MINUTEMAN INTERNATIONAL INC - 10-Q Quarterly Report

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D. C. 20549

FORM 10-Q

QUARTERLY REPORT UNDER SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarter Ended June 30, 2002

Commission File Number 0-15582

MINUTEMAN INTERNATIONAL, INC.
(Exact Name of Registrant, as Specified in its Charter)

ILLINOIS		36-2262931
(State or other Jurisdiction of Incorporation or Organization)		(I.R.S. Employer Identification Number)

111 SOUTH ROHLWING ROAD, ADDISON, IL		60101
(Address of Principal Executive Offices)		(Zip Code)

Registrant’s Telephone Number, Including Area Code:		(630) 627-6900

No Change
(Former Name, Address, or Fiscal Year, if Changed Since Last Reports)

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, and

(2) has been subject to such filing requirements for the past 90 days.

Yes ý No o

On June 30, 2002, there were 3,568,385 shares of the Registrant’s Common Stock outstanding.

PART I - FINANCIAL INFORMATION

MINUTEMAN INTERNATIONAL, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

JUNE 30, 2002 and DECEMBER 31, 2001

(in thousands of dollars, except share data)

	Unaudited			Audited
	6/30/02			12/31/01
ASSETS
CURRENT ASSETS:
Cash & cash equivalents	$	955		$	416
Short-term investments	5,300			6,200
Accounts receivable, less allowances of $934 in 2002 and $720 in 2001	19,035			17,483
Due from affiliates	412			170
Inventories	18,423			18,364
Prepaid expenses	496			435
Deferred income taxes	479			479

Total current assets	45,100			43,547

PROPERTY, PLANT AND EQUIPMENT, at cost	24,414			24,112
Accumulated depreciation	16,482			15,632

Net property, plant and equipment	7,932			8,480

INTANGIBLE ASSETS - net of amortization of $1,066 in 2002 and 2001	5,201			5,201

	$	58,233		$	57,228

LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES:
Current maturities of long - term debt	$	1,500		$	1,500
Accounts payable	3,219			2,479
Accrued expenses	3,663			3,106
Income taxes payable	651			976

Total current liabilities	9,033			8,061

LONG-TERM DEBT	8,250			9,000
OTHER NON-CURRENT LIABILITIES	428			294
DEFERRED INCOME TAXES	234			243

SHAREHOLDERS’ EQUITY
Common stock, no-par value Authorized shares - 10,000,000 Issued and outstanding shares - 3,568,385 in 2002 and 2001	6,596			6,596
Retained earnings	33,990			33,372
Unearned restricted stock	(114		)	(150		)
Accumulated other comprehensive loss	(184		)	(188		)


Total shareholders’ equity	40,288			39,630

	$	58,233		$	57,228

See accompanying notes to consolidated financial statements.

MINUTEMAN INTERNATIONAL, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(in thousands of dollars except share and per share data - unaudited)