-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, Q8eL5waKaO3CoFhKr/soJP91J0rJTjiDbvBQi25rCq7V6Hiw0a7tofwNswMgTEm3 lE+HQ2DIk8pEJVwshoN8iA== 0000912057-95-005196.txt : 199507100000912057-95-005196.hdr.sgml : 19950710 ACCESSION NUMBER: 0000912057-95-005196 CONFORMED SUBMISSION TYPE: 10QSB PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19950331 FILED AS OF DATE: 19950707 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: GREEN ISLE ENVIRONMENTAL SERVICES INC CENTRAL INDEX KEY: 0000083490 STANDARD INDUSTRIAL CLASSIFICATION: MISCELLANEOUS FABRICATED METAL PRODUCTS [3490] IRS NUMBER: 410780999 STATE OF INCORPORATION: MN FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10QSB SEC ACT: 1934 Act SEC FILE NUMBER: 000-01561 FILM NUMBER: 95552412 BUSINESS ADDRESS: STREET 1: 410 11TH AVE SOUTH CITY: HOPKINS STATE: MN ZIP: 55343 BUSINESS PHONE: 6129357798 MAIL ADDRESS: STREET 1: 410 11TH AVENUE SOUTH CITY: HOPKINS STATE: MN ZIP: 55343 FORMER COMPANY: FORMER CONFORMED NAME: REUTER INC DATE OF NAME CHANGE: 19920703 10QSB 1 10-QSB FORM 10-QSB U.S. SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 (Mark One) [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 1995 [ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT For the transition period from to Commission File Number 0-1561 GREEN ISLE ENVIRONMENTAL SERVICES, INC. - -------------------------------------------------------------------------------- (Exact name of registrant as specified in its charter) MINNESOTA 41-0780999 - ------------------------------- -------------------------- (State or other jurisdiction of (I.R.S. Employer Identification No.) incorporation or organization) 410 - 11TH AVENUE SOUTH, HOPKINS, MINNESOTA 55343 - ------------------------------------------------- --------- (Address of principal executive offices) (Zip Code) 612/935-7798 - ------------------------------------------------------------------------------- (Issuer's telephone number, including area code) Check whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during 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. . --- --- As of June 13, 1995 there were outstanding 3,191,520 shares of the registrant's common stock, par value $.18-3/4 per share. Traditional Small Business Disclosure Format (check one) Yes X . No. . --- --- 1 PART I. FINANCIAL INFORMATION. ITEM 1. FINANCIAL STATEMENTS. GREEN ISLE ENVIRONMENTAL SERVICES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS
For the three months ended March 31, 1995 1994 ------------ ------------ Net sales $2,980,774 $3,731,284 Less: Cost of sales 2,219,212 2,995,956 Depreciation 149,170 153,600 ----------- ----------- GROSS PROFIT 612,392 581,728 Selling, general and administrative expenses 553,135 466,036 Depreciation 26,955 22,206 ----------- ----------- OPERATING INCOME 32,302 93,486 Other income (expenses): Interest income 2,275 2,848 Interest expense (93,985) (89,554) Management fees 30,000 30,000 Other, net 26,612 (23,692) ----------- ----------- TOTAL OTHER EXPENSE (35,098) (80,398) ----------- ----------- INCOME (LOSS) FROM CONTINUING OPERATIONS (2,796) 13,088 ----------- ----------- Discontinued Operations: Loss from discontinued waste processing operations (538,408) (658,400) NET LOSS ($541,204) ($645,312) ----------- ----------- ----------- ----------- Net loss per common share data: Income (loss) from continuing operations ($0.00) ($0.00) Cumulative effect of accounting change Loss from discontinued operations (0.17) (0.20) ----------- ----------- NET LOSS PER SHARE ($0.17) ($0.20) ----------- ----------- ----------- ----------- Weighted average number of shares outstanding 3,191,520 3,191,520 ----------- ----------- ----------- -----------
The accompanying notes are an integral part of the consolidated financial statements. 2 GREEN ISLE ENVIRONMENTAL SERVICES, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS
March 31, December 31, 1995 1994 ------------ ------------ ASSETS CURRENT ASSETS: Cash and cash equivalents $181,897 $209,192 Investments, restricted 250,000 250,000 Accounts receivable, net of allowances of $7,862 at March 31, 1995 and $20,685 at December 31, 1994 1,809,968 1,387,124 Inventories 1,270,764 917,329 Other current assets 13,965 23,828 Other assets held for sale 50,000 50,000 ------------ ------------ TOTAL CURRENT ASSETS 3,576,594 2,837,473 Net property, plant and equipment 4,356,356 4,425,257 Other assets 509,474 ------------ ------------ TOTAL ASSETS $8,442,424 $7,262,730 ------------ ------------ ------------ ------------ LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) CURRENT LIABILITIES: Debt of Eden Prairie facility guaranteed by parent company, including