UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) |
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OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended SEPTEMBER 30, 2002
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) |
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OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to
Commission file number 0-11668
INRAD, Inc.
(Exact name of registrant as specified in its charter)
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New Jersey |
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22-2003247 |
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(State or other jurisdiction of incorporation |
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(I.R.S. Employer |
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or organization) |
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Identification Number) |
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181 Legrand Avenue, Northvale, NJ 07647 |
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(Address of principal executive offices) |
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(Zip Code) |
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(201) 767-1910 |
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(Registrant’s telephone number, including area code) |
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(Former name, former address and formal 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
Common shares of stock outstanding as of September 30, 2002:
5,279,090
INRAD, Inc.
INDEX
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Consolidated Balance Sheets as of September 30, 2002, (unaudited) and December 31, 2001 |
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Management’s
Discussion and Analysis of Financial Condition |
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INRAD, Inc.
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September 30, |
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December 31, |
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2002 |
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2001* |
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Unaudited |
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Assets |
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Current assets: |
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Cash and cash equivalents |
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$ |
680,136 |
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$ |
548,949 |
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Accounts receivable, net |
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962,850 |
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1,295,394 |
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Inventories |
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2,185,713 |
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2,356,884 |
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Unbilled contract costs |
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347,769 |
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391,756 |
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Other current assets |
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214,610 |
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140,366 |
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Total Current Assets |
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4,391,078 |
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4,733,349 |
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Plant and equipment, |
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Plant and equipment at cost |
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9,064,142 |
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8,754,197 |
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Less: Accumulated depreciation |
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(5,880,511 |
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(5,499,498 |
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Total plant and equipment |
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3,183,631 |
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3,254,699 |
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Precious Metals |
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309,565 |
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309,565 |
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Deferred Taxes |
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100,000 |
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100,000 |
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Other assets |
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201,080 |
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201,459 |
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Total Assets |
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$ |
8,185,354 |
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$ |
8,599,072 |
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Liabilities and Shareholders’ Equity |
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Current Liabilities: |
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Notes Payable — Bank |
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$ |
750,000 |
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750,000 |
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Current portion of long term debt |
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179,348 |
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— |
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Accounts payable and accrued liabilities |
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475,012 |
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729,392 |
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Current obligations under capital leases |
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98,657 |
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87,021 |
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Total current liabilities |
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1,503,017 |
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1,566,413 |
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Long Term Debt |
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792,094 |
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— |
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Capital Lease Obligations |
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211,750 |
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287,170 |
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Total liabilities |
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2,506,861 |
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1,853,583 |
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Shareholders’ equity: |
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10%
convertible preferred stock, Series A no par value; |
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500,000 |
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500,000 |
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10%
convertible preferred stock, Series B no par value; |
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2,100,000 |
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2,100,000 |
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Common stock: $.01 par value; 15,000,000 authorized 5,283,690 shares issued at September 30, 2002 and 5,135,653 at December 31, 2001 |
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52,836 |
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51,356 |
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Capital in excess of par value |
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9,470,676 |
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9,331,194 |
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Accumulated deficit |
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(6,430,069 |
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(5,222,111 |
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