------------------- ------------------- (State or other jurisdiction of (IRS Employer incorporation or organization) Identification No.) 69 McAdenville Road, Belmont, North Carolina 28912 -------------------------------------------------- Registrant's telephone number, including area code (704) 825-8146 Former name, former address and former fiscal year, if changed since last report Indicated 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 [ ] APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PRECEDING FIVE YEARS: Indicated by check mark whether the registrant has filed all documents and reports required to by filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes [ ] No [ ] APPLICABLE ONLY TO CORPORATE USERS: Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date. Class - Common Stock, without Par Value 23,280,922 Shares Outstanding at December 31, 1998 COX TECHNOLOGIES, INC. AND SUBSIDIARIES INDEX PAGE ---- FACE SHEET 1 INDEX 2 PART I. - FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS 3 Consolidated Balance Sheets at October 31, 1998 and July 31, 1998 4 Consolidated Statements of Operations and Accumulated Deficit Three Months Ended October 31, 1998 & 1997 5 Six Months Ended October 31, 1998 & 1997 6 Statement of Cash Flows Six Months Ended October 31, 1998 and 1997 7 Notes to Consolidated Financial Statements 8 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 9-13 PART II. - OTHER INFORMATION AND SIGNATURE 13-14 2 FINANCIAL INFORMATION COX TECHNOLOGIES, INC. AND SUBSIDIARIES PART I - FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS Cox Technologies, Inc. and its subsidiaries, Twin Chart, Inc., its subsidiary Transit Services, Inc., Vitsab, AB, Sweden, Vitsab, USA, Inc., Energy Reserve Holdings, Inc., and Energy Reserve Financial Corporation (collectively the Company), engage in the business of producing and distributing transit temperature recording instruments, both domestically in United States and internationally. The Company also engages in the business of acquiring, developing and selling oil properties and of producing and selling crude oil for its own account in United States. As such the Company has not and does not engage in petroleum refining or retail marketing. The Consolidated Financial Statements included herein have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to make the information presented not misleading. It is suggested that these condensed financial statements be read in conjunction with the financial statements and data notes thereto included in the Company's annual report on Form 10-K, for the year ended April 30, 1998 In the opinion of the Company, all adjustments have been included which are necessary for the preparation of the balance sheets of Cox Technologies, Inc. and consolidated subsidiaries at October 31, 1998 and April 30, 1998 and to a fair statement of the results of operations for the three months ended October 31, 1998 and 1997 and for the six months ended October 31, 1998 and 1997. 3 COX TECHNOLOGIES, INC., AND SUBSIDIARIES (FORMERLY ENERGY RESERVE, INC. AND SUBSIDIARIES) CONSOLIDATED BALANCE SHEETS OCTOBER 31, 1998 AND APRIL 30, 1998 October 31, April 30, 1998 1998 ---- ---- ASSETS CURRENTS ASSETS: Cash and cash equivalents (Note A) $ 1,776,733 $ 2,575,946 Accounts receivable, less allowance for doubtful accounts of $29,527 at October 31, 1992 and April 30, 1998 1,889,262 1,627,074 Inventory (Note B) 1,385,990 1,043,531 Investment in securities 62,100 39,500 Notes receivable-current portion 17,862 33,503 Prepaid expenses 87,401 352,143 Deferred income taxes (Note C) -0- 30,000 ------------ ------------ TOTAL CURRENT ASSETS 5,219,348 5,701,696 Property and equipment (net) 6,413,277 3,704,243 Investments in securities -0- 300,000 Deposits 3,097 5,290 Goodwill (Note A) 847,663 48,479 Notes receivable - non-current portion 29,562 ____6,828 ------------ ------------ TOTAL ASSESTS $ 12,512,947 $ 9,766,536 ============ ============ LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable and accrued expenses $ 363,264 356,811 Income taxes payable (Note C) 26,702 52,270 Current portion of long-term debt (Note A) 1,246,720 510,369 ------------ ------------ TOTAL CURRENT LIABILITIES 1,636,686 $ 919,450 Long-term debt 856,511 280,706 Minority Interest -0- 669 ------------ ------------ TOTAL LIABILIATIES $ 2,493,197 $ 1,200,825 ------------ ------------ COMMITMENTS AND CONTINGENCIES (Note D) STOCKHOLDERS' EQUITY Common stock, no par value: authorized 100,000,000 shares; issued and outstanding 19,905, 188 shares at October 31, 1998 and at April 30, 1998 (Note A) 20,885,495 20,041,562 Common stock subscribed 58,100 58,100 Contributed Capital 220,872 220,872 Treasury stock (45,920) (45,920) Accumulated deficit (10,169,113) (10,598,719) Unrealized loss on available-for-sale securities -0- (180,500) Less - notes receivable for common stock: Issued (875,650) (875,650) Subscribed (54,034) (54,034) ------------ ------------ TOTAL STOCKHOLDERS' EQUITY 10,019,750 8,565,711 ------------ ------------ TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 12,512,947 $ 9,766,536 ============ ============ SEE NOTES TO FINANCIAL STATEMENTS 4 COX TECHNOLOGIES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT Three Months Ended October 31 ------------------------------ 1998 1997 ---- ---- REVENUE Sales $ 2,248,525 $ 2,086,957 ------------ ------------ COSTS AND EXPENSES Cost of sales 1,129,310 986,501 General and administrative expenses 585,226 430,889 Sales expense 337,366 344,509 Interest expense 35,796 16,618 Depreciation and depletion 50,230 11,817 ------------ ------------ TOTAL EXPENSE 2,137,928 1,790,334 ------------ ------------ INCOME FROM OPERATIONS 110,597 296,623 OTHER INCOME (expense) Other income (expense) 186,640 14,776 ------------ ------------ Earnings before income taxes 297,237 311,399 Provisions for income taxes (note B) 40,900 12,011 ------------ ------------ NET EARNINGS 256,337 299,388 ACCUMULATED DEFICIT, beginning of period (10,425,450) (13,379,020) ------------ ------------ ACCUMULATED DEFICIT, end of period $(10,169,113) $(13,079,632) ============ ============ EARNINGS PER SHARE: Net earnings (loss) $ 0.01 $ 0.01 ============ ============ SEE NOTES TO FINANCIAL STATEMENTS 5 COX TECHNOLOGIES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT Six Months Ended October 31, ------------------------------ 1998 1997 ---- ---- REVENUE Sales $ 4,621,388 $ 4,244,312 ------------ ------------ COSTS AND EXPENSES Cost of sales 2,307,536 1,992,506 General and administrative expenses 1,186,452 944,961 Sales expense 710,113 625,087 Interest expense 77,520 34,906 Depreciation and depletion 75,322 _22,048 ------------ ------------ TOTAL EXPENSE 4,356,943 3,619,508 ------------ ------------ INCOME FROM OPERATIONS 264,445 624,804 OTHER INCOME (EXPENSE) Other income (expense) 206,061 (748) ------------ ------------ Earnings before income taxes 470,506 624,056 Provisions for income taxes (note B) 40,900 38,401 ------------ ------------ NET EARNINGS 429,606 585,655 ACCUMULATED DEFICIT, beginning of period (10,598,719) (13,665,287) ------------ ------------ ACCUMULATED DEFICIT, end of period $(10,169,113) $(13,079,632) ============ ============ EARNINGS PER SHARE: Net earnings (loss) $ 0.02 $ 0.03 ============ ============ SEE NOTES TO FINANCIAL STATEMENTS 6 COX TECHNOLOGIES, INC. AND SUBSIDIARIES STATEMENT OF CASH FLOWS Six Months Ended October 31, ---------------------------- 1998 1997 ---- ---- CASH FLOW FROM OPERATING ACTIVITIES Net earnings $ 429,606 $ 585,655 Adjustments to reconcile net earnings to net cash used by operating activities: Depreciation and depletion 75,322 22,048 Loss on securities 180,500 -0- CHANGES IN CURRENT ASSETS AND CURRENT LIABILITIES (Increase) decrease in current assets: Accounts receivable (262,188) (20,576) Inventory (342,459) 30,502 Prepaid expenses 264,742 (188,641) Notes receivable and investments (6,959) 330,648 (Increase) decrease in non-current assets Deposits 2,193 -0- Deferred taxes 30,000 -0- Notes receivable - long term (22,734) -0- Goodwill (803,184) 27,973 Increase (decrease) in current liabilities: Accounts payable and accrued expenses 6,453 50,114 Income Taxes Payable (25,568) (37,246) ----------- ----------- NET CASH PROVIDED (used) BY OPERATING ACTIVITIES (474,276) 38,953 ----------- ----------- CASH FLOW FROM INVESTING ACTIVITIES Investment in securities 300,000 -0- Issuance of common stock 843,933 -0- Property and equipment-net disposal (2,780,356) 40,918 Minority interest (669) 2,674 ----------- ----------- NET CASH PROVIDED (used)BY INVESTING ACTIVITIES (1,637,092) 43,592 ----------- ----------- CASH FLOW FROM FINANCING ACTIVITIES Repayment on notes payable (437,844) (86,104) Borrowing under notes payable 1,750,000 -0- ----------- ----------- NET CASH FROM INVESTING ACTIVITIES 1,312,156 (86,104) ----------- ----------- NET INCREASE (DECREASE) IN CASH (799,212) (3,559) CASH, beginning of year 2,575,945 1,118,019 ----------- ----------- CASH, end of year $ 1,776,733 $ 1,114,460 =========== =========== SEE NOTES TO FINANCIAL STATEMENTS 7 COX TECHNOLOGIES, INC AND SUBSIDIARIES (FORMERLY ENERGY RESERVE, INC. AND SUBSIDIARIES) NOTES TO CONSOLIDATED FINANCIAL STATEMENTS QUARTER ENDED OCTOBER 31, 1998 NOTE A - CASH, NOTES PAYABLE AND COMMON STOCK In June 1998, the Company acquired Vitsab, AB, a Swedish corporation in exchange for 3,375,734 shares of the Company's unregistered common stock valued at $843,933 or $0.25 per share and 950,000 shares of the common stock of VITSAB, USA, Inc., a previously wholly-owned subsidiary of the Company with 4,750,000 issued shares of common stock outstanding and the assumption of certain debt in the amount of $2,300,000 owed by VITSAB, AB to an unrelated company. The Company borrowed $1,750,000 from a bank under two notes and security agreements and liquidated the referenced $2,300,000 debt for the discounted sum of $1,750,000. The Company has pledged a $1,000.000 certificate of deposit with the lending bank as collateral for the $1,750,000 borrowed funds. The loans are all due and payable within one year from June 1998. Under the terms of the notes and security agreements the Company is obligated to make eleven (11) monthly payments of $19,258.01 and one (1) final payment of all outstanding principal and accrued interest due June 17, 1999. NOTE B - INVENTORY Inventory at October 31, 1998 and April 30, 1998 consists of the following: 1998 ----------------------------- October 31, April 30, ----------- --------- Raw materials $ 605,998 $ 364,540 Work-in-progress 346,648 352,096 Finished goods 430,888 324,439 Crude oil 2,456 2,456 ---------- ---------- $1,385,990 $1,043,531 ========== ========== NOTE C- INCOME TAXES The Company and its subsidiaries file consolidated Federal income tax returns and separate State income tax returns. NOTE D - COMMITMENTS AND CONTINGENCIES There have been no changes in the disclosures of commitments, contingencies and litigation as contained in the Company's annual report Form 10-K for the year ended April 30, 1998. 8 FINANCIAL INFORMATION ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS LIQUIDITY AND CAPITAL RESOURCES At October 31, 1998 the Company had a working capital of $3,582,662. This is decrease of $1,199,584 for the six months period May 1, 1998 to October 31, 1998. This was primarily due to the debt of $1,750,000 incurred to acquire Visual Indicator Systems, AB of Sweden (Vitsab, AB) in June 1998. The Company did not incur any long-term debt during this period, however investment in property and equipment increased significantly by the acquisition of Vitsab, AB. At present, cash flow from operations is adequate to meet the cash requirements and commitments of the Company. However, the Company plans to enter into equity, debt or other financing arrangements to meet its future financial needs for expansion and: (a) To provide for general working capital needs including the servicing of the Vitsab, AB acquisition debt and operations (b) To repay outstanding liabilities COMPARISON OF OPERATIONS FOR SECOND FISCAL QUARTER ENDED OCTOBER 31, 1998 AND 1997 Net earnings for the second fiscal quarter ended October 31, 1998 were $256,337 which is a decrease of $43,051 from the $299,388 net earnings for the same period of 1997. Earnings from operations for 1998 were $110,597, a decrease of $186,026 from the 1997 second fiscal quarter earnings from operations. 