UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 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 September 30, 2004 |
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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 |
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Commission File Number 1-8250 |
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WELLS-GARDNER ELECTRONICS CORPORATION
(Exact name of registrant as specified in its charter)
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Illinois |
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36-1944630 |
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(State or other jurisdiction of incorporation or organization) |
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(IRS Employer Identification No.) |
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9500 West 55th Street, Suite A, McCook, Illinois |
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60525-3605 |
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(Address of principal executive offices) |
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(Zip Code) |
(708) 290-2100
(Registrant’s telephone number, including area code)
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 Securities Exchange Act of 1934).
YES o NO ý
As of November 5, 2004, approximately 8,149,085 shares of the Common Stock, $1.00 par value of the registrant were outstanding.
WELLS-GARDNER ELECTRONICS CORPORATION
FORM 10-Q TABLE OF CONTENTS
For The Quarter Ended September 30, 2004
2
WELLS-GARDNER ELECTRONICS CORPORATION
Condensed Consolidated Balance Sheets
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September 30, |
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December 31, |
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(unaudited) |
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(audited) |
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Assets: |
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Current assets: |
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Cash |
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$ |
352,000 |
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$ |
283,000 |
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Accounts receivable, net |
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6,633,000 |
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4,690,000 |
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Inventory: |
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Raw materials |
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7,719,000 |
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4,637,000 |
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Work in progress |
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488,000 |
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516,000 |
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Finished goods |
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5,624,000 |
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13,831,000 |
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3,751,000 |
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8,904,000 |
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Other current assets |
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984,000 |
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1,041,000 |
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Total current assets |
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21,800,000 |
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14,918,000 |
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Fixed assets, net |
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1,786,000 |
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2,050,000 |
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Other assets: |
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Investment in joint venture |
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998,000 |
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798,000 |
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Goodwill |
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1,329,000 |
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1,329,000 |
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Total other assets |
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2,327,000 |
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2,127,000 |
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Total assets |
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$ |
25,913,000 |
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$ |
19,095,000 |
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Liabilities: |
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Current liabilities: |
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Accounts payable |
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$ |
6,014,000 |
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$ |
4,237,000 |
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Accrued expenses |
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838,000 |
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629,000 |
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Total current liabilities |
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6,852,000 |
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4,866,000 |
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Long-term liabilities: |
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Notes payable |
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4,014,000 |
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5,968,000 |
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Total liabilities |
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10,866,000 |
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10,834,000 |
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Shareholders' Equity: |
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Common stock: authorized 25,000,000 shares, $1.00 par value; shares issued and outstanding: 8,149,022 shares as of September 30, 2004 & 6,220,898 shares as of December 31, 2003 |
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8,149,000 |
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6,221,000 |
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Additional paid-in capital |
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9,737,000 |
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4,531,000 |
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Accumulated deficit |
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(2,723,000 |
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(2,334,000 |
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Unearned compensation |
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(116,000 |
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(157,000 |
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Total shareholders' equity |
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