UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the Fiscal Quarter Ended June 28, 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: 0-26620
ACCOM, INC.
(Exact name of registrant as specified in its charter)
Delaware 94-3055907
(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification Number)
1490 O'Brien Drive
Menlo Park, California 94025
(Address of principal executive offices)
Registrant's telephone number, including area code:
(650) 328-3818
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 at least the past 90 days.
Yes X No
----- ------
As of July 31, 1997, 6,622,965 shares of the Registrant's common stock,
which have a $0.001 per share par value, were outstanding.
ACCOM, INC.
FORM 10-Q For the Quarter Ended June 28,1997
INDEX
Page
Facing sheet 1
Index 2
Part I. Financial Information
Item 1. a) Condensed consolidated balance sheets at June 28, 1997 and
September 30, 1996 3
b) Condensed consolidated statements of operations for the three
and nine months ended June 28, 1997 and June 30, 1996 4
c) Condensed consolidated statements of cash flows for the nine
months ended June 28, 1997 and June 30, 1996 5
d) Notes to condensed consolidated financial statements 6
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations 8
Part II. Other Information 13
Signature 14
Exhibit 11.1 - Statement re computation of net income (loss) per 15
share
Exhibit 27.1 - Financial Data Schedule 16
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PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
ACCOM, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except per share data)
June 28, September 30,
1997 1996
--------------- -----------------
(Unaudited) (Note A)
Assets
Current assets
Cash and cash equivalents $ 5,667 $ 4,221
Accounts receivable, net 3,198 4,714
Inventories 1,235 5,447
Deferred tax assets 695 695
Prepaid expenses and other current assets 212 377
------------- --------------
Total current assets 11,007 15,454
Property and equipment, net 803 1,683
Other assets 149 142
------------- --------------
$11,959 $17,279
============= ==============
Liabilities and Stockholders' Equity
Current Liabilities:
Notes payable $ 39 $ 58
Accounts payable 1,193 2,242
Accrued liabilities 2,076 1,455
Deferred revenue 287 528
------------- --------------
Total Current Liabilities 3,595 4,283
Note payable - noncurrent -- 24
Deferred tax liabilities 20 20
------------- --------------
Total liabilities 3,615 4,327
------------- --------------
Stockholders' Equity:
Preferred stock, $0.001 par value; 2,000,000 shares authorized;
no shares issued and outstanding -- --
Common stock, $0.001 par value; 20,233,497 shares authorized;
6,591,774 and 6,493,734 shares issued and outstanding on
June 28, 1997 and September 30, 1996, respectively 7 7
Additional paid-in capital 21,387 21,317
Accumulated deficit (13,050) (8,372)
------------- --------------
Total Stockholders' Equity 8,344 12,952
------------- --------------
$11,959 $17,279
============= ==============
<FN>
Note A: The balance sheet at September 30, 1996 has been derived from the
audited financial statements as of that date but does not include all of the
information and footnotes required by generally accepted accounting principles
for complete financial statements.
The accompanying notes are an integral part of these condensed
consolidated financial statements.
</FN>
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ACCOM, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
Three months ended Nine months ended
------------------ -----------------
June 28, June 30, June 28, June 30
1997 1996 1997 1996
---------------------------------------------------------------------------
Net sales $4,466 $4,824 $12,916 $15,557
Cost of sales 2,027 2,334 8,896 7,398
---------------------------------------------------------------------------
Gross margin 2,439 2,490 4,020 8,159
---------------------------------------------------------------------------
Operating expenses:
Research and development 893 1,065 2,530 3,080
Marketing and sales 1,220 2,436 4,662 5,601
General and administrative 292 382 1,622 1,052
---------------------------------------------------------------------------
Total operating expenses 2,405 3,883 8,814 9,733
---------------------------------------------------------------------------
Operating income (loss) 34 (1,393) (4,794) (1,574)
Interest income 47 59 121 194
Interest expense (1) (3) (5) (8)
Other expense (3) (10) -- (29)
---------------------------------------------------------------------------
Income (loss) before income taxes 77 (1,347) (4,678) (1,417)
Provision for income taxes -- (471) -- (496)
---------------------------------------------------------------------------
Net income (loss) $77 $(876) ($4,678) ($921)
===========================================================================
Net income (loss) per share $0.01 $(0.14) ($0.71) ($0.14)
================================== ==================================
Shares used in computation of net income (loss)
per share 6,865 6,453 6,577 6,431
================================== ==================================
<FN>
The accompanying notes are an integral part of these condensed
consolidated financial statements.
