-----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, ESAwMM8yccwh1WX+W5l+LvT2a2wUxXwiDsqUOz9tgrUA5uGTt60THtBTKqRLztfx lOR5lJ1/1gvE04l2sQr9FA== 0000950147-99-000094.txt : 19990212 0000950147-99-000094.hdr.sgml : 19990212 ACCESSION NUMBER: 0000950147-99-000094 CONFORMED SUBMISSION TYPE: 10QSB PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19981231 FILED AS OF DATE: 19990211 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DIMENSIONAL VISIONS INC/ DE CENTRAL INDEX KEY: 0000836809 STANDARD INDUSTRIAL CLASSIFICATION: COMMERCIAL PRINTING [2750] IRS NUMBER: 232517953 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 10QSB SEC ACT: SEC FILE NUMBER: 001-10196 FILM NUMBER: 99531136 BUSINESS ADDRESS: STREET 1: 2301 WEST DUNLAP STREET 2: SUITE 207 CITY: PHOENIX STATE: AZ ZIP: 85021 BUSINESS PHONE: 602-997-1990 MAIL ADDRESS: STREET 1: 8855 N. BLACK CANYON HWY STREET 2: STE 2000 CITY: PHOENIX STATE: AZ ZIP: 85021 10QSB 1 QUARTERLY REPORT FOR THE QTR ENDED 12/31/98 U.S. SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-QSB (Mark One) [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended December 31, 1998 ----------------- [ ] 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 1-10196 Dimensional Visions Incorporated ----------------------------------------------------------------- (Exact name of small business issuer as specified in its charter) Delaware 23-2517953 - ------------------------------- ------------------- (State or other jurisdiction of (IRS Employer incorporation or organization) Identification No.) 2301 W. Dunlap, Suite 207, Phoenix, Arizona, 85021 -------------------------------------------------- (Address of principal executive offices) (602) 997 - 1990 ------------------------- (Issuer's telephone number) ---------------------------------------------------- (Former name, former address and former fiscal year, if changed since last report) 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 [ ] As of December 31, 1998, the number of shares of Common Stock issued and outstanding was 3,641,978. Transitional Small Business Disclosure Format (check one): Yes [ ] No [X] DIMENSIONAL VISIONS INCORPORATED AND SUBSIDIARY INDEX Page Number ------ PART I - FINANCIAL INFORMATION Item 1. Financial Statements Condensed Consolidated Balance Sheets - December 31, 1998 and June 30, 1998 1 Condensed Consolidated Statement of Operations - For the three and six months ended December 31, 1998 and 1997 2 Condensed Consolidated Statement of Cash Flows - For the six months ended December 31, 1998 and 1997 3 Notes to Condensed Consolidated Financial Statements 4 Item 2. Management's Discussion and Analysis of Financial Conditions and Results of Operations 8 PART II - OTHER INFORMATION Item 1. Legal Proceedings N/A Item 2. Changes in Securities N/A Item 3. Defaults Upon Senior Securities N/A Item 4. Submission of Matters to a Vote of Security Holders N/A Item 5. Other Information N/A Item 6. Exhibits and Reports on Form 8-K 9 SIGNATURES 9 PART I - FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS DIMENSIONAL VISIONS, INC. AND SUBSIDIARY CONDENSED CONSOLIDATED BALANCE SHEETS December 31, 1998 June 30, ASSETS (Unaudited) 1998 ----------- ---- Current assets Cash $ 35,930 $ 15,910 Current portion of notes receivable 171,281 119,461 Accounts receivable, trade, net of allowance for bad debts of $215,743 158,728 144,620 Inventory 82,995 69,364 Prepaid expenses 56,980 25,678 ------------ ------------ Total current assets 505,914 375,033 ------------ ------------ Equipment Equipment 402,920 370,344 Furniture and fixtures 50,440 24,217 ------------ ------------ 453,360 394,561 Less accumulated depreciation 262,341 233,509 ------------ ------------ 191,019 161,052 ------------ ------------ Other assets Notes receivable net of current portion 272,388 342,377 Deferred costs 30,726 -- Patent rights and other assets 37,793 42,379 ------------ ------------ 340,907 384,756 ------------ ------------ Total assets $ 1,037,840 $ 920,841 ============ ============ LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIENCY) Current liabilities Short-term borrowings $ 84,367 $ 79,500 Current portion of long-term debt -- 75,000 Current portion of obligations under capital leases 22,788 16,476 Accounts payable, accrued expenses and other