FORM 10-QSB

SECURITIES AND EXCHANGE COMMISSION

 

WASHINGTON, D.C. 20549

 

Quarterly Report Under to Section 13 or 15(d)

Of the Securities Exchange Act of 1934

 

For Quarter Ended: March 31,2001

Commission File Number: 1-11020

> 
Micel Corp.

(Exact name of Small Business Issuer as specified in its charter)

NEW YORK 11-2882297

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

of incorporation) Identification No.)

393 West End Ave, NY N.Y. 10024

(Address of Principal executive offices) (Zip Code)

(212) 814-2503

(Registrants telephone number, including area code)

445 Central Ave, Cedarhurst N.Y.

(Former name, former address, and former fiscal year,

if changed since last report)

 

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 (or such shorter period that the registrantwas required to file such reports) and (2) has been subject to such filingrequirements for past 90 days.

YES X NO

> 
-

Indicate the number of shares outstanding of each of the issuers classesof Common Stock, as of the latest practicable date.

Common Stock, Par Value $.01 6,289,880

(Title of each Class) (Outstanding at March 31,2001)

 

 

 

 

MICEL CORP. AND SUBSIDIARY CONSOLIDATED REPORT

 

TABLE OF CONTENTS

 

PART I  FINANCIAL INFORMATION

|   | PAGE
ITEM 1. Consolidated Financial Statements:

Condensed consolidated balance sheets as of March 31,

2001(Unaudited) and September 30, 2000 (Audited).
3-4

Condensed Consolidated Statements of operations for the

Six months ended of March 31, 2001 and 2000
5
(Unaudited).
 
Condensed Consolidated Statements of Cash Flows for the

six months ended of March 31, 2001 and 2000
6-7
(Unaudited).
 
Condensed Consolidated Statements of Changes in

Shareholders Deficiency.
8  
Notes to condensed Consolidated Financial Statements
9  
Item 2. Managements Discussion and Analysis of Financial

Conditions and Results of Operations.
10-11    
PART II  OTHER INFORMATION
12  
Signatures
13    
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

MICEL CORP. AND SUBSIDIARIES

PART I  FINANCIAL INFORMATION

MICEL CORP. AND SUBSIDIARIES

 

CONDENSED CONSOLIDATED BALANCE SHEETS

U.S dollars in thousands

 

 

 
 
March 31,

2001 (UNAUDITED)
September 30, 2000 (AUDITED)
ASSETS
In Thousands
In Thousands   
CURRENT ASSETS
Cash and cash equivalents
$340
$466
Trade receivables
277
415
Other accounts receivables and

prepaid expenses
 

48
 

44
Inventories
756
676 
----------
----------
Total current assets
1,421
1,601 
----------
---------
INVESTMENT IN AFFILIATED COMPANY
 

262
 

217
SEVERACE PAY FUND
----------

163
----------

156
PROPERTY PLANT AND EQUIPMENT, NET
----------

 

197
----------

 

298 
----------
----------
Total assets
$2,043
$2,272
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
 
March 31,

2001 (UNAUDITED)
September 30, 2000 (AUDITED) 
In Thousands
In Thousands
 

 

 

LIABILITIES AND SHAREHOLDERS DEFICIENCY

 

CURRENT LIABILITIES:  
Accounts payable and accrued liabilities
$ 541
$524
Advances from customers
18
- 
----------
----------
Total current liabilities
559
524 
----------
----------
ACCRUED SEVERANCE PAY
215
217 
----------
----------
LOSSES OF AN AFFILIATED COMPANY IN EXCESS OF INVESTMENT
 

4,001
 

4,001 
----------
----------
Total liabilities
4,775
4,742 
----------
----------   
SHAREHOLDERS DEFICIENCY:  
Common stock
63
63
Additional paid-in capital
8,462
8,457
Accumulated deficit
(11,257)
(10,990) 
----------
----------
Total shareholders deficiency
(2,732)
(2,470) 
----------
----------
Total liabilities and shareholders deficiency
$2,043
$2,272 
======
======
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

MICEL CORP. AND SUBSIDIARY

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

U.S dollars in thousands

(other than loss per share)

 

 

