Edgar Filing 8/16/99
<SEC-DOCUMENT>0001053173-99-000006.txt : 19990817
<SEC-HEADER>0001053173-99-000006.hdr.sgml : 19990817
ACCESSION NUMBER: 0001053173-99-000006
CONFORMED SUBMISSION TYPE: 10QSB
PUBLIC DOCUMENT COUNT: 2
CONFORMED PERIOD OF REPORT: 19990630
FILED AS OF DATE: 19990816
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: BCAM INTERNATIONAL INC
CENTRAL INDEX KEY: 0000856143
STANDARD INDUSTRIAL CLASSIFICATION: FOOTWEAR, (NO RUBBER) [3140]
IRS NUMBER: 133228375
STATE OF INCORPORATION: NY
FISCAL YEAR END: 1231
FILING VALUES:
FORM TYPE: 10QSB
SEC ACT:
SEC FILE NUMBER: 001-10420
FILM NUMBER: 99689938
BUSINESS ADDRESS:
STREET 1: 1800 WALT WHITMAN RD
CITY: MELVILLE
STATE: NY
ZIP: 11747
BUSINESS PHONE: 5167523550
MAIL ADDRESS:
STREET 1: 1800 WALT WHITMAN RD
CITY: MELVILLE
STATE: NY
ZIP: 11747
FORMER COMPANY:
FORMER CONFORMED NAME: BIOMECHANICS CORP OF AMERICA
DATE OF NAME CHANGE: 19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>10QSB
<SEQUENCE>1
<DESCRIPTION>10QSB FOR THE QUARTER ENDED JUNE 30, 1999
<TEXT>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-QSB
(Mark One)
[X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended JUNE 30, 1999
-------------
[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT
For the transition period from ___ to ___
Commission file number 0-18109
-------
BCAM INTERNATIONAL, INC.
---------------------------------------------------------------
(Exact name of small business issuer as specified in its charter)
New York 13-3228375
- ------------------------------- ------------------------------------
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
1800 Walt Whitman Road, Melville, New York 11747
------------------------------------------------
(Address of principal executive offices)
(516) 752-3550
---------------------------
(Issuer's telephone number)
Not applicable
--------------
(Former name, former address and former fiscal year, if changed since last
report.)
Check whether the issuer (1) filed all reports required to be filed by
Section 13 or 15(d) of the Securities Exchange Act during the past 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
--- ---
Check whether the registrant filed all documents and reports required to be
filed by Section 12, 13 or 15(d) of the Exchange Act after the distribution of
securities under a plan confirmed by a court. Yes No
--- ---
State the number of shares outstanding of each of the issuer's classes of
common equity as of the latest practicable date: July 31, 1999: 25,291,971
-------------------------
Transitional Small Business Disclosure Format (check one): Yes No X
--- ---
<PAGE>
BCAM INTERNATIONAL, INC.
PART I. FINANCIAL INFORMATION:
Item 1. Financial Statements
Condensed Consolidated Balance Sheet--June 30, 1999 (Unaudited).............1
Condensed Consolidated Statements of Operations - Three and Six Months
ended June 30, 1999 and 1998 (Unaudited)................................2
Condensed Consolidated Statements of Cash Flows - Six months ended
June 30, 1999 and 1998 (Unaudited)......................................3
Condensed Consolidated Statement of Shareholders' Deficiency-
Six months ended June 30, 1999 (Unaudited)............................. 4
Notes to Condensed Consolidated Financial Statements - June 30, 1999
(Unaudited)......................................................... 5-13
Item 2. Management's Discussion and Analysis or Plan of Operations........14-17
PART II. OTHER INFORMATION
Item 1. Legal Proceedings....................................................18
Item 2. Changes in Securities and Use of Proceeds.........................18-19
Item 4. Submission of matters to a vote of security holders...............19-20
Item 6. Exhibits and Reports on Form 8-K.....................................20
SIGNATURES....................................................................21
INDEX OF EXHIBITS.............................................................22
<PAGE>
<TABLE>
<CAPTION>
BCAM INTERNATIONAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEET
JUNE 30, 1999
(UNAUDITED)
<S> <C>
ASSETS
Current assets:
Cash and cash equivalents $ 32,000
Prepaid expenses and other current assets 22,000
Assets of discontinued operations 0
-----------------------
Total current assets 54,000
Patent costs and other assets 173,000
-----------------------
Total assets $ 227,000
=======================
LIABILITIES AND SHAREHOLDERS' DEFICIENCY Current liabilities:
Current portion of long term debt $ 75,000
Accounts payable 289,000
Accrued expenses and other current liabilities 320,000
Liabilities of discontinued operations 125,000
-----------------------
Total current liabilities 809,000
-----------------------
Commitments and contingencies (Note 7)
Shareholders' deficiency
Acquisition preferred stock, par value $.01 per share:
750,000 shares authorized, none issued -
Preferred stock, 2,000,000 shares authorized, none issued -
Common stock, par value $.01 per share; authorized 65,000,000
shares, 26,055,153 shares issued and 25,291,971 shares 261,000
Outstanding, see Note 5.
