UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 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 October 31, 2004
Commission file number 0-4479
THE OHIO ART COMPANY
(Exact name of registrant as specified in its charter)
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Ohio |
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34-4319140 |
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(State of Incorporation) |
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(I.R.S. Employer Identification No.) |
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P.O. Box 111, Bryan, Ohio 43506 |
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(Address of Principal Executive Offices) |
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Registrant’s telephone number, including area code: (419) 636-3141
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 Act).
Yes o No ý
At November 30, 2004 there were 886,784 shares outstanding of the Company’s Common Stock, $1.00 par value.
PART I - FINANCIAL INFORMATION
Item 1. Financial statements
THE OHIO ART COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(amounts in thousands, except per share amounts)
(unaudited)
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Three Months Ended |
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Nine Months Ended |
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Oct 31 |
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Oct 31 |
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Oct 31 |
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Oct 31 |
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Net sales |
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$ |
8,583 |
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$ |
8,564 |
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$ |
17,507 |
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$ |
21,734 |
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Other income |
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321 |
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156 |
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933 |
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582 |
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8,904 |
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8,720 |
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18,440 |
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22,316 |
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Costs and expenses: |
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Cost of products sold |
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5,812 |
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5,814 |
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13,306 |
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15,537 |
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Selling, administrative and general |
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3,229 |
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2,552 |
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7,711 |
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7,516 |
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Interest |
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21 |
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21 |
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56 |
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100 |
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9,062 |
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8,387 |
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21,073 |
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23,153 |
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Income (loss) before income taxes |
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(158 |
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333 |
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(2,633 |
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(837 |
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Provision for (benefit from) income taxes |
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— |
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52 |
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— |
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(288 |
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Net income (loss) |
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$ |
(158 |
) |
$ |
281 |
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$ |
(2,633 |
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$ |
(549 |
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Net income (loss) per share (Note 3) |
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$ |
(0.18 |
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$ |
0.32 |
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$ |
(3.01 |
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$ |
(0.63 |
) |
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Average shares outstanding (Note 3) |
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876 |
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874 |
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876 |
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874 |
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See notes to condensed consolidated financial statements.
2
THE OHIO ART COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(amounts in thousands, except share amounts)
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Oct 31 2004 |
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January 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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$ |
617 |
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$ |
1,189 |
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Accounts receivable less allowance |
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(October - $695; January - $625) |
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5,175 |
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3,670 |
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Inventories (Note 2) |
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Finished products |
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3,548 |
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2,197 |
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Products in process |
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75 |
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75 |
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Raw materials |
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1,288 |
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1,187 |
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4,911 |
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3,459 |
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Deferred income taxes |
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576 |
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576 |
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Prepaid expenses |
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289 |
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244 |
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Total current assets |
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11,568 |
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9,138 |
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Property, plant and equipment, net |
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5,585 |
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6,427 |
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Other assets |
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511 |
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494 |
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Total assets |
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$ |
17,664 |
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$ |
16,059 |
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Liabilities and stockholders’ equity |
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Current liabilities: |
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Accounts payable |
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$ |
4,687 |
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$ |
1,754 |
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Other current liabilities |
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1,687 |
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1,086 |
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Long-term debt due within one year |
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1,856 |
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498 |
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Total current liabilities |
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8,230 |
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3,338 |
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Long-term obligations, less current maturities (Note 5) (Note 8) |
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3,342 |
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3,926 |
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Deferred federal income tax |
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154 |
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154 |
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Stockholders’ equity (Note 3) |
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Common stock, par value $1.00 per share: |
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Authorized: 1,935,552 shares |
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Outstanding: 886,784 for both periods (excluding treasury shares of 72,976) |
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887 |
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887 |
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Additional paid-in capital |
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197 |
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197 |
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