SECURITIES AND EXCHANGE COMMISSION
WASHINGTON D. C. 20549
FORM 10-Q
Quarterly Report Under Section 13 or 15 (d) Of the Securities
Exchange Act of 1934 For the Quarter ended December 31,
2001
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 (I.R.S 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 2,082,678
- -------------------------- ---------------------------------
(Class) (Outstanding at December 31, 2001)
1
RADIANT TECHNOLOGY CORPORATION
INDEX
Part I Financial Information:...........................................Page No.
Condensed Balance Sheets- December 31, 2001
and September 30, 2001 (unaudited).................................3
Condensed Statements of Operations - Three Months
Ended December 31, 2001 and 2000 (unaudited).......................4
Condensed Statements of Cash Flows - Three Months
Ended December 31, 2001 and 2000 (unaudited).......................5
Notes to Condensed Financial Statements (unaudited)..................6
Management's Discussion and Analysis of Financial
Condition and Results of Operation..................................6
Part II Other Information
Legal Proceedings and Exhibits.......................................7
Signature Page.......................................................8
2
RADIANT TECHNOLOGY CORPORATION
PART I FINANCIAL INFORMATION
CONDENSED BALANCE SHEETS
(UNAUDITED)
ASSETS
December 31 September 30
2001 2001
----------- -----------
Current Assets:
Cash and Equivalents $ 821,722 $ 1,118,630
Accounts Receivable 599,389 407,814
Inventories 726,174 845,823
Prepaid Expenses 74,859 53,467
Deferred Taxes 263,500 283,500
----------- -----------
Total Current Assets 2,485,644 2,709,234
Property and Equipment 228,927 252,243
Other Assets 5,511 5,035
----------- -----------
Total Assets $ 2,720,082 $ 2,966,512
=========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts Payable $ 113,550 $ 274,582
Accrued Expenses 179,405 216,080
Customer Deposits 524,609 200,663
----------- -----------
Total Current Liabilities 817,564 691,325
----------- -----------
Stockholders' Equity
Common Stock 1,167,608 1,167,608
Retained Earnings 734,910 1,107,579
----------- -----------
Total Stockholders' Equity 1,902,518 2,275,187
----------- -----------
Total Liabilities and
Stockholders' Equity $ 2,720,082 $ 2,966,512
=========== ===========
3
RADIANT TECHNOLOGY CORPORATION
PART I FINANCIAL INFORMATION-CONTINUED
CONDENSED STATEMENTS OF OPERATIONS
(UNAUDITED)
THREE MONTHS ENDED
December 31
-----------
2001 2000
----------- -----------
Net Sales $ 655,139 $ 1,700,223
Cost Of Sales 515,746 1,056,876
----------- -----------
Gross Profit 139,393 643,347
----------- -----------
Operating Expenses
Selling, General and Administrative 486,453 460,624
Depreciation and Amortization 31,046 38,127
----------- -----------
Total Operating Expenses 517,499 498,751
----------- -----------
Income (Loss) From Operations (378,106) 144,596
Interest Income, Net 6,238 15,363
----------- -----------
Income (Loss) Before Provision
For Income Taxes (371,868) 159,959
Provision For Income Taxes 800 14,900
----------- -----------
Net Income (Loss) $ (372,668) $ 145,059
=========== ===========
Earnings Per Share:
Basic Earnings (Loss) Per Share
Net Income (Loss) $ (0.18) $ 0.08
=========== ===========
Diluted Earnings (Loss) Per Share
Net Income (Loss) $ (0.18) $ 0.07
=========== ===========
Basic Number of Common Shares Outstanding 2,081,678 1,916,400
=========== ===========
Diluted Number of Common Shares Outstanding 2,081,678 2,070,899
=========== ===========
4
RADIANT TECHNOLOGY CORPORATION
PART I FINANCIAL INFORMATION-CONTINUED
CONDENSED STATEMENTS OF CASH FLOWS
(UNAUDITED)
THREE MONTHS ENDED
December 31
---------------------
2001 2000
---- ----
Cash Flows From Operating Activities:
Net Income (Loss) $ (372,668) $ 145,059
Adjustments To Reconcile Income To Net
Cash Used In Operating Activities:
Depreciation And Amortization 31,046 38,127
Changes In Assets And Liabilities:
(Increase) Decrease in:
Accounts Receivable (191,575) 407,348
Inventories 119,649 (434,168)
Prepaid Expenses & Other Assets (1,392) 13,195
Increase (Decrease) in:
Accounts Payable (161,032) (98,911)
Accrued Expenses (36,675) 100,837
Customer Deposits 323,946 (196,193)
----------- -----------
Net Cash (Used In) Operating Activities (288,701) (24,706)
----------- -----------
Cash Flows From Investing Activities:
Capital Expenditures (8,207) (17,547)
----------- -----------
Cash Flows From Financing Activities:
Issuance of Common Stock -- 13,125
Repayment of Line of Credit -- (500,000)
----------- -----------
Net Cash (Used In) Financing Activities -- (486,875)
----------- -----------
Net (Decrease) in Cash and Equivalents (296,908) (529,128)
----------- -----------
Cash and Equivalents, Beginning of Year 1,118,630 1,528,383
----------- -----------
Cash and Equivalents, End of year $ 821,722 $ 999,255
=========== ===========
5
RADIANT TECHNOLOGY CORPORATION
PART I FINANCIAL INFORMATION - CONTINUED
Notes to Condensed Financial Statement for
December 31, 2001
(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, 2001.
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 $1,118,383 at September
30, 2001 to $821,722 at December 31, 2001. This decrease of $296,908 is
attributable to the use of cash in operating activities of $288,701, and
use of cash in investing activities of $8,207.
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 $655,139 and $1,700,222 for the three months ended
December 31, 2001 and 2000, respectively, a decrease of 61%. The decrease
in revenues from 2000 to 2001 resulted principally from world wide
reduction of demand for increased semiconductor production. We anticipate
increased sales in the next quarter.
6
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, 2001 (79%) compared to the three months
ended December 31, 2000 (62%). The increase compared to the prior year is
attributed to increased price pressure and under absorbed overhead with the
decrease in revenue achieved.
RADIANT TECHNOLOGY CORPORATION
PART II - OTHER INFORMATION
Item 1. Legal Proceedings
None.
Item 2. Changes in Securities and Use of Proceeds
None.
Item 3. Defaults Upon Senior Securities
None.
Item 4. Submission of Matters to a Vote of Security Holders
None.
Item 5. Other Information
None.
Item 6. Reports on 8-K
None.
7
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 19, 2002 /s/ L. R. McNamee
-----------------------------
Lawrence R. McNamee
Chairman of the Board,
Chief Operating Officer,
Chief Executive Officer
8