FORM 10-Q

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

For the Quarter Ended

December 31, 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 incorporation or organization)		(IRS Employer 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 December 31, 2003, the registrant had 4,504,939 shares of common stock outstanding.

T.J.T., INC.
Form 10-Q
December 31, 2003

TABLE OF CONTENTS

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements (Unaudited)

		Balance Sheets at December 31, 2003 and September 30, 2003

		Statements of Operation for the Three Months Ended December 31, 2003 and 2002

		Statements of Cash Flows for the Three Months Ended December 31, 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 (unaudited)
(Dollars in thousands)

	Dec. 31 2003		Sept. 30 2003

Current assets:
Cash and cash equivalents	$	770	$	1,072
Accounts receivable (net of allowance for doubtful accounts of $73 and $68)	847		1,336
Notes receivable	47		38
Inventories	2,611		2,566
Prepaid expenses and other current assets	109		107
Total current assets	4,384		5,119

Property, plant and equipment, net of accumulated depreciation	706		594

Notes receivable	320		323
Notes receivable from related parties	79		89
Real estate held for investment	341		341
Investment in joint venture	451		452
Other assets	174		174
Deferred tax asset	414		450
Total assets	$	6,869	$	7,542

Current liabilities:
Accounts payable	$	377	$	864
Accrued liabilities	312		549
Total current liabilities	689		1,413

Deferred income and other noncurrent obligations	75		79
Total liabilities	764		1,492

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		5,788
Retained earnings	312		257
Total shareholders’ equity	6,105		6,050
Total liabilities and shareholders’ equity	$	6,869	$	7,542

See accompanying notes to financial statements.

T.J.T., INC.
STATEMENTS OF OPERATION (unaudited)
(Dollars in thousands except per share amounts)

For the three months ended December 31,	2003			2002

Sales (net of returns and allowances):
Axles and tires	$	3,326		$	3,787
Accessories and siding	1,051			1,131
Total sales	4,377			4,918

Cost of goods sold:
Axles and tires	2,592			3,082
Accessories and siding	721			800
Total cost of goods sold	3,313			3,882

Gross profit	1,064			1,036

Selling, general and administrative expenses	1,028			1,038

Operating income (loss)	36			(2		)

Interest income	14			12
Investment property income	31			—
Income (loss) from joint venture	(1		)	—
Rental income	11			2
Other income	—			1

Income (loss) before taxes	91			13

Income taxes (benefit)	36			7

Net income (loss)	$	55		$	6

Net income (loss) per common share