EPLN news not on yahoo yet.FWIW
DD
EPLN news:
EPLN news:
(COMTEX) Management's Discussions: 10QSB, EPOLIN INC
Management's Discussions: 10QSB, EPOLIN INC
(Edgar Online via COMTEX)
Company Name: EPOLIN INC
(SYMBOL:EPLN)
- Management's Discussion and Analysis or Plan of Operation 9
EPOLIN, INC. AND SUBSIDIARIES
AUGUST 31, 1999
The financial information herein is unaudited. However, in the
opinion of management, such information reflects all normal and
recurring
adjustments necessary for a fair presentation of the financial
results for
the periods being reported. Additionally, it should be noted that the
accompanying financial statements do not purport to be complete
disclosures
in conformity with generally accepted accounting principles.
The results of operations for the six months ended August 31,
1999 are
not necessarily indicative of the results of operations for the full
fiscal
year ending February 28, 2000.
These condensed statements should be read in conjunction with the
Company's audited financial statements for the fiscal year ended
February
28, 1999.
EPOLIN, INC. AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
ASSETS
August 31,
1999 1998
Current assets:
Cash and cash equivalents $1,170,812 572,370
Accounts receivable 170,633 186,041
Inventories 380,527 318,477
Prepaid expenses:
Income taxes 0 60,603
Other 34,282 24,148
Deferred taxes 32,000 95,240
Total current assets 1,788,254 1,256,879
Property, plant and equipment - at cost:
Land 81,000 77,343
Building 369,000 352,338
Machinery and equipment 206,727 200,162
Furniture and fixtures 11,408 11,036
Leasehold improvements 432,037 432,037
Total 1,100,172 1,072,916
Less: Accumulated
depreciation and amortization 640,684 604,575
Net property and equipment 459,488 468,341
Other assets:
Deferred taxes 90,107 103,684
Security deposits 0 12,635
Cash value -
life insurance policy 72,558 42,677
Total other assets 162,665 158,996
Total $2,410,407 1,884,216
EPOLIN, INC. AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS (CONTINUED)
LIABILITIES AND STOCKHOLDERS' EQUITY
August 31,
1999 1998
Current liabilities:
Accounts payable $ 32,062 9,908
Accrued expenses 19,574 35,181
Taxes payable:
Payroll 1,420 23,487
Income 162,000 0
Loans payable officers 10,319 0
Total current liabilities 225,375 68,576
Other liabilities
- deferred compensation 144,764 93,800
Total liabilities 370,139 162,376
Stockholders' equity: Preferred stock, $15.513 par value; 940,000
shares authorized;
none issued - -
Preferred stock,
series A convertible
non-cumulative, $2.50 par
value; redemption price and
liquidation preference;
60,000 shares authorized;
5,478 shares issued and redeemed - -
Common stock, no par value;
20,000,000 shares authorized;
11,759,000 shares issued and
11,606,555 shares issued and
outstanding at 1999 and 1998
respectively 2,220,384 2,216,983
Paid-in capital 6,486 6,486
Accumulated deficit (121,238) (492,088)
Total 2,105,632 1,731,381
Less: Treasury stock (65,364) (9,541)
Total stockholders' equity 2,040,268 1,721,840
Total $2,410,407 1,884,216
EPOLIN, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF INCOME
THREE MONTHS ENDED
August 31,
1999 1998
Sales $566,347 469,770
Cost of sales and expenses:
Cost of sales 127,826 164,419
Selling, general and
administrative expenses 129,222 201,951
Total 257,048 366,370
Operating income 309,299 103,400
Other income - interest 11,361 4,698
Income before taxes 320,660 108,098
Provision for taxes: Current:
Federal 99,200 0
State 26,400 0
Total current 125,600 0 |
