U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, DC. 20549
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FORM 10-QSB/A
AMENDMENT NO. 1
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_X_ QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the fiscal quarter ended APRIL 30, 1995
___ TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
Commission file number 0-620
DETROIT & CANADA TUNNEL CORPORATION
(Name of small business issuer in its charter)
Michigan 38 - 0477830
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
100 East Jefferson Avenue, Detroit, Michigan 48226
(Address of principal executive offices) (Zip Code)
Issuer's telephone number, including area code (313) 567-4422
Check whether the registrant (1) 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.
(X) Yes ( ) No
The number of outstanding shares of the issuer's common stock as of May 31, 1995
was 676,027.
Transitional Small Business Disclosure (check one) Yes ( ) No (X)
PART I
ITEM 1. FINANCIAL STATEMENTS
DETROIT & CANADA TUNNEL CORPORATION
AND
SUBSIDIARIES
Consolidated Balance Sheets
Unaudited
April 30 October 31
1995 1994
CURRENT ASSETS
CASH $ 1,579,844 $ 1,632,395
SHORT TERM INVESTMENTS 5,358,316 7,471,623
ACCOUNTS RECEIVABLE, Net of allowance 674,599 992,458
for doubtful accounts of $17,900 and $11,900
PREPAID EXPENSES 388,946 364,012
TOTAL CURRENT ASSETS 8,001,704 10,460,488
LONG TERM INVESTMENTS
EQUITY INVESTMENTS 343,676 343,676
OTHER INVESTMENTS 886,246 878,661
1,229,922 1,222,337
PROPERTY, PLANT & EQUIPMENT
Leasehold Improvements 10,178,777 9,334,175
Equipment 1,324,815 992,865
11,503,592 10,327,040
Accumulated Depreciation and Amortization (2,042,797) (1,845,105)
9,460,795 8,481,935
DEFERRED INCOME TAX BENEFIT 1,012,000 1,012,000
$ 19,704,422 $ 21,176,760
<FN>
The accompanying notes are an integral part of these financial statements.
DETROIT & CANADA TUNNEL CORPORATION
AND
SUBSIDIARIES
Consolidated Balance Sheets (continued)
Unaudited
April 30 October 31
1995 1994
CURRENT LIABILITIES
ACCOUNTS PAYABLE $ 410,780 $ 1,395,638
ACCRUED PAYROLL & VACATION 123,061 153,642
ACCRUED TAXES 440,946 1,559,260
OTHER ACCRUED LIABILITIES 180,306 171,063
TOTAL CURRENT LIABILITIES 1,155,093 3,279,603
POSTRETIREMENT BENEFITS 3,270,762 3,152,200
STOCKHOLDERS' INVESTMENT
COMMON STOCK, 1,000,000 shares authorized, 3,382,965 3,412,965
676,027 issued and outstanding
CAPITAL SURPLUS 28,124 28,124
RETAINED EARNINGS 11,867,479 11,303,869
15,278,568 14,744,958
$19,704,422 $21,176,760
<FN>
The accompanying notes are an integral part of these financial statements.
DETROIT & CANADA TUNNEL CORPORATION
AND
SUBSIDIARIES
Consolidated Statements of Operations
For the three months ended
Unaudited
April 30 April 30
1995 1994
OPERATING REVENUE
Tolls $1,732,473 $1,434,269
Management Fee 146,632 132,228
Rental & Lease Income 234,696 239,857
2,113,801 1,806,355
OPERATING EXPENSES
Tunnel Operations 1,421,662 1,317,546
Taxes Other than Income 145,982 154,551
Foreign Currency Transaction (Gain) Loss (59,156) 72,942
1,508,489 1,545,039
605,312 261,316
OTHER INCOME
Interest & Dividends 124,540 61,255
Other Income - net 1,818 107,083
126,357 168,338
Income before taxes 731,669 429,654
Provision for Income Taxes 254,926 166,434
Net Income $ 476,743 $ 263,220
Earnings per Average Share $ 0.70 $ 0.38
Dividends declared per share $ 0.125 $ 0.125
Average Shares Outstanding 679,127 686,986
<FN>
The accompanying notes are an integral part of these financial statements.
