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: December 31,2000

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.)

445 Central Ave., Cedarhurst New York 11516

(Address of Principal executive offices) (Zip Code)

(516) 569-0606

(Registrants telephone number, including area code)

 

(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 December 31, 2000)

 

 

 

 

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 December 31,

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

Condensed Consolidated Statements of operations for the

three months ended of December 31, 2000 and 1999
5
(Unaudited).
 
Condensed Consolidated Statements of Cash Flows for the

three months ended of December 31, 2000 and 1999
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

 
 
December 31,

2000 (UNAUDITED)
September 30, 2000 (AUDITED)
ASSETS
In Thousands
In Thousands   
CURRENT ASSETS  
Cash and cash equivalents
$444
$466
Trade receivables
414
415
Other accounts receivables
37
44
Inventories
651
676 
----------
----------
Total current assets
1,546
1,601 
----------
---------
INVESTMENT IN AFFILIATED COMPANIES
250
217
SEVERACE PAY FUND
217
156
PROPERTY PLANT AND EQUIPMENT, NET
237
298 
----------
----------
Total assets
$2,250
$2,272
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS DEFICIENCY

 

CURRENT LIABILITIES:  
Accounts payable and accrued liabilities
433
524
Advances from customers
19
- 
----------
----------
Total current liabilities
452
524 
----------
----------
ACCRUED SEVERANCE PAY
271
217   
LOSSES OF AN AFFILIATED COMPANY IN EXCESS OF INVESTMENT
4,001
4,001 
----------
----------
Total liabilities
4,724
4,742 
----------
----------   
SHAREHOLDERS DEFICIENCY:  
Common stock
63
63
Additional paid-in capital
8,462
8457
Accumulated deficit
(10,999)
(10,990) 
----------
----------
Total shareholders deficiency
(2,474)
(2,470) 
----------
----------
Total liabilities and shareholders deficiency
$2,250
$2,272 
======
======
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

MICEL CORP. AND SUBSIDIARY

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

 
U.S dollars in thousands (other than loss per share)

three month ended December 31      
2000 (Unaudited)
1999

(Unaudited)   
----------
----------  
Sales
485
1,038  
Cost of sales
301
537   
----------
----------  
Gross profit
184
501   
----------
----------  
Research and development expenses, net.
103
519  
Sales & Marketing expenses
37
204  
General and administrative expenses
81
359   
----------
----------  
Total operating expenses
221
1,082  
-
----------
----------  
Operating loss
37
581  
Financial expenses and other
5
59   
----------
----------  
Loss before income from affiliate company and minority interest
41
640  
Income from affiliate company
33
97  
Minority interest in losses of subsidiary
-
385   
----------
----------  
Net loss
$ 9
$ 158   
======
======  
Basic and diluted net loss per share
$0.001
$0.03   
======
======  
Weighted average number of shares used in computing basic and diluted      net loss per share
 

 

6,292,547
 

 

5,900,380   
======
======  
 

 

 

 

 

 

 

 

 

 

 

MICEL CORP. AND SUBSIDIARY

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

 
 
U.S dollars in thousands 
three month ended in December 31 
-------------------------------------- 
2000 (Unaudited)
1999 (Unaudited) 
--------------------
--------------------
Cash Flows From Operating Activities:  
Net loss
(9)
(158)
Adjustments to reconcile net loss to net cash used in operating      activities:  
Depreciation
12
43
Gain on sale of equipment
-
(3)
Equity in gain of affiliated company
(33)
(97)
Amortization of deferred compensation issuance of stock options to      employees. 
40
Minority interest in losses of subsidiary
-
(385)
Compensation from issuance of options to consultants
-
38
Change in operating assets and liabilities:  
Increase in accounts receivable
7
(207)
Decrease in inventories
25
171
Increase in accounts payable and accrued liabilities
(89)
(77)
Increase (decrease) in advances from customers
17
(17)
Increase (decrease) in accrued severance pay
(7)
6 
----------
----------
Net cash used in operating activities
(77)
(646) 
----------
----------
Cash flows From investing activities:  
Purchase of property and equipment
(3)
(181)
Proceed from sale of equipment
-
3
Proceed from note receivable
-
70
Government participation in the purchase of property and equipment
53
- 
----------
----------
Net cash provide by (used in) investing activities
50
(108)
 

 

 

