UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
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For the quarterly period ended |
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June 29, 2002 |
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Commission File No. |
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0-23204 |
BOSS HOLDINGS, INC.
(Exact name of registrant as specified in its charter)
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Delaware |
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58-1972066 |
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(State or other
jurisdiction of |
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(IRS Employer |
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221 West First Street |
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Kewanee, Illinois 61443 |
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(Address of principal executive offices) |
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(309) 852-2131 |
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(Issuer’s telephone number) |
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Check 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 at least the past 90 days. Yes ý No o
State the number of shares outstanding of each of the issuer’s classes of common equity, as of the latest practicable date.
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Class |
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Outstanding at July 31, 2002 |
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Common Stock, $.25 par value |
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1,934,904 |
PART I.- FINANCIAL INFORMATION
Item 1. Financial Statements
BOSS HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands except per share data)
(Unaudited)
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June 29, |
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December
29, |
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ASSETS |
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Current Assets |
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Cash and cash equivalents |
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$ |
6,037 |
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$ |
2,039 |
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Available-for-sale securities |
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— |
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515 |
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Accounts receivable, net |
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4,607 |
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6,579 |
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Inventories |
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8,082 |
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10,105 |
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Prepaid expenses & other |
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338 |
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598 |
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Total current assets |
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19,064 |
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19,836 |
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Property and Equipment, net |
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3,179 |
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3,277 |
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Other Assets |
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51 |
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51 |
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$ |
22,294 |
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$ |
23,164 |
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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Current Liabilities |
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Accounts payable |
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$ |
374 |
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$ |
665 |
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Current portion of long-term obligations |
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155 |
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154 |
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Accrued payroll and related expenses |
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409 |
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469 |
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Accrued liabilities & other |
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692 |
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1,062 |
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Total current liabilities |
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1,630 |
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2,350 |
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Long-Term Obligations, Net of Current Portion |
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1,384 |
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2,223 |
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Stockholders’ Equity |
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Common stock |
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484 |
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484 |
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Additional paid-in capital |
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67,437 |
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67,437 |
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Accumulated deficit |
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(46,779 |
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(47,572 |
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Accumulated other comprehensive deficit |
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(112 |
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(8 |
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21,030 |
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20,341 |
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Less: treasury shares - at cost |
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(1,750 |
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(1,750 |
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Total Stockholders’ equity |
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19,280 |
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18,591 |
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$ |
22,294 |
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$ |
23,164 |
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The accompanying notes are an integral part of these statements.
2
BOSS HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands except per share data)
(Unaudited)
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Quarter
ended |
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Quarter
ended |
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Six Months |
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Six Months |
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Net sales |
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$ |
7,189 |
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$ |
7,174 |
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$ |
15,445 |
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$ |
16,038 |
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Cost of sales |
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4,673 |
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4,637 |
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9,848 |
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10,300 |
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Gross profit |
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2,516 |
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2,537 |
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5,597 |
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5,738 |
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Operating expenses |
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2,690 |
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2,739 |
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5,534 |
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5,904 |
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Earnings (loss) from operations |
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(174 |
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(202 |
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63 |
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(166 |
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Other income and (expense) |
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Interest income |
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29 |
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19 |
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40 |
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45 |
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Interest expense |
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(23 |
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(88 |
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(46 |
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(164 |
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Other |
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736 |
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10 |
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737 |
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141 |
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Earnings (loss) before income tax |
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568 |
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(261 |
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794 |
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(144 |
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Income tax expense |
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0 |
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0 |
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0 |
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8 |
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Net earnings (loss) |
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$ |
568 |
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$ |
(261 |
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$ |
794 |
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$ |
(152 |
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