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 quarterly period ended October 31, 1999
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 0-21695
Manchester Equipment Co., Inc.
(Exact name of registrant as specified in its charter)
New York 11-2312854
(State or other jurisdiction of (I.R.S. Employer
Incorporation or organization) Identification Number)
160 Oser Avenue
Hauppauge, New York 11788
(Address of registrant's principal executive offices)
(516) 435-1199
(Registrant's telephone number, including area code)
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.
[X] Yes [ ] No
Indicate the number of shares outstanding of each of the issuer's classes of
stock, as of the latest practicable date.
There were 8,041,800 outstanding shares of COMMON STOCK at December 7, 1999.
MANCHESTER EQUIPMENT CO., INC. AND SUBSIDIARIES
Table of Contents
PART I. FINANCIAL INFORMATION Page
Item 1. Condensed Consolidated Balance Sheets
October 31, 1999 (unaudited) and July 31, 1999 3
Condensed Consolidated Statements of Income
Three months ended October 31, 1999 and 1998 (unaudited) 4
Condensed Consolidated Statements of Cash Flows
Three months ended October 31, 1999 and 1998 (unaudited) 5
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
Item 6. Exhibits and Reports 14
Part I - FINANCIAL INFORMATION
ITEM 1. Financial Statements
Manchester Equipment Co., Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(in thousands except share amounts)
October 31, 1999 July 31, 1999
(Unaudited)
------------ -----------
Assets:
Cash and cash equivalents $13,408 $5,749
Accounts receivable, net 32,082 34,747
Inventory 7,115 8,245
Deferred income taxes 538 538
Prepaid expenses and other current assets 237 340
--- ---
Total current assets 53,380 49,619
Property and equipment, net 5,882 6,248
Goodwill, net 5,002 5,070
Deferred income taxes 560 560
Other assets 262 281
--- ---
$65,086 $61,778
====== ======
Liabilities:
Current maturities under capital lease obligation 54 $ 85
Accounts payable and accrued expenses 23,003 20,824
Deferred service revenue 615 581
Income taxes payable 834 668
--- ---
Total current liabilities 24,506 22,158
Deferred compensation payable 34 34
-- --
Total liabilities 24,540 22,192
------ ------
Shareholders' equity:
Preferred stock, $.01 par value; 5,000,000 shares
authorized, none issued - -
Common stock, $.01 par value; 25,000,000 shares
authorized, 8,041,800 and 8,084,800 issued
and outstanding 80 81
Additional paid-in capital 18,667 18,799
Deferred compensation (31) (38)
Retained earnings 21,830 20,744
------ ------
Total shareholders' equity 40,546 39,586
------ ------
$65,086 $61,778
====== =======
See notes to condensed consolidated financial statements.
Manchester Equipment Co., Inc. and Subsidiaries
Condensed Consolidated Statements of Income
(in thousands, except share and per share amounts)
Three months ended October 31,
1999 1998
Unaudited
-----------------------------
Revenue
Products $63,448 $55,675
Services 1,912 1,824
----- -----
65,360 57,499
------ ------
Cost of revenue
Products 54,287 48,382
Services 1,330 1,104
----- -----
55,617 49,486
------ ------
Gross profit 9,743 8,013
Selling, general and
administrative expenses 8,019 7,185
------- -----
Income from operations 1,724 828
Interest expense (1) (2)
Interest and investment income 118 115
--- -------
Income before income taxes 1,841 941
Provision for income taxes 755 373
--- ---
Net income $1,086 $ 568
===== ======
Net Income per share
Basic $0.13 $0.07
==== =====
Diluted $0.13 $0.07
==== =====
Weighted average shares outstanding
Basic 8,074,161 8,096,600
========= =========
Diluted 8,075,828 8,096,600
========= =========
See notes to condensed consolidated financial statements.