accrued interest of $1,656,123 and $1,117,716 at March 31, 1995 and December 31, 1994, respectively $17,164,487 $16,626,079 Current maturities of long-term debt 144,408 151,981 Borrowings under line of credit 2,553,297 2,063,477 Accounts payable, trade 876,498 602,340 Accrued expenses 814,152 613,157 ------------ ------------ TOTAL CURRENT LIABILITIES 21,552,842 20,057,034 Long-term debt, less current maturities 234,900 267,385 Other long-term liabilities 500,584 243,009 STOCKHOLDERS' EQUITY (DEFICIT): Preferred stock, par value $.01 per share; authorized 2,500,000 shares; none issued Common stock, par value $.1875 per share; authorized 9,000,000 shares; issued and outstanding: 3,191,520 shares at March 31, 1995 and December 31, 1994 598,410 598,410 Additional paid-in capital 13,710,596 13,710,596 Accumulated deficit (28,154,908) (27,613,704) ------------ ------------ TOTAL STOCKHOLDERS' DEFICIT (13,845,902) (13,304,698) ------------ ------------ TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) $8,442,424 $7,262,730 ------------ ------------ ------------ ------------
The accompanying notes are an integral part of the consolidated financial statements. 3 GREEN ISLE ENVIRONMENTAL SERVICES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS
- -------------------------------------------------------------------------------------------------------------- Increase (Decrease) in Cash and Cash Equivalents For the Three Months Ended March 31, - -------------------------------------------------------------------------------------------------------------- 1995 1994 - -------------------------------------------------------------------------------------------------------------- CASH FLOWS FROM OPERATING ACTIVITIES: Net loss ($541,204) ($645,312) Adjustments to reconcile net loss to net cash provided (used) by operating activities: Depreciation and amortization 194,794 175,806 (Gain) Loss on sales of assets (10,000) 28,203 Provision for writedown of assets of discontinued operations held for sale and accrual of holding period costs 120,000 Provision for writedown of inventories / equipment 15,000 30,000 Changes in operating assets and liabilities: Accounts receivable (422,844) (443,185) Inventories (368,434) 451,109 Other assets (28,282) (4,929) Accounts payable 274,159 (190,059) Accrued expenses 701,978 364,538 - -------------------------------------------------------------------------------------------------------------- Net Cash Used by Operating Activities (184,833) (113,829) - -------------------------------------------------------------------------------------------------------------- CASH FLOWS FROM INVESTING ACTIVITIES Proceeds from sale of property and equipment 10,000 8,533 Cash paid to purchase Sollami product line (195,000) Additions to property, plant and equipment (107,224) (42,832) - -------------------------------------------------------------------------------------------------------------- Net Cash Used in Investing Activities (292,224) (34,299) - -------------------------------------------------------------------------------------------------------------- CASH FLOWS FROM FINANCING ACTIVITIES: Repayment of long term debt (40,059) (36,039) Proceeds from short term borrowings 3,061,638 3,505,899 Repayment of short term borrowings (2,571,817) (3,347,226) - -------------------------------------------------------------------------------------------------------------- Net Cash Provided by Financing Activities 449,762 122,634 - -------------------------------------------------------------------------------------------------------------- Net Decrease in Cash and Cash Equivalents (27,295) (25,494) Cash and Cash Equivalents, Beginning of Period 209,192 321,963 - -------------------------------------------------------------------------------------------------------------- Cash and Cash Equivalents, End of Period $181,897 $296,469 - -------------------------------------------------------------------------------------------------------------- - -------------------------------------------------------------------------------------------------------------- Supplemental disclosures of cash flow information: Cash paid for interest $91,401 $91,459