liabilities 560,159 439,977 ------------ ------------ Total current liabilities 667,314 610,953 Long-term debt, net of current portion 485,000 -- Obligations under capital leases 92,805 102,586 ------------ ------------ Total liabilities 1,245,119 713,539 ------------ ------------ Commitments and contingencies -- -- Stockholders equity (deficiency) Preferred stock - $.001 par value, authorized 10,000,000 shares; issued and outstanding - 132,911 shares at December 31, 1998, and 133,321 shares at June 30, 1998 133 133 Additional paid-in capital 679,177 683,278 ------------ ------------ 679,310 683,411 Common stock - $.001 par value, authorized 100,000,000 shares; issued and outstanding 3,641,978 shares at December 31, 1998 and 3,612,101 shares at June 30, 1998 3,642 3,612 Additional paid-in capital 18,879,145 18,862,075 Deficit (19,769,376) (19,341,796) ------------ ------------ Total stockholders' equity (deficiency) (207,279) 207,302 ------------ ------------ Total liabilities and stockholders' equity (deficiency) $ 1,037,840 $ 920,841 ============ ============ See notes to condensed consolidated financial statements. (1) DIMENSIONAL VISIONS, INC. AND SUBSIDIARY CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (Unaudited)
Three Months Ended Six Months Ended December31, December31 1998 1997 1998 1997 ---- ---- ---- ---- Operating revenue $ 219,311 $ 58,697 $ 410,400 $ 172,251 Cost of sales 152,279 58,731 245,561 164,876 ---------- ---------- ---------- ---------- Gross profit 67,032 (34) 164,839 7,408 ---------- ---------- ---------- ---------- Operating expenses Engineering and development costs 47,808 53,555 97,085 113,380 Marketing expenses 115,376 56,787 168,324 114,079 General and administrative expenses 180,846 143,128 318,888 301,889 ---------- ---------- ---------- ---------- Total operating expenses 344,030 253,470 584,297 529,348 ---------- ---------- ---------- ---------- Loss before other income (expenses) (238,273) (253,504) (419,458) (521,940) ---------- ---------- ---------- ---------- Other income (expenses) Interest expense (17,074) (26,225) (29,420) (29,590) Interest income 10,527 7,008 21,298 7,212 Forgiveness of accrued compensation -- 106,149 -- 106,149 Loss on sale of equipment -- (18,881) -- (18,881) Gain on sale of product line -- -- -- 410,000 ---------- ---------- ---------- ---------- (6,547) 68,051 (8,122) 474,890 ---------- ---------- ---------- ---------- Net income (loss) $ (244,820) $ (185,453) $ (427,580) $ (47,050) ========== ========== ========== ========== Net income (loss) per share of common stock $ (.07) $ (.06) $ (.12) $ (.02) ========== ========== ========== ========== Weighted average shares of common stock outstanding 3,622,049 2,931,548 3,617,089 2,883,038 ========== ========== ========== ==========
See notes to condensed consolidated financial statements. (2) DIMENSIONAL VISIONS, INC. AND SUBSIDIARY CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited) Six Months Ended December 31, 1998 1997 ---- ---- Cash flows from operating activities Net income (loss) $(427,580) $ (47,050) Total adjustments to reconcile net income (loss) to net cash used in operating activities 131,974 (389,744) --------- --------- Net cash used in operating activities (295,606) (436,794) --------- --------- Cash flows from investing activities Proceeds from payments on notes receivable 17,428 Proceeds from sale of equipment -- 10,000 Purchase of furniture and equipment (58,800) (10,200) --------- --------- Net cash used in investing activities (41,372) (200) --------- --------- Cash flows from financing activities Payment of obligations under capital lease (3,469) Payment of debt obligations (75,000) (25,000) Proceeds from issuance of debt net of deferred financing costs of $34,400 450,600 -- Repayment of short-term borrowing (15,133) -- Proceeds from secured promissory notes, net of financing costs of $14,175 -- 229,325 Exercise of warrants to purchase common stock 10,000 Sale of common stock, net of offering costs -- 135,000 --------- --------- Net cash provided by financing activities 356,998 349,325 --------- --------- Net increase (decrease) in cash 20,020 (87,669) Cash, beginning 15,910 109,566 --------- --------- Cash, ending $ 35,930 $ 21,897 ========= ========= Supplemental disclosure of cash flow