Six months ended March 31

           
TT Three months ended March 31
      
2001 (Unaudited)
2000

(Unaudited)
2001 (Unaudited)
2000

(Unaudited)     
----------
----------
----------
----------    
Sales
$ 728
$1,736
$ 243
$ 698    
Cost of sales
627
1,111
326
574     
----------
----------
----------
----------    
Gross profit (loss)
101
625
( 83)
124     
----------
----------
----------
----------    
Research and development expenses, net.
175
904
72
385    
Sales & Marketing expenses
80
402
43
198    
General and administrative expenses
148
642
67
286     
----------
----------
----------
----------    
Total operating expenses
403
1,948
182
869    
-
----------
----------
----------
----------    
Operating loss
302
1,323
265
745    
Financial expenses and other
10
294
5
232     
----------
----------
----------
----------    
Loss before income from affiliate company and minority interest
312
1,617
270
977    
Income from affiliate company
45
140
12
43    
Minority interest in losses of subsidiary
-
775
-
390     
----------
----------
----------
----------    
Net loss
$267
$702
$258
$544     
======
======
======
======    
Basic and diluted net loss per share
$0.04
$0.12
$0.04
$0.09     
======
======
======
======    
Weighted average number of shares used in computing basic and diluted      net loss per share
 

 

6,295,213
 

 

6,029,547
 

 

6,297,880
 

 

6,158,713     
======
======
======
======    
MICEL CORP. AND SUBSIDIARY

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

 
 
U.S dollars in thousands 
six months ended in March 31 
-------------------------------------- 
2001 (Unaudited)
2000 (Unaudited) 
--------------------
--------------------
Cash Flows From Operating Activities:  
Net loss
$(267)
$(702)
Adjustments to reconcile net loss to net cash used in operating      activities:  
Depreciation
63
116
Gain on sale of equipment
-
(3)
Equity in gain of affiliated company
(45)
(140)
Amortization of deferred compensation issuance of stock options to      employees. 
 

 

135
Minority interest in losses of subsidiary
-
 

(775)
Compensation due to conversion of minority interest loan in subsidiary
-
 

212
Change in operating assets and liabilities:  
Decrease(Increase) in accounts receivable
 

134
 

( 39)
Decrease (Increase) in inventories
(80)
93
Increase in accounts payable and accrued liabilities
 

17
 

274
Increase (decrease) in advances from customers
 

18
 

(66)
Increase (decrease) in accrued severance pay
 

(9)
 

16 
----------
----------
Net cash used in operating activities
(169)
(879) 
----------
----------
Cash flows From investing activities:  
Purchase of property and equipment
(14)
(333)
Proceed from sale of equipment
-
3
Proceed from note receivable
-
70
Government participation in the purchase of property and equipment
 

52
 

- 
----------
----------
Net cash provide by (used in) investing activities
 

38
 

(260)
 

 

 

   
Cash flows from financing activities:     
Proceeds from shareholders loan in

subsidiary
 

-
 

1,143
Net changes in short-term bank

overdraft facilities
 

-
 

67
Exercise of stock option
5
-
Receipt on account of subsidiary

shares to minority
 

-
 

25 
----------
----------
Net cash provided by financing activities
 

5
 

1,235
Increase (decrease) in cash and cash equivalents
 

(126)
 

96
Cash and cash equivalents at the beginning of period
 

466
 

360 
----------
----------
Cash and cash equivalents at the end of period
$340
$456 
======
======
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

MICEL CORPORATION AND SUBSIDIARY CONSOLIATED STATEMENT OFCHANGE IN SHERHOLDERS DEFICIENCY FOR THE SIX MONTHS ENDED IN MARCH 31, 2001

Common stock
No. of shares
Value 
----------
-------
----------
----------
-------
Balance, September 30, 2000
6,289,880
$63
$8,457
$ (10,990)
$(2,470)      
Exercise of stock options
8,000
-
5
-
5      
Net loss
-
-
-
(267)
(267)
----------
------
----------
----------
------
Balance,March 31, 2001
6,297,880
$63
$8,462
$ (11,257)
$ (2,732) 
======
===
======
======
===
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

MICEL CORP. AND SUBSIDIARY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL

STATEMENTS (UNAUDITED)

 

1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

The condensed consolidated balance sheet at March 31, 2001, the  consolidated statements of operations loss for the six and three months ended  March 31, 2001 and 2000, and the consolidated statements of cash flows for the  six months ended March 31, 2001 and 2000, have been prepared by the Company,  and are unaudited.

Reference should be made to the notes to the Company's September 30,2000

audited consolidated financial statements for additional details of the  company's consolidated financial condition, results of operations and cash  flows. The details in those notes have not changed except as a result of  normal transactions in the interim. All adjustments (of normal recurring  nature), which are, in the opinion of management, necessary to a fair  presentation of the results of the interim period have been included.

Micel's Subsidiaries:

a. Microkim

Founded in 1972, by M/A Com, Microkim is dedicated to providing advanced  products for a broad range of military and commercial applications. The  company is a leading supplier of portable field testers and simulators, RF and  microwave systems, sub-systems and components for application in  Communication, Electronic warfare, Radar, Test Equipment and  Simulators/Testers.

