UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
|
ý |
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|
|
|
|
|
For the quarterly period ended SEPTEMBER 30, 2004 |
||
|
|
|
|
|
OR |
||
|
|
|
|
|
o |
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|
|
|
|
|
For the transition period from to |
||
Commission file number 0-11668
Photonic
Products Group, Inc.
(Exact name of registrant as specified in its charter)
|
New Jersey |
|
22-2003247 |
|
(State or other jurisdiction of incorporation |
|
(I.R.S. Employer |
|
or organization) |
|
Identification Number) |
181 Legrand Avenue, Northvale, NJ
07647
(Address of principal executive offices)
(Zip Code)
(201) 767-1910
(Registrant’s telephone number, including area code)
(Former name, former address and formal fiscal year, if changed since last report)
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, 2004:
7,156,303
Photonic Products Group, Inc.
INDEX
PHOTONIC PRODUCTS GROUP, INC AND SUBSIDIARIES
|
|
|
September 30, |
|
December 31, |
|
||
|
|
|
2004 |
|
2003 |
|
||
|
|
|
Unaudited |
|
|
|
||
|
Assets |
|
|
|
|
|
||
|
Current assets: |
|
|
|
|
|
||
|
Cash and cash equivalents |
|
$ |
2,709,245 |
|
$ |
1,282,160 |
|
|
Accounts receivable (after allowance for doubtful accounts of $40,000 in 2004 and 2003) |
|
1,455,860 |
|
973,415 |
|
||
|
Inventories |
|
1,951,201 |
|
2,219,116 |
|
||
|
Unbilled contract costs |
|
— |
|
191,767 |
|
||
|
Other current assets |
|
219,364 |
|
76,941 |
|
||
|
Total Current Assets |
|
6,335,670 |
|
4,743,399 |
|
||
|
Plant and equipment, |
|
|
|
|
|
||
|
Plant and equipment at cost |
|
10,735,219 |
|
9,824,498 |
|
||
|
Less: Accumulated depreciation and amortization |
|
(7,061,466 |
) |
(6,572,278 |
) |
||
|
Total plant and equipment |
|
3,673,753 |
|
3,252,220 |
|
||
|
Precious Metals |
|
309,565 |
|
309,565 |
|
||
|
Intangible Assets |
|
443,750 |
|
443,750 |
|
||
|
Other Assets |
|
276,996 |
|
102,187 |
|
||
|
Total Assets |
|
$ |
11,039,734 |
|
$ |
8,851,121 |
|
|
|
|
|
|
|
|
||
|
Liabilities and Shareholders’ Equity |
|
|
|
|
|
||
|
Current Liabilities: |
|
|
|
|
|
||
|
Note payable -Other |
|
$ |
55,800 |
|
$ |
68,292 |
|
|
Accounts payable and accrued liabilities |
|
1,219,768 |
|
993,150 |
|
||
|
Customer advances |
|
390,091 |
|
— |
|
||
|
Current obligations under capital leases |
|
99,664 |
|
99,664 |
|
||
|
Total current liabilities |
|
1,765,323 |
|
1,161,106 |
|
||
|
|
|
|
|
|
|
||
|
Secured and Convertible Notes Payable |
|
5,200,000 |
|
4,200,000 |
|
||
|
Other Long Term Notes |
|
74,818 |
|
116,728 |
|
||
|
Capital Lease Obligations |
|
14,873 |
|
88,848 |
|
||
|
Total liabilities |
|
7,055,014 |
|
5,566,682 |
|
||
|
|
|
|
|
|
|
||
|
Shareholders’ equity: |
|
|
|
|
|
||
|
10% convertible preferred stock, Series A no par value; 500 shares issued and outstanding respectively |
|
500,000 |
|
500,000 |
|
||
|
|
|
|
|
|
|
||
|
10% convertible preferred stock, Series B no par value; 2,100 shares issued and outstanding respectively |
|
2,100,000 |
|
2,100,000 |
|
||
|
|
|
|
|
|
|
||
|
Common stock: $.01 par value; 60,000,000 authorized 7,160,903 shares issued at September 30, 2004 and 5,445,953 issued December 31, 2003 |
|
70,269 |
|
54,459 |
|
||
|
Capital in excess of par value |
|
10,879,302 |
|
9,534,523 |
|
||
|
Accumulated deficit |
|
(9,549,901 |
) |
(8,889,593 |
) |
||
|
|
|
3,999,670 |
|
3,299,389 |
|
||
|
Less - Common stock in treasury, at cost (4,600 shares respectively) |
|
(14,950 |
) |
(14,950 |
) |
||
|
Total Shareholders’ Equity |
|
3,984,720 |
|
3,284,439 |
|
||
|
Total Liabilities & Shareholders’ Equity |
|
$ |
11,039,734 |
|
$ |
8,851,121 |
|
See Notes to Consolidated Financial Statements
1
Photonic Products Group, Inc. and Subsidiaries
Consolidated Statements of Operations
(Unaudited)
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30 |
|
||||||||
|
|
|
2004 |
|
2003 |
|
2004 |
|
2003 |
|
||||
|
Total Revenue |
|
$ |
2,582,372 |
|
$ |
1,405,663 |
|
$ |
|||||