Manchester Equipment Co., Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(in thousands)
For the three months ended October 31,
1999 1998
(Unaudited)
--------------------------
Cash flows from operating activities:
Net income $1,086 $ 568
Adjustments to reconcile net income to net
cash from operating activities:
Depreciation and amortization 474 424
Allowance for doubtful accounts (51) 87
Non cash compensation and commission expense 7 24
Change in assets and liabilities:
Decrease (increase) in accounts receivable 2,716 (3,453)
Decrease (increase) in inventory 1,130 (575)
Decrease in prepaid expenses and
other current assets 103 176
Decrease (increase) in other assets 19 (15)
Increase (decrease) in accounts payable and
accrued expenses 2,179 5,274
Increase (decrease) in deferred service
contract revenue 34 (77)
Increase in income taxes payable 166 114
Sale of investments - 1
-- ---
Net cash provided by operating activities 7,863 2,548
----- -----
Cash flows from investing activities:
Capital expenditures (40) (533)
---- -----
Net cash used by investing activities (40) (533)
---- ---
Cash flows from financing activities:
Payments on capital lease obligations (31) (29)
Purchase and retirement of common stock (133) -
----- --
Net cash used in financing activities (1,64) (29)
Net increase in cash and cash equivalents 7,659 1,986
Cash and cash equivalents at beginning of period 5,749 7,816
----- -----
Cash and cash equivalents at end of period $13,408 $9,802
====== ======
See notes to condensed consolidated financial statements.
Manchester Equipment Co., Inc. and Subsidiaries
Notes to Condensed Consolidated Financial Statements
1. Organization and Basis of Presentation
Manchester Equipment Co., Inc. (the "Company") is an integrator and
reseller of computer hardware, software and networking products, primarily
for commercial customers. The Company offers its customers single-source
solutions customized to their information systems needs by integrating its
analysis, design and implementation with hardware, software, networking
products and peripherals from leading vendors.
Sales of hardware, software and networking products comprise the
majority of the Company's revenue. The Company has entered into agreements
with certain suppliers and manufacturers which may provide the Company
favorable pricing and price protection in the event the vendor reduces its
prices.
In the opinion of the Company, the accompanying unaudited Condensed
Consolidated Financial Statements contain all adjustments (consisting of
only normal and recurring accruals) necessary to present fairly the
financial position of the Company as of October 31, 1999 and the results
of operations for the three months ended October 31, 1999 and 1998 and
cash flows for the three months ended October 31, 1999 and 1998. Although
the Company believes that the disclosures herein are adequate to make the
information not misleading, these financial statements should be read in
conjunction with the audited financial statements and the notes thereto
for the year ended July 31, 1999, included in the Company's Annual Report
on Form 10-K as filed with the Securities and Exchange Commission.
2. Net Income Per Share
Basic net income per share has been computed by dividing net income by
the weighted average number of common shares outstanding. Diluted net
income per share has been computed by dividing net income by the weighted
average number of common shares outstanding, plus the assumed exercise of
dilutive stock options and warrants, less the number of treasury shares
assumed to be purchased from the proceeds of such exercises using the
average market price of the Company's common stock during each respective
period. Stock options and warrants are excluded from the calculation of
diluted net income per share when the result would be antidilutive.
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ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
The following discussion and analysis of financial condition and
results of operations of the Company should be read in conjunction with the
condensed consolidated financial statements and notes thereto included
elsewhere in this Quarterly Report on Form 10-Q and with the Company's
Annual Report on Form 10-K. This discussion and analysis contains certain
forward-looking statements within the meaning of the Securities Act of
1933, as amended, and Section 21E of the Securities Exchange Act of 1934,
as amended, which are not historical facts, and involve risks and
uncertainties that could cause actual results to differ materially from the
results anticipated in those forward-looking statements. These risks and
uncertainties include, but are not limited to, those set forth below, those
set forth in the Company's Annual Report on Form 10-K for the year ended
July 31, 1999, and those set forth in the Company's other filings from time
to time with the Securities and Exchange Commission.
General
Manchester is an integrator and reseller of computer hardware,
software and networking products, primarily for commercial customers. The
Company offers its customers single-source solutions customized to their
information systems needs by integrating its analysis, design and
implementation services with hardware, software, networking products and
peripherals from leading vendors. To date, most of the Company's revenue
has been derived from product sales. The Company generally does not
develop or sell software products. However, certain computer hardware
products sold by the Company are loaded with prepackaged software
products.
