U.S. Securities and Exchange Commission
Washington, D.C. 20549
Form 10-Q
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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For the quarterly period ended June 30, 2003 |
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or |
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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For the transition period from to |
Commission file number 000-25866
PHOENIX GOLD INTERNATIONAL, INC.
(Exact name of registrant as specified in its charter)
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OREGON |
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93-1066325 |
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(State or other jurisdiction |
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(I.R.S. Employer |
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9300 NORTH DECATUR STREET, PORTLAND, OREGON |
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97203 |
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(Address of principal executive offices) |
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(Zip code) |
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(503) 286-9300 |
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(Registrant’s telephone number, including area code) |
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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 Exchange Act). Yes o No ý
There were 3,006,945 shares of the issuer’s common stock outstanding as of July 31, 2003.
PHOENIX
GOLD INTERNATIONAL, INC.
Form 10-Q
for the Quarter Ended June 30, 2003
INDEX
2
PHOENIX GOLD INTERNATIONAL, INC.
(Unaudited)
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June 30, |
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September
30, |
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
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$ |
1,000 |
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$ |
214,814 |
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Accounts receivable, net |
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5,007,920 |
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3,610,939 |
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Inventories |
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7,012,666 |
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7,765,523 |
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Prepaid expenses |
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196,296 |
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188,140 |
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Deferred taxes |
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860,000 |
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572,000 |
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Total current assets |
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13,077,882 |
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12,351,416 |
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Property and equipment, net |
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1,009,375 |
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1,102,498 |
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Deferred taxes |
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531,000 |
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513,000 |
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Other assets |
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334,789 |
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552,336 |
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Total assets |
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$ |
14,953,046 |
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$ |
14,519,250 |
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LIABILITIES AND SHAREHOLDERS’ EQUITY |
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Current liabilities: |
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Line of credit |
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$ |
1,206,027 |
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$ |
— |
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Accounts payable |
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890,028 |
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1,297,507 |
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Accrued payroll and benefits |
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554,082 |
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430,048 |
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Accrued customer rebates |
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364,487 |
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382,972 |
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Other accrued expenses |
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607,483 |
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498,972 |
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Total current liabilities |
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3,622,107 |
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2,609,211 |
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Deferred gain on sale of facility |
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588,465 |
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662,023 |
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Commitments and contingencies |
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Shareholders’ equity: |
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Preferred stock; |
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— |
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— |
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Common stock, no par value; |
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6,511,528 |
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6,511,528 |
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Retained earnings |
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4,230,946 |
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4,736,488 |
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Total shareholders’ equity |
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10,742,474 |
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11,248,016 |
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Total liabilities and shareholders’ equity |
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$ |
14,953,046 |
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$ |
14,519,250 |
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See Notes to Financial Statements
3
PHOENIX GOLD INTERNATIONAL, INC.
(Unaudited)
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Three
Months Ended |
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Nine
Months Ended |
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2003 |
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2002 |
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2003 |
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2002 |
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Net sales |
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$ |
8,032,132 |
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$ |
8,063,132 |
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$ |
18,675,476 |
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$ |
22,917,242 |
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Cost of sales |
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5,841,071 |
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6,007,312 |
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14,214,964 |
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17,545,997 |
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Gross profit |
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2,191,242 |
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2,055,820 |
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4,460,512 |
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5,371,245 |
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Operating expenses: |
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Selling |
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1,035,413 |
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1,043,935 |
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2,889,309 |
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2,853,860 |
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General and administrative |
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759,973 |
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656,516 |
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2,226,749 |
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1,997,836 |
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Total operating expenses |
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1,795,386 |
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1,700,451 |
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5,116,058 |
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4,851,696 |
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Income (loss) from operations |
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395,856 |
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355,369 |
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(655,546 |
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519,549 |
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Other income (expense): |
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