UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
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QUARTERLY REPORT PURSUANT TO
SECTION 13 OR 15 (d) OF |
For the quarterly period ended June 30, 2002
OR
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TRANSITION REPORT PURSUANT TO
SECTION 13 OR 15 (d) OF |
For the transition period from to
Commission file number 0 - 24012
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ALLIED DEVICES CORPORATION |
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(Exact name of registrant as specified in its charter) |
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Nevada |
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13 – 3087510 |
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(State
or other jurisdiction of incorporation |
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(I.R.S.
Employer |
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325 Duffy Avenue, Hicksville, N.Y. 11801 |
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(Address of principal executive offices - Zip code) |
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(516) 935 – 1300 |
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(Registrant’s telephone number, including area code) |
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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 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 ý No o
As of August 8, 2002, the Registrant had approximately 4,948,392 shares of Common Stock, $.001 par value per share outstanding.
ALLIED DEVICES CORPORATION AND SUBSIDIARIES
INDEX
2
Allied Devices Corporation
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June 30, |
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September
30, |
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(Unaudited) |
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Assets |
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Current: |
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Cash |
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$ |
506,741 |
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$ |
54,722 |
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Accounts receivable, net |
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2,957,011 |
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2,131,273 |
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Inventories |
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8,032,726 |
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8,422,690 |
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Prepaid and other current assets |
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318,018 |
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549,432 |
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Income tax refund receivable |
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1,262,988 |
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605,503 |
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Total current |
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13,077,484 |
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11,763,620 |
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Property, plant and equipment, net |
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11,656,127 |
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13,182,951 |
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Goodwill, net |
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7,728,432 |
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8,295,464 |
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Deferred income taxes |
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— |
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885,400 |
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Other |
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89,250 |
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173,345 |
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Total assets |
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$ |
32,551,293 |
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$ |
34,300,780 |
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Liabilities and Stockholders’ Equity |
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Current: |
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Accounts payable |
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$ |
2,531,319 |
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$ |
1,648,924 |
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Accrued expenses and other |
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1,263,539 |
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1,211,534 |
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Current portion of long-term debt and capital lease obligations |
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16,478,084 |
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16,317,496 |
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Total current |
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20,272,942 |
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19,177,954 |
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Long-term debt and capital lease obligations |
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7,873,447 |
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7,584,337 |
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Other liabilities |
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387,305 |
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341,630 |
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Deferred income taxes |
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377,588 |
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— |
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Total liabilities |
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28,911,282 |
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27,103,921 |
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Stockholders’ Equity: |
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Capital stock |
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5,049 |
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5,049 |
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Paid-in capital |
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3,520,970 |
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3,520,970 |
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Retained earnings |
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243,163 |
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3,800,011 |
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Subtotal |
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3,769,182 |
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7,326,030 |
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Treasury stock, at cost |
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(129,171 |
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(129,171 |
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Total stockholders’ equity |
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3,640,011 |
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7,196,859 |
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Total liabilities and stockholders’ equity |
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$ |
32,551,293 |
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$ |
34,300,780 |
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See accompanying notes to condensed consolidated financial statements.
3
Allied Devices Corporation
Consolidated Statements of Operations
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Nine
Months Ended |
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Three
Months Ended |
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2002 |
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2001 |
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2002 |
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2001 |
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(Unaudited) |
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(Unaudited) |
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(Unaudited) |
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(Unaudited) |
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Net sales |
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$ |
13,579,455 |
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$ |
25,180,367 |
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$ |
4,925,527 |
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$ |
5,931,847 |
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Cost of sales |
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11,161,503 |
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17,614,032 |
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4,026,604 |
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4,653,093 |
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Gross profit |
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2,417,952 |
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7,566,335 |
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898,923 |
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1,278,754 |
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Selling, general and administrative expenses |
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4,652,377 |
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5,943,136 |
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1,554,542 |
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1,732,330 |
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(Loss) income from operations |
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(2,234,425 |
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1,623,199 |
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(655,619 |
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(453,576 |
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Other (income) |
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— |
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(7,536 |
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— |
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(7,536 |
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Interest expense (net) |
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1,322,423 |
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1,119,131 |
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503,833 |
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366,026 |
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(Loss) income before provision for taxes on income |
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(3,556,848 |
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511,604 |
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(1,159,452 |
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(812,066 |
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Taxes on income |
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— |
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184,689 |
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— |
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(293,156 |
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