SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

x   QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2005

OR

o    TRANSITION REPORT PURSUANT TO SECTION 13 OF 15(D) OR THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number 000-21825

(Exact name of registrant as specified in its charter)

 

 

 

(Issuer'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 o.

 

            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 May 16, 2005 there were 8,839,807 shares of the registrant’s common stock outstanding.

 

 

STREICHER MOBILE FUELING, INC.

FORM 10-Q

INDEX

Form 10-Q Part and Item No.

 

Part I	Financial Information:
	Item 1. Condensed Unaudited Consolidated Financial Statements
	Condensed Unaudited Consolidated Balance Sheets as of March 31, 2005 and June 30, 2004		3
	Condensed Unaudited Consolidated Statements of Operations for the three-month and nine-month periods ended March 31, 2005 and 2004		4
	Condensed Unaudited Consolidated Statements of Cash Flows for the nine-month periods ended March 31, 2005 and 2004		5
	Notes to Condensed Unaudited Consolidated Financial Statements		6
	Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations		13
	Item 3. Quantitative and Qualitative Disclosures About Market Risk		28
	Item 4. Controls and Procedures		28
Part II	Other Information
	Items 1. thru 6.		29
	Signature Page		30
	Certifications		31-33

 

 

ASSETS		March 31, 2005			June 30, 2004
Current assets:
Cash and cash equivalents		$	3,759		$	2,708
Restricted cash			--			13
Accounts receivable, net			12,705			8,280
Inventories			488			183
Prepaid expenses and other current assets			597			400
Total current assets			17,549			11,584
Property and equipment, net			9,582			7,602
Deferred debt costs			1,060			770
Other assets			87			62
Total assets		$	28,278		$	20,018

LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Line of credit payable		$	3,707		$	4,919
Current portion of long-term debt			1,385			--
Accounts payable and other liabilities			6,627			4,193
Total current liabilities			11,719			9,112
Long-term liabilities:
Promissory notes, excluding current portion			11,640			6,925
Unamortized debt discount, net			(2,156	)		(1,367	)
Note payable			188			--
Total long-term debt, net			9,672			5,558
Total liabilities			21,391			14,670
Shareholders’ equity:
Common stock, par value $.01 per share; 50,000,000 shares authorized; 8,827,307 and 7,317,960 issued and outstanding at March 31, 2005 and June 30, 2004, respectively			88			73
Additional paid-in capital			16,151			13,392
Accumulated deficit			(9,352	)		(8,117	)
Total shareholders’ equity			6,887			5,348
Total liabilities and shareholders’ equity		$	28,278		$	20,018