As a result of intense price competition within the computer industry
as well as other industry conditions, the Company has experienced
increasing pressure on per unit prices as well as on its gross profit and
operating margins with respect to the sale of products. Manchester's
strategy includes increasing its focus on providing value-added services
with operating margins that are higher than those obtained with respect to
the sale of products. The Company has experienced a significant increase in
selling, general and administrative expenses, primarily in the form of
increased personnel costs, in connection with the implementation of this
strategy. The Company's future performance will depend in part on its
ability to manage successfully a continuing shift in its operations towards
services.
The Company directly competes with local, regional and national
systems integrators, value-added resellers ("VARs") and distributors as
well as with certain computer manufacturers that market through direct
sales forces. In the future, the Company may face further competition from
new market entrants and possible alliances between existing competitors. In
addition, certain suppliers and manufacturers may choose to market products
directly to end users through a direct sales force rather than or in
addition to channel distribution. Some of the Company's competitors have,
or may have, greater financial marketing and other resources, and may offer
a broader range of products and services, than the Company. As a result,
they may be able to respond more quickly to new or emerging technologies or
changes in customer requirements, benefit from greater purchasing
economies, offer more aggressive hardware and service pricing or devote
greater resources to the promotion of their products and services. There
can be no assurance that the Company will be able to compete successfully
in the future with these or other current or potential future competitors.
The Company's business is dependent upon its relationships with major
manufacturers and distributors in the computer industry. There can be no
assurance that the pricing and related terms offered by major manufacturers
and distributors will not adversely change in the future. The failure to
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obtain an adequate supply of products, the loss of a major manufacturer or
distributor, the deterioration of the Company's relationship with a major
manufacturer or distributor, or the Company's inability in the future to
develop new relationships with other manufacturers and distributors could
have a material adverse effect on the Company's business, results of
operations and financial condition.
The Company's largest customer accounted for approximately 5% and 7%
(or $3,522,000, and $3,939,000, respectively) of the Company's revenue for
the three months ended October 31, 1999 and 1998, respectively,
substantially all of which revenue was derived from the sale of hardware
products. This customer accounted for 7% of revenue for the fiscal year
ended July 31, 1999. There can be no assurance that the Company will
continue to derive substantial revenue from this customer.
The Company's profitability has been enhanced by its ability to
obtain volume discounts from certain manufacturers, which has been
dependent, in part, upon the Company's ability to sell large quantities of
products to computer resellers, including VARs. There can be no assurance
that the Company will be able to continue to sell products to resellers
and thereby obtain the desired discounts from the manufacturers or that
the Company will be able to increase sales to end-users to offset the need
to rely upon sales to resellers.
The markets for the Company's products and services are characterized
by rapidly changing technology and frequent introductions of new hardware
and software products and services, which render many existing products
noncompetitive, less profitable or obsolete. The Company believes that its
inventory controls have contributed to its ability to respond effectively
to these technological changes. As of October 31, 1999 and July 31, 1999,
inventories represented 11% and 13%, respectively, of total assets. For the
three months ended October 31, 1999 and 1998, annualized inventory turnover
was 28 and 20 times, respectively. Inventory turned 22 times in the fiscal
year ended July 31, 1999. The failure of the Company to anticipate
technology trends or to continue to effectively manage its inventory could
have a material adverse effect on the Company's business, results of
operations and financial condition.
The Company believes its controls on accounts receivable have
contributed to its profitability. The Company's bad debt expense
represented less than 0.2% of total revenues in each of the three month
periods ended October 31, 1999 and 1998. For the fiscal year ended July
31, 1999, bad debt expense represented 0.1% of total revenues.
The Company's quarterly revenue and operating results have varied
significantly in the past and are expected to continue to do so in the
future. Quarterly revenue and operating results generally fluctuate as a
result of the demand for the Company's products and services, the
introduction of new hardware and software technologies with improved
features, the introduction of new services by the Company and its
competitors, changes in the level of the Company's operating expenses, the
timely availability of product supply, competitive conditions and economic
conditions. In particular, the Company currently is increasing certain of
its fixed operating expenses, including a significant increase in
personnel when compared to the first quarter of fiscal 1999, as part of
its strategy to increase its focus on providing higher margin, value-added
services. Accordingly, the Company believes that period-to-period
comparisons of its operating results should not be relied upon as an
indication of future performance. In addition, the results of any
quarterly period are not indicative of results to be expected for a full
fiscal year.