DETROIT & CANADA TUNNEL CORPORATION
AND
SUBSIDIARIES
Consolidated Statements of Operations
For the six months ended
Unaudited
April 30 April 30
1995 1994
OPERATING REVENUE
Tolls $3,483,739 $2,807,892
Management Fee 295,569 265,071
Rental and Lease Income 500,350 540,558
4,279,658 3,613,521
OPERATING EXPENSES
Tunnel Operations 2,937,789 2,710,522
Taxes Other than Income 253,897 308,360
Foreign Currency Transaction (Gain) Loss (1,041) 62,506
3,190,646 3,081,388
1,089,012 532,134
OTHER INCOME
Interest and Dividends 248,622 152,216
Other Income - net 9,681 112,912
258,303 265,127
Income before taxes 1,347,315 797,261
Provision for income taxes 484,945 301,752
Net Income (Loss) $ 862,370 $ 495,509
Net Income per Average Share $ 1.27 $ 0.72
Dividends declared per share $ 0.25 $ 0.25
Average Shares Outstanding 679,127 686,986
<FN>
The accompanying notes are an integral part of these financial statements.
DETROIT & CANADA TUNNEL CORPORATION
AND SUBSIDIARIES
Consolidated Statements of Cash Flows
For the six months ended
Unaudited
April 30 April 30
1995 1994
Cash flows from operating activities :
Net income (loss) $ 862,370 $ 495,509
Adjustments to reconcile net income (loss) to net cash
provided by (used in) operating activities :
Postretirement Benefits 118,562 0
Depreciation and amortization 197,692 92,596
Loss (Gain) on sale of investments, net 0 (126,406)
Loss (Gain) on sale of property 0 (4,756)
Cash provided (used ) by changes in
Operating assets and liabilities :
Accounts receivable 317,859 (67,106)
Prepaid expenses (24,934) (49,222)
Other assets 0 0
Accounts payable (984,858) (1,969,041)
Accrued liabilities (21,338) 21,200
Accrued taxes (1,118,314) 19,978
Deferred tax liabilities 0 (5,414)
Net cash provided by (used in)
operating activities (652,961) (1,592,664)
Cash flows from investing activities :
Purchase of long term investments (7,585) (16,978)
Purchase of property, plant & equipment (1,176,551) (1,323,385)
Net change in short term investments 2,113,308 8,246,600
Proceeds from sale of long term investments 0 301,656
Proceeds from sale of property 0 7,667
Net cash provided by (used in)
investing activities 929,171 7,215,561
Cash flows from financing activities :
Dividends paid (169,758) (171,585)
Purchase of common stock (159,003) (283,461)
Net cash used by financing activities (328,761) (455,046)
Net increase (decrease) in cash (52,551) 5,167,851
Cash at beginning of period 1,632,395 1,489,928
Cash at end of period $ 1,579,844 $ 6,657,779
<FN>
The accompanying notes are an integral part of these financial statements.
DETROIT & CANADA TUNNEL CORPORATION
AND
SUBSIDIARIES
Notes to Consolidated Financial Statements
Unaudited
1 - GENERAL
There has been no change in the Corporation's principal accounting
policies which were set forth in the 1994 Annual Report to the
Stockholders.
The consolidated financial statements included herein have been prepared
by the Corporation, without audit, pursuant to the rules and regulations
of the Securities and Exchange Commission, and reflect all adjustments
which are, in the opinion of management, necessary to a fair statement of
financial results. All adjustments are of a normal or recurring nature.
Certain information and footnote disclosure normally included in financial
statements prepared in accordance with generally accepted accounting
principles have been condensed or omitted pursuant to such rules and
regulations, although the Corporation believes that the disclosures are
adequate so as to not make the information presented misleading. The
financial statements are subject to year-end audit and other adjustments
as later information may require.
2 - FOREIGN CURRENCY TRANSACTIONS
The functional currency of the Corporation and its subsidiary is the US
dollar. Certain transactions of the Corporation and its subsidiary are
denominated in Canadian dollars. Foreign currency transaction gains or
losses result from exchange rate fluctuations between the US and Canadian
dollars and are recognized in the period in which the exchange rate
changes.
SIGNATURES
In accordance with the requirements of the Exchange Act, the registrant
caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.
DETROIT & CANADA TUNNEL CORPORATION
(Registrant)
BY : /s/ David C. Canavesio
David C. Canavesio
Treasurer and Vice President - Finance
(Principal Financial Officer and
Principal Accounting Officer)
Date: June 29, 1995