</FN>
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ACCOM, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
Nine months ended
-----------------
June 28, June 30,
1997 1996
------------------ -----------------
Cash flows from operating activities:
Net loss $ (4,678) $ (921)
Adjustments to reconcile net loss to net cash provided by (used in)
operating activities:
Depreciation 439 554
Establishment of reserves against accounts receivable, inventories,
and property and equipment, and accruals for streamlining
operations in January 1997 3,995 --
Changes in operating assets and liabilities:
Accounts receivable 1,266 (1,922)
Inventories 1,712 (697)
Prepaid expenses and other current assets 165 (774)
Accounts payable (1,049) 775
Accrued liabilities 126 (387)
Deferred revenues (241) 466
------------------ ------------------
Net cash provided by (used in) operating activities 1,735 (2,906)
------------------ ------------------
Cash flows from investing activities:
Expenditures for property and equipment (311) (504)
Purchase of short-term investments -- (33,553)
Sale of short-term investments -- 30,549
Decrease in other assets (6) (88)
------------------ ------------------
Net cash used in investing activities (317) (3,596)
------------------ ------------------
Cash flows from financing activities:
Repayments on notes payable (43) (44)
Issuance of common stock 71 111
Payment of accrued initial public offering costs -- (819)
------------------ ------------------
Net cash provided by (used in) financing activities 28 (752)
------------------ ------------------
Net increase (decrease) in cash and cash equivalents 1,446 (7,254)
Cash and cash equivalents at beginning of period 4,221 8,768
------------------ ------------------
Cash and cash equivalents at end of period $ 5,667 $ 1,514
================== ==================
Supplemental disclosure of cash flow information:
Interest paid $ 5 $ 8
================== ==================
Income taxes paid $ 2 $ 1
================== ==================
Supplemental disclosure of noncash investing and financing activities:
Reduction in accrued acquisition costs $ 45 $ 91
================== ==================
<FN>
The accompanying notes are an integral part of these condensed
consolidated financial statements.
</FN>
-5-
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Note 1. Summary of Significant Accounting Policies
Basis of Preparation
The condensed consolidated balance sheet as of June 28, 1997, and the
condensed consolidated statements of operations and cash flows for the three and
nine month periods ended June 28, 1997 and June 30, 1996 have been prepared by
the Company and are unaudited. In the opinion of management, all adjustments
(consisting of normal recurring accruals) considered necessary to present fairly
the financial position, results of operations, and cash flows at June 28, 1997,
and for all periods presented, have been made.
The financial data should be reviewed in conjunction with the audited
financial statements and notes thereto included in the Company's Annual Report
on Form 10-K for the fiscal year ended September 30, 1996.
The results of operations for the three and nine month periods ended
June 28, 1997 are not necessarily indicative of the operating results for the
full 1997 fiscal year.
Note 2. Short-Term Investments
The Company accounts for short-term investments in accordance with
Statement of Financial Accounting Standards No. 115 (FAS 115), "Accounting for
Certain Investments in Debt and Equity Securities."
All of the Company's short-term investments are designated as
available-for-sale and are carried at fair value, with unrealized gains and
losses reported as a separate component of stockholders' equity. Realized gains
and losses and declines in value judged to be other than temporary on
available-for-sale securities are included in interest income. Interest and
dividends on all securities are included in interest income.
Note 3. Inventories
Inventories consist of the following (In thousands):
June 28, September 30,
1997 1996
----------------------------------------------
Purchased parts and materials $ 142 $ 1,105
Work-in-progress 471 1,842
Finished goods 226 440
Demonstration inventory 396 2,060
----------------------------------------------
$ 1,235 $ 5,447
==============================================
-6-
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Note 4. Bank Information
The Company has a revolving line of credit with Comerica Bank that
allows for borrowings of up to $4.0 million, subject to the level of accounts
receivable. As of June 28 1997, the Company had no borrowings outstanding.
