1
FORM 10-QSB
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended December 31, 1997
[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from ___________ to ____________
Commission File Number: 0-22994
GUNTHER INTERNATIONAL, LTD.
(Exact name of small business issuer as specified in its charter)
DELAWARE 51-0223195
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
ONE WINNENDEN, NORWICH, CONNECTICUT 06360
(Address of principal executive offices)
REGISTRANT'S TELEPHONE NUMBER INCLUDING AREA CODE: 860-823-1427
Indicate by check whether the registrant (1) has filed all reports required to
be filed by Section 13 or 15(d) of the Exchange Act 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 of the Registrant's Common Stock outstanding as of February
12, 1998 was 4,291,269. The number of shares of the Registrant's Series B Common
Stock outstanding as of February 13, 1998 was 500.
Transitional Small Business Disclosure Format (check one):
YES_____ NO__X__
Exhibit Index is located at Page 14
2
FORM 10-QSB
DECEMBER 31, 1997
GUNTHER INTERNATIONAL, LTD.
INDEX
Page
----
No.
PART I - FINANCIAL INFORMATION
ITEM 1. CONDENSED FINANCIAL STATEMENTS
BALANCE SHEETS
DECEMBER 31, 1997 (UNAUDITED)
AND MARCH 31, 1997 3 - 4
UNAUDITED STATEMENTS
OF INCOME - THREE MONTHS AND
NINE MONTHS ENDED
DECEMBER 31, 1997 AND 1996 5
UNAUDITED STATEMENTS
OF CASH FLOWS - THREE MONTHS AND
NINE MONTHS ENDED
DECEMBER 31, 1997 AND 1996 6
NOTES TO CONDENSED FINANCIAL
STATEMENTS 7
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS 8 - 11
PART II - OTHER INFORMATION:
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K 12
SIGNATURES 13
EXHIBIT INDEX 14
EXHIBITS 15
2
3
FORM 10-QSB
DECEMBER 31, 1997
PART I - FINANCIAL INFORMATION
ITEM 1 - CONDENSED FINANCIAL STATEMENTS
GUNTHER INTERNATIONAL, LTD.
BALANCE SHEETS
ASSETS
DECEMBER 31, MARCH 31,
1997 1997
---- ----
(UNAUDITED)
CURRENT ASSETS:
CASH $ 128,104 $ 261,700
ACCOUNTS RECEIVABLE 1,617,241 1,298,765
COSTS AND ESTIMATED EARNINGS
IN EXCESS OF BILLINGS
ON UNCOMPLETED CONTRACTS 1,396,520 1,403,715
INVENTORIES 1,560,676 1,262,435
PREPAID EXPENSES 67,242 90,531
---------- ----------
TOTAL CURRENT ASSETS 4,769,783 4,317,146
---------- ----------
PROPERTY AND EQUIPMENT:
MACHINERY AND EQUIPMENT 1,326,741 1,099,208
FURNITURE AND FIXTURES 126,679 187,294
LEASEHOLD IMPROVEMENTS 239,554 229,804
---------- ----------
1,692,974 1,516,306
LESS - ACCUMULATED DEPRECIATION
AND AMORTIZATION 677,927 483,069
---------- ----------
NET PROPERTY AND EQUIPMENT 1,015,047 1,033,237
---------- ----------
OTHER ASSETS:
EXCESS OF COST OVER FAIR VALUE OF
NET ASSETS ACQUIRED, NET 3,277,687 3,445,293
DEFERRED PREPRODUCTION COSTS 626,771 457,189
NOTES RECEIVABLE
FROM STOCKHOLDERS 40,000 40,000
INVESTMENT, AT LOWER OF COST
OR MARKET 30,000 30,000
OTHER 62,677 40,828
---------- ----------
TOTAL OTHER ASSETS 4,037,135 4,013,310
---------- ----------
TOTAL LONG-TERM ASSETS 5,052,182 5,046,547
---------- ----------
TOTAL ASSETS $9,821,965 $9,363,693
========== ==========
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF
THESE FINANCIAL STATEMENTS
3
4
FORM 10-QSB
DECEMBER 31, 1997
GUNTHER INTERNATIONAL, LTD.