The accompanying notes are an integral part of the consolidated financial statements. 4 Green Isle Environmental Services, Inc. and Subsidiaries Notes to Consolidated Financial Statements (Unaudited) 1. FINANCIAL STATEMENTS: The unaudited consolidated financial statements of Green Isle Environmental Services, Inc., and Subsidiaries (the Company) for the three months ended March 31, 1995 and 1994 reflect, in the opinion of management, all adjustments (which include only normal recurring adjustments except as described below) necessary to fairly state the results of the operations (including discontinued operations) for the interim period. The consolidated results of operations for any interim period are not necessarily indicative of results expected for the full year. The unaudited consolidated interim financial statements should be read in conjunction with the consolidated financial statements and notes thereto contained in the Company's 1994 Form 10-KSB. USE OF ESTIMATES: The preparation of financial statements in conformity with generally accepted accounting principals requires management to make estimates and assumptions that affect the reported amount of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. 2. SELECTED BALANCE SHEET INFORMATION:
Inventories: March 31, December 31, 1995 1994 ----------- ----------- Raw material and supplies $ 427,654 $ 340,631 Work in process 843,110 576,698 ----------- ----------- $ 1,270,764 $ 917,329 ----------- ----------- ----------- ----------- Property, plant & equipment: March 31, December 31, 1995 1994 ----------- ----------- Land and related improvements $ 206,995 $ 206,995 Building 2,980,607 2,980,608 Machinery and equipment 7,097,560 7,071,605 Office equipment 627,756 602,537 Molds, fixtures and tooling 31,869 Autos and trucks 42,112 42,112 ----------- ----------- Total $10,986,899 $10,903,857 Less: accumulated depreciation 6,630,543 6,478,600 ----------- ----------- $ 4,356,356 $ 4,425,257 ----------- ----------- ----------- -----------
5 2. SELECTED BALANCE SHEET INFORMATION (cont'd):
Other assets held for sale: March 31, December 31, 1995 1994 --------- ---------- Container manufacturing equipment $ 50,000 $ 50,000 Total $ 50,000 $ 50,000 ----------- ----------- ----------- ----------- Accrued Expenses: March 31, December 31, 1995 1994 --------- ---------- Interest, excluding accrued interest associated with Eden Prairie debt $ 30,827 $ 28,243 Payroll, benefits and related taxes 317,967 291,699 Legal and accounting 45,525 104,850 Accrued container warranty 139,327 140,000 Product acquisition expenses 153,226 Accrued retirement and consulting 71,829 38,496 Accrued real estate taxes 39,451 Other 16,000 9,869 ---------- ----------- Total $ 814,152 $ 613,157 ---------- ---------- ---------- ----------
3. DISCONTINUED OPERATIONS AND RELATED DEBT: As described in Notes 2 and 3 of the Notes to Consolidated Financial Statements in the 1994 Form 10-KSB, the Company ceased operations of its Eden Prairie facility (EPR) effective January 1, 1994 and has undertaken a formal plan to dispose of its remaining waste processing operations. The loss from discontinued operations in the first quarter of 1995 includes accrued interest (including default rate interest) through March 31, 1995. The Company will continue to accrue interest in future periods through the date of a final settlement of the debt, which is anticipated in the third quarter of 1995. The loss from discontinued operations for the three months ended March 31, 1995 consists of accrued interest of $ 538,408. As previously announced, the Company closed on the sale of all of the assets of EPR for $3.8 million on September 1, 1994. A gain of $1,914,534 on the sale of the EPR assets was recorded in the 3rd quarter 1994. The net proceeds of $3,768,809 from the sale have been used to repay a portion of the debt underlying the EPR facility. The Company has retained all liabilities of EPR, including the balance of the loan underlying the facility which is guaranteed by the Company. As previously announced, on September 12, 1994, the Company entered into a settlement agreement with the lender of the debt underlying EPR whereby the lender agrees not to pursue its rights against the Company under the parent guarantee of the EPR debt in 6 return for the following: 1. A Senior Subordinated Secured Note to the lender for $2,750,000 with interest at 8% per year. Interest will be payable monthly on the principal balance from time to time remaining unpaid. Principal payments of $75,000 will be payable quarterly beginning in 1997 and ending on July 1, 1999, when all outstanding principal and interest is due. 2. A Junior Subordinated Secured Note to the lender for $1,000,000 with interest to accrue at 8% per year; principal and interest will be paid from excess cash flow from operations, if any, with all outstanding principal and accrued interest due on July 1, 1999. 