SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM 10Q
Quarterly Report Under Section 13 or 15 (d)
of the Securities Exchange Act of 1934
For the Quarter ended December 31, 2000
Commission File Number 0-10125
Radiant Technology Corporation
(Exact name of registrant as specified in its charter)
California 95-2800355
(State or other jurisdiction of (IRS Employer
incorporation or organization) identification number)
1335 South Acacia Avenue, Fullerton, CA 92831
(Address of principal executive offices)(Zip Code)
(714) 991 - 0200
(Registrant's Telephone number, including area code)
Inapplicable
(Former name, former address and former fiscal year, if changed
since last report)
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by section 13 or 15 (d) of the Securities Exchange Act of
1934 during the preceding 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
Indicate the number of shares outstanding of each of the issuer's classes
of common stock, as of the latest practicable date.
Common Stock, no par value 2,081,678
(Class) (Outstanding at December 31, 2000)
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RADIANT TECHNOLOGY CORPORATION
INDEX
Part I Financial Information:...........................................Page No.
Condensed Balance Sheets- December 31, 2000 (unaudited)
and September 30, 2000 (audited).................................3
Condensed Statement of Operations - Three Months
Ended December 31, 2000 and 1999 (unaudited).....................4
Condensed Statement of Cash Flows - Three Months
Ended December 31, 2000 and 1999 (unaudited).....................5
Notes to Condensed Financial Statements (unaudited)................6
Management's Discussion and Analysis of Financial
Condition and Results of Operation................................7
Part II Other Information
Legal Proceedings and Exhibits.....................................7
Signature Page.....................................................8
2
RADIANT TECHNOLOGY CORPORATION
CONDENSED BALANCE SHEET
December 31, September 30,
2000 2000
------------ -------------
(Unaudited) (Audited)
ASSETS
Current Assets:
Cash and equivalents $ 999,255 $ 1,528,383
Accounts receivable 1,437,069 1,844,418
Inventories 1,123,301 689,133
Prepaid expenses 28,391 42,411
Deferred taxes 170,000 170,000
---------- ---------
Total Current Assets 3,758,016 4,274,345
Property and equipment 256,534 265,671
Other assets 825 11,443
-------- ------
Total Assets $ 4,015,375 $ 4,551,459
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Short-term debt $ - $ 500,000
Accounts payable 298,253 397,164
Accrued expenses 353,691 254,754
Income taxes payable 14,900 13,000
Customer deposits 771,076 967,269
------- -------
Total Current Liabilities 1,437,920 2,132,187
--------- ---------
Stockholders' Equity:
Capital stock 1,167,608 1,154,483
Retained earnings 1,409,847 1,264,789
--------- ---------
Total Stockholders' Equity 2,577,455 2,419,272
-------------------------- --------- ---------
Total Liability and Stockholders' Equity $ 4,015,375 $ 4,551,459
============= ============
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RADIANT TECHNOLOGY CORPORATION
CONDENSED STATEMENT OF OPERATIONS
(Unaudited)
Three Months Ended
December 31,
------------
2000 1999
---- ----
Net sales $1,700,223 $ 866,176
Cost of Sales 1,056,876 504,907
--------- -------
Gross profit 643,347 361,269
------- -------
Operating expenses:
Selling, general and administrative 460,624 286,979
Depreciation and amortization 38,127 44,708
------ ------
Total operating expenses 498,751 331,687
------- -------
Income from operations 144,596 29,582
Interest income, net 15,363 8,951
------ -----
Income before provision for income taxes 159,959 38,533
Provision for income taxes 14,900 -
-------- -------
Net income $ 145,059 $ 38,533
=========== ============
Basic earnings per share:
Net income $ 0.08 $ 0.02
============= ============
Diluted earnings per share:
Net income $ 0.07 $ 0.02
============= ============
Basic number of common shares outstanding: 1,916,400 1,895,678
========= =========
Diluted number of common shares outstanding: 2,070,899 1,895,678
========= =========
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RADIANT TECHNOLOGY CORPORATION
CONDENSED STATEMENT OF CASH FLOWS
(Unaudited)
Year Ended September 30,
------------------------
Three Months Ended
------------------
December 31,
------------
2000 1999
----------------------------------
Cash flows from operating activities:
Net income $ 145,059 $ 38,535
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization 38,126 44,708
Changes in assets and liabilities:
