sec filling
page 1
TYPE: 10-Q
SEQUENCE: 1
DESCRIPTION: QUARTERLY REPORT FOR PERIOD ENDING 03/27/1999
FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the quarterly period ended March 27, 1999
OR
[_] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the transition period from ________ to ___________
Commission file number: 0-21892
Pinnacle Micro, Inc.
Delaware 33-0238563
State or other jurisdiction of (I.R.S. Employer
incorporation or organization Identification No.)
Pinnacle Micro, Inc.
140 Technology Drive, Suite 500
Irvine, California 92618
(949) 789-3000
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 __ No X.
---
As of July 20, 1999, there were outstanding 14,500,089 shares of Registrant's
Common Stock.
PINNACLE MICRO, INC.
INDEX
PAGE
Part I. Financial information
Financial statements 3
Condensed Balance Sheet at March 27, 1999 (Unaudited) and
December 26, 1998 (Unaudited) 3
Condensed Statements of Operations for the thirteen weeks ended
March 27, 1999 (Unaudited) and March 28, 1998 (Unaudited) 4
Condensed Statements of Cash Flows for the thirteen weeks ended
March 27, 1999 (Unaudited) and March 28, 1998 (Unaudited) 5
Notes to Unaudited Condensed Financial Statements 6
Management discussion and Analysis of Financial Condition
and Results of Operations 9
Part II Other Information
Submission of Matters to a Vote of Security Holders 13
Exhibits and Reports on Form 8-K 13
Signature(s) 14
2
PART I
FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
PINNACLE MICRO, INC.
CONDENSED BALANCE SHEETS
March 27, December 26,
1999 1998
(Unaudited) (Unaudited)
------------ ------------
Assets
Current assets:
Cash and cash equivalents $ 53,000 $ 322,000
Accounts receivable, net 593,000 742,000
Inventories 3,474,000 3,592,000
Prepaid expenses and other current assets 125,000 134,000
----------------- --------------
Total current assets 4,245,000 4,790,000
Furniture and equipment, net 3,000 46,000
Other assets 102,000 143,000
----------------- --------------
Total assets $ 4,350,000 $ 4,979,000
================= ==============
Current liabilities:
Note payable $ 5,171,000 $ 5,503,000
Accounts payable 17,767,000 17,366,000
Accrued expenses 2,068,000 2,036,000
Payroll related liabilities 119,000 99,000
----------------- --------------
Total current liabilities 25,125,000 25,004,000
Commitments and contingencies
Stockholders' equity (deficit):
Common stock 15,000 15,000
Additional paid-in capital 34,977,000 34,977,000
Accumulated deficit (55,767,000) (55,017,000)
----------------- --------------
Total stockholders' equity (deficit) (20,775,000) (20,025,000)
----------------- --------------
Total liabilities and stockholders' equity (deficit) $ 4,350,000 $ 4,979,000
================= ==============
The accompanying notes are an integral part of these condensed financial
statements.
3
PINNACLE MICRO, INC.
CONDENSED STATEMENTS OF OPERATIONS
(Unaudited)
13 Weeks Ended 13 Weeks Ended
Mar. 27, 1999 Mar. 28, 1998
-------------- -------------
Net sales $ 1,788,000 $ 4,006,000
Cost of sales 1,417,000 2,990,000
------------- --------------
Gross profit (loss) 371,000 1,016,000
Operating expenses:
Selling, general and administrative 966,000 1,815,000
Research and development - -
Nonrecurring charges - -
------------- --------------
Total operating expenses 966,000 1,815,000
Operating loss (595,000) (799,000)
Interest income/expense (157,000) (139,000)
Non-cash interest expense related
to convertible debentures - -
------------- --------------
Loss before income taxes (752,000) (938,000)
Income tax expense - -
------------- --------------
Net loss $ (752,000) $ (938,000)
============= ==============
Net loss per share $ (0.05) $ (0.06)
============= ==============
Weighted average
common shares outstanding 14,500,089 14,500,089
============= ==============
The accompanying notes are an integral part of these condensed financial
statements.
------------------------------------------------------------------------------ |