Microkim is 100% held by the parent.

b. RadioTel

RadioTel Ltd. Located in Israel, 33.7% of which is owned by the Company,  was established to develop a managed wireless Synchronous Digital Hierarchy  (SDH) transmission network. Through the use of novel techniques and state of  the art technologies, RadioTel hopes to extend wideband wireline/fiber  services into the wireless domain. These wireless networks are used to extend  the existing and future infrastructure while at the same time supplying full  transparency of all protocols (such as ATM (Asynchronous Transfer Mode), IP  (Internet Protocol), and (SDH) with the same reliability and uninterrupted  service of wireline services.

During 1997-1998, Clal Venture Capital Fund Limited Partnership (Clal),  H.B. Radio Investment Limited Partnership (HB), ComSor Investment Fund  LDC(Comsor) and other investors led by ComSor purchased 3,150,000 Series A  Preferred Shares of RadioTel, at a purchase price of $1 per share for a  total investment of $3,150,000. In consideration for the line of credit  granted by Bank Hapoalim on September 1999, RadioTel granted to Bank Hapoalim  warrants to purchase 87,470 ordinary shares of adioTel at $2.858 per share. In  November and December 1999, RadioTel borrowed from its existing shareholders  $1,200,000 (the loan), and in return granted to those shareholders warrants to  purchase 209,920 Ordinary shares at a price of $2.858 per share. On March 27,  2000, the Loan was converted into 419,860 Series B preferred shares. In  addition Lior Bergman purchased 7,430 series C Preferred shares in  consideration of an investment of $25,000. Lior Bergman was also granted  options to purchase 22,300 series C Preferred shares at $2.858 per share. On  March 27, 2000, several investors, including Formula Ventures, Clal  Electronics Industries Ltd., Yozma Capital Fund, ECI Telecom Ltd. and others,  perchased from RadioTel 3,072,990 series C Preferred shares for a net proceeds  of $10,185,000. In addition, ECI Ltd., Clal Electronics Industries Ltd. and  Formula Ventures were granted options to purchase 178,440 Ordinary shares at  per value. On October 2000, Chanoch Mails purchased from the company 29,740  series C Preferred shares for a total investment of $104,142. In addition,  2,864,560 shares were reserved to be issued to employees and consultants of  RadioTel. These shares represent 21.45% of the total shares outstanding. Tuvia  Barak, a consultant, and Rony Levy, president, each received options to  purchase 803,120 shares representing, im the aggregate, 12% of RdioTel  outstanding shares on fully diluted basis. As a result of the aforementioned,  the company now owns 25.28% of RadioTel outstanding share capital on a fully  diluted basis.

The Company held 51.5% of RadioTel until March 2000. On March

27, 2000 RadioTel completed a private placement of preferred shares as

discussed above, to third parties and existing shareholders and Micel s

ownership was reduced below 50 percent. Consequently, while RadioTel

had been fully consolidated until March 27, 2000, it has been accounted

for under the equity method of accounting since March 27,2000.

c. MICEL Wireless Corp.

MICEL Wireless Corp., a U.S. corporation located in Florida, is an  international telecommunications company engaged in the sourcing, marketing  and sales of wireless telephone terminals and other related products. MICEL  Wireless currently represents certain manufacturing companies and telecom  agencies as a purchasing agent and sales representative.

MICEL Wireless Corp. designs, manufactures, and sells fixed cellular  terminals for Wireless Local Loop (WLL) applications in developing countries.

Micel Wireless is jointly held by the parent and by Export Business  &Services Inc. ("EBS").

 

 

 

 

ITEM 2

MANAGEMENT'S DISCUSSION AND ANALYSIS OF

FINANCIAL CONDITIONS AND RESULTS OF OPERATIONS

GENERAL

 

The Company's operations are conducted through its wholly owned Israelisubsidiary, Microkim Ltd. A substantial portion of sales and purchases ofmaterials are in, or linked to the United States dollar. Most of other expensesare linked to the Israeli Shekel. Transactions and balances originallydenominated in dollars are presented at their original amounts.

Transactions and balances denominated in U.S. dollars are presented in theiroriginal amounts. Non-dollar transactions and balances have been remeasured toU.S. dollars accordance with statement No. 52 of the Financial AccountingStandards Board ("FASB"). All transactions gains and losses fromremeasurement of monetary balance sheet items denominated in non-dollarcurrencies are reflected in the statements of operations as financial income orexpenses, as appropriate.