(Increase) decrease in:
Accounts receivable 407,349 (570,695)
Inventories (434,168) (1,064)
Prepaid expenses and other assets 13,195 4,669
Increase (decrease) in:
Accounts payable (98,911) (102,391)
Accrued expenses 98,937 (30,731)
Income taxes payable 1,900
-
Customer deposits (196,193) 127,832
-------- -------
Net cash provided (used in) operating activities (24,706) (489,137)
------- --------
Cash flows from investing activities:
Capital expenditures (17,547) (9,343)
------- ------
Cash flows from financing activities:
Issuance of common stock 13,125 -
Repayment of line of credit (500,000) (1,500,000)
-------- ----------
Net cash provided (used in) financing activities (486,875) (1,500,000)
-------- ----------
Net increase (decrease) in cash and equivalents (529,128) (1,998,480)
Cash and equivalents, beginning of year 1,528,383 2,384,902
--------- ---------
Cash and equivalents, end of year $ 999,255 $ 386,422
========= =========
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RADIANT TECHNOLOGY CORPORATION
PART I FINANCIAL INFORMATION - CONTINUED
Notes to Condensed Financial Statement for
December 31, 2000
(Unaudited)
ITEM 1 - Notes
1. General
The accompanying unaudited consolidated financial statements of Radiant
Technology Corporation (the "Company") have been prepared in accordance
with the instructions to Form 10-Q and do not include all of the
information and footnotes required by generally accepted accounting
principles for complete financial statements. These statements should be
read in conjunction with the consolidated financial statements and notes
thereto included in the Company's Form 10-K for the year ended September
30, 2000.
In the opinion of management, all adjustments, consisting of normal
recurring adjustments, considered necessary for the fair presentation have
been included. Operating results for interim periods are not necessarily
indicative of results expected for a full year.
ITEM 2 - Management's Discussion and Analysis of Financial Condition and Results
of Operation
All statements, other than statements of historical fact, included in this
Form 10-Q are, or may be deemed to be, "forward-looking statements" within
the meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934. Such forward-looking
statements involve assumptions, known and unknown risks, uncertainties and
other factors which may cause the actual results, performance or
achievements of the Company to be materially different from any future
results, statements contained in this Form 10-Q.
Financial Condition, Liquidity and Capital Resources
The Company's cash and equivalents decreased from $1,528,383 at September
30, 2000 to $999,255 at December 31, 2000. This decrease of $529,128 is
attributable to the use of cash in operating activities of $24,706, use of
cash in investing activities of $17,547 and use of cash, $486,875, in the
repayment of financing activities.
Management believes that the expected revenues from operations,
supplemented by the cash on hand, will be sufficient to provide adequate
cash to fund anticipated working capital and other cash needs during the
remainder of the year.
Results of Operations
Sales were approximately $1,700,223 and $866,176 for the three months ended
December 31, 2000 and 1999, respectively, an increase of 96.29%. The
increase in revenues from 1999 to 2000 resulted principally from increased
backlog from repeat customers.
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ITEM 2 - Management's Discussion and Analysis of Financial Condition and Results
of Operation (Continued)
The Company's overall cost of sales increased as a percentage of sales for
the three months ended December 31, 2000 (62%) compared to the three months
ended December 31, 1999 (58%). The increase compared to the prior year is
attributed to additional costs incurred in managing an influx of orders and
streamlining the process flow to manage continued increases in equipment
orders. RTC uses technology to reduce both cost of sales, the maintenance
of optimal inventory levels and operating expenses, optimizing both cash
flow and company profits.
RADIANT TECHNOLOGY CORPORATION
PART II - OTHER INFORMATION
Item 1. Legal Proceedings
None.
Item 6. Reports on 8-K
None.
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SIGNATURES
Pursuant to 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.
RADIANT TECHNOLOGY CORPORATION
------------------------------
(Registrant)
Dated: February 13, 2001 /s/ L. R. McNamee
Lawrence R. McNamee
Chairman of the Board,
Chief Operating Officer,
Chief Executive Officer
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