-----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, JtX7ZRuRHKe+E75XkqmXK26Cs7F3Z2NuUUjqGlKh2HwgviAm4jlAZ5EuU4wZtaJA M+XRlWRbNvioTyql5QsaZA== 0000912057-99-005325.txt : 19991115 0000912057-99-005325.hdr.sgml : 19991115 ACCESSION NUMBER: 0000912057-99-005325 CONFORMED SUBMISSION TYPE: 10QSB/A PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19990930 FILED AS OF DATE: 19991112 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PRECISION OPTICS CORPORATION INC CENTRAL INDEX KEY: 0000867840 STANDARD INDUSTRIAL CLASSIFICATION: ELECTROMEDICAL & ELECTROTHERAPEUTIC APPARATUS [3845] IRS NUMBER: 042795294 STATE OF INCORPORATION: MA FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 10QSB/A SEC ACT: SEC FILE NUMBER: 001-10647 FILM NUMBER: 99750058 BUSINESS ADDRESS: STREET 1: 22 EAST BROADWAY CITY: GARDNER STATE: MA ZIP: 01440-3338 BUSINESS PHONE: 9786301800 FORMER COMPANY: FORMER CONFORMED NAME: PRECISION OPTICS CORP INC DATE OF NAME CHANGE: 19600201 10QSB/A 1 10QSB/A FORM 10-QSB/A U.S. SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 (X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Amendment No. 1 For the quarterly period ended September 30, 1999 Commission file number 001-10647 ---------------------- PRECISION OPTICS CORPORATION, INC. - -------------------------------------------------------------------------------- (Exact name of small business issuer as specified in its charter) Massachusetts 04-2795294 ------------- ---------- (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 22 East Broadway, Gardner, Massachusetts 01440-3338 - -------------------------------------------------------------------------------- (Address of principal executive offices) (Zip Code) (978) 630-1800 - -------------------------------------------------------------------------------- (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 Securities Exchange Act of 1934 during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes (X) No ( ) The number of shares outstanding of issuer's common stock, par value $.01 per share, at September 30, 1999 was 7,687,595 shares. Transitional Small Business Disclosure Format (check one): Yes ( ) No (X) PRECISION OPTICS CORPORATION, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (UNAUDITED) ASSETS
September 30, 1999 June 30, 1999 ------------------ ------------- CURRENT ASSETS Cash and Cash Equivalents $ 962,855 $ 480,732 Accounts Receivable, Net 366,690 210,079 Inventories 942,478 979,284 Prepaid Expenses 87,287 47,996 ----------- ----------- Total Current Assets 2,359,310 1,718,091 ----------- ----------- PROPERTY AND EQUIPMENT 3,926,476 3,750,473 Less: Accumulated Depreciation (2,588,903) (2,496,949) ----------- ----------- Net Property and Equipment 1,337,573 1,253,524 ----------- ----------- OTHER ASSETS 278,245 282,880 ----------- ----------- TOTAL ASSETS $ 3,975,128 $ 3,254,495 =========== =========== LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES Accounts Payable $ 245,717 $ 194,619 Accrued Payroll 126,373 75,644 Accrued Professional Services 81,874 50,283 Accrued Profit Sharing and Bonuses 31,250 25,000 Accrued Income Taxes -- 912 Accrued Vacation 61,034 78,056 Accrued Warranty Expense 50,000 50,000 Current Portion of Capital Lease Obligation 150,352 105,542 Other Accrued Liabilities 41,800 35,392 ----------- ----------- Total Current Liabilities 788,400 615,448 ----------- ----------- CAPITAL LEASE OBLIGATION 137,624 166,312 ----------- ----------- STOCKHOLDERS' EQUITY Common Stock, $.01 par value- Authorized -- 10,000,000 shares Issued and Outstanding - 7,687,595 and 6,687,595 shares at September 30, 1999 June 30, 1999, respectively 76,876 66,876 Additional Paid-in Capital 7,225,081 6,206,411 Accumulated Deficit (4,252,853) (3,800,552) ----------- ----------- Total Stockholders' Equity 3,049,104 2,472,735 ----------- ----------- TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 3,975,128 $ 3,254,495 =========== ===========
PRECISION OPTICS CORPORATION, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE THREE MONTHS ENDED SEPTEMBER 30, 1999 AND SEPTEMBER 30, 1998 (UNAUDITED)
1999 1998 ---- ---- REVENUES $ 716,885 $ 679,895 COST OF GOODS SOLD 383,686 516,129 ----------- ----------- Gross Profit 333,199 163,766 RESEARCH and DEVELOPMENT 389,419 235,612 SELLING, GENERAL AND ADMINISTRATIVE EXPENSES 396,467 364,868 ----------- ----------- Total Operating Expenses 785,886 600,480 Operating Loss (452,687) (436,714) INTEREST EXPENSE (5,824) (6,678) INTEREST INCOME 6,208 19,308 ----------- ----------- Loss Before Provision for Income Taxes (452,301) (424,084) PROVISION FOR INCOME TAXES -- -- ----------- ----------- Net Loss $ (452,301) $ (424,084) =========== =========== Basic and Diluted Loss Per Share $ (0.06) $ (0.06) =========== =========== Weighted Average Common Shares Outstanding 7,354,262 6,649,179 =========== ===========