Indebtedness under the line of credit accrues interest at Comerica's base rate
and is secured by substantially all of the Company's assets. The line of credit
may be terminated by either party upon 30 days' notice. Borrowings under the
line of credit are subject to certain financial covenants. Although the Company
was not in compliance with some of these covenants as of June 28, 1997, Comerica
has waived non-compliance. As a result, the Company is able to borrow against
the line of credit.
Note 5. Earnings Per Share
In February 1997, the Financial Accounting Standards Board issued
Statement No. 128, Earnings Per Share, which is required to be adopted on
December 31, 1997. At that time, the Company will be required to change the
method currently used to compute net income (loss) per share and to restate all
prior periods. Under the new requirements for calculating primary earnings per
share, the dilutive effect of common stock equivalents will be excluded. As a
result of the antidilutive effect of common stock equivalent shares, the impact
on the calculation of primary and fully diluted earnings per share is not
expected to be material.
-7-
Item 2. Management's Discussion and Analysis of Financial Condition and Results
of Operations
The following discussion should be read in conjunction with the
unaudited consolidated financial statements and notes thereto included in Part
I--Item 1 of this Quarterly Report. Except for that disclosure that reports the
Company's historical results, the statements set forth in this section are
forward looking statements. Actual results could differ materially from those
projected in the forward looking statements due to a number of factors,
including uncertainty as to development and market acceptance of the Company's
ELSET Virtual Set product and other products; dependence on Silicon Graphics,
Inc.; rapid technological change in the Company's industry; and the need for new
product development. Additional information concerning these and other factors
that could cause actual results to differ materially from those in the forward
looking statements is contained under the heading "Other Factors That May Affect
Future Results," commencing on page 16 of the Company's Annual Report on Form
10-K for the Fiscal Year Ended September 30, 1996.
Overview Accom designs, manufactures, markets and supports digital video systems
for the high-end production, post-production and broadcast markets. The Company
was incorporated in December 1987 and began shipments of its digital signal
processing products in fiscal 1989. In November 1991, the Company merged with
Axial Systems Corporation ("Axial"), a developer of digital on-line editing
systems. The first shipments of the Company's Axial(R) 2020 Visual On-Line
Editing System ("Axial 2020") and RTD 4224 digital video disk recorder (the
"RTD") occurred in fiscal 1992. The first shipments of the Company's
Brontostore(TM) news graphics and clip server (the "Brontostore", renamed
"Axess(TM)" in April 1996) and the Company's lower cost Axial 2010 On-Line
Editing System ("Axial 2010") and WSD(R) Work Station Disk Recorder (the "WSD")
occurred in fiscal 1994. In January 1995, the Company began shipping the
WSD(R)/XL Work Station Disk Recorder ("WSD/XL") and in June 1996 began shipping
the WSD(R)/XLS. In September of 1996 the Company began shipping the
WSD(R)/Xtreme, a replacement for the WSD(R)/XLS which has eight minutes of
uncompressed digital video storage.
In September 1995, the Company increased its ownership interest in
ELSET Electronic-Set GmbH, a German limited liability company ("ELSET GmbH"), to
100% for approximately $7.6 million in cash, funded with a portion of the
proceeds of the Company's initial public offering (the "ELSET Acquisition"). At
the April 1995 National Association of Broadcasters ("NAB") convention, the
Company introduced a prototype of the ELSET(TM) virtual set system (the "ELSET
Virtual Set"), which operates on a Silicon Graphics, Inc. ("SGI") Onyx(TM)
Reality Engine2 or Onyx(TM) Infinite Reality workstation (an "Onyx"). The
Company shipped its first ELSET Virtual Set in the second quarter of fiscal
1996.
The Company's gross margin has historically fluctuated from quarter to
quarter and declined on an annual basis. As the Company begins to resell the
Onyx as part of the ELSET Virtual Set, gross margins may decline. In the future,
gross margins will be dependent on the mix of higher and lower-priced products
and the percentage of sales made through direct and indirect distribution
channels.