9 COMPARISON OF OPERATIONS FOR SECOND QUARTER (CONTINUED) The following schedule reflects the operations of the two industry segments of the Company for the three months ended October 31, 1998 and 1997. Three Months Ended October 31, -------------------------------------------------- 1998 1997 ----------------------- ------------------------ Temperature Oil Temperature Oil Recorders Production Recorders Production --------- ---------- --------- ---------- Sales $2,248,525 $ -0- $2,083,397 $ 3,560 Cost of sales 1,126,863 2,447 985,858 643 General & Administrative 539,233 36,136 403,735 27,154 Sales expense 337,366 -0- 344,509 -0- Interest 45,653 -0- 8,360 8,258 Depreciation/Amortization 50,230 -0- 10,283 994 ---------- -------- ---------- -------- Income (loss) from operations 149,180 (38,583) 330,112 (33,489) Other Income (expense) (36,321) 222,961 14,776 -0- ---------- -------- ---------- -------- Earnings (loss) - Before income taxes 112,859 184,378 344,888 (33,489) Income taxes 27,134 13,766 12,011 -0- ---------- -------- ---------- -------- Net earnings (loss) $ 85,725 $170,612 $ 332,877 $(33,489) ========== ======== ========== ======== TEMPERATURE RECORDERS OPERATIONS Sales increased $165,128 or 8% in 1998 as compared to the second quarter 1997 operations. Cost of sales was 50.1% for 1998 as compared to 47.3% for 1997. This was primarily due to costs of the new visual tag indicator operations. General and Administrative expense increased $135,498 or 6.5% in 1998 over 1997. This increase was due primarily to R & D expenses pertaining to new products. The increase in interest expense for 1998 as compared to 1997 resulted from indebtedness incurred in the acquisition of Vitsab, AB. The increase in depreciation and amortization of $39,947 was due to the visual tag indicator operations. Other expense for 1998 was due to a one-time royalty expense of $48,000 pertaining to new product development. OIL PRODUCTION OPERATIONS Loss from operations increased slightly by $5,094 in 1998 as compared to 1997. This was primarily due to general and administrative expense increases in professional fees and salaries. Other income of $222,961 in 1998 was realized from the settlement of indebtedness at less than the recorded liability. Net earnings increased $204,101 in 1998 over the net loss of $33,489 in 1997. 10 COMPARISON OF OPERATIONS FOR SIX MONTHS ENDED OCTOBER 31, 1998 AND 1997 There was a consolidated net earnings of $429,606 for the period ended October 31, 1998, as compared to a net earnings of $585,655 for the same period ended October 31, 1997. To afford better analysis and comparison of the similar periods of 1998 and 1997, the following schedule segregates the operations by industry segments of the oil production operations and the temperature recorder operations.
INDUSTRY SEGMENT Oil Production Temp.Record Oil Production Temp Record -------------- ----------- -------------- ----------- May 1- May 1- May 1- May 1- PERIOD Oct. 31, 1998 Oct. 31, 1998 Oct. 31,1997 Oct. 31,1997 ------------- ------------- ------------ ------------ REVENUE: Sales $ -0- $4,621,388 $ 17,734 $4,226,578 COST AND EXPENSES: Cost of sales 3,286 2,304,250 7,893 1,984,613 General & administrative expenses 67,199 1,119,253 62,465 882,496 Sales expense -0- 710,113 -0- 625,087 Interest expense 9,857 67,663 16,516 18,390 Depreciation & depletion -0- 75,322 1,988 20,060 -------- ---------- --------- ---------- INCOME (LOSS) FROM OPERATIONS (80,342) 344,787 (71,128) 695,932 OTHER INCOME (expense): 238,704 (32,643) (31,919) 31,171 -------- ---------- --------- ---------- Earnings (loss) before income taxes 158,362 312,144 (103,047) 727,103 Provisions for income taxes 13,766 27,134 1,155 37,246 -------- ---------- --------- ---------- NET EARNINGS (LOSS) $144,596 $ 285,010 $(104,202) $ 689,857 ======== ========== ========= ==========
TEMPERATURE RECORDER OPERATIONS Net earnings decreased $404,847 for the six months of 1998 as compared to 1997. The decrease was primarily due to the visual indicator tag operations including R & D expenses. Sales increased $394,810 or 8% in 1998 over the 1997 period. Cost of sales as a percent of sales was 24.2% for 1998 and 20.8% for 1997. Sales expense, as a percent of sales was 15.4% for 1998 and 14.4% for 1997. Interest, depreciation and depletion were 31.1% of sales for 1998 and 1.0% for 1997. In the aggregate, the percentage increases in all categories of costs and expenses for 1998 over 1997 amounted to 9.5%of sales or $439,031. This increase was primarily due to visual indicator tag and other new product development costs and expenses. Other expense of $32,643 for 1998 was due primarily to a one-time royalty expense of $48,000 pertaining to new product development as compared to a $31,171 other income in 1997 from interest earnings. 