10-Q 1 f10q63001.txt QUARTER ENDING 6/30.01 - RADIANT TE 3 R:\Year-end 2001\10Q0601.doc SECURITIES AND EXCHANGE COMMISSION WASHINGTON D. C. 20549 FORM 10Q Quarterly Report Under Section 13 or 15 (d) Of the Securities Exchange Act of 1934 For the Quarter ended June