The Company's revenues are currently derived primarily from product
sales. The Company generally recognizes revenue upon product shipment. If
significant obligations exist at the time of shipment, revenue recognition is
deferred until obligations are met. Beginning in the second quarter of fiscal
1996 the Company's revenues included revenues from licensing of ELSET software.
In connection with sales of the ELSET Virtual Set, revenues in the future may
also include revenues from the resale of the Onyx and revenues from maintenance
and other services.
Software development costs are recorded in accordance with Statement of
Financial Accounting Standards No. 86. To date, the Company has expensed all of
its software development costs.
-8-
In the first quarter of fiscal 1997, the Company took a charge of
$3,995,000 to reserve for a reduction in value of certain inventory items,
accounts receivable and certain fixed assets as well as to accrue for expenses
to be incurred in streamlining operations. The charge was taken to reflect
changes in the support of existing products as well as future product
development.
Results of Operations
Quarters ended June 28, 1997 and June 30, 1996
Net Sales. The Company's net sales decreased by 7.4% to $4.47 million
in the third quarter of fiscal 1997 from $4.82 million in the third quarter of
fiscal 1996. The decrease in fiscal 1997 was primarily due to decreased
shipments of products sold into the post-production market. Shipments into the
post-production market decreased from 61.2% of total sales in the third quarter
of fiscal 1996 to 24.4% of total sales for the third quarter of fiscal 1997. The
decrease was partially offset by increases in the shipments of the WSD and Axess
products. International sales represented approximately 37.2% and 36.9% of the
Company's sales during the third quarter of fiscal 1997 and 1996, respectively.
Cost of Sales. Gross margins were 54.6% and 51.6% in the third quarter
of fiscal 1997 and 1996, respectively. Gross margin increased in the third
quarter of fiscal 1997 primarily as a result of increased sales of ELSET
software partially offset by increased costs of manufacturing certain disk-based
products as well as lower average selling prices on certain older products.
Research and Development. Research and development expenses decreased
by 16.1% to $893,000 in the third quarter of fiscal 1997 from $1.07 million in
the third quarter of fiscal 1996. The decrease in fiscal 1997 was due to
decreases in headcount and related overhead expenses. Research and development
expenses as a percentage of net sales were 20.0% and 22.1% in the third quarter
of fiscal 1997 and 1996, respectively.
Marketing and Sales. Marketing and sales expenses decreased by 49.9% to
$1.22 million in the third quarter of fiscal 1997 from $2.44 million in the
third quarter of fiscal 1996. The decrease in fiscal 1997 was due primarily to
decreases in headcount, sales commissions, and trade show and promotional
expenses. In addition, in the third quarter of fiscal 1996, a charge of $594,000
was incurred in writing down demonstration inventory used for marketing purposes
and in reducing headcount as part of a plan to refocus and streamline
operations. Marketing and sales expenses as a percentage of net sales were 27.3%
and 50.5% in the third quarter of fiscal 1997 and 1996, respectively.
General and Administrative. General and administrative expenses
decreased by 23.5% to $292,000 in the third quarter of fiscal 1997 from $382,000
in the third quarter of fiscal 1996. The decrease in fiscal 1997 was primarily
due to decreases in headcount, payroll taxes, and related overhead expenses.
General and administrative expenses as a percentage of net sales were 6.5% and
7.9% in the third quarter of fiscal 1997 and 1996, respectively.
Interest Income, Interest Expense, and Other (Expense). Interest income
decreased to $47,000 in the third quarter of fiscal 1997 from $59,000 in the
third quarter of fiscal 1996. The decrease was primarily due to a decrease in
short-term investments. Interest expense decreased to $1,000 in third quarter of
fiscal 1997 from $3,000 in the third quarter of fiscal 1996. The decrease was
primarily due to a decrease in debt.
-9-
Provision for Income Taxes. In accordance with FAS 109, the Company has
provided no income tax on its profit for the three months ended June 28, 1997,
since the Company has recognized no tax benefit for the cumulative loss for the
nine months ended June 28, 1997. The Company believes its existing deferred tax
asset is realizable based on recoverability of taxes previously paid. The
Company's effective tax rate for fiscal year 1996 was 35%, which was less than
the applicable statutory rate primarily due to benefits derived from the
Company's foreign sales subsidiary.