11 COMPARISON OF OPERATIONS FOR SIX MONTHS ENDED OCTOBER 31, 1998 AND 1997 (CONTINUED) OIL PRODUCTION OPERATIONS There was a decrease of $17,734 in crude oil sales for 1998 as compared to 1997. This was the result of restricted production due to declining oil prices. The Company has now restored production and the last six months of the fiscal year should show marked improvement. The loss from operations increased by $9,214 for 1998 over 1997. Other income of $238,704 for 1998 was primarily due to income realized from the settlement of indebtedness at less than the recorded liability. Overall net earnings improved by $248,798 for 1998 over the net loss of $104,202 for 1997. YEAR 2000 DISCLOSURE 1. COMPANY'S STATE OF READINESS Management began addressing the Company's Year 2000 issues over two years ago, at which time it was determined the accounting software was not Year 2000 compliant. New software was purchased and installed. The Company obtained a written statement from the software vendor who attested to the Year 2000 readiness of this software. To accommodate this new software the Company updated its network software with Novell 4.0 to interact with the accounting software in a manner that will not interfere with its Year 2000 readiness. Management has also reviewed all electronically based product software programs sourced from third party vendors and have determined that they are all Year 2000 compliant. The Company has mailed questionnaire forms to all its mission critical vendor/suppliers of parts for its assembly line. There has been a 90% return of these informational requests. Concurrently, the Company is qualifying alternate vendor/suppliers for potential replacement for any non-responsive and/or non-compliant vendors. Management expects the process of obtaining 100% assurance of present vendors compliance or alternate Year 2000 compliance vendors to be completed by June 1999. 2. COSTS TO ADDRESS THE COMPANY'S YEAR 2000 ISSUES The Company has expended approximately $15,000 to date in addressing its Year 2000 readiness. By management analysis, the future outlay for addressing any perceived Year 2000 issues will not exceed $25,000 including assembly line parts and supplies under its contingency plan. 3. RISKS OF THE COMPANY'S YEAR 2000 ISSUES Management's analysis of its Year 2000 readiness indicate that there are no Year 2000 issues that will have a material effect on its business, results of operations or financial condition. This opinion is based upon the fact that the Company's accounting readiness is now complete and all of the vendors of parts and supplies critical to its operations have acknowledged Year 2000 readiness and compliance 12 4. COMPANY'S CONTINGENCY PLANS If management's analysis of its third party vendor capability is not achieved by the June 1999 date, a contingency plan has been developed which provides for stockpiling of assembly line parts and continuing new vendor sourcing of Year 2000 compliance vendors. PART II - OTHER INFORMATION ITEM 1. LEGAL PROCEEDINGS Reference is made to the annual report Form 10-K of the Company for the year ended April 30, 1998, relative to legal proceedings and litigation. No charges or determinations have occurred on such proceedings during the quarter covered by this report. ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K (a) Exhibit 27 - Financial Data Schedule (b) There were no Form 8-K's filed by the Company during the quarter ended October 31, 1998. 13 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. COX TECHNOLOGIES, INC Date January __, 1999 /s/ James L Cox ----------------------------------------- James L Cox, President and Chairman Date January __, 1999 /s/ Robert W. Dupree ----------------------------------------- Robert W. Dupree, Chief Financial Officer 14 EX-27 2 FINANCIAL DATA SCHEDULE
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FINANCIAL STATEMENTS FOR THE QUARTER ENDED OCTOBER 31, 1999 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS 1 U.S DOLLARS 6-MOS APR-30-1999 MAY-01-1999 OCT-31-1998 1 1,776,733 62,100 1,889,262 29,527 1,385,990 5,219,348 6,413,277 2,995,313 12,512,947 1,636,686 0 0 0 20,885,495 (10,865,745) 12,512,947 4,621,388 4,621,388 2,307,536 4,356,943 0 0 77,520 470,506 40,900 264,445 0 206,061 0 429,606 .02 .02
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