SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 10-Q
ý QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2002
or
o 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 000-28052
EN POINTE TECHNOLOGIES, INC.
(Exact name of registrant as specified in its charter)
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Delaware |
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75-2467002 |
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(State or other jurisdiction of incorporation or organization): |
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(I.R.S. Employer Identification No.) |
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100 N. Sepulveda
Blvd., 19th Floor |
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90245 |
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(Address of principal executive offices) |
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(ZIP CODE) |
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(310) 725-5200 |
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(Registrant’s telephone number, including area code) |
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Not Applicable |
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(Former name, former address and former fiscal year, if changed since last report) |
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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 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 ý No o
As of August 14, 2002, 6,721,827 shares of Common Stock of the Registrant were issued and outstanding.
INDEX
En Pointe Technologies, Inc.
PART I - FINANCIAL INFORMATION
En Pointe Technologies, Inc.
Condensed Consolidated Balance Sheets
(in thousands)
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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 assets: |
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Cash |
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$ |
6,931 |
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$ |
1,584 |
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Restricted cash |
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69 |
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76 |
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Accounts receivable, net |
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37,649 |
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36,845 |
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Inventories, net |
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8,167 |
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6,396 |
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Recoverable taxes |
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2,494 |
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1,842 |
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Prepaid expenses and other current assets |
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845 |
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1,216 |
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Total current assets |
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56,155 |
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47,959 |
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Property and equipment, net of accumulated depreciation and amortization |
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7,348 |
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7,843 |
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Other assets |
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636 |
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213 |
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Total assets |
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$ |
64,139 |
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$ |
56,015 |
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LIABILITIES AND STOCKHOLDERS' EQUITY: |
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Current liabilities: |
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Borrowings under lines of credit |
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$ |
15,770 |
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$ |
9,440 |
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Accounts payable |
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15,991 |
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8,252 |
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Accrued liabilities |
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5,438 |
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8,092 |
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Other current liabilities |
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1,726 |
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1,946 |
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Total current liabilities |
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38,925 |
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27,730 |
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Long term liability |
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5,461 |
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5,431 |
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Losses in excess of investment in unconsolidated affilitates |
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196 |
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817 |
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Total liabilities |
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44,582 |
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33,978 |
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Stockholders' equity: |
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Common stock |
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7 |
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7 |
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Additional paid-in capital |
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41,225 |
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41,166 |
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Treasury stock |
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(4 |
) |
(214 |
) |
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Accumulated deficit |
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(21,671 |
) |
(18,922 |
) |
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Total stockholders' equity |
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19,557 |
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22,037 |
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Total liabilities and stockholders' equity |
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$ |
64,139 |
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$ |
56,015 |
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See Notes to Condensed Consolidated Financial Statements.
2
En Pointe Technologies, Inc.
Condensed Consolidated Statements of Operations
(Unaudited)
(in thousands, except per share data)
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Three months ended |
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Nine 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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Net sales: |
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Product |
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$ |
57,832 |
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$ |
83,189 |
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$ |
175,846 |
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$ |
274,907 |
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Service |
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6,312 |
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7,577 |
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19,689 |
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23,749 |
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Total net sales |
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64,144 |
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90,766 |
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195,535 |
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298,656 |
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Cost of sales: |
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Product |
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54,307 |
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75,657 |
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162,920 |
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251,234 |
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Service |
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3,785 |
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4,923 |
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12,203 |
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15,534 |
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Total cost of sales |
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58,092 |
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80,580 |
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