Net Income. Net income in the third quarter of fiscal 1997 was $77,000,
an increase from the net loss of $876,000 in the third quarter of fiscal 1996.
There was a charge of $594,000 in 1996 for writing down demonstration inventory
and reducing staff. Without this charge, the net loss in the third quarter of
fiscal 1996 would have been $282,000. The increase in net income is primarily
due to a decrease in operating expenses. Net income as a percentage of net sales
was 1.7% in the third quarter of fiscal 1997 while the net loss as a percentage
of sales in the third quarter of fiscal 1996 was 18.1%
Nine Months ended June 28, 1997 and June 30, 1996
Net Sales. The Company's net sales decreased by 17.0% to $12.92 million
in the nine months ended June 28, 1997 from $15.56 million for the same period
in fiscal 1996. The decrease in fiscal 1997 was primarily due to decreases in
shipments into the post-production markets partially offset by an increase in
shipments of Axess. Shipments into the post-production market decreased from
58.4% of total sales for the first nine months of fiscal 1996 to 42.0% of total
sales for the first nine months of fiscal 1997. Shipments of Axess increased
from 4.1% to 11.3% of total sales for the first nine months of fiscal 1996 and
1997, respectively. International sales represented approximately 43.5% and
41.5% of the Company's sales during the first nine months of fiscal 1997 and
1996, respectively. The increase in the percentage of international sales in the
first nine months of fiscal 1997 was primarily due to a decrease in domestic
sales volume.
Cost of Sales. Gross margin was 31.1% and 52.4% in the first nine
months of fiscal 1997 and 1996, respectively. During January 1997, the Company
developed plans with respect to future development, support and introduction of
certain products. As a result of these plans, reserves were provided for
inventory, accounts receivable and property and equipment. As part of these
reserves, inventory reserves totaling $2.5 million were included in the cost of
sales for the first quarter of fiscal 1997. Without this charge, gross margin
would have been 50.5% for the first nine months of fiscal 1997. The decrease
from the first nine months of fiscal 1996, without this charge, was due to
increased costs of manufacturing certain disk-based products and lower average
selling prices on certain older products.
Research and Development. Research and development expenses decreased
by 17.8% to $2.53 million in the first nine months of fiscal 1997 from $3.08
million in the first nine months of fiscal 1996. The decrease in fiscal 1997 was
primarily due to decreases in headcount and related overhead expenses. Research
and development expenses as a percentage of net sales were 19.6% and 19.8% in
the first nine months of fiscal 1997 and 1996, respectively.
Marketing and Sales. Marketing and sales expenses decreased by 16.8% to
$4.66 million in the first nine months of fiscal 1997 from $5.60 million in the
first nine months of fiscal 1996.
-10-
A charge of $845,000 was incurred in the first quarter of fiscal 1997
related primarily to reserves against certain marketing and sales fixed assets.
In addition, in the third quarter of fiscal year 1996, a charge of $594,000 was
taken to write-down demonstration inventory and reduce staff.
Exclusive of the above noted charges, the decrease in fiscal 1997 was
due primarily to decreases in headcount and related overhead expenses, trade
show and promotional expenses, expenses related to refurbishment of
demonstration equipment, and depreciation expense.
Marketing and sales expenses as a percentage of net sales were 36.1%
(29.6% without the fiscal 1997 charge) and 36.0% (32.2% without the fiscal 1996
charge) in the first nine months of fiscal 1997 and 1996, respectively.
General and Administrative. General and administrative expenses
increased by $570,000 to $1.62 million in the first nine months of fiscal 1997
from $1.05 million in the first nine months of fiscal 1996.
A $650,000 charge primarily for streamlining operations, to reduce
overhead and other costs as well as to increase the reserve for bad debts, was
recorded in the first quarter of fiscal 1997. Without this charge, general and
administrative expenses would have decreased by 7.6% to $972,000. That was
primarily due to a decrease in headcount and related overhead expenses partially
offset by an increase in legal and accounting professional fees. General and
administrative expenses as a percentage of net sales were 12.6% (7.5% without
the charge) and 6.8% in the third quarters of fiscal 1997 and 1996,
respectively.