 

FINANCIAL CONDITION:

 

The company's operations in the six months of the fiscal year ending onSeptember 30, 2001 ('Fiscal 2001') have been financed principally from revenuesfrom sales and from research and development grants.

The Company has $60,756 performance guarantees pursuant to contracts withcustomers. It is secured by liens on certain of Microkim's property andequipment, share capital and insurance rights, and by a secured interest in allof Microkim's assets.

In the six months ended March 31, 2001 net cash and cash equivalentsdecreased by $126,000 as a result of $169,000 used in operating activitiesoffset by $38,000 provided by investing activities and $5,000 from exercise ofstock option.

 

 

 

 

 

 

 

 

 

 

RESULTS OF OPERATIONS

Six months ended March 31, 2001 compared to the six months ended March 31,2000.

Sales in the six months ended March 31, 2001 were $728,054 as compared with$1, 736,431 in the six months ended March 31, 2000. The decrease in salescompared to the sales in the six months ended March 31,2000 resulted from thecompletion of a certain products that were delivered in the six months endedMarch 31,2000 and due to the influence of crisis in the market. Sales in the sixmonths ended March 31, 2001 included $728,054 sales by Microkim and no revenuesrecognized by RadioTel. Sales in the six months ended March 31,2000 included$1,430,950 and $305,481 revenues recognized by Microkim and RadioTel,respectively.

Cost of sales in the six months ended March 31, 2001 was 86% of sales or$627,033 as compared with 64% or $1,110,980 in the same period in 2000. Theincrease in cost of sales was due to the type of products that were delivered inthe 2000 period which has a lower cost of sale than those delivered in the 2001period. The cost of sales fluctuates for all the products.

Gross research and development expenses were $174,700 in the six months endedMarch 31,2001 and $903,975 in the same period in 2000.The decrease in theresearch and development expenses was due to the fact that the research anddevelopment expenses of RadioTel were included in the consolidated statementsfor the six months ended March 31,2000 but not in the same period ended March31,2001 since RadioTel has been accounted for under the equity method ofaccounting since March 27,2000. In the 2000 period the research and developmentexpenses in Microkim were $151,059.

Sales expenses in the six months ended March 31, 2001 were $80,191 comparedto $402,421 in the same period in 2000. The decrease in the sales expenses wasdue to the fact that the sales expenses of RadioTel were included in theconsolidated statements for the six months ended March 31,2000 but not in thesame period ended March 31,2001 since RadioTel has been accounted for under theequity method of accounting since March 27,2000. In the 2000 period the salesexpenses in Microkim were $83,344.

General and administrative expenses in the six months ended March 31,2001were $148,050 compared to $642,364 in the same period in 2000. The period in2000 includes RadioTels expenses. The expenses of Microkim and Micel in thesame period in 2000 were $130,506.

Financial expenses in the six months ended March 31, 2001 were $9,825compared with $293,678 in the same period in 2000. In the same period in 2000the expenses of the Company excluding the expenses of RadioTel were $28,173. Thedecrease was caused by the Company not using short-term bank overdraftfacilities in the 2001 period.

Company's share in the income of its 50% held affiliate, Micel Wireless, forthe first six months of fiscal year 2001, was $44,554 compared with the incomeof $140,122 in the first six months of fiscal 2000.

In the six months ended March 31, 2001, the Company reported a loss of$267,192. In the same period in 2000, the Company had a loss of $702,000. Thisdecrease in the loss was due to losses of RadioTel that were included in theperiod in 2000.

The inventories at March 31, 2001, consisted of $469,839 raw materials and$286,266 work in process as compared to $384,882 raw materials and $290,300 workin process at September 30, 2000.

The company is committed to pay royalties to the office of the ChiefScientist of the State of Israel ("OCS") in respect to products underdevelopment for which the OCS participated by way of grant. The royalty iscomputed at the rate of 2%-5% of proceeds from sales of such products up to theamount of such grant.

 

 

MICEL CORP. AND SUBSIDIARIES

 

PART II - OTHER INFORMATION

 

Item 1. Legal Proceeding

Reference is made to Form 10-KSB for the year ended

September 30, 2000.

 

Item 2. Changes in Securities

None.

 

Item 3. Default on Senior Securities

None.

 

Item 4. Submission of Matters to a Vote of Security Holders

None.

 

Item 5. Other Information

None.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

MICEL CORP. AND SUBSIDIARIES

 

Pursuant to the requirements of the Securities Exchange Actof 1934, the registrant has caused this report to be signed on behalf by theundersigned hereunto duly authorized.

 

MICEL CORP.

 

Registrant Date: May 15,2001 By: /s/ Ron Levy

-------------------------------

President and

 

Chief Executive and Financial Officer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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