-----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, OSt16XSPqjWWmdGED41OVtSGMFZKecQvW7UrjSFr3uWC55PCunU3Uwki57+reQrY E0A+FSJ/YeY4QGzT/g1JuA== 0000950147-01-501997.txt : 20020412 0000950147-01-501997.hdr.sgml : 20020412 ACCESSION NUMBER: 0000950147-01-501997 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20010331 FILED AS OF DATE: 20011130 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CENTURY PACIFIC FINANCIAL CORP CENTRAL INDEX KEY: 0000791770 STANDARD INDUSTRIAL CLASSIFICATION: SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211] IRS NUMBER: 860449546 STATE OF INCORPORATION: AZ FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-16075 FILM NUMBER: 1804444 BUSINESS ADDRESS: STREET 1: 1422 N 44TH ST STREET 2: APT 211 CITY: PHOENIX STATE: AZ ZIP: 85008 BUSINESS PHONE: 6022677007 10-Q 1 q3-01.txt QUARTERLY REPORT FOR THE QTR ENDED 12/31/00 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q (Mark One) [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarter ended March 31, 2001 [ ] 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: 0-16075 CENTURY PACIFIC FINANCIAL CORPORATION (Exact name of Registrant as specified in charter) Delaware 86-0449546 (State or other jurisdiction of (I.R.S. Employer I.D. No.) incorporation or organization) 1422 N. 44th Street, Suite 211, Phoenix, AZ 85008 (Address of principal executive offices) (Zip Code) Issuer's telephone number, including area code: (602) 267-7007 Check whether the Issuer (1) has 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: At March 31, 2001, there were 51,471,843 shares of the registrant's Common Stock outstanding. TABLE OF CONTENTS Page ---- PART I. FINANCIAL INFORMATION Item 1 - Financial Statements 3 Item 2 - Management's Discussion and Analysis or Plan of Operation 8 PART II. OTHER INFORMATION Item 3. Legal Proceedings 9 Item 4. Changes in Securities and Use of Proceeds 9 Item 5. Default Upon Senior Securities 9 Item 6. Submission of Matters to a Vote of Security Holders 9 Item 7. Other Information 9 Item 8. Exhibits and Reports On Form 8-K 9 SIGNATURES 10 2 PART I. FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS Century Pacific Financial Corporation Condensed Consolidated Balance Sheets March 31, 2001 March 31, 2000 -------------- -------------- CURRENT ASSETS Cash $ (2,371) $ 144 Accounts Receivable 175,869 221,730 Notes Receivable 56,500 7,000 Inventory 229,131 167,942 Tax Benefit Current 64,000 4,668 FIXED ASSETS Office Equipment 7,896 10,153 OTHER ASSETS Notes Receivable Non-Current 47,168 47,168 Tax Benefit Long Term 811,697 875,697 ----------- ----------- TOTAL ASSETS $ 1,389,890 $ 1,334,502 =========== =========== CURRENT LIABILITIES Accrued Liabilities Wages Payable $ 25,396 $ 29,505 Taxes Payable 1,095 1,170 ----------- ----------- TOTAL LIABILITIES 26,491 30,675 ----------- ----------- CAPITAL Common Stock 2,058,874 2,058,874 Capital (Paid in) 2,006,271 2,006,271 Retained Earnings 26,491 30,675 TOTAL STOCKHOLDERS EQUITY $ 1,363,399 $ 1,303,827 ----------- ----------- TOTAL LIABILITY & STOCKHOLDERS EQUITY $ 1,389,890 $ 1,334,502 =========== =========== 3 Century Pacific Financial Corporation Condensed Consolidated Income Statement For 3 Months Ended For 6 Months Ended ------------------------ --------------------- 3/31/01 3/31/00 3/31/01 3/31/00 ------- ------- ------- ------- REVENUES Financial Services $ 8,734 $ 11,581 $ 29,521 $ 20,581 Sales & Service 242,977 282,657 322,127 428,503 --------- --------- --------- --------- TOTAL REVENUE 251,711 294,238 342,648 449,084 --------- --------- --------- --------- COST OF SALES 133,092 80,506 169,961 171,921 --------- --------- --------- --------- GROSS PROFIT $ 118,619 $ 213,732 $ 172,687 $ 277,162 ========= ========= ========= ========= EXPENSES Advertising $ 592 $ 574 $ 702 $ 1,125 Auto 5,093 3,105 6,255 6,266 Bank Charges 2,139 596 2,215 1,450 Contributions 1,000 1,160 1,000 2,864 Commissions 808 5,121 1,808 11,486 Dues and Subscriptions 246 150 514 Freight 8,718 9,577 17,499 12,890 Insurance 2,759 