Additional paid-in capital 30,083,000
Deficit (30,027,000)
-----------------------
317,000
Less: 763,182 treasury shares (899,000)
-----------------------
Total shareholders' deficiency (582,000)
-----------------------
Total liabilities and shareholders' deficiency $ 227,000
=======================
SEE ACCOMPANYING NOTES
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
BCAM INTERNATIONAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 1999 AND 1998
(UNAUDITED)
SIX MONTHS ENDED THREE MONTHS ENDED
---------------- ------------------
1999 1998 1999 1998
---------------- ---------------- ---------------- ---------------
<S> <C> <C> <C> <C>
License revenue $ 0 $ 2,000 $ 0 $ 0
---------------- ---------------- ---------------- ---------------
Costs and expenses:
Selling, general and 410,000 900,000 156,000 335,000
administrative
Charge for compensatory element of
1997 options approved in 1998 0 858,000 0 0
Research & development 29,000 281,000 10,000 154,000
---------------- ---------------- ---------------- ---------------
439,000 2,039,000 166,000 489,000
---------------- ---------------- ---------------- ---------------
Loss from operations (439,000) (2,037,000) (166,000) (489,000)
Interest and other income (expense) (4,000) 31,000 (2,000) 19,000
---------------- ---------------- ---------------- ---------------
Loss from continuing operations (443,000) (2,006,000) (168,000) (470,000)
---------------- ---------------- ---------------- ---------------
Discontinued operations - Drew,
operations through September 0 (4,967,000) 0 (3,122,000)
1998
Discontinued operations - Drew, gain
on sale of 33.3% interest, net of
33.3% of Drew's losses 997,000 0 0 0
---------------- ---------------- ---------------- ---------------
Subtotal - Drew 997,000 (4,967,000) 0 (3,122,000)
Discontinued operations - HCAD and
ECSD, including estimated loss on
disposal of HCAD of approximately
$250,000 in 1998 0 (803,000) 0 0
---------------- ---------------- ---------------- ---------------
Income (loss) from discontinued
operations 997,000 (5,770,000) 0 (3,122,000)
---------------- ---------------- ---------------- ---------------
Income (loss) before extraordinary 554,000 (7,776,000) (168,000) (3,592,000)
item
Extraordinary item - charge for
restructure of debt 0 (552,000) 0 (552,000)
---------------- ---------------- ---------------- ---------------
Net income (loss) $ 554,000 $ (8,328,000) $ (168,000) $ (4,144,000)
=========== =========== =========== ===========
Basic net income (loss) per share:
Continuing operations $ (0.02) $ (0.11) $ (0.01) $ (0.03)
Discontinued operations $ 0.04 $ (0.30) $ 0.00 $ (0.15)
---------------- ---------------- ---------------- ---------------
Income(loss)before extraordinary item $ 0.02 $ (0.41) $ (0.01) $ (0.18)
Extraordinary item $ 0.00 $ (0.03) $ 0.00 $ (0.03)
---------------- ---------------- ---------------- ---------------
Net income (loss) per share $ 0.02 $ (0.44) $ (0.01) $ (0.21)
====== ====== ====== ======
Weighted average number of common
Shares outstanding (see Note 5) 22,957,000 19,037,000 23,341,000 19,914,000
========== ========== ========== ==========
SEE ACCOMPANYING NOTES
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
BCAM INTERNATIONAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
SIX MONTHS ENDED JUNE 30
------------------------------------------
1999 1998
------------------ -----------------
<S> <C> <C>
OPERATING ACTIVITIES
Net income (loss) $ 554,000 $ (8,328,000)
Adjustments to reconcile to net cash used in operating activities:
Gain on sale of Drew (997,000) -
Depreciation and amortization 20,000 187,000
Amortization of unamortized charge for beneficial debt conversion - 3,084,000
Amortization of deferred finance cost and debt discount 28,000 275,000
Write-off of deferred finance cost and debt discount - 1,651,000
Compensation charge for stock options including $286,000
related to discontinued operations - 1,144,000
Interest paid in kind - 390,000
Changes in operating assets and liabilities:
Accounts receivable - (248,000)
Inventory - (442,000)
Current assets of discontinued operations - 92,000
Prepaid expenses and other current assets 26,000 (85,000)
Accounts payable, accrued expenses, current liabilities, other 2,000 404,000
------------------ -----------------
Net cash (used in) operating activities (367,000) (1,876,000)
------------------ -----------------
INVESTING ACTIVITIES
Purchase of equipment - (238,000)
------------------ -----------------
Net cash (used in) provided by investing activities - (238,000)
------------------ -----------------
FINANCING ACTIVITIES
Proceeds from sale of common stock - 2,000,000
Proceeds from exercise of options and warrants - 65,000
Payment of notes payable and long term debt - (121,000)
Drawdown of revolving credit agreement - 550,000
Payment of stock registration and issuance costs, proxy and Drew sale (139,000) (150,000)
Cash paid for deferred financing costs - (25,000)
------------------ -----------------
Net cash provided by (used in) financing activities (139,000) 2,319,000
------------------ -----------------
(Decrease) increase in cash and cash equivalents (506,000) 205,000
Cash and cash equivalents at beginning of period 538,000 1,594,000
------------------ -----------------
Cash and cash equivalents at end of period $ 32,000 $ 1,799,000
================== =================
Supplemental information on non-cash financing activities: See Notes 3 and 4,
regarding the sale of Drew and the elimination of certain Convertible Notes and
warrants and non-cash interest paid. |
