FORM 10-Q

QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

For the Quarter Ended

December 31, 2002

Commission File Number 33-98404

T.J.T., INC.

(Exact name of registrant as specified in its charter)

WASHINGTON

82-0333246

(State or other jurisdiction of
incorporation or organization)

(IRS Employer

Identification No.)

843 North Washington, P.O. Box 278, Emmett, Idaho 83617

(Address of principal executive offices)

(208) 365-5321

(Issuer’s telephone number)

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 the past 90 days. Yes ý No ¨

Indicate by check mark whether the registrant is an accelerated filer (as defined in the Exchange Act Rule 12d-2). Yes ¨ No ý

At December 31, 2002, the registrant had 4,504,939 shares of common stock outstanding.

T.J.T., INC.

Form 10-Q

December 31, 2002

TABLE OF CONTENTS

PART I. FINANCIAL INFORMATION

Item 1.	Financial Statements (Unaudited)

		Balance Sheets at December 31, 2002 and September 30, 2002

		Statements of Operation for the Three Months Ended December 31, 2002 and 2001

		Statements of Cash Flows for the Three Months Ended December 31, 2002 and 2001

		Notes to Financial Statements

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations

Item 3.	Quantitative and Qualitative Disclosure about Market Risk

Item 4.	Controls and Procedures

PART II. OTHER INFORMATION

Item 1.	Legal Proceedings

Item 2.	Changes in Securities and Use of Proceeds

Item 3.	Defaults Upon Senior Securities

Item 4.	Submission of Matters to a Vote of Security Holders

Item 5.	Other Information

Item 6.	Exhibits and Reports on Form 8-K

Signatures

Section 302 Certifications

T.J.T., INC.

BALANCE SHEETS (unaudited)

(Dollars in thousands)

	Dec. 31 2002		Sept. 30 2002

Current assets:
Cash and cash equivalents	$	614	$	767
Accounts receivable and notes receivable (net of allowance for doubtful accounts of $123 and $129)	1,325		1,247
Inventories	2,983		2,593
Prepaid expenses and other current assets	38		99
Total current assets	4,960		4,706

Property, plant and equipment, net of accumulated depreciation	652		699

Notes receivable	237		232
Notes receivable from related parties	114		156
Real estate held for investment	522		523
Other assets	135		135
Deferred tax asset	532		539
Total assets	$	7,152	$	6,990

Current liabilities:
Accounts payable	$	886	$	655
Accrued liabilities	262		334
Total current liabilities	1,148		989

Deferred income and other noncurrent obligations	80		83
Total liabilities	1,228		1,072

Shareholders’ equity:
Preferred stock, $.001 par value; 5,000,000 shares authorized; 0 shares issued and outstanding	—		—
Common stock, $.001 par value; 10,000,000 shares authorized; 4,504,939 shares issued and outstanding	5		5
Capital surplus	5,788		6,181
Retained earnings	131		125
Treasury stock (349,800 shares at cost)	—		(393		)
Total shareholders’ equity	5,924		5,918
Total liabilities and shareholders’ equity	$	7,152	$	6,990

See accompanying notes to financial statements.

T.J.T., INC.

STATEMENTS OF OPERATION (unaudited)

(Dollars in thousands except per share amounts)

For the three months ended December 31,	2002			2001

Sales (net of returns and allowances):
Axles and tires	$	3,787		$	3,314
Accessories and siding	1,131			1,081
Total sales	4,918			4,395

Cost of goods sold:
Axles and tires	3,082			2,622
Accessories and siding	800			738
Total cost of goods sold	3,882			3,360

Gross profit	1,036			1,035

Selling, general and administrative expenses	1,038			1,214

Operating income (loss)	(2		)	(179		)

Interest income	13			12
Interest expense	(1		)	(1		)
Other income	1			5
Investment property income	2			12
Income (loss) before taxes	13			(151		)