SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

 

 

Form 10-QSB

______________________________________________________________________________

 

(X) Quarterly Report Pursuant To Section 13 or 15 (d) of the

Securities Exchange Act of 1934

For quarterly period ended April 30, 2001
OR

( ) Transition Report Pursuant to Section 13 or 15 (d) of theSecurities

Exchange Act of 1934

For the transition period from to

 

 

Commission file number 0-12195
THERMWOOD CORPORATION

______________________________________________________________________________

(Exact name of Registrant as specified in its charter)

INDIANA 35-1169185

_________________________________ _______________________________

(State or other jurisdiction of (I.R.S. Employer

incorporation or organization) Identification No.)

 

 

P. O. Box 436, Dale, Indiana 47523

_____________________________________ _______________________________

(Address of principal executive offices) (Zip Code)

Issuer's telephone number, including area code: 812-937-4476
Indicate by check mark whether the Registrant (1) has filed all reportsrequired to be filed by Section 13 or 15(d) of the Securities Exchange Act of1934 during the preceding 12 months, and (2) has been subject to such filingrequirements for the past 90 days.

Yes X No

Indicate the number of shares outstanding of each of the issuer's classes ofcommon equity as of the latest practicable date.

Outstanding at April 30, 2001 Class

985,045 Shares Common Stock, no par value

Transitional Small Business Format (check one): Yes No X

PART I -- FINANCIAL STATEMENTS

 **THERMWOOD CORPORATION
 
**CONSOLIDATED STATEMENTS OF OPERATIONS**(Unaudited)
**Three Months Ended**Nine Months Ended**April 30**April 30**2001**2000**2001**2000**Sales

**Machine sales
$3,881,902
$6,349,686
$13,247,312
$17,396,198**Technical sales
1,370,071
1,449,273
4,907,673
4,359,106
5,251,973
7,798,959
18,154,985
21,755,304**Less commissions on machine sales
441,390
879,173
1,524,069
2,248,935**Net sales
4,810,583
6,919,786
16,630,916
19,506,369**Cost of sales**Machine sales
2,380,028
3,901,232
8,130,669
10,135,730**Technical sales
747,581
669,102
2,575,474
1,992,139**Total cost of sales
3,127,609
4,570,334
10,706,143
12,127,869**Gross profit
1,682,974
2,349,452
5,924,773
7,378,500**Research and development, marketing,**administrative and general expenses
2,006,904
1,948,580
5,623,198
5,710,360**Operating income (loss)
(323,930)
400,872
301,575
1,668,140**Other income (expense):
Interest expense
(283,580)
(229,358)
(808,502)
(683,181)
Other
7,135
(7,015)
(15,648)
(17,714)
Other expense, net
(276,445)
(236,373)
(824,150)
(700,895)**Earnings (loss) before income taxes and extraordinary loss
(600,375)
164,499
(522,575)
967,245
Income tax expense (benefit)
(159,462)
90,946
(130,000)
374,715**Earnings before extraordinary loss
(440,913)
73,553
(392,575)
592,530**Extraordinary loss on repurchase of bonds,

net of income tax benefit
 

---
 

---
 

---
 

(39,140)**Net earnings (loss)
($440,913)
$73,553
($392,575)
$553,390**Other comprehensive income**Foreign currency translation gains
21,939
24,918
42,240
24,918**Comprehensive income (loss)
($418,974)
$98,471
($350,335)
$578,308**Earnings per share:
Basic
($0.45)
$0.08
($0.39)
$0.56
Diluted
(0.45)
0.08
(0.39)
0.56**Weighted average shares
Basic
985,045
985,045
985,045
985,045
Diluted
985,045
1,008,299
985,045
1,008,299

See accompanying notes to consolidated financial statements.
 

 

 
 
**THERMWOOD CORPORATION**CONSOLIDATED BALANCE SHEETS**(Unaudited)**April 30**July 31**2001**2000**Assets**Current assets
Cash
$ 246,662
$ ---
Accounts receivable
1,274,560
2,128,826
Income taxes recoverable
324,784
---
Inventories
6,245,043
6,592,461
Deferred income taxes
542,000
542,000
Prepaid expenses
578,896
458,506**Total current assets
9,211,945
9,721,793
**Property and equipment (net of accumulated depreciation)
2,956,550
2,771,300**Other assets
Patents, trademarks and other
138,842
152,191
Bond issuance costs net of accumulated amortization
405,135
429,080
Deferred income taxes
274,000
274,000
**Total other assets
817,977
855,271**Total assets
$12,986,472,
$13,348,364**LIABILITIES AND SHAREHOLDERS' EQUITY**Current liabilities
Note payable to bank
$ 3,098,185
$ 2,987,654
Current portion of capital lease obligations
25,647
36,858
Accounts payable
979,411
1,232,491
Checks issued in excess of bank balance
---
104,752
Accrued liabilities
908,194
1,127,483
Customer deposits
959,283
580,978**Total current liabilities
5,970,720
6,070,216**Long-term Liabilities - less current portion
Capital lease obligations
17,239
33,618
Bonds payable, net of unamortized discount
3,040,680
2,936,362**Total long-term liabilities
3,057,919
2,969,980**Shareholders' equity
Common stock, no par value, 4,000,000 shares authorized,
985,045 shares issued and outstanding
at April 30, 2001 and July 31, 2000
7,953,077
7,953,077
Accumulated deficit
(4,105,623)
(3,713,048)
Foreign currency translation adjustment
110,379
68,139**Total shareholders' equity
3,957,833
4,308,168**Total liabilities and shareholders' equity
$12,986,472
$13,348,364
See accompanying notes to consolidated financial statements.
 

 

 **THERMWOOD CORPORATION**CONSOLIDATED STATEMENTS OF CASH FLOWS**(Unaudited)**Nine Months Ended April 30**2001**2000**Cash Flows From Operating Activities:
Net earnings
($ 392,575)
$ 553,390
Adjustments to reconcile net earnings to net cash
provided by operating activities:
Depreciation and amortization
500,789
553,709
Changes in operating assets and liabilities:
Accounts receivable
854,266
(1,350,192)
Inventories
347,418
(569,337)
Prepaid expenses and other assets
(120,390)
58,149
Accounts payable and other accrued expenses
(472,369)
446,956
Customer deposits
378,305
766,184******************************************************************************************************************************