SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
Quarterly Report Under Section 13 or 15(d)
of the Securities Exchange Act of 1934
For Quarter Ended December 31, 2002 Commission file number 0-12829
GRADCO SYSTEMS, INC.
(Exact name of registrant as specified in its charter)
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Nevada |
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95-3342977 |
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(State or other jurisdiction of |
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(I.R.S. Employer |
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incorporation or organization) |
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Identification No.) |
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39 Parker, Irvine, California |
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92618 |
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(Address of principal executive offices) |
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(Zip Code) |
Registrant’s telephone number, including area code (949) 206-6100
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
Applicable Only to Corporate Issuers:
Indicate the number of shares outstanding of each of the issuer’s
classes of common stock, as of the latest practicable date:
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Class |
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Number of Shares Outstanding at December 31, 2002 |
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Common Stock, without par value |
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228,971 |
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GRADCO SYSTEMS, INC.
INDEX
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Consolidated Balance Sheets at December 31, 2002 (Unaudited) and March 31, 2002 |
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2
GRADCO SYSTEMS, INC.
(Dollars in thousands)
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December 31, |
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March 31, |
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2002 |
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2002 |
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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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$ |
2,607 |
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$ |
3,597 |
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Accounts receivable, less allowance for doubtful accounts of $75 and $175, respectively |
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5,945 |
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6,242 |
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Inventories, less allowance for obsolescence of $317 and $228, respectively |
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874 |
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964 |
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Prepaid expenses |
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164 |
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281 |
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Total current assets |
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9,590 |
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11,084 |
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Property and equipment, net |
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222 |
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229 |
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Cash surrender value of life insurance |
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312 |
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278 |
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Other assets |
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2,120 |
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3,074 |
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$ |
12,244 |
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$ |
14,665 |
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LIABILITIES AND SHAREHOLDERS’ EQUITY |
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Current liabilities: |
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Accounts payable |
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$ |
1,861 |
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$ |
2,059 |
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Notes payable to suppliers |
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3,027 |
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3,238 |
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Accrued expenses |
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374 |
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1,004 |
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Income taxes payable |
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312 |
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338 |
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Net liabilities of discontinued operations |
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81 |
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59 |
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Total current liabilities |
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5,655 |
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6,698 |
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Non-current liabilities |
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271 |
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245 |
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Minority interest |
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479 |
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492 |
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Shareholders’ equity: |
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Common stock, no par value; authorized 30,000,000 shares, issued 264,150 shares |
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46,454 |
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46,454 |
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Accumulated deficit |
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(41,245 |
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(38,901 |
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Accumulated other comprehensive income |
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2,298 |
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1,344 |
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Less cost of common stock in treasury, 35,179 share and 34,495 shares, respectively |
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(1,668 |
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(1,667 |
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Total shareholders’ equity |
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5,839 |
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7,230 |
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$ |
12,244 |
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$ |
14,665 |
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See accompanying notes to consolidated financial statements.
3
GRADCO SYSTEMS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands, except per share amounts)
(Unaudited)
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Three Months Ended |
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Nine Months Ended |
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December 31, 2002 |
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December 31, 2001 |
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December 31, 2002 |
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December 31, 2001 |
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Revenues: |
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Net sales |
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$ |
4,526 |
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$ |
5,745 |
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$ |
13,243 |
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$ |
19,021 |
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Development engineering services |
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— |
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308 |
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433 |
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308 |
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Licenses and royalties |
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3 |
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17 |
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12 |
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288 |
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4,529 |
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6,070 |
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13,688 |
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