As a result of rapid changes which are taking place in computer and
networking technologies, product life cycles are short. Accordingly, the
Company's product offerings change constantly. Prices of products change
with generally higher prices early in the life cycle of the product and
lower prices near the end of the product's life cycle. The computer
industry continues to experience rapid declines in average selling prices
of personal computers. In some instances, the Company has been able to
8
offset these price declines with increases in units shipped. There can be
no assurance that average selling prices will not continue to decline or
that the Company will be able to offset declines in average selling prices
with increases in units shipped.
Most of the personal computers shipped by the Company utilize
operating systems developed by Microsoft Corporation. The United States
Department of Justice has brought an antitrust action against Microsoft,
which could delay the introduction and distribution of Microsoft products.
The potential unavailability of Microsoft products could have a material
adverse effect on the Company's business, results of operations and
financial condition.
Year 2000 Issue
Many existing computer systems, including certain of the Company's
internal systems as well as those that the Company sells to customers, use
only the last two digits to identify years in the date field. As a result,
those systems may not accurately distinguish years in the 21st century from
years in the 20th century, or may not function properly when faced with
years later than 1999. This problem is generally referred to as the "Year
2000 Issue." Computer systems that are able to deal correctly with dates
after 1999 are referred to as "Year-2000-Compliant."
The Company has undertaken a complete and thorough review of all of
its operations to determine those aspects which involve or are dependent
upon a computer application. The Company is reviewing the software and
operating systems for each such application to determine if it is
Year-2000-Compliant. Any such system or application which has been
identified as not Year-2000-Compliant has been modified or upgraded to
assure our continued ability to operate without interruption. Manchester's
Year 2000 project has been underway for over a year and is aimed at
ensuring that, when the year 2000 arrives, all applications used on
Manchester's AS/400 computer system are Year-2000-Compliant. As of November
30, 1999 the following tasks have been completed:
o All programs containing date manipulations, calculations or comparison
routines have been identified.
o All of these programs have been modified to be Year-2000-Compliant.
o Physical database files and supporting logical views of these files
that contain date data and sequencing by date have been identified and
these files have been modified as required to be Year-2000-Compliant.
Manchester's communications, local, and wide area networks have been
tested or represented (by the manufacturers) to be Year-2000-Compliant,
with a few minor exceptions that should be resolved shortly. Our status as
of November 30, 1999 is as follows:
o The local area network operations systems have been represented to be
Year-2000-Compliant by their manufacturers/publishers.
o The network servers have been represented to be Year- 2000-Compliant
by their manufacturers.
o An audit of all wide area network devices has been completed and the
recommended changes have been made.
o An audit has been completed assessing the compliance level of all
computers and recommended upgrades have been made.
The Company continues to audit software applications on our local area
network. Products that are identified as non-compliant are either being
upgraded or removed.
9
o The telephone system has been represented by its manufacturer to be
Year-2000-Compliant.
o The Company has received assurances of compliance from vendors of
other types of equipment (e.g., alarm, HVAC), either via
correspondence or from information on their websites.
Testing and monitoring will be ongoing throughout the rest of the
year. The Company is in the process of obtaining assurances regarding Year
2000 compliance from other companies upon which it may rely for products or
services.
The Company expects to implement successfully the systems and
programming changes necessary to address the Year 2000 Issue. The Company
expects to implement these changes using primarily internal information
technology and other personnel. Moreover, the Company does not expect the
costs associated with that implementation to be material to the Company's
financial position or results of operations.
With respect to products sold to customers, the Company does not
warrant any products sold as Year-2000-Compliant. Instead, the Company
refers customers to any warrantees provided by the product's manufacturers.