4,380 3,079 8,671 Income Tax Expense 10,219 10,219 400 Legal & Professional 1,951 391 2,624 836 Licenses 1,120 1,095 1,620 1,565 Payroll Tax 1,223 604 2,481 Office Expense 1,110 2,436 1,561 7,886 Other Taxes 5,897 2,724 6,363 5,744 Rent/Lease 19,927 10,504 24,590 27,467 Salaries 24,867 17,238 37,317 40,486 Supplies 2,533 Telephone 11,423 4,746 12,594 7,697 Travel 19,924 9,457 24,051 21,921 Utilities 1,429 1,040 1,429 1,433 --------- --------- --------- --------- TOTAL EXPENSES $ 120,199 $ 74,494 $ 157,557 $ 163,154 --------- --------- --------- --------- NET INCOME $ (1,580) $ 139,238 $ 15,130 $ 114,008 ========= ========= ========= ========= 4 Century Pacific Financial Corporation Consolidated Statements of Cash Flows For 6 Months Ended 3/31/01 ------- Cash from Operations Net Income $ 16,442 -------- Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities Accounts Payable Accounts Receivable 3,192 Inventory (17,488) Notes Receivable (2,500) Sales Taxes Payable 470 Other Current Liability (4,200) Suspense 858 -------- Total Adjustments $(20,608) -------- Net Cash Provided by Operations $ (4,166) Net Increase/Decrease Cash $ (4,166) -------- Summary Cash Balance Beginning of Period $ (2,293) -------- Cash Balance End of Period $ (1,874) ======== Net Increase/Decrease in Cash $ (4,167) ======== 5 Century Pacific Financial Corporation Statement of Stockholders Equity For the Period from 1/01/01 to 3/31/01
Paid In Retained Stockholders Common Shares Stock Amount Capital Earnings Equity ------------- ------------ ------- -------- ------ Balance 1/01/01 51,471,847 $ 2,058,874 $ 2,006,271 $(2,761,746) $ 1,363,399 ----------- ----------- ----------- ----------- ----------- Balance 6/30/01 51,471,847 $ 2,058,874 $ 2,006,271 $(2,761,746) $ 1,363,399 =========== =========== =========== =========== ===========
6 CENTURY PACIFIC FINANCIAL CORPORATION NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS The 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 omitted. However, in the opinion of management, all adjustments (which include only normal recurring accruals) necessary to present fairly the financial position and results of operations for the periods presented have been made. The results for interim periods are not necessarily indicative of trends or of results to be expected for the full year. These financial statements should be read in conjunction with the financial statements and notes thereto included in the Company's most recent report on Form 10-K. Basis of Presentation. The consolidated financial statements include the accounts of Century Pacific Financial Corporation and its subsidiaries. In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments necessary to present fairly the financial position, results of operations and cash flows for the periods presented. Certain financial statement items from the prior year may have been reclassified to be consistent with the current year financial statement presentation. These consolidated financial statements should be read in conjunction with the consolidated financial statements and the related disclosures contained in the Company's Annual Report of Form 10-K for the year ended September 30, 2000, filed with the Securities and Exchange Commission. The results of operations for the three months ended March 31, 2001, are not necessarily indicative of the results to be expected for the full fiscal year. 1. Condensed Financial Statements. The unaudited condensed consolidated financial information contained in this report reflects all adjustments (consisting of normal recurring accruals) considered necessary, in the opinion of management, for a fair presentation of results for the interim periods presented. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted. 2. Stock Option Plans. None outstanding. 3. Preferred Stock. The Company has one class of preferred stock. 5,000,000 shares of .05000 par value preferred stock remaining authorized but unissued. 