3. A Net Operating Loss Sharing Agreement under which the Company will make annual payments to the lender of an amount equal to any tax savings related to use of up to $15,000,000 in net operating loss carryforwards. The Company has also preliminarily agreed to issue to the lender, a warrant to purchase 3,178,780 shares of Common Stock, exercisable only in the event of an "ownership change" with respect to the Company for purposes of Section 382(g) (1) of the Internal Revenue Code of 1986, as amended. The ownership change would effectively eliminate the net operating loss sharing Agreement obligation ((3) above) and result in the effective contribution of any remaining balance of the NOL Sharing Agreement obligation to contributed capital (shareholders' equity). Management is currently negotiating definitive agreements with the lender, although there can be no assurance that a definitive agreement will be reached. 4. ACQUISITION OF PRODUCT LINE: On January 9, 1995, the Company purchased the assets, inventory, patents and patent applications, trademarks and goodwill associated with the Rotary Vane Actuator business of The Sollami Company. The purchase price was $326,154 plus contingent payments equal to 8% of net sales made each month, for the 48 months beginning in February 1995, of rotary vane actuators and related parts. The total cumulative guaranteed minimum payments are $295,000, with scheduled amounts due in each of the 4 years. To the extent cumulative monthly contingent payments do not equal the guaranteed minimum payment for any 12 month period, the Company will be required to make an additional payment sufficient to achieve the guaranteed minimum payment for that year. The excess of acquisition cost over amounts assigned to the net identifiable assets acquired (Goodwill) is being amortized on a straight line basis over fifteen years. Other identifiable intangible assets include value assigned to patents, and a covenant not to compete. Values assigned to patents are carried at cost less accumulated amortization 7 calculated on a straight line basis over their estimated useful lives, which range from seven to fourteen years. The value assigned to the covenant not to compete is being amortized on a straight line basis over seven years. 5. ASSET-BASED SHORT-TERM FINANCING ARRANGEMENT: In January 1995, the Company amended its loan and security agreement with its asset based lender. The key elements to the amendment include reducing the short-term demand line of credit to $4,500,000, increasing interest on borrowings to prime plus 3.75%, and increasing available borrowing by $125,000 by increasing the advance rate on the certificate of deposit which partially collateralizes borrowings under the line of credit. Funds available to the Company pursuant to terms of the line of credit agreement are dependent upon the level of eligible accounts receivable and plant and equipment, as defined. The Company is in violation of certain financial and technical covenants of this agreement and a cross-default covenant due to the defaults described in Notes 6 and 6(a) of the Notes to the Consolidated Financial Statements in the Company's 1994 Form 10-KSB. As a result of these default conditions, the lender may, at its sole discretion declare the Company in default, discontinue making advances to the Company and demand immediate repayment of borrowings under the line of credit. If the lender will continue making advances to the Company, borrowing capacity under this line of credit is approximately $95,000 at June 13, 1995. 6. AGREEMENT TO SELL REUTER RECYCLING OF FLORIDA, INC.: Effective June 1, 1995, the Company entered into an agreement to sell all of the Reuter Recycling of Florida, Inc. stock, which had been pledged by the Company to the construction lender of Reuter Recycling of Florida, Inc., to an unrelated third party. As discussed in Note 4 to the Consolidated Financial Statements contained in the 1994 Form 10-KSB, because Reuter Recycling of Florida, Inc. had previously been deconsolidated from the Company's consolidated financial statements and the Company will receive no proceeds from the sale, the transaction will have no impact on the Company's financial position or results of operations. The management agreement between Green Isle and Reuter Recycling of Florida, Inc. will be terminated upon the close of the sale. 7. RECLASSIFICATION: Certain reclassifications have been made to the 1994 consolidated financial statements in order to conform with the March 31, 1995 presentation. These reclassifications did not change the Company's previously reported financial position or results of operations. 