UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
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QUARTERLY REPORT PURSUANT TO
SECTION 13 OR 15(d) |
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For the quarterly period ended SEPTEMBER 30, 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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Photonic Products Group, Inc. |
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(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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(201) 767-1910 |
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(Registrant’s telephone number, including area code) |
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INRAD, Inc. 181 Legrand Ave, Northvale, NJ 07647 |
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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
Common shares of stock outstanding as of September 30, 2003:
5,307,353
Photonic Products Group, Inc.
INDEX
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Part I. |
FINANCIAL INFORMATION |
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Item 1. |
Financial Statements: |
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Consolidated Balance Sheets as of September 30, 2003, (unaudited) and December 31, 2002 |
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Management’s Discussion and Analysis of Financial Condition and Results of Operations |
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Certifications – Sections 906 and 302 |
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Photonic Products Group, Inc.
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September 30, |
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December 31, |
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2003 |
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2002 |
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Unaudited |
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Audited |
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Assets |
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Current assets: |
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Cash and cash equivalents |
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$ |
798,408 |
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$ |
1,155,074 |
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Accounts receivable, net |
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624,195 |
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1,041,262 |
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Inventories |
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2,143,105 |
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2,082,932 |
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Unbilled contract costs |
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164,350 |
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341,541 |
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Other current assets |
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84,044 |
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80,675 |
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Total Current Assets |
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3,814,102 |
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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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9,394,013 |
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9,307,753 |
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Less: Accumulated depreciation |
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and amortization |
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(6,430,653 |
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(6,008,008 |
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Total plant and equipment |
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2,963,360 |
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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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200,734 |
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198,131 |
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Total Assets |
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$ |
7,287,761 |
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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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$ |
— |
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$ |
751,074 |
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Note payable -Other |
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$ |
12,492 |
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124,917 |
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Current portion of long term debt |
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— |
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927,549 |
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Accounts payable and accrued liabilities |
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479,452 |
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368,337 |
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Current obligations under capital leases |
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83,965 |
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98,657 |
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Total current liabilities |
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575,909 |
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2,270,534 |
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Secured Note Payable |
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1,700,000 |
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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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126,905 |
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188,513 |
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Total liabilities |
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3,402,814 |
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3,459,047 |
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Shareholders’ equity: |
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10% convertible preferred stock, Series A no par value; 500 sharres 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; 2,100 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: $.01 par value; 40,000,000 authorized 5,311,953 shares issued at September 30, 2003 and 5,283,690 issued at December 31, 2002 |
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53,119 |
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52,836 |
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Capital in excess of par value |
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9,482,263 |
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9,470,676 |
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Commom stock dividend due to preferred shareholders |
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53,600 |
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Accumulated deficit |
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(8,289,085 |
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(7,058,684 |
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3,899,897 |
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5,064,828 |
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Less - Common stock in treasury, at cost (4,600 shares respectively) |
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(14,950 |
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(14,950 |
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Total Shareholders’ Equity |
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3,884,947 |
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5,049,878 |
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Total Liabilities & Shareholders’ Equity |
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$ |
7,287,761 |
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$ |
8,508,925 |
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See Notes to Consolidated Financial Statements
*Derived from Audited Financial Statements
1
Photonic Products Group, Inc.
Consolidated Statement of Operations
(Unaudited)
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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2003 |
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2002 |
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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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$ |
1,405,663 |
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$ |
1,344,569 |
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$ |
3,727,497 |
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$ |
4,188,373 |
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Contract R & D |
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— |
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26,136 |
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62,625 |
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Total Revenue |
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1,405,663 |
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1,344,569 | |||||||||