BALANCE SHEETS
LIABILITIES AND STOCKHOLDERS' EQUITY
DECEMBER 31, MARCH 31,
1997 1997
---- ----
(UNAUDITED)
ACCOUNTS PAYABLE $ 1,540,589 $ 2,059,506
ACCRUED EXPENSES 617,126 479,043
NOTE PAYABLE AND CURRENT MATURITIES
OF LONG-TERM DEBT 587,407 401,866
BILLINGS IN EXCESS OF COSTS AND ESTIMATED
EARNINGS ON UNCOMPLETED CONTRACTS 1,557,720 771,016
DEFERRED SERVICE CONTRACT REVENUE 1,059,568 1,057,443
------------ ------------
TOTAL CURRENT LIABILITIES 5,362,410 4,768,874
LONG-TERM DEBT, LESS CURRENT MATURITIES 2,131,965 2,213,618
------------ ------------
TOTAL LIABILITIES 7,494,375 6,982,492
------------ ------------
STOCKHOLDERS' EQUITY:
COMMON STOCK, $.001 PAR VALUE;
AUTHORIZED 16,000,000 SHARES;
ISSUED AND OUTSTANDING 4,283,269 AND
4,291,269 SHARES AT MARCH 31
AND DECEMBER 31, 1997 RESPECTIVELY 4,291 4,283
SERIES B COMMON STOCK, $.001 PAR VALUE;
500 SHARES AUTHORIZED, ISSUED AND
OUTSTANDING AT DECEMBER 31
AND MARCH 31, 1997 1 1
ADDITIONAL PAID-IN CAPITAL 11,380,983 11,375,826
ACCUMULATED DEFICIT (9,057,685) (8,998,909)
------------ ------------
TOTAL STOCKHOLDERS' EQUITY 2,327,590 2,381,201
------------ ------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 9,821,965 $ 9,363,693
============ ============
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF
THESE FINANCIAL STATEMENTS
4
5
FORM 10-QSB
DECEMBER 31, 1997
GUNTHER INTERNATIONAL, LTD.
UNAUDITED STATEMENTS OF INCOME
THREE MONTHS ENDED NINE MONTHS ENDED
DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31,
1997 1996 1997 1996
---- ---- ---- ----
SALES:
SYSTEMS $ 2,586,776 $ 2,100,057 $ 6,794,218 $ 6,865,970
SERVICE 1,630,288 1,495,252 4,719,679 4,435,580
----------- ----------- ------------ ------------
TOTAL SALES 4,217,064 3,595,309 11,513,897 11,301,550
----------- ----------- ------------ ------------
COST OF SALES:
SYSTEMS 1,324,960 1,093,365 3,658,157 3,674,057
SERVICE 1,118,346 916,884 3,010,547 2,755,538
----------- ----------- ------------ ------------
TOTAL COST OF SALES 2,443,306 2,010,249 6,668,704 6,429,595
----------- ----------- ------------ ------------
GROSS PROFIT 1,773,758 1,585,060 4,845,193 4,871,955
----------- ----------- ------------ ------------
OPERATING EXPENSES:
SELLING AND ADMINISTRATIVE 1,545,267 1,428,417 4,570,033 4,414,729
RESEARCH AND DEVELOPMENT 55,474 53,678 181,371 167,891
----------- ----------- ------------ ------------
TOTAL OPERATING EXPENSES 1,600,741 1,482,095 4,751,404 4,582,620
----------- ----------- ------------ ------------
OPERATING INCOME 173,017 102,965 93,789 289,335
----------- ----------- ------------ ------------
INTEREST EXPENSE, NET (47,991) (34,489) (152,565) (153,088)
----------- ----------- ------------ ------------
NET INCOME, (LOSS) $ 125,026 $ 68,476 ($ 58,776) $ 136,247
----------- ----------- ------------ ------------
BASIC EARNINGS (LOSS) PER
COMMON SHARE (NOTE 2) $ 0.03 $ 0.02 ($ 0.01) $ 0.03
DILUTED EARNINGS (LOSS) PER
COMMON SHARE (NOTE 2) $ 0.03 $ 0.02 ($ 0.01) $ 0.03
WEIGHTED AVERAGE
SHARES OUTSTANDING 4,290,380 4,283,269 4,287,417 4,199,936
FULLY DILUTED
SHARES OUTSTANDING 4,697,703 4,478,168 4,669,461 4,414,012
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF
THESE FINANCIAL STATEMENTS
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6
FORM 10-QSB
DECEMBER 31, 1997
GUNTHER INTERNATIONAL, LTD.