8 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations. RESULTS OF OPERATIONS CONTINUING MANUFACTURING OPERATIONS: Continuing operations consist primarily of the precision machining business, which is primarily the manufacture of certain medical products and other precision machined parts on a contract basis. The Company has sold most of the equipment used in its plastics manufacturing operations and substantially all plastics manufacturing ceased effective August, 1994. The Company's net revenues from continuing operations for the first quarter of 1995 decreased by 20.1% from the same period in 1994. The Company's net revenues for the three months ended March 31, 1995 were $2,980,774 compared to $3,731,284 for the same period in 1994. The decrease was due primarily to the elimination of sales to Seagate Technology, Inc., which effectively ceased after the first quarter of 1994 and is partially offset by increased sales of medical products and other contract manufacturing products. Gross profit was 20.5% of net sales for the first quarter of 1995 compared to 15.6% of net sales for the first quarter of 1994. The higher gross profit was primarily due to the change in the product mix towards higher-margin medical products and higher margins on sales of proprietary products. Medical product sales from the Company's two principal customers accounted for over 73% of net sales in the first quarter of 1995 compared to 32% of net sales in the first quarter of 1994. Selling, general and administrative expenses were $580,090 for the first quarter of 1995 compared to $488,242 for the same period in 1994. The increase in these expenses is primarily due to higher selling expenses related to marketing of proprietary products (primarily oil centrifuge units) and legal and accounting costs related to pursuing restructuring of the debt underlying the EPR facility. The Company had no taxable income, and accordingly, recorded no provision for income taxes during the quarters ended March 31, 1995 and 1994. During the first quarter of 1995, the Company recorded a loss from continuing operations of $2,796 or $.001 per share compared to income from continuing operations of $13,088 or $.004 per share for the same period in 1994. 9 DISCONTINUED WASTE PROCESSING OPERATIONS: As described in Notes 2 and 3 of the Notes to Consolidated Financial Statements in the Company's 1994 Form 10-KSB, the Company undertook a formal plan to dispose of its remaining waste processing and recycling operation located in Eden Prairie, Minnesota during the fourth quarter of 1993. The Company wrote-down the carrying value of this facility to its estimated net realizable value, which resulted in a charge against earnings of $10,800,000 in 1993. The Eden Prairie facility ceased operations effective January 1, 1994 and on September 1, 1994 the Company closed on the sale of all of the assets of EPR, Inc., a wholly owned subsidiary of the Company ("EPR") for approximately $3.8 million. The proceeds from the sale of the assets of EPR have been used to repay a portion of the debt originally underlying the EPR facility. The Company retained all liabilities of EPR, including the balance of the loan underlying the facility (the "EPR loan") which is guaranteed by the Company. The loss from discontinued operations during the first quarter of 1995 consists of continuing interest accruals of $538,408 related to the underlying debt. This accrual does not include an accrual for estimated interest that will be incurred on the debt underlying the EPR loan between April 1, 1995 and the date of final settlement, due to uncertainty of the timing of the ultimate settlement. As described in Note 3 "Discontinued Operations and Related Debt" in this Form 10-QSB, the Company entered into a preliminary settlement agreement with the lender of the debt underlying EPR on September 12, 1994. The lender has agreed not to pursue its rights against the Company under its guarantee of the EPR loan in return for a Senior Subordinated Secured Note for $2,750,000, a Junior Subordinated Secured Note for $1,000,000, a Net Operating Loss Sharing Agreement (See Note 2 of the Notes to Consolidated Financial Statements in the 1994 Form 10-KSB), and a warrant to purchase 3,178,780 shares of Common Stock (See Note 2 of the Notes to Consolidated Financial Statements in the 1994 Form 10-KSB). Management is currently negotiating definitive agreements with the lender, although there can be no assurance that a definitive agreement will be reached. If final settlement cannot be reached, management may elect to seek protection under U.S. bankruptcy laws. LIQUIDITY AND CAPITAL RESOURCES: The Company currently has negative working capital and is in payment and technical default of terms of the EPR loan and is in violation of certain covenants of its demand line of credit agreement. The Company had a working capital deficit of $17,976,248 at March 31, 