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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 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 September 30, 2004

Commission file number: 0-17824

REXHALL INDUSTRIES, INC.
(Exact name of Registrant as specified in its charter)
 

 

 California

 95-4135907

 (State of Incorporation)

  (IRS Employer Identification No.)

    
46147 7th Street West, Lancaster, California 93534
(Address of principal executive offices)

(661) 726-0565
(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 X No  

Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act). Yes o No x.

As of November 5, 2004, there were 5,852,700 shares of common stock outstanding.
 

 
     
 
 

REXHALL INDUSTRIES, INC.

INDEX
 
 PART I - FINANCIAL INFORMATION  
   
 Item 1.  
Financial Statements (Unaudited)
  
 
Condensed Consolidated Balance Sheets at September 30, 2004 and December 31, 2003
1
   
Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2004 and September 30, 2003
2-3
   
Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2004 and September 30, 2003
4
   
Notes to Condensed Consolidated Financial Statements
5-6
   
 Item 2.  
Management’s Discussion and Analysis of Financial Condition and Results of Operations
6-12
   
 Item 3.  
Quantitative and Qualitative Disclosure about Market Risk
13
   
 Item 4.  
Controls and Procedures
13
   
PART II - OTHER INFORMATION
 
   
 Item 2. Changes in Securities use of Proceeds and Issuer Purchases of Equity Securities
   
 Item 6. Exhibits and Reports on Form 8-K 14
   
Signatures
 15
   
Officer Certifications
16-17

 


  -ii -  
 

PART I - FINANCIAL INFORMATION
Item 1. - Financial Statements
REXHALL INDUSTRIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

   

 September 30, 2004

  

 December 31, 2003

  
ASSETS
              
CURRENT ASSETS
              
Cash
  
$
772,000
  
$
1,883,000
  
Accounts Receivables, net
    
322,000
    
1,332,000
  
Income Tax Receivable
    
606,000
    
551,000
  
Inventories
    
13,155,000
    
17,848,000
  
Deferred Income Taxes
   
43,000
    
124,000
  
Other Current Assets
    
138,000
    
265,000
  
TOTAL CURRENT ASSETS
  
$
15,036,000
  
$
22,003,000
  
Property and Equipment at Cost Net
of Accumulated Depreciation
   
4,168,000
    
4,613,000
  
Property Held for Sale
   
201,000
    
1,189,000
  
Note Receivable from Officer
   
181,000
    
159,000
  
Long-Term Note Receivable
    
375,000
    
---------
  
Deposits
    
5,000
    
35,000
  
TOTAL ASSETS
  
$
19,996,000
  
$
27,999,000
  
LIABILITIES & STOCKHOLDERS' EQUITY
              
CURRENT LIABILITIES
              
Accounts Payable
  
$
1,697,000
  
$
1,836,000
  
Chassis Vendors Lines of Credit
   
1,405,000
    
4,432,000
  
Notes Payable and Current Portion of Long-Term Debt
   
54,000
    
54,000
  
Accrued Warranty
    
332,000
    
980,000
  
Accrued Legal
   
1,613,000
    
1,594,000
  
Accrued Dealer Incentives
    
391,000
    
384,000
  
Other Accrued Liabilities
    
1,328,000
    
1,102,000
  
Accrued Compensation and Benefits
    
264,000
    
280,000
  
TOTAL CURRENT LIABILITIES
    
7,084,000
    
10,662,000
  
               
Long-Term Debt, less Current Portion
    
893,000
    
942,000
  
TOTAL LIABILITIES
    
7,977,000
    
11,604,000
  
STOCKHOLDERS' EQUITY
              
Preferred Stock - no par value,
              
authorized, 1,000,000 shares; none issued
    
0
    
0
  
Common Stock - no par value,
              
authorized, 10,000,000 shares;
              
issued and outstanding
             
5,852,700 at September 30, 2004
              
and 5,872,700 at December 31, 2003
    
5,552,000
    
5,580,000
  
Retained Earnings
    
6,467,000
    
10,815,000
  
TOTAL STOCKHOLDERS' EQUITY
    
12,019,000
    
16,395,000
  
               
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
  
$
19,996,000
  
$
27,999,000
  


See accompanying notes to condensed consolidated financial statements
 

 
   -1-  
 

 
REXHALL INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)


   
Three Months Ended
  
 
  

 September 30, 2004 

  

 September 30, 2003

  
             
Net Revenues
  
$
3,110,000
  
$
10,823,000
  
               
Cost of Sales
   
(5,516,000
)
  
9,559,000
  
               
Gross Profit/(Loss)
 
$
(2,406,000
)
$
1,264,000
  
               
Operating Expenses
              
               
Selling, General and Administrative
   
915,000
    
1,100,000
  
               
Research and Development
    
2000
    
729,000
  
     
917,000
    
1,829,000
  
Loss from Operations
    
(3,323,000
)
  
(565,000
)
               
Other Income
    
271,000
    
0
  
               
Income/(Loss) before Income Taxes
    
(3,052,000
)
  
(565,000
)
               
Income Tax (Expense)/Benefit
    
0
    
361,000
  
Net Income/(Loss)
  
$
(3,052,000
)
$
(204,000
)
Basic and Diluted Income/(Loss) per Share
  
$
(.52
)
$
(.03
)
Weighted Average Shares Outstanding -
  Basic and Diluted
  
5,866,613
  
5,872,700
  


See accompanying notes to condensed consolidated financial statements
 

 
   -2-  
 

 
REXHALL INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

 
    
   

 Nine Months Ended

  
   

 September 30, 2004 

  

 September 30, 2003 

  
             
Net Revenues
  
$
12,920,000
  
$
33,411,000
  
               
Cost of Sales
   
14,400,000
    
29,286,000
  
               
Gross Profit/(Loss)
 
$