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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q/A
(Mark One)
[X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934
For the Quarterly Period Ended: March 31, 2000
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OR
[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934
For the Transition period from _______________________ to___________________
Commission file number 0-8864
PACER TECHNOLOGY
- --------------------------------------------------------------------------------
(Exact name of small business issuer as specified in its charter)
CALIFORNIA 77-0080305
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(State or other jurisdiction (I.R.S. Employer
of incorporation or organization) Identification Number)
9420 Santa Anita Avenue, Rancho Cucamonga, California 91730-6117
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(Address of principal executive offices) (Zip Code)
(909) 987-0550
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(Registrant's telephone number, including area code)
Not Applicable
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(Former name, former address and former fiscal
year, if changed, since last year)
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports); and (2) has been subject to such
filing requirements for the past 90 days.
YES XX NO .
-- --
APPLICABLE ONLY TO CORPORATE ISSUERS:
Indicate the number of shares outstanding of each of the issuer's
classes of common stock, as of the latest practicable date.
16,675,475 shares of Common Stock at March 31, 2000
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PACER TECHNOLOGY AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(IN THOUSANDS)
Nine-Months Ended
March 31,
-------------------------
2000 1999
-------- --------
Net Income (Loss) $ (558) $ 986
Adjustments to reconcile net income (loss) to net cash
provided by (used in) operating activities:
Depreciation 415 485
Amortization of other assets 211 212
(Gain) Loss on sale of property and equipment (10) 11
Increase (decrease) in allowance for doubtful accounts (666) 401
(Increase) decrease in trade accounts receivable 1,401 (1,847)
(Increase) decrease in other receivables (125) 32
Decrease in notes receivables 100 71
(Increase) decrease in inventories 927 (2,160)
Decrease in prepaid expenses and other assets 157 11
Increase in deferred income taxes (91) --
Increase (decrease) in accounts payable 291 (240)
Increase (decrease) in accrued payroll and related expenses (8) 165
Increase (decrease) in accrued expenses and other liabilities (621) 24
-------- --------
Net Cash Provided by (Used in) Operating Activities 1,423 (1,849)
Cash Flows from Investing Activities:
Proceeds from sale of property and equipment 38 --
Capital expenditures (246) (654)
-------- --------
Net Cash Used in Investing Activities (208) (654)
Cash Flows from Financing Activities:
Payments on line of credit (13,618) (22,357)
Payments on term loan (688) (1,049)
Borrowings on long-term debt 13,002 25,911
Issuance of Common Stock 50 334
Repurchase of Common Stock (199) --
Repayment of Notes Receivables from Directors 47 64
-------- --------
Net Cash Provided by (Used in) Financing Activities (1,406) 2,903
Net increase (decrease) in cash (191) 400
Cash at beginning of period 534 277
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Cash at End of Nine-Month Period $ 343 $ 677
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See accompanying notes to condensed consolidated financial statements.
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SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the registrant has duly caused this Amendment to be signed
on its behalf by the undersigned, thereunto duly authorized.
PACER TECHNOLOGY
Dated: May 30, 2000 By: /s/ TOM NIGHTINGALE III
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Tom Nightingale III
President/Chief Executive Officer
Dated: May 30, 2000 By: /s/ LAURENCE HUFF
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Laurence Huff
Chief Financial Officer
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