1995, compared to a working capital deficit of $17,219,561 at December 31, 1994. The current ratio was .17 and .14 at March 31, 1995 and December 31, 1994, respectively. The working capital deficit includes the Eden Prairie debt because the entire remaining balance of this 10 loan has been classified as a short-term liability as a result of the payment, technical and other defaults described in Notes 2 and 6 of the Notes to the Consolidated Financial Statements included in the Company's 1994 Form 10-KSB. Until the restructuring agreement with the lender to EPR is finalized, under the terms of the original loan agreement, and as a result of the payment and technical defaults, the lender has the right to demand repayment of the entire outstanding balance of the loan. In addition, the lender can demand payment of the default interest rate which is 2% higher than the stated interest rate of 11.85%. Interest accruals reflecting the incremental charge for the higher default rate have been established since 1992. The Company has a $4.5 million line of credit arrangement with an asset based lender which is collateralized by assets associated with the manufacturing operations. The Company is in violation of certain financial and technical covenants contained in this line of credit agreement, which could result in the lender discontinuing advances and demanding repayment of all outstanding borrowings. Due to the default conditions discussed above and borrowing limits related to available collateral, it is possible that the Company will not be able to borrow sufficient amounts against this line to meet all the operating cash needs of the Company. In addition, there can be no assurance that the asset based lender will continue to disregard these covenant violations in the future. If the lender takes any action to reduce the availability of funds to the Company, there may not be sufficient liquidity to continue operations. As of June 13, 1995, the Company had borrowed approximately $2,108,000 and had additional availability of approximately $95,000 under this line. The Company had negative cash flow for the three months ending March 31, 1995 and its ability to meet its continuing manufacturing operations cash flow requirements during the remainder of 1995 and beyond, is dependent on continuing adequate sales and margins in the manufacturing business. Management expects a need for capital expenditures to support equipment upgrading and growth in the Manufacturing Division. In addition to cash flow generation from operations, the Company expects to raise needed capital through vendor or other asset based lending arrangements. In summary, the Company currently has negative working capital and is in default under the terms of two outstanding loan agreements. Either of these two lenders could, at any time, demand full payment of the underlying debt, which the Company would be unable to satisfy. The Company's cash flow from operations may not be sufficient to meet the Company's general operating needs. In the event that the Company cannot generate sufficient cash flow to meet its commitments, it may be forced to seek protection under U.S. Bankruptcy laws. 11 PART II - OTHER INFORMATION Item 3. Defaults upon Senior Security See Footnote 3 to Notes to the Consolidated Financial Statements and Management's Discussion and Analysis, included in Item 1 and 2 of this report 10-QSB, for a description of the status of the defaults on the loan underlying the Eden Prairie facility and the Company's line of credit, which is incorporated herein by reference. Arrearage (interest and principal) on the Eden Prairie debt as of June 13, 1995, was approximately $5,000,000. As of June 13, 1995, the Company had borrowed approximately $2,108,000 and had additional availability of approximately $95,000 under its line of credit agreement. 12 SIGNATURES ---------- Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. GREEN ISLE ENVIRONMENTAL SERVICES, INC. -------------------------------------------- (Registrant) Date: , 1995 By: /s/ James W. Taylor ---------------------------------- James W. Taylor President, Chief Executive Officer and Chief Financial Officer (principal executive and financial officer) Date: , 1995 By: /s/ William H. Johnson ---------------------------------- William H. Johnson Controller (principal accounting officer) 13 EX-27 2 EXHIBIT 27
5 3-MOS DEC-31-1994 MAR-31-1995 181,897 0 1,809,968 0 1,270,764 3,576,594 10,986,899 6,630,543 8,442,424 21,552,842 0 598,410 0 0 13,710,596 8,442,424 2,980,774 2,980,774 2,368,382 2,948,472 35,098 0 93,985 (541,204) 0 (2,796) (538,408) 0 0 (541,204) (.17) (.17)
-----END PRIVACY-ENHANCED MESSAGE-----