information: Cash paid during the period for interest $ 22,974 -- ========= Issuance of common stock in connection with Consulting services $ 13,000 $ 21,250 ========= ========= Compensation -- $ 2,750 ========= Supplemental disclosure of non-cash investing and financing activities: During the six months ended December 31, 1998, 163 shares of the Company's Common Stock were issued as a result of the conversion of 410 shares of Series C Convertible Preferred Stock valued at $4,100. See notes to condensed consolidated financial statements. (3) DIMENSIONAL VISIONS INCORPORATED AND SUBSIDIARY NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS SIX MONTHS ENDED DECEMBER 31, 1998 (UNAUDITED) NOTE 1 BASIS OF PRESENTATION OF INTERIM FINANCIAL STATEMENTS The interim financial statements are prepared pursuant to the requirements for reporting on Form 10-QSB. The June 30, 1998, balance sheet data were derived from audited financial statements but does not include all disclosures required by generally accepted accounting principles. The interim financial statements and notes thereto should be read in conjunction with the financial statements and notes included in the Company's Annual Report on Form 10-KSB for the fiscal year ended June 30, 1998. In the opinion of management, the interim financial statements reflect all adjustments of a normal recurring nature necessary for a fair statement of the results for the interim periods presented. The current period results of operations are not necessarily indicative of results which ultimately will be reported for the full year ending June 30, 1999. NOTE 2 ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LIABILITIES December 31, 1998 June 30,1998 ----------------- ------------ Accounts payable $481,009 $370,633 Accrued expenses Interest 24,480 20,886 Salaries 47,342 43,587 Payroll Taxes Payable 7,328 4,871 -------- -------- Total $560,159 $439,977 ======== ======== NOTE 3 LONG-TERM DEBT Long-term debt consisted of the following: December 31, 1998 June 30, 1998 ----------------- ------------- 12% secured debentures due July 31, 2001 $485,000(1) $ -- 10% secured notes due in January and February 1998 -- 75,000 -------- ------- 485,000 75,000 Less current portion -- 75,000 -------- ------- Long term portion $485,000 $ -- -------- ------- (1) Interest is calculated at 12% per annum and is payable yearly on July 31, beginning July 31, 1999. The Company borrowed $475,000 net of financing costs of $34,400. The Series A 12% Convertible Secured Debentures include warrants to purchase 485,000 shares of the Company's common stock at $0.50 per share. The warrants are exercisable through January 15, 2001. The notes are secured by all the assets of the Company, except for the Company's accounts receivable and assets acquired pursuant to purchase-money financing transactions. The notes are convertible into one share for each $1.00 of outstanding debt and unpaid interest is also convertible to common stock at the rate of one share for each $1.00 of unpaid interest. (4) DIMENSIONAL VISIONS INCORPORATED AND SUBSIDIARY NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) SIX MONTHS ENDED DECEMBER 31, 1998 (UNAUDITED) NOTE 4 COMMITMENTS AND CONTINGENCIES On January 1, 1998, the Company relocated its offices and entered into a three year lease at a minimum rental of $44,950 per year. Effective January 24, 1997, the Company vacated its studio and production facilities in Philadelphia, Pennsylvania. There are several disputed invoices outstanding that amount to less than $2,000 that management expects to resolve in its favor. On March 12, 1997, Douglas J. Wright filed a lawsuit in the United States District Court, Eastern District of Pennsylvania, against the Company. Mr. Wright is a former officer and employee of the Company. In the complaint, Mr. Wright alleges that he was damaged by the Company's refusal to register warrants to purchase stock in the Company. Mr. Wright alleges damages in the amount of $1,549,375, representing the alleged difference between the market price of the Company's stock and Mr. Wright's costs of exercising the warrants. Mr. Wright alternatively seeks an injunction against the Company "from withdrawing or completing its registration statement without including the stock of the