UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
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(Mark One) |
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QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) |
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For the quarterly period ended March 31, 2003 |
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OR |
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TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) |
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For the transition period from to |
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Commission file number 0-11668 |
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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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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
Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Act). Yes o . No ý
Common shares of stock outstanding as of March 31, 2003:
5,279,090 shares
INRAD, Inc.
INDEX
INRAD, Inc.
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March 31, |
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December
31, |
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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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$ |
979,345 |
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$ |
1,155,074 |
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Accounts receivable, net |
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882,481 |
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1,041,262 |
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Inventories |
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2,234,726 |
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2,082,932 |
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Unbilled contract costs |
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271,669 |
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341,541 |
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Other current assets |
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87,920 |
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80,675 |
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Total current assets |
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4,456,141 |
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4,701,484 |
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Plant and equipment, |
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Plant and equipment at cost |
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9,342,575 |
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9,307,753 |
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Less: Accumulated depreciation and amortization |
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(6,150,583 |
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(6,008,008 |
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Total plant and equipment |
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3,191,992 |
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3,299,745 |
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Precious metals |
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309,565 |
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309,565 |
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Other assets |
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198,844 |
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198,131 |
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Total assets |
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$ |
8,156,542 |
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$ |
8,508,925 |
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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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$ |
751,074 |
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$ |
751,074 |
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Notes payable –other |
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87,442 |
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124,917 |
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Current portion of long term debt |
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883,046 |
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927,549 |
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Accounts payable and accrued liabilities |
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480,039 |
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368,337 |
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Current obligations under capital leases |
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98,657 |
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98,657 |
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Total current liabilities |
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2,300,258 |
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2,270,534 |
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Subordinated Convertible Debenture |
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1,000,000 |
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1,000,000 |
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Capital Lease Obligations |
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164,262 |
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188,512 |
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Total liabilities |
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3,464,520 |
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3,459,046 |
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Shareholders’ equity: |
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10% Convertible preferred stock, Series A, no par value; 500 shares issued and outstanding, respectively |
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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; 2100 shares issued and outstanding, respectively |
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2,100,000 |
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2,100,000 |
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Common stock: $.01 par value; 15,000,000 shares Authorized; 5,283,690 issued and outstanding, respectively |
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52,836 |
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52,836 |
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Capital in excess of par value |
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9,470,676 |
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9,470,676 |
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Accumulated deficit |
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(7,416,540 |
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(7,058,683 |
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4,706,972 |
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5,064,829 |
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Less - Common stock in treasury, at cost (4,600 shares at March 31, 2002 and at December 31, 2001) |
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(14,950 |
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(14,950 |
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Total shareholders’ equity |
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4,692,022 |
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5,049,879 |
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Total liabilities and shareholders’ equity |
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$ |
8,156,542 |
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$ |
8,508,925 |
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* Derived from Audited Financial Statements
See Notes to Consolidated Financial Statements.
1
INRAD, Inc.
Consolidated Statements of Operations
(Unaudited)
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Three Months Ended March 31 |
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2003 |
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2002 |
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Revenues: |
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Product sales |
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$ |
1,190,853 |
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$ |
1,185,840 |
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Contract R & D |
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10,000 |
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34,625 |
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Total Revenue |
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1,200,853 |
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1,220,465 |
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Cost and Expenses: |
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Cost of goods sold |
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911,072 |
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1,123,857 |
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Contract R & D expenses |
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9,818 |
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50,279 |
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Selling, general & administrative expenses |
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549,267 |
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493,757 |
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Internal R & D expenses |
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55,568 |
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19,924 |
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Total Cost and Expenses |
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1,525,725 |
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1,687,817 |
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Operating (loss) |
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(324,872 |
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(467,352 |
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Other income (expense): |
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