UNAUDITED STATEMENTS OF CASH FLOWS
THREE MONTHS ENDED NINE MONTHS ENDED
DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31,
1997 1996 1997 1996
---- ---- ---- ----
CASH FLOWS FROM OPERATING ACTIVITIES:
NET INCOME, (LOSS) $ 125,026 $ 68,476 ($ 58,776) $ 136,247
ADJUSTMENTS TO RECONCILE NET LOSS TO
NET CASH USED BY OPERATING ACTIVITIES:
DEPRECIATION AND AMORTIZATION 159,365 130,620 468,799 425,993
DECREASE (INCREASE) IN ACCOUNTS RECEIVABLE 543,373 (526,306) (318,476) (627,650)
(INCREASE) DECREASE IN INVENTORIES (591,162) (414,445) (298,241) 290,819
(INCREASE) DECREASE IN PREPAID EXPENSES
AND OTHER ASSETS (7,578) 13,272 1,440 (7,396)
(DECREASE) INCREASE IN ACCOUNTS PAYABLE (415,962) (91,016) (518,917) 109,721
INCREASE (DECREASE) IN ACCRUED EXPENSES 152,523 (58,649) 138,083 32,425
(DECREASE) INCREASE IN DEFERRED SERVICE
CONTRACT REVENUE (985,896) 23,300 2,125 140,276
INCREASE IN BILLINGS IN EXCESS
OF COSTS AND ESTIMATED EARNINGS ON
UNCOMPLETED CONTRACTS, NET 1,237,080 1,076,593 793,899 40,824
----------- ----------- --------- ---------
NET CASH PROVIDED BY OPERATING ACTIVITIES 216,769 221,845 209,936 541,259
----------- ----------- --------- ---------
CASH FLOWS FROM INVESTING ACTIVITIES:
PURCHASE OF PROPERTY AND EQUIPMENT (35,199) (66,757) (176,668) (268,179)
INCREASE IN DEFERRED PREPRODUCTION COSTS (178,865) (157,619) (275,917) (326,657)
----------- ----------- --------- ---------
NET CASH USED BY INVESTING ACTIVITIES (214,064) (224,376) (452,585) (594,836)
----------- ----------- --------- ---------
CASH FLOWS FROM FINANCING ACTIVITIES:
PROCEEDS FROM NOTES PAYABLE AND
LONG-TERM DEBT 0 0 143,567 0
REPAYMENT OF NOTES PAYABLE AND
LONG-TERM DEBT (39,679) (79,067) (39,679) (350,611)
INCREASE IN NOTES RECEIVABLE 0 0 0 (40,000)
DECREASE IN RESTRICTED CASH 0 0 0 325,834
ISSUANCE OF COMMON STOCK AND
(DECREASES) IN ADDITIONAL PAID IN CAPITAL (4,835) 0 5,165 525,002
----------- ----------- --------- ---------
NET CASH PROVIDED BY
FINANCING ACTIVITIES: (44,514) (79,067) 109,053 460,225
----------- ----------- --------- ---------
NET INCREASE (DECREASE) IN CASH (41,809) (81,598) (133,596) 406,648
CASH AT BEGINNING OF PERIOD 169,913 615,305 261,700 127,059
----------- ----------- --------- ---------
CASH AT END OF PERIOD $ 128,104 $ 533,707 $ 128,104 $ 533,707
----------- ----------- --------- ---------
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS
6
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FORM 10-QSB
DECEMBER 31, 1997
GUNTHER INTERNATIONAL, LTD.