plaintiff." The Company moved to dismiss the compliant for improper venue, or in the alternative, to transfer to United States District Court, District of Arizona. The court granted the Company's motion to transfer. On July 17, 1997, the Company filed its answer, affirmative defenses and counterclaim. Mr. Wright did not answer the counterclaim in a timely fashion and the court entered a default judgement against Mr. Wright on the counterclaim on September 9, 1997. The Company is seeking summary judgement against Mr. Wright on this claim. In July 1996, the Company filed a complaint in the United States District Court for the Eastern District of Pennsylvania (No. 96-CV-5259) against Dimensional Graphic Sales, Inc. ("DGS"). In the complaint the Company alleges that it delivered an order to DGS and properly invoiced DGS pursuant to a sales and marketing agreement. DGS attempted to pay the invoice in full by tendering a check for an amount less than the full amount of the invoice and placing a restrictive endorsement on the check which purported to constitute payment in full for the invoice. The Company crossed out the restrictive endorsement and attempted to deposit the check only to subsequently learn that DGS had stopped payment on the check. In its complaint the Company is seeking $213,522 the full amount of the invoice together with interest costs and such other relief as the court deems just and proper. DGS filed a counterclaim against the Company for an unspecified amount in excess of $100,000. The matter has moved to a deferred status while the parties engage in settlement negotiation. There are no other legal proceedings which the Company believes will have a material adverse effect on its financial position. The Company has not declared dividends on Series A or B Convertible Preferred Stock. The cumulative dividends in arrears through December 31, 1998 was approximately $78,300. NOTE 5 COMMON STOCK As of December 31, 1998, there are outstanding 3,950,819 of non-public warrants to purchase the Company's common stock at prices ranging from $0.50 to $12.50 with a weighted average price of $0.86 per share. (5) DIMENSIONAL VISIONS INCORPORATED AND SUBSIDIARY NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) SIX MONTHS ENDED DECEMBER 31, 1998 (UNAUDITED) As of December 31, 1998, there were 132,911 shares of various classes of Convertible Preferred Stock outstanding which can be converted to 98,764 shares of common stock. As of December 31, 1998, there were $485,000 of secured debentures which can be converted into 485,000 shares of the Company's common stock. The total number of shares of the Company's common stock that would have been issuable upon conversion of the outstanding debt, warrants and preferred stock equaled 4,534,583 shares as of December 31, 1998, and would be in addition to the 3,641,978 shares of common stock outstanding as of December 31, 1998. The Company issued on September 10, 1998, 127 shares of its common stock as a result of a conversion of 318 shares of Series C convertible Preferred Stock. The Company issued on December 29, 1998, 36 shares of its common stock as a result of a conversion of 92 shares of Series C convertible Preferred Stock. In November and December 1998 the Company issued 29,714 shares of its common stock to two consultants to the Company. NOTE 6 PREFERRED STOCK The Company has authorized 10,000,000 shares of $.001 par value per share Preferred Stock, of which the following were issued and outstanding: Outstanding ---------------------------------- Allocated December 31, 1998 June 30, 1998 --------- ----------------- ------------- Series A Preferred 100,000 23,000 23,000 Series B Preferred 200,000 5,000 5,000 Series C Preferred 1,000,000 18,271 18,681 Series P Preferred 600,000 86,640 86,640 --------- ------- ------- Total Preferred Stock 1,950,000 132,911 133,321 ========= ======= ======= The Company's Series A Convertible 5% Preferred Stock ("Series A Preferred"), 100,000 shares authorized, is convertible into common stock at the rate of 1.6 shares of common stock for each share of the Series A Preferred. Dividends from date of issue are payable from retained earnings, and have been accumulated on June 30 each year, but have not been declared or paid. The Company's Series B Convertible 