Laser Pacific Media Corporation
809 Cahuenga Blvd
Hollywood, CA 90038
September 5, 1997
Securities and Exchange Commission
Washington, DC 20549
Re: Form 10-Q/A Enclosed for Period End 6/30/97
To whom it may concern;
This 10-Q/A is to amend Form 10-Q as originally filed.
On the Condensed Consolidated Statements of Operations (Unaudited), the
operating costs for the Three Months Ended June 30, 1997 should be increased $1
to $5,081,012. This $1 increase affects the Gross loss value, increasing it $1
to $(291,943). The operating costs for the Six Months Ended June 30, 1997 should
be increased $1 to $11,122,671.
On the Condensed Consolidated Statements of Cash Flows (Unaudited), under Cash
flows from operating activities, the Depreciation and amortization amount for
June 30, 1996 reported as $2,102,098 should be $2,589,800 and the amount
reported for June 30, 1997 of $2,589,800 should be $2,102,098. The net cash
provided by operating activities for June 30, 1996 reported as $2,112,655 should
be $2,575,754 and the amount reported for June 30, 1997 of $2,575,755 should be
$2,112,655. Under Cash flows from investing activities, the Purchases of
property and equipment amount for June 30, 1996 reported as $(424,433) should
be $(568,989) and the amount for June 30, 1997 reported as $(568,989) should be
$(424,433). The Net decrease in cash for June 30, 1996 should be increased $1 to
$(318,556) due to rounding.
These are tranposition and rounding amendments and do not affect other values.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q/A
[ X ] Quarterly Report Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
for the Quarterly Period Ended June 30, 1997
OR
[ ] 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 0-19407
LASER-PACIFIC MEDIA CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 95-3824617
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
809 N. Cahuenga Blvd.
Hollywood, California 90038
(213) 462-6266
(Address, including zip code and telephone number, including area code of
principal executive offices)
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
The number of shares outstanding of each of the registrant's classes of common
stock, as of August 1, 1997 was 7,128,172 shares of Common Stock, $.0001 par
value.
LASER-PACIFIC MEDIA CORPORATION
AND SUBSIDIARIES
Table of Contents
Page
Corrected Condensed Consolidated Statements of Operations . . . . . . .1
Corrected Condensed Consolidated Statements of Cash Flows . . . . . . .2
Signatures. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .3
LASER-PACIFIC MEDIA CORPORATION
AND SUBSIDIARIES
Condensed Consolidated Statements of Operations (Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
-----------------------------------------
---------- ------------ ----------- ------------
1996 1997 1996 1997
Revenues . . . . . . . . $4,939,816 $4,789,069 $12,462,720 $12,429,360
. . . .
Operating costs. . . . . 5,609,016 5,081,012 11,766,033 11,122,671
---------- ------------ ----------- ------------
Gross profit (loss). . (669,200) (291,943) 696,687 1,306,689
Selling, general and administrative
and other expenses . . 1,098,917 1,003,120 2,403,413 2,224,692
---------- ------------ ----------- ------------
(loss) from
Operations. . . . . . (1,768,117) (1,295,063) (1,706,726) (918,003)
Interest expense . . . . 357,453 351,597 754,221 731,666
Other (income) . . . . . (10,958) (3,700) (95,509) (46,210)
---------- ------------ ------------ -----------
Net loss . . . . . . . ($2,114,612) ($1,642,960) $(2,365,438) $(1,603,459)
========== ============ ============ ===========
Net loss per common and common
equivalent shares. . . $(.30) $(.23) $(.33) $(.23)
---------- ------------ ------------ -----------
Weighted average common and
common equivalent shares
outstanding. . . . . . . 7,068,172 7,128,172 7,068,172 7,128,172
========== ============ ============ ===========
See accompanying notes to condensed consolidated financial statements.
LASER-PACIFIC MEDIA CORPORATION
AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows (Unaudited)
Six Months Ended
June 30,
---------------- --- -----------------
---------------- -----------------
1996 1997
Cash flows from operating activities
Net loss . . . . . . . . . . . . . ($2,365,438) ($1,603,459)
Adjustments to reconcile net loss to net cash
provided by operating activities:
Depreciation and amortization. 2,589,800 2,102,098
Write-off of obsolete property
and equipment. . . . . . . . . . 226,681 ---
Provision for doubtful accounts
receivable . . . . . . . . . . . 141,093 125,993
Other. . . . . . . . . . . . . (113,314) (34,360)
Change in assets and liabilities:
(Increase) decrease in:
Accounts receivable. . . . 5,299,309 1,976,695
Inventory. . . . . . . . . 60,305 25,054
Prepaid expenses and
other current assets . . . . (37,736) (372,397)
Other assets . . . . . . . (260,177) (60,417)
Increase (decrease) in:
Accounts payable and
accrued expenses . . . . . . (2,964,769) (46,552)
---------------- -----------------
Net cash provided by operating
activities . . . . . . . . . 2,575,754 2,112,655
---------------- -----------------
Cash flows from investing activities:
Purchases of property and
equipment . . . . . . . . . . (568,989) (424,433)
Net Procedds from disposal of
property and equipment. . . . --- 30,995
---------------- -----------------
Net cash used by investing activities (568,989) (393,438)
---------------- -----------------
Cash flows from financing activities :
Proceeds borrowed under notes payable to bank
and long-term debt. . . . . . . . 1,548,351 758,626
Repayment of notes payable to bank
and long-term debt. . . . . . . . (4,300,461) (2,289,724)
Proceeds from issuance of common stock 426,789 ---
---------------- -----------------
Net cash used by financing activities (2,325,321) (1,531,098)
---------------- -----------------
Net increase (decrease) in cash . . . (318,556) 188,119
Cash at beginning of period . . . . . 812,990 283,082
---------------- -----------------
Cash at end of period . . . . . . . . . $ 494,434 $ 471,201
================ =================
Supplementary disclosure of cash flow information:
Cash paid during the period
for interest . . . . . . . . . . . . $658,952 $731,666
================ =================
See accompanying notes to condensed consolidated financial statements.
Signatures
LASER-PACIFIC MEDIA CORPORATION
Dated: September 5, 1997 /s/James R. Parks
James R. Parks
Chairman of the Board
and Chief Financial Officer
Dated: September 5, 1997 /s/Robert McClain
Robert McClain
Secretary and
Chief Financial Officer
(Principal Financial and Accounting Officer)