4. Warrants. None 7 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following selected data of the Company is qualified by reference to and should be read in conjunction with the consolidated financial statements, including any notes thereto, and "Management's Discussion and Analysis of Financial Condition and Results of Operations" included elsewhere in this report. RESULTS OF OPERATIONS. Comparison of three-month periods ended March 31, 2001 and 2000 are contained herein. Revenues for the first quarter of the fiscal year of $251,711.00 are substantially in excess of $294,238.00 of the prior year. Three month comparative figures reflect increased revenues due to the start up of medical equipment sales both domestically and internationally. Release from the Chapter 11 Bankruptcy proceedings has allowed the Company to seek new sources of revenue and acquisitions that are expected to build the capital base, revenues, and profits. The operating expenses of $120,199.00 were normal business expenses. Expenses for the 2001 period as compared with those of 2000 increased substantially as the medical equipment subsidiary ramped up for future expected expansion. This Form 10-Q includes "forward looking statements" concerning the future operations of the Company. It is management's intent to take advantage of the "safe harbor" provision of the Private Securities Litigation Reform Act of 1995. This statement is for the express purpose of availing the Company of the protections of such safe harbor with respect to all "forward looking statements" contained in this Form 10-Q. We have used "forward looking statements" to discuss future plans and strategies of the Company. Management's ability to predict results or the effect of future plans is inherently uncertain. Factors that could effect results include, without limitation, competitive factors, general economic conditions, customer relations, relationships with vendors, the interest rate environment, governmental regulation and supervision, seasonality, distribution networks, product introductions, acceptance, technological change, changes in industry practices and one-time events. These factors should be considered when evaluating the "forward looking statements" and undue reliance should not be placed on such statements. Should any one or more of these risks or uncertainties materialize, or should any underlying assumptions prove incorrect, actual results may vary materially from those described herein. LIQUIDITY AND CAPITAL RESOURCES. The Corporation has remained current in its payable accounts during this period and the event of profitable operations in the medical equipment has allowed a modest build-up of cash and inventory. 8 PART II. OTHER INFORMATION ITEM 3. LEGAL PROCEEDINGS The Company is not a party to any litigation and to its knowledge, no action, suit or proceedings against it has been threatened by any person or entity. ITEM 4. CHANGES IN SECURITIES AND USE OF PROCEEDS None ITEM 5. DEFAULT UPON SENIOR SECURITIES None ITEM 6. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS None ITEM 7. OTHER INFORMATION None ITEM 8. EXHIBITS AND REPORTS ON FORM 8-K None 9 SIGNATURES Pursuant to the requirements of section 13 or 15(d) 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. CENTURY PACIFIC FINANCIAL CORPORATION Dated: November 28, 2001 By /s/ Carlton V. Phillips ---------------------------------------- Carlton V. Phillips Chairman of the Board, and Co-Chief Executive Officer By /s/ David Hadley ---------------------------------------- David Hadley President and Co-Chief Executive Officer Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following person on behalf of the Registrant and in the capacities and on the date indicated. Signature and Title Date ------------------- ---- /s/ Carlton V. Phillips November 28, 2001 - ---------------------------------------- Carlton V. Phillips Treasurer and Director /s/ David Hadley November 28, 2001 - ---------------------------------------- David Hadley President and Director 10 -----END PRIVACY-ENHANCED MESSAGE-----