SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 10-QSB/A
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2002
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 0-23111
A NOVO BROADBAND, INC.
(Name of Small Business Issuer in Its Charter)
DELAWARE 31-1239657
(State of Incorporation) (I.R.S. Employer Identification No.)
196 QUIGLEY BOULEVARD, NEW CASTLE, DELAWARE 19720
(Address of Principal Executive Offices) (Zip Code)
Issuer's telephone number, including area code: (302) 322-6088
Check whether the issuer (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 such
shorter period that the issuer was required to file such reports), and (2) has
been subject to such filing requirements for the past 90 days. Yes [X] No [ ]
The aggregate market value of the voting and non-voting common equity
(which consists solely of shares of Common Stock) held by non-affiliates of the
issuer as of April 30, 2002, computed by reference to the closing sales price of
the issuer's Common Stock on the NASDAQ Bulletin Board on that date, was
approximately $2,544,653
The number of shares of the issuer's Common Stock outstanding as of April
30, 2002 was 5,045,542.
Transitional Small Business Disclosure Format. Yes [X] No [ ]
INTRODUCTORY NOTE
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This amendment to the Registrant's Report on Form 10-QSB for the Quarterly
Period ended March 31, 2002, is filed to correct certain typographical errors in
the Registrant's Consolidated Statements of Operations and Comprehensive (Loss)
Income for the Six Months Ended March 31, 2002 and 2001, as previously stated in
such report. The items captioned "Discontinued Operations: Gain on disposal of
division" and "Net (loss) income" have been revised.
A NOVO BROADBAND, INC.
FORM 10-QSB/A
FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2002
INDEX
PAGE NUMBER
PART I. FINANCIAL INFORMATION
Item 1. Consolidated Statements of Operations and Comprehensive (Loss) Income for 3
the Three and Six Months Ended March 31, 2002 and 2001 (unaudited)
SIGNATURES S-1
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A NOVO BROADBAND, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME
THREE MONTHS ENDED SIX MONTHS ENDED
MARCH 31, MARCH 31,
2002 2001 2002 2001
------------ ------------ ------------ ------------
Revenues ............................................... $ 5,033,253 $ 3,996,083 $ 10,368,114 $ 8,722,483
Cost of sales .......................................... 4,731,261 2,905,338 8,770,404 6,297,147
------------ ------------ ------------ ------------
Gross profit ........................................ 301,992 1,090,745 1,597,710 2,425,336
Selling, general and administrative expenses ........... 2,349,003 1,432,005 4,470,524 2,742,668
------------ ------------ ------------ ------------
Loss from operations ................................ (2,047,011) (341,260) (2,872,814) (317,332)
------------ ------------ ------------ ------------
Other (expense) income
Interest expense .................................. (148,882) (14,042) (282,386) (21,362)
Interest income ................................... 4,845 85,721 29,194 196,314
------------ ------------ ------------ ------------
Total other (expense) income .......................... (144,037) 71,679 (253,192) 174,952
------------ ------------ ------------ ------------
Loss before income taxes ............................ (2,191,048) (269,581) (3,126,006) (142,380)
Benefit from taxes .................................... 51,514 90,409 386,093 47,158
------------ ------------ ------------ ------------
Loss from continuing operations ........................ (2,139,534) (179,172) (2,739,913) (95,222)
Discontinued operations:
Gain on disposal of division, net of tax
provision of $0, $93,000, $0 and $93,000 ........ -- 180,230 -- 180,230
------------ ------------ ------------ ------------
Net (loss) income ...................................... (2,139,534) 1,058 (2,739,913) 85,008
Other comprehensive loss ............................... (3,105) -- (12,317) --
------------ ------------ ------------ ------------
Total comprehensive (loss) income ...................... $ (2,142,639) $ 1,058 $ (2,752,230) $ 85,008
============ ============ ============ ============
Basic and diluted earnings per share
Loss from continuing operations ..................... $ (0.42) $ (0.04) $ (0.55) $ (0.02)
Gain on discontinued operations ..................... $ 0.00 $ 0.04 $ 0.00 $ 0.04
------------ ------------ ------------ ------------
Net (loss) income per share ......................... $ (0.42) $ 0.00 $ (0.55) $ 0.02
============ ============ ============ ============
Weighted average shares outstanding ................. 5,041,219 4,843,624 4,977,803 4,801,635
The accompanying notes are an integral part of the consolidated
financial statements.
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A NOVO BROADBAND, 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.
A Novo Broadband, Inc.
Date: May 28 , 2002 By: /s/ Steven J. Easterday
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Steven J. Easterday
Principal Financial Officer
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