PRECISION OPTICS CORPORATION, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE THREE MONTHS ENDED SEPTEMBER 30, 1999 AND SEPTEMBER 30, 1998 (UNAUDITED)
1999 1998 ---- ---- CASH FLOWS FROM OPERATING ACTIVITIES: Net Loss $ (452,301) $ (424,084) Adjustments to Reconcile Net Loss to Net Cash (Used In) Provided by Operating Activities - Depreciation and Amortization 103,644 83,411 Changes in Assets and Liabilities- Accounts Receivable (156,611) 240,339 Inventories 36,806 (104,770) Prepaid Expenses (39,291) (50,899) Accounts Payable 51,098 42,700 Customer Advances -- (116,841) Accrued Expenses 77,044 (155,647) ----------- ----------- Net Cash Used In Operating Activities (379,611) (485,791) ----------- ----------- CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of Property and Equipment (133,503) (164,084) Increase in Other Assets (7,055) (4,724) ----------- ----------- Net Cash Used in Investing Activities (140,558) (168,808) ----------- ----------- CASH FLOWS FROM FINANCING ACTIVITIES: Repayment of Capital Lease Obligation (26,378) (29,164) Net Proceeds (Costs) From Private Placement of Common Stock 1,028,670 (13,483) Proceeds from Exercise of Warrants -- 76,670 ----------- ----------- Net Cash Provided By Financing Activities 1,002,292 34,023 ----------- ----------- NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 482,123 (620,576) CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 480,732 2,060,146 ----------- ----------- CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 962,855 $ 1,439,570 =========== =========== SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: Cash Paid for- Interest $ 5,824 $ 6,678 =========== =========== Income Taxes $ 912 $ 842 =========== =========== SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES: Capital Lease Obligation $ 42,500 $ -- =========== =========== Common Stock Issued for Payment of Royalties $ -- $ 7,500 =========== ===========
PRECISION OPTICS CORPORATION, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The accompanying consolidated financial statements include the accounts of Precision Optics Corporation, Inc. and its wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. These financial statements have been prepared by the Company, without audit, and reflect normal recurring adjustments which, in the opinion of management, are necessary for a fair statement of the results of the first quarter of the Company's fiscal year 2000. These financial statements do not include all disclosures associated with annual financial statements and, accordingly, should be read in conjunction with footnotes contained in the Company's financial statements for the period ended June 30, 1999 together with the auditors' report filed under cover of the Company's 1999 Annual Report on Form 10-KSB. Basic (loss) earnings per share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the period. For the three months ended September 30, 1999 and 1998, the effect of stock options and warrants was antidilutive; therefore, they were not included in the computation of diluted (loss) earnings per share. The number of shares that were excluded from the computation as their effect would be antidilutive were 2,605,500 and 1,754,500, for the three months ended September 30, 1999 and 1998, respectively. 2. INVENTORIES Inventories are stated at the lower of cost (first-in, first-out) or market and consist of the following:
September 30, 1999 June 30, 1999 ------------------ ------------- Raw Materials $643,494 $589,762 Work-In-Process 174,764 248,085 Finished Goods and Components 124,220 141,437 -------- -------- Total Inventories $942,478 $979,284 ======== ========
In accordance with 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. PRECISION OPTICS CORPORATION, INC. DATE: November 12, 1999 BY: /s/ Jack P. Dreimiller ----------------------------------- Jack P. Dreimiller Senior Vice President, Finance, Chief Financial Officer and Clerk EX-27 2 EXHIBIT 27
5 1 3-MOS JUN-30-2000 SEP-30-1999 962,855 0 366,690 0 942,478 2,359,310 3,926,476 2,588,903 3,975,128 788,400 137,624 0 0 76,876 2,972,228 3,975,128 716,885 716,885 383,868 383,686 785,886 0 5,842 (452,301) 0 (452,301) 0 0 0 (452,301) (.06) (.06)
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