For Quarter End June 30, 2004 | Commission file number: 0-17824 | |
REXHALL INDUSTRIES, INC. | ||
California | 95-4135907 | |
46147 7th Street West, Lancaster, California 93534 | ||
(661) 726-0565 |
PAGE NUMBER | |
Item 1. | |
Financial Statements (Unaudited): | |
Condensed Consolidated Balance Sheets at June 30, 2004 and December 31, 2003 | 1 |
2 | |
Condensed Consolidated Statements of Cash Flows for theSix Months Ended June 30, 2004 and June 30, 2003 | 4 |
Notes to Condensed Consolidated Financial Statements | 5-8 |
Item 2. | |
Management’s Discussion and Analysis of Financial Conditionand Results of Operations | 6-11 |
Item 3. | |
Quantitative and Qualitative Disclosure about Market Risks | 11 |
Item 4. | |
Controls and Procedures | 12 |
PART II – OTHER INFORMATION | |
13 | |
Signatures | 14 |
15-16 |
June 30, 2004 | December 31, 2003 | ||||||
$ | 332,000 | $ | 1,883,000 | ||||
1,139,000 | 1,332,000 | ||||||
606,000 | 551,000 | ||||||
16,076,000 | 17,848,000 | ||||||
159,000 | 124,000 | ||||||
177,000 | 265,000 | ||||||
$ | 18,489,000 | $ | 22,003,000 | ||||
Property and Equipment at Cost Netof Accumulated Depreciation | 4,274,000 | 4,613,000 | |||||
1,390,000 | 1,189,000 | ||||||
194,000 | 194,000 | ||||||
$ | 24,347,000 | $ | 27,999,000 | ||||
$ | 1,899,000 | $ | 1,836,000 | ||||
2,185,000 | 4,432,000 | ||||||
54,000 | 54,000 | ||||||
475,000 | 980,000 | ||||||
1,732,000 | 1,594,000 | ||||||
397,000 | 384,000 | ||||||
1,317,000 | 1,102,000 | ||||||
276,000 | 280,000 | ||||||
8,335,000 | 10,662,000 | ||||||
909,000 | 942,000 | ||||||
9,244,000 | 11,604,000 | ||||||
-- | -- | ||||||
Common Stock - no par value,Authorized, 10,000,000 shares;issued and utstanding5,872,700 at June 30, 2004 and 5,872,700 December 31, 2003 | 5,580,000 | 5,580,000 | |||||
9,523,000 | 10,815,000 | ||||||
15,103,000 | 16,395,000 | ||||||
$ | 24,347,000 | $ | 27,999,000 | ||||
- 1 - | ||
Three Months Ended | |||||||
June 30, 2004 | June 30, 2003 | ||||||
$ | 5,031,000 | $ | 9,642,000 | ||||
4,593,000 | 8,383,000 | ||||||
$ | 438,000 | $ | 1,259,000 | ||||
Selling, General, Administrative Expensesand Other Expenses | 1,301,000 | 1,725,000 | |||||
(863,000 | ) | (466,000 | ) | ||||
-0- | 184,000 | ||||||
$ | (863,000 | ) | $ | (282,000 | ) | ||
$ | (0.15 | ) | $ | (0.05 | ) | ||
Weighted Average Shares OutstandingBasic and Diluted | 5,872,700 | 5,872,700 | |||||
- 2 - | ||
June 30, 2004 | June 30, 2003 | ||||||
Net Revenues | $ | 9,810,000 | $ | 22,588,000 | |||
Cost of Sales | 8,880,000 | 19,727,000 | |||||
Gross Profit | $ | 930,000 | $ | 2,861,000 | |||
Operating Expenses: | |||||||
Selling, General, Administrative Expenses and Other Expenses | 2,224,000 | 3,416,000 | |||||
Income/(Loss) before Income Taxes | (1,294,000 | ) | (555,000 | ) | |||
Income Tax (Expense)/Benefit | 2,000 | 217,000 | |||||
Net Income/(Loss) | $ | (1,292,000 | ) | $ | (338,000 | ) | |
Basic and Diluted Income/(Loss) - Per Share | $ | (.22 | ) | $ | (.06 | ) | |
Weighted Average Shares Outstanding | |||||||
Basic and Diluted | 5,872,700 | 5,872,700 | |||||
-3 - | ||
Six Months Ended | |||||||
June 30, 2004 | June 30, 2003 | ||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||
$ | (1,292,000 | ) | $ | (338,000 | ) | ||
Adjustments to reconcile net income to net cash provided by/(used in) operating activities: | |||||||
183,000 | 178,000 | ||||||
(35,000 | ) | 70,000 | |||||
193,000 | (403,000 | ) | |||||
1,772,000 | (2,551,000 | ) | |||||
(55,000 | ) | (176,000 | ) | ||||
63,000 | 1,157,000 | ||||||
(505,000 | ) | (64,000 | ) | ||||
138,000 | (268,000 | ) | |||||
13,000 | (69,000 | ) | |||||
299,000 | (312,000 | ) | |||||
774,000 | (2,776,000 | ) | |||||
(45,000 | ) | (1,058,000 | ) | ||||
(45,000 | ) | (1,058,000 | ) | ||||
(33,000 | ) | (40,000 | ) | ||||
(2,247,000 | ) | (1,696,000 | ) | ||||
-- | 300,000 | ||||||
Proceeds received from sale of equipment | -- | 98,000 | |||||
-- | (326,000 | ) | |||||
(2,280,000 | ) | (1,664,000 | ) | ||||
(1,551,000 | ) | (5,498,000 | ) | ||||
NET CASH FLOWS FROM DISCONTINUED OPERATIONS | -- | 199,000 | |||||
1,883,000 | 5,757,000 | ||||||
$ | 332,000 | $ | 458,000 | ||||
$ | 104,000 | $ | 74,000 | ||||
Supplemental disclosure of non-cash financing activities: Notes payable for insurance policies | $ | 170,000 | $ | 475,000 | |||
-4- | ||
June 30, 2004 | December 31, 2003 | ||||||
$ | 5,670,000 | $ | 8,306,000 | ||||
2,682,000 | 2,638,000 | ||||||
3,463,000 | 2,033,000 | ||||||
4,261,000 | 4,871,000 | ||||||
$ | 16,076,000 | $ | 17,848,000 | ||||
- 5 - | ||
- 6 - | ||
- 7 - | ||
- 8 - | ||
- 9 - | ||
- 10 - | ||
- 11 - | ||
- 12 - | ||
(a) | Exhibits | ||
31.1 | Certification of the Chief Executive Officerrequired by Rule 13a-14(a) of the Exchange Act. | ||
31.2 | Certification of the Chief Financial Officer required by Rule 13a-14(a) of the Exchange Act. | ||
32.1 | Certification pursuant to Rule 13a-14(b) and 18 U.S.C. Section 1350. | ||
(b) | Reports on Form 8-K | ||
One report on Form 8-K was filed during the period covered by this Report. | |||
l An 8-K dated May 20, 2004 was filed on May 20, 2004 reporting matters under Item 12. |
- 13 - | ||
Rexhall Industries, Incorporated | |||
(Registrant) | |||
By /S/ William J. Rex | |||
William J. Rex | |||
President and CEO | |||
Chairman of the Board | |||
Date: August 16, 2004 | |||
By /S/ Dianna Miller | |||
Dianna Miller | |||
Chief Financial Officer | |||
Date: August 16, 2004 |
- 14 - | ||