   
Cash flows from financing activities:     
Proceeds from shareholders loan in

subsidiary
-
1,157
Net changes in short-term bank

overdraft facilities
-
186
Exercise of stock option
5
-
Receipt on account of subsidiary

shares to minority
-
25 
----------
----------
Net cash provided by financing activities
5
1368
Increase (decrease) in cash and cash equivalents
(22)
614
Cash and cash equivalents at the beginning of period
466
360 
----------
----------
Cash and cash equivalents at the end of period
$444
$974 
======
======
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

MICEL CORPORATION AND SUBSIDIARY CONSOLIATED STATEMENT OFCHANGE IN SHERHOLDERS DEFICIENCY FOR THE THREE MONTHS ENDED IN DECEMBER 31,2000

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      
Loss for the period
-
-
-
(9)
(9)
----------
------
----------
----------
------
Balance,Dec31, 2000
6,297,880
$63
$8,462
$ (10,999)
$ (2,474) 
======
===
======
======
===
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

MICEL CORP. AND SUBSIDIARY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL

STATEMENTS (UNAUDITED)

 

1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

The condensed consolidated balance sheet at December 31, 2000, the  consolidated statements of operations loss for the three months ended December  31, 2000 and 1999, and the consolidated statements of cash flows for the three  months ended December 31, 2000 and 1999, 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 three 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 $49,692 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 three months ended December 31, 2000 net cash and cash equivalentsdecreased by $22,000 as a result of $77,000 used in operating activities offsetby $50,000 provided by investing activities and $5,000 from exercise of stockoption.

 

 

 

 

 

 

 

 

 

 

RESULTS OF OPERATIONS

Three months ended December 31, 2000 compared to the three months endedDecember 30, 1999.

Sales in the three months ended December 31, 2000 were $484,629 as comparedwith $1,038,151 in the three months ended December 31, 1999. The decrease insales compared to the sales in the three months ended December 31,1999 resultedfrom the completion of a certain products that were delivered in the threemonths ended December 31,1999. Sales in the three months ended December31, 2000included $484,629 sales by Microkim and no revenues recognized by RadioTel.Sales in the three months ended December 31,1999 included $872,120 and $217,750revenues recognized by Microkim and RadioTel, respectively.

Cost of sales in the three months ended December 31, 2000 was 62% of sales or$301,133 as compared with 52% or $536,771 in the same period in 2000. Theincrease in cost of sales as a percentage of sales is mainly caused by thedevaluation of the dollar. Most of the sales are linked to the dollar and thecost of sales is linked to the Israeli shekel. The increase in cost of sales wasalso due to the type of products that were delivered in the 2000 period whichhas a lower cost of sale than those delivered in the 2001 period. The cost ofsales fluctuates for all the products.

Gross research and development expenses were $103,149 in the three monthsended December 31,2000 and $519,142 in the same period in 2000.The decrease inthe research and development expenses due to the fact that the research anddevelopment expenses of RdioTel were included in the consolidated statements forthe three months ended December 31,1999 but not in the same period endedDecember 31,2000 since RadioTel has been accounted for under the equity methodof accounting since March 27,2000. In the 2000 period the research anddevelopment expenses in Microkim were $72,816.

Sales expenses in the three months ended December 31, 2000 were $36,666compared to $204,073 in the same period in 2000. The decrease was due to thechange of the accounting method of RadioTel. In the 2000 period the salesexpenses in Microkim were $43,352.

General and administrative expenses in the three months ended December31,2000 were $81,045 compared to $358,861 in the same period in 2000. The periodin 2000 includes RadioTels expenses. The expenses of Microkim in the sameperiod in 2000 were $73,002.

Financial expenses in the three months ended December 31, 2000 were $4,953compared with $59,417 in the same period in 2000. In the same period in 2000 theexpenses of the Company Fix up offset the expenses of RadioTel were $22,141. Thedecrease was caused by the fact that the Company is not using short-term bankoverdraft facilities.

Company's share in the income of its 50% held affiliate, Micel Wireless, forthe first three months of fiscal year 2001, was $32,553 compared with the incomeof $96,436 in the first three months of fiscal 2000.

In the three months ended December 31, 2000, the Company reported a loss of$8,964. In the same period in 2000, the Company had a loss of $158,103. Thisdecrease in the loss was due to losses of RadioTel that were included in theperiod in 2000.

The inventories at December 31, 2000, consisted of $404,952 raw materials and$246,487 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.

 

Item 6. Exhibits and Reports on Form 8-K

Exhibit 27

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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: February 20,2001 By: /s/ Ron Levy

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

President and

 

Chief Executive and Financial Officer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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443,828
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<RECEIVABLES>
450,260
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651,439
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