FORM 10Q

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

For the Quarter Ended June 30, 2003

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		(IRS Employer
incorporation or organization)		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 o

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

At June 30, 2003, the registrant had 4,504,939 shares of common stock outstanding.

T.J.T., INC.

Form 10-Q

June 30, 2003

TABLE OF CONTENTS

PART I. FINANCIAL INFORMATION


Item 1	Financial Statements (Unaudited)

		Balance Sheets at June 30, 2003 and September 30, 2002

		Statements of Operation for the Three Months and Nine Months Ended June 30, 2003 and 2002

		Statements of Cash Flows for the Nine Months Ended June 30, 2003 and 2002

		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

(Dollars in thousands)

	June 30, 2003		Sept. 30, 2002
Current assets:
Cash and cash equivalents	$	610	$	767
Accounts receivable and notes receivable (net of allowances for doubtful accounts of $138 and $129)	1,304		1,247
Inventories	2,716		2,593
Prepaid expenses and other current assets	112		99
Total current assets	4,742		4,706

Property, plant and equipment, net of accumulated depreciation	602		699

Notes receivable	337		232
Notes receivable from related parties	94		156
Real estate held for investment	340		523
Investment in joint venture	391		—
Other assets	174		135
Deferred tax asset	523		539
Total assets	$	7,203	$	6,990

Current liabilities:
Accounts payable	$	912	$	655
Accrued liabilities	359		334
Total current liabilities	1,271		989

Deferred credits and other noncurrent obligations	86		83
Total liabilities	1,357		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	53		125
Treasury stock (349,800 shares at cost)	—		(393		)
Total shareholders’ equity	5,846		5,918
Total liabilities and shareholders’ equity	$	7,203	$	6,990

See accompanying notes to financial statements.

T.J.T., INC.

STATEMENTS OF OPERATION

(Dollars in thousands except per share amounts)

	Three Months Ended June 30, 2003				Nine Months Ended June 30, 2003
	2003		2002		2003		2002
Sales (net of returns and allowances):
Axles and tires	$	3,980	$	4,182	$	11,405	$	11,394
Accessories and siding	1,147		1,393		3,211		3,484
Total sales	5,127		5,575		14,616		14,878

Cost of goods sold
Axles and tires	3,232		3,443		9,412		9,292
Accessories and siding	795		1,002		2,219		2,474
Total cost of goods sold	4,027		4,445		11,631		11,766

Gross profit	1,100		1,130		2,985		3,112

Selling, general and administrative expenses	1,019		1,112		3,198		3,536