Interest Income, Interest Expense and Other (Expense). Interest income
decreased to $121,000 in the first nine months of fiscal 1997 from $194,000 in
the first nine months of fiscal 1996. The decrease was primarily due to a
decrease in cash and cash equivalents. Interest expense decreased slightly to
$5,000 in the first nine months of fiscal 1997 from $8,000 in the first nine
months of fiscal 1996. The decrease was due to a decrease in debt.
Provision for Income Taxes. In accordance with FAS 109, the Company has
recognized no tax benefit from its loss for the period ended June 28, 1997. The
Company believes its existing deferred tax asset is realizable based on
recoverability of taxes previously paid. The Company's effective tax rate for
fiscal year 1996 was 35%, which was less than the applicable statutory rate
primarily due to benefits derived from the Company's foreign sales subsidiary.
Net Loss. Net loss increased to $4.68 million in the first nine months
of fiscal 1997 from $921,000 in the first nine months of fiscal 1996.
As noted above, charges were incurred and reserves were provided
totaling $4.0 million in the first quarter of fiscal 1997. These charges and
reserves related to streamlining operations, reducing overhead, and setting up
reserves for inventory, accounts receivable, and fixed assets. Without these
charges and reserves, the net loss in the first nine months of fiscal 1997 would
have been $683,000.
Additional factors contributing to the increase in the net loss were
primarily a decrease in net sales ($2.64 million), lower gross margins, and a
decrease in interest income ($73,000), which were partially offset by a decrease
in operating expenses ($919,000).
-11-
Net loss as a percentage of net sales was 36.2% (5.3% without the
fiscal 1997 charges), and 5.9% (2.1% without the fiscal 1996 charges) in the
first nine months of fiscal 1997 and 1996, respectively.
Liquidity and Capital Resources
As of June 28, 1997 the Company had $5.67 million of cash and cash
equivalents.
Operating activities provided $1.74 million in the first nine months of
fiscal 1997 and used $2.91 million in the first nine months of fiscal 1996. Net
cash provided in the first nine months of fiscal 1997 was due primarily to
decreases in accounts receivable and inventory, partially offset by a decrease
in accounts payable.
The Company has a revolving line of credit with Comerica Bank that
allows for borrowings of up to $4.0 million, subject to the level of accounts
receivable. As of June 28 1997, the Company had no borrowings outstanding.
Indebtedness under the line of credit accrues interest at Comerica's base rate
and is secured by substantially all of the Company's assets. The line of credit
may be terminated by either party upon 30 days' notice. Borrowings under the
line of credit are subject to certain financial covenants. Although the Company
was not in compliance with some of these covenants as of June 28, 1997, Comerica
has waived non-compliance. As a result, the Company is able to borrow against
the line of credit.
The Company believes that its existing cash and cash equivalents will
be sufficient to meet its cash requirements for at least the next twelve months.
Although operating activities may provide cash in certain periods, to the extent
the Company grows in the future, its operating and investing activities may use
cash and, consequently, such growth may require the Company to obtain additional
sources of financing. There can be no assurance that any necessary financing
will be available to the Company on commercially reasonable terms, or at all.
-12-
PART II. OTHER INFORMATION
Item 1. Legal Proceedings
None.
Item 2. Changes in Securities
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. Exhibits and Reports on Form 8-K
(a) Exhibits:
11.1 Computation of net loss per share.
27.1 Financial Data Schedule.
(b) Reports on Form 8-K:
The Company filed a current report on Form 8-K dated April 28,
1997 reporting the resignation of Gary W. Kalback as a
Director of the Company and the appointment of Thomas E.
Fanella as a Director. No financial information or statements
were filed with the report.
-13-
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.
ACCOM, INC.
By: /s/ Junaid Sheikh
----------------------------
Chief Executive Officer
Principal Financial Officer
By: /s/ James Cunniffe
----------------------------
Principal Accounting Officer
Date: August 10, 1997
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