8% Preferred Stock ("Series B Preferred"), is convertible at the rate of 4 shares of common stock for each share of Series B Preferred. Dividends from date of issue are payable on June 30 from retained earnings at the rate of 8% per annum and have not been declared or paid. The Company's Series C Convertible Preferred Stock ("Series C Preferred"), is convertible at a rate of 0.4 shares of common stock per share of Series C Preferred. (6) DIMENSIONAL VISIONS INCORPORATED AND SUBSIDIARY NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) SIX MONTHS ENDED DECEMBER 31, 1998 (UNAUDITED) The Company's Series P Convertible Preferred Stock ("Series P Preferred"), is convertible at a rate of 0.4 shares of common stock for each share of Series P Preferred. The Company's Series A Preferred and Series B Preferred were issued for the purpose of raising operating funds. The Series C Preferred was issued to certain holders of the Company's 10% Secured Notes in lieu of accrued interest and also will be held for future investment purposes. The Series P Preferred was issued on September 12, 1995, to InfoPak shareholders in exchange for (1) all of the outstanding capital stock of InfoPak, (2) as signing bonuses for certain employees and a consultant of InfoPak, and (3) to satisfy InfoPak's outstanding debt obligations to certain shareholders. The 190,700 shares of Series B Preferred were issued to holders of warrants to purchase such preferred stock. The funding for the exercise of these warrants was the exchange of $1,907,000 of principal amount of secured and unsecured notes. On December 3, 1996, 185,700 shares of Series B Preferred were exchanged for 891,360 shares of the Company's common stock. The 26,275 shares of Series C Preferred were also issued in exchange for $262,750 of interest due under the secured and unsecured notes. Holders of 8,004 shares of Series C Preferred Stock have subsequently converted their shares into the Company's common stock. NOTE 7 INCOME TAXES There was no provision for current income taxes for the six months ended December 31, 1998 and 1997. The federal net operating loss carry forwards of approximately $16,539,000 expire in varying amounts through 2018. The Company has had numerous transactions in its common stock. Such transactions may have resulted in a change in the Company's ownership, as defined in the Internal Revenue Code Section 382. Such change may result in an annual limitation on the amount of the Company's taxable income which may be offset with its net operating loss carry forwards. The Company has not evaluated the impact of Section 382, if any, on its ability to utilize its net operating loss carry forwards in future years. NOTE 8 EVENTS SUBSEQUENT TO DECEMBER 31, 1998 On January 25, 1999, the Company received $50,000, less $5,000 in commission, in exchange for a 12% Convertible Secured Debenture. The Debenture is due and payable in full on July 25, 1999, but can be extended until October 25, 1999, at an interest rate of 15%. The Debenture is convertible into shares of the Company's common stock at the rate of one share of common stock for every dollar converted. (7) ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS THREE MONTHS ENDED DECEMBER 31, 1998 AND 1997 LIQUIDITY AND CAPITAL RESOURCES As of December 31, 1998, the Company had a working capital deficiency of $161,400, compared with a working capital deficiency of $235,920 as of December 31, 1997. On October 6, 1998, the Company received additional long-term financing of $10,000 in the form of its Series A 12% Convertible Secured Debentures. The Company requires additional working capital and anticipates raising this capital through either a private placement of preferred stock or through the issuance of debentures. There can be no assurances that the Company can obtain funds from either of these sources. The Company has been financing its accounts receivable to meet its immediate cash needs. RESULTS OF OPERATIONS The net loss for the quarter ended December 31, 1998, was $244,820 compared to a net loss of $185,453 for the quarter ended December 31, 1997. The quarter ended December 31, 1997, would have resulted in a net loss of $291,602 without the forgiveness of accrued compensation by certain officers of the Company totaling $106,149. The