UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2003
Commission File No. 0-20947
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ON-SITE SOURCING, INC. |
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(Exact name of registrant as specified in its charter) |
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DELAWARE |
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54-1648470 |
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(State or other jurisdiction of |
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(I.R.S. Employer Identification Number) |
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832 North Henry Street, Alexandria, Virginia 22314 |
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(Address of principal executive offices) |
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(703) 276-1123 |
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(Registrant’s telephone number) |
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NONE |
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(Former name, former address and former 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 the number of shares outstanding of each of the issuer’s classes of common stock, as of August 4, 2003:
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Common Stock, $.01 par value |
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5,566,225 shares |
ON-SITE SOURCING, INC.
INDEX
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Part I. |
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Financial Information |
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Item 1. |
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Financial Statements: |
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Balance Sheets as of June 30, 2003 (unaudited) and December 31, 2002 |
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Management’s Discussion and Analysis of Financial Condition and Results of Operations and Liquidity |
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2
ON-SITE SOURCING, INC.
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June 30, |
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December
31, |
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(Unaudited) |
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ASSETS |
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CURRENT ASSETS: |
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Cash |
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$ |
4,729 |
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$ |
4,279 |
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Accounts receivable, net |
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7,983,238 |
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8,157,822 |
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Prepaid supplies |
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459,103 |
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503,693 |
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Prepaid expenses |
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294,960 |
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288,469 |
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Prepaid income taxes |
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47,173 |
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— |
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Deferred tax asset |
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104,608 |
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104,608 |
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Notes receivable |
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24,671 |
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48,442 |
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Total current assets |
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8,918,482 |
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9,107,313 |
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Property and equipment, net |
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13,803,193 |
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14,894,103 |
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OTHER ASSETS |
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Goodwill |
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648,443 |
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648,443 |
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Income taxes refundable |
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136,800 |
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606,134 |
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Other assets |
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137,069 |
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152,767 |
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Total assets |
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$ |
23,643,987 |
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$ |
25,408,760 |
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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CURRENT LIABILITIES: |
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Line of credit |
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$ |
2,321,406 |
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$ |
2,861,414 |
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Current portion of long-term debt |
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7,440,129 |
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1,101,706 |
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Accounts payable |
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1,223,061 |
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1,987,302 |
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Accrued and other liabilities |
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1,340,050 |
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1,238,028 |
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Interest rate swap contract liability |
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948,274 |
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— |
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Total current liabilities |
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13,272,920 |
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7,188,450 |
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NONCURRENT LIABILITIES |
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Long-term debt, net of current portion |
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— |
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6,897,100 |
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Deferred rent |
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260,503 |
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257,747 |
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Deferred tax liability |
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175,482 |
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266,846 |
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Interest rate swap contract liability |
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— |
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913,306 |
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Total liabilities |
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13,708,905 |
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15,523,449 |
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Commitments and contingencies |
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STOCKHOLDERS’ EQUITY: |
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Common stock, $0.01 par value, 20,000,000 shares authorized 5,679,815 and 5,589,240 shares issued and 5,566,225 and 5,475,650 outstanding, at June 30, 2003 and December 31, 2002, respectively |
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56,798 |
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55,892 |
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Additional paid-in capital |
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8,024,822 |
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7,882,313 |
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Other comprehensive loss |
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(572,663 |
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(551,545 |
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Treasury stock (113,590 shares of common stock at cost) |
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(396,152 |
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(396,152 |
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Retained earnings |
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2,822,277 |
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2,894,803 |
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Total stockholders’ equity |
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9,935,082 |
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9,885,311 |
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Total liabilities and stockholders’ equity |
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$ |
23,643,987 |
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$ |
25,408,760 |
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The accompanying notes are an integral part of these financial statements.
3
ON-SITE SOURCING, INC.
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(Unaudited) |
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(Unaudited) |
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Three Months Ended |
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Six Months Ended |
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June 30, |
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June 30, |
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June 30, |
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June 30, |
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Revenue |
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$ |
9,241,608 |
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$ |
10,314,192 |
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$ |
18,077,676 |
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$ |
19,164,427 |
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Costs and expenses: |
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Cost of sales |
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6,109,249 |
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5,680,992 |
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12,136,454 |
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11,209,851 |
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3,132,359 |
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4,633,200 |
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5,941,222 |
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7,954,576 |
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Sales and marketing |
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1,127,352 |
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1,321,339 |
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