The Company believes the most reasonably likely worst-case Year 2000
scenario would include a combination of some or all of the following:
o Internal information technology modules or systems may fail to operate
or may give erroneous information. Such failure could result in
shipping delays, inability to generate or delays in generation of
financial reports and statements, inability of the Company to
communicate among its various offices, and computer network downtime
resulting in inefficiencies and higher payroll expenses.
o Components in HVAC, lighting, telephone, security and similar systems
might fail, causing such systems to fail.
o Communications with customers and vendors that the Company depends
upon may fail or give erroneous information. These types of problems
could result in such difficulties as the inability to receive or
process customer orders, shipping delays, or sale of products at
erroneous prices. Furthermore, customers may be unable to, or may
suffer delays, in remitting payments to the Company on a timely basis.
o The unavailability of products as a result of Year 2000 problems
experienced by one or more key vendors of the Company, or as a result
of changes in inventory levels at aggregators, VARs and similar
providers in response to an anticipated Year 2000 problem and/or the
inability of the Company to develop alternative sources for products
may result in the inability of the Company to obtain an adequate
supply of products.
o Products sold to some of the Company's customers could fail to perform
some or all of their intended functions. In such a situation, the
Company's maximum obligation would be to repair or replace the
defective products to the extent the Company is required to do so
under manufacturer reimbursed warranty programs.
The Company believes its plans for addressing the Year 2000 Issue as
outlined above are adequate to handle the most reasonably likely worst-case
scenario. The Company does not believe it will incur a material financial
impact for the risk of failure, or from the costs associated with assessing
the risks of failure, arising from the Year 2000 Issue. Consequently, the
Company does not intend to create a contingency plan other than as set
forth above. In addition, if the Company's assessment of its vendors, when
completed, indicates that certain product shortages can be anticipated, the
Company may adjust its plans accordingly, although the Company does believe
that it has the capacity to maintain significant levels of inventory.
10
The statements above describing the Company's plans and objectives for
handling the Year 2000 Issue and the expected impact of the Year 2000 Issue
on the Company are forward-looking statements. Those statements involve
risks and uncertainties that could cause actual results to differ
materially from the results discussed above. Factors that might cause such
a difference include, but are not limited to, delays in executing the plan
outlined above and increased or unforeseen costs associated with the
implementation of the plan and any necessary changes to the Company's
systems. Any inability on the part of the Company to implement necessary
changes in a timely fashion could have an adverse effect on future results
of operations. Moreover, even if the Company successfully implements the
changes necessary to address the Year 2000 Issue, there can be no assurance
that the Company will not be adversely affected by the failure of others to
become Year-2000-Compliant.
E-Commerce
On January 18, 1999, the Company officially launched its new website
and electronic commerce system. The new site, located at
www.e-manchester.com, allows existing customers, corporate shoppers and
others to find product specifications, compare products, check price and
availability and place and track orders quickly and easily 24 hours a day
seven days a week. The Company has made, and expects to continue to make,
significant investments and improvements in its e-commerce capabilities.
There can be no assurance that the Company will be successful in enhancing
and increasing its business through its expanded Internet presence.
On June 25, 1999, the Company announced the launch of a new consumer
products on-line super store, Marketplace4U.com ("MP4U"). MP4U offers
products in categories such as consumer electronics, automotive
accessories, outdoor and camping equipment from its main and outlet stores.
The main store offers top name brand products at competitive prices; the
Outlet store offers top name brand factory refurbished, warranteed products
at even greater savings. To date revenue from MP4U is immaterial. There can
be no assurance that MP4U will generate significant revenue or that any of
the Company's on-line stores will operate profitably.
11
Results of Operations
The following table sets forth, for the periods indicated,
information derived from the Company's Condensed Consolidated Statements
of Income expressed as a percentage of related revenue or total revenue.
Percentage of Revenues
Three Months Ended
October 31,
1999 1998
---- ----
Product Sales 97.1% 96.8%
Services 2.9 3.2
--- ---
Total revenue 100.0 100.0
----- -----
Cost of Product Sales 85.6 86.9
Cost of Services 69.6 60.5
---- ----
Cost of revenue 85.1 86.1
---- ----
Product Gross Profit 14.4 13.1
Services Gross Profits 30.4 39.5
---- ----
Gross Profit 14.9 13.9
---- ----
Selling, general and
administrative expenses 12.3 12.5
---- ----
Income from operations 2.6 1.4
Interest and other income, net 0.2 0.2
--- ---
Income before income taxes 2.8 1.6
Provision for income taxes 1.1 0.6
--- ---
Net income 1.7% 1.0%
=== ===
Three Months Ended October 31, 1999 Compared to Three Months Ended October
31, 1998
Revenue. The Company's revenue increased $7.9 million or 13.7% from
$57.5 million for the three months ended October 31, 1998 to $65.4 million
for the three months ended October 31, 1999. Product revenue increased by
$7.8 million (14.0%) due primarily to increases in shipments of monitors,
as well as higher average selling prices for personal computers, partially
offset by lower shipments to the Company's major customer. Service revenue
increased $88,000 (4.8%).