NOTES TO CONDENSED FINANCIAL STATEMENTS
(1) MANAGEMENT REPRESENTATION: In the opinion of management, the accompanying
unaudited interim financial statements have been prepared in accordance with
generally accepted accounting principles and contain all adjustments (consisting
of only normal recurring accruals) necessary to present fairly the financial
position and the results of operations for the interim periods. These financial
statements should be read in conjunction with the financial statements and
related notes included in the Company's Annual Report on Form 10-KSB for the
fiscal year ended March 31, 1997. The results of operations for the interim
period are not necessarily indicative of results to be expected for the full
year.
(2) EARNINGS PER SHARE: In March 1997, the Financial Accounting Standards
Board issued Statement of Financial Accounting Standards, SFAS 128 "Earnings
per share" which establishes new standards for computing and presenting
earnings per share. The Company has adopted SFAS 128 for the quarter ending
December 31, 1997. The following footnote presents the calculation of the basic
and diluted earnings per share under SFAS 128.
Per-Share
Income Shares Amount
For the quarter ended December 31, 1996
---------------------------------------
Basic Earnings per Share
Income available to common shareholders $68,476 4,283,269 $0.02
Options issued to Executives 121,620
Common stock purchase warrants 73,279
Diluted Earnings per Share $68,476 4,478,168 $0.02
For the nine months ended December 31, 1996
-------------------------------------------
Basic Earnings per Share
Income available to common shareholders $136,247 4,199,936 $0.03
Options issued to Executives 130,600
Common stock purchase warrants 83,476
Diluted Earnings per Share $136,247 4,414,012 $0.03
For the quarter ended December 31, 1997
---------------------------------------
Basic Earnings per Share
Income available to common shareholders $125,026 4,290,380 $0.03
Options issued to Executives and Founders 131,918
Common stock purchase warrants 275,405
Diluted Earnings per Share $125,026 4,697,703 $0.03
For the nine months ended December 31, 1997
-------------------------------------------
Basic Earnings per Share
(Loss) available to common shareholders ($58,776) 4,287,417 ($0.01)
Options issued to Executives and Founders 149,344
Common stock purchase warrants 232,700
Diluted (Loss) per Share ($58,776) 4,669,461 ($0.01)
Basic earnings per share were computed by dividing net income by weighted
average number of shares of common stock outstanding during the year. Diluted
earnings per common share were determined on the assumption that stock options
and warrants would be converted upon issuance. There has been no effect due to
this accounting change on previously reported earning per share.
7
8
FORM 10-QSB
DECEMBER 31, 1997
GUNTHER INTERNATIONAL, LTD.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
RESULTS OF OPERATIONS:
SALES: Sales for the three month period ended December 31, 1997
increased 17.3% compared to the same period in 1996. System sales for the three
month period ended December 31, 1997 increased 23.2% from the same period in
1996. Service sales increased 9% over the same three month period. Sales for the
nine month period ended December 31, 1997 increased 1.9% from the same period in
1996. Systems sales decreased 1% in the nine month period ended December 31,
1997 compared to the same period in 1996. Maintenance sales rose 6.4% in the
same nine month period. The decrease in systems sales for the nine month period
ended December 31, 1997 is primarily attributable to the previously disclosed
delays associated with the Company's new inserter assembly. These delays were
resolved by the end of July, 1997. The increase in maintenance sales was due
primarily to the increased number of systems under maintenance contract in the
field. The systems order backlog, consisting of total order price less revenue
recognized to date for all signed orders on hand at December 31, 1997 was
$4,364,000 compared to $2,135,000 at December 31, 1996.