loss before other income and expenses for the quarter ended December 31, 1998, was $238,273 compared to a loss before other income and expenses for the quarter ended December 31, 1997, of $253,504. Revenue for the quarter ended December 31, 1998, was $219,311 compared to revenue of $58,697 for the quarter ended December 31, 1997. The increase in revenue was the result of substantial increases in the sales of the Company's print products. For the quarter ended December 31, 1998, the Company recorded sales totaling approximately $176,000 of its DV3D(R) AnimotionTM print products compared to sales of approximately $28,000 for the quarter ended December 31, 1997. In December 1998 the Company signed a Letter of Intent with 3D Image Technology, Inc., Norcross, Georgia, to complete a consolidation of the two companies under a single holding company. The two companies had entered into a beneficial strategic marketing alliance which led the management of both companies to the conclusion that a consolidation was in the best interest of both companies and would strengthen both enterprises and enhance shareholder value. The plan of consolidation, which has been approved by the Boards of Directors of both companies, must be submitted for appropriate shareholder approval. (8) SIX MONTHS ENDED DECEMBER 31, 1998 AND 1997 LIQUIDITY AND CAPITAL RESOURCES In July 1998 the Company paid off $75,000 of debt that was secured by all of the assets of the corporation. During the six months ended December 31, 1998, the Company raised $485,000 through the placement of its Series A 12% Convertible Secured Debentures (see Note 3). Additionally, approximately $84,000 of accounts receivable have been factored to meet short term cash needs. The Company is focusing most of its resources and efforts towards marketing its print products. Therefore, it has offered its subsidiary, InfoPak, Inc., for sale. The Company needs additional funding in order to maintain current operations. The Company is not to the point of generating sufficient revenues from operations to cover its cost structure and has been funding its operations by selling its securities in private placements, short-term borrowing, and sale of its products. RESULTS OF OPERATIONS The net loss for the six months ended December 31, 1998, was $427,580 compared to a net loss of $47,050 for the six months ended December 31, 1997. The six months ended December 31, 1997, would have resulted in a net loss of $557,199 without the forgiveness of accrued compensation by certain officers of the Company totaling $106,149 and without the sale of the InfoPak Real Estate Product Line totaling $410,000. The loss before other income and expenses for the six months ended December 31, 1998, was $419,458 compared to a loss before other income and expenses for the six months ended December 31, 1997, of $521,941. Revenue for the six months ended December 31, 1998, was $410,400 compared to a revenue of $172,251 for the six months ended December 31, 1997. For the six months ended December 31, 1998, the Company recorded sales totaling approximately $303,000 0f its DV3D(R) AnimotionTM print products compared to sales of approximately $52,000 for the six months ended December 31, 1997. The Company believes that the increase in revenue was the result of focused marketing efforts, expedited product delivery, exacting quality standards and increased customer service. PART II - OTHER INFORMATION ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K The following documents are filed as part of this report: 1. The following Exhibits are filed herein: 27.0 Financial Data Schedule 2. Reports on Form 8-K filed: None SIGNATURES In accordance with the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, duly authorized. DIMENSIONAL VISIONS INCORPORATED DATED: February 5, 1999 By: /s/ John D. McPhilimy -------------------------------------- John D. McPhilimy, Chairman, President and Chief Executive Officer (9) EX-27 2 FINANCIAL DATA SCHEDULE
5 U.S. DOLLARS 6-MOS JUN-30-1999 JUL-01-1998 DEC-31-1998 1 35,930 0 374,471 215,743 82,995 505,914 453,360 262,341 1,037,840 667,314 0 0 679,310 3,642 (890,231) 1,037,840 410,400 410,400 245,561 245,561 584,297 0 29,420 (427,580) 0 0 0 0 0 (427,580) (.12) 0
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