Gross Profit. Cost of revenue includes the direct costs of products
sold, freight and the personnel costs associated with providing technical
services, offset in part by certain market development funds provided by
manufacturers. All other operating costs are included in selling, general
and administrative expenses. Gross profit increased $1.7 million or 21.6%
from $8.0 million for the first quarter of fiscal 1999 to $9.7 million for
the most recent fiscal quarter. Gross profits from the sale of products
increased by $1.9 million while gross profit from the sale of services
decreased by $138,000. The changes in gross profits primarily result from
the changes in revenue discussed above. As a percentage of revenue, gross
profit increased to 14.9% in the first quarter of fiscal 2000 as compared
to 13.9% in fiscal 1999. Competitive pressures changes in types of
products or services sold, volume incentives from manufacturers and
product availability result in fluctuation in gross profit from period to
period.
Selling, General and Administrative Expenses. Selling, general and
administrative expenses increased $834,000 or 11.6% from $7.2 million in
the first quarter of fiscal 1999 to $8.0 million in the first quarter of
fiscal 2000. This increase is principally a result of higher salaries and
12
personnel costs primarily associated with enhancing the Company's
e-commerce capabilities and building the infrastructure to provide
Internet-based solutions to our customers.
Interest and Investment Income. Interest and investment income was
relatively constant with the first quarter of last year with the Company
maintaining its investment of excess cash in short term instruments.
Provision for Income Taxes. The effective income tax rate
increased to 41.0% of pretax income in the current period compared to
39.6% of pretax income in the prior year's period due to certain
nondeductible expenses and higher state taxes.
Liquidity and Capital Resources
The Company's primary sources of financing have been internally
generated working capital from profitable operations and a line of credit
from financial institutions.
For the three months ended October 31, 1999, cash provided by
operating activities was $7.9 million consisting primarily of net income,
decreases in accounts receivable and inventory and, an increase in
accounts payable and accrued expenses. The Company's accounts receivable
and accounts payable and accrued expenses, balances as well as its
investment in inventory can fluctuate significantly from one period to the
next due to the receipt of large customer orders or payments or variations
in product availability and vendor shipping patterns at any particular
date. Generally, the Company's experience is that increases in accounts
receivable, inventory and accounts payable and accrued expenses will
coincide with growth in revenue and increased operating levels. In
addition, during the three months ended October 31, 1999 the Company used
approximately $40,000 for capital expenditures, $31,000 in payments or
capital lease obligations and $133,000 to repurchase and retire its common
stock.
The Company has available a line of credit with financial
institutions in the aggregate amount of $15.0 million. No amounts were
outstanding under this line as of October 31, 1999.
The Company believes that its current balances in cash and cash
equivalents, expected cash flows from operations and available borrowings
under the line of credit will be adequate to support current operating
levels for the foreseeable future, specifically through at least the end
of fiscal 2000. The Company currently has no material commitments for
capital expenditures. Future capital requirements of the Company include
those for the growth of working capital items such as accounts receivable
and inventory and the purchase of equipment and expansion of facilities as
well as the possible opening of new offices and potential acquisitions.
13
PART II - OTHER INFORMATION
Item 6. Exhibits and Reports
(a) Exhibits
Exhibit No. Description
27 Financial Data Schedule
(b) Reports on Form 8-K
None
14
MANCHESTER EQUIPMENT CO., INC.
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.
MANCHESTER EQUIPMENT CO., INC.
(Registrant)
DATE: December 7, 1999 ss/ Barry Steinberg
-------------------------------------
Barry Steinberg
President and Chief Executive Officer
DATE: December 7, 1999 ss/ Joseph Looney
------------------------------------
Joseph Looney
Chief Financial Officer
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