GROSS PROFIT: Gross profit as a percentage of total sales for the three
month period ended December 31, 1997 decreased to 42.1% from 44.1% for the same
period last year. Gross profit relating to systems sales increased to 48.8% from
47.9% for the same three month period last year. Gross profit on service sales
decreased to 31.4% in the three month period ended December 31, 1997 compared to
38.7% in the same period last year. For the nine month period ended December 31,
1997, gross profit as a percentage of net sales increased to 42.1% compared to
43.1% in the same period last year. Gross profit relating to systems sales
decreased to 46.2% from 46.5% for the same nine month period last year. Gross
profit on service sales decreased to 36.2% in the nine month period ended
December 31, 1997 compared to 37.9% in the same period last year. The decrease
in gross profit percentage for system sales in the nine month period was
primarily due to increased costs associated with the startup of the inserter
assembly manufacturing. The decrease in gross profit percentage for service
sales for the three and nine month periods ending December 31, 1997 was due to
increased costs incurred with hiring and training additional service personnel.
At the request of several new and existing customers, the Company has begun to
service more accounts with Company personnel, instead of the third party service
provider. It is expected that lower gross margins for service revenue will
continue for six to nine more months, and then service margins should return to
their historical levels.
8
9
FORM 10-QSB
DECEMBER 31, 199
GUNTHER INTERNATIONAL, LTD.
OPERATING EXPENSES: Operating expenses include Selling, Administrative
and Research and Development expenses.
Selling and administrative expenses decreased to 36.6% from 39.7% as a
percentage of net sales for the three month period ended December 31, 1997
compared to the same period one year ago. The decrease was due to a lower rate
of growth in selling and marketing expenses than the rate of growth in revenue
in the three month period. Selling and administrative expenses remained
essentially flat for the nine month period ended December 31, 1997 compared to
the same period last year.
Research and Development (R&D) expenses as a percentage of net sales to
in the three month and nine month period ended December 31, 1997 remained
essentially flat compared to the same period last year.
OTHER EXPENSES: Net interest expense increased to $47,991 for the three
month period ended December 31, 1997 from $34,489 for the same period last year.
Net interest expense was $152,565 for the nine month period ended December 31,
1997 compared to $153,088 for the same period last year.
LIQUIDITY AND CAPITAL RESOURCES
The Company's primary need for liquidity is to fund operations while
increasing sales and improving gross margins. The Company derives liquidity
through systems and maintenance sales (including customer deposits), bank
borrowings, financing arrangements with third parties and, from time to time,
sales of its equity securities. During the three month period ended December 31,
1997, the Company had a positive cash flow from operating activities of $216,769
compared to a positive cash flow of $221,845 for the same three month period in
1996. During the first nine months of this fiscal year, operating activities
provided $209,936 in cash compared to a positive cash flow of $541,836 in the
first nine months of last fiscal year.
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10
FORM 10-QSB
DECEMBER 31, 1997
GUNTHER INTERNATIONAL, LTD.
The Company and the Bank of Boston, Connecticut, N.A. (the "Bank") have
entered into Revolving Loan and Security Agreement, originally dated as of June
4, 1996 ( as amended, the "Revolving Credit Facility"), with an aggregate
borrowing capacity of $2,250,000. The Revolving Credit Facility is bifurcated
into two separate subfacilities ("Facility A" and "Facility B"). Facility A has
a maximum borrowing capacity of $1,750,000 and Facility B has a maximum
borrowing capacity of $500,000. As of December 31, 1997, an aggregate of
$1,700,000 of indebtedness was outstanding under Facility A and $500,000 of
indebtedness was outstanding under Facility B.
In order to induce the Bank to enter into the Revolving Credit
Facility, Mr. Harold S. Geneen, then the Chairman and a stockholder of the
Company, agreed to provide the Bank with sufficient cash collateral to secure
all borrowings outstanding under Facility A. The borrowings under Facility B are
secured by all of the tangible and intangible assets of the Company. Mr. Geneen
passed away on Friday, November 21, 1997, and his death constituted a technical
event default under the Revolving Credit Facility. The Executor of Mr. Geneen's
estate has affirmed Mr. Geneen's obligations to the Bank with respect to the
Revolving Credit Agreement, and the Bank has waived the technical event of
default and extended the maturity date of the Revolving Credit Facility from
July 31, 1998 to April 1, 1999. There can be no assurance that the Revolving
Credit Facility will be extended beyond July 1. 1999.
The Revolving Credit Facility contains several affirmative and
negative covenants pursuant to which the Company, among other things, is
required to have Operating Profits (as defined in the Revolving Credit Facility)
of at least $250,000 and $350,000 by March 31 and June 30, 1998, respectively.
Although the Company believes it is currently in compliance with all material
provisions of these covenants, there can be no assurance that the Company will
be able to maintain continued compliance with all material terms and provisions
of the Revolving Credit Facility.
Except for the Revolving Credit Facility, the Company does not have any
commitments for outside funding of any kind. Indeed, the Revolving Credit
Facility expressly prohibits the Company from incurring any additional
indebtedness from any person or entity other than the Bank. It must depend,
therefore, upon the generation of sufficient internally generated funds and the
remaining funds available under the Revolving Credit Facility to fund its
operations during fiscal 1998. Based on current projections, management believes
that the Company will be able to generate sufficient funds to meet the Company's
need for liquidity during the balance of the year. It is possible, however, that
the Company's business may require larger amounts of capital than the Company
currently anticipates. There can be no assurance that the Company will be able
to obtain such capital.
At December 31, 1997, total Stockholders' Equity was $2,327,590
compared to Stockholders' Equity of $2,381,201 at March 31, 1997.
10
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FORM 10-QSB
DECEMBER 31, 1997
GUNTHER INTERNATIONAL, LTD.
FACTORS THAT MAY AFFECT FUTURE PERFORMANCE
This report contains forward looking statements based on current
expectations that involve a number of risks and uncertainties. The factors that
could cause actual results to differ materially include the following: general
economic conditions and growth rates in the finishing and related industries,
competitive factors and pricing pressures, changes in the Company's product mix,
technological obsolescence of existing products and the timely development and
acceptance of new products, inventory risks due to shifts in market demands,
component constraints and shortages, and the ramp-up and expansion of
manufacturing capacity.
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12
FORM 10-QSB
DECEMBER 31, 1997
GUNTHER INTERNATIONAL, LTD.
PART II - OTHER INFORMATION
ITEM 2 - CHANGES IN SECURITIES AND USE OF PROCEEDS
On November 7, 1997, the Registrant issued and sold 2,667 shares of its
common stock, par value $.001 per share, to one accredited investor upon the
exercise of a stock purchase warrant issued to such investor on September 4,
1992. The aggregate proceeds to the Registrant were $5,000.63. There were no
underwriting discounts, commissions or other transaction costs to the
Registrant. The transaction was exempt from the registration provisions of the
Securities Act of 1933, as amended, by virtue of Section 4(2) of such Act.
ITEM 6 - EXHIBITS AND REPORTS ON FORM 8 - K
(A) EXHIBITS
27. FINANCIAL DATA SHEET
(B) REPORTS ON FORM 8-K
NO REPORT ON FORM 8-K WAS FILED BY GUNTHER INTERNATIONAL, LTD. DURING
THE QUARTER ENDED DECEMBER 31, 1997.
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13
FORM 10-QSB
DECEMBER 31, 1997
GUNTHER INTERNATIONAL, LTD.
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.
GUNTHER INTERNATIONAL, LTD
(REGISTRANT)
/s/ FREDERICK W. KOLLING III Date: February 16, 1998
------------------------------
FREDERICK W. KOLLING III
VICE PRESIDENT, CHIEF FINANCIAL OFFICER
AND TREASURER
(ON BEHALF OF THE REGISTRANT AND AS
PRINCIPAL FINANCIAL AND ACCOUNTING OFFICER)
13
14
FORM 10-QSB
DECEMBER 31, 1997
GUNTHER INTERNATIONAL, LTD.
EXHIBIT INDEX
Pages in
Sequentially
Exhibit Numbered
Number Description Copy
- ------ ----------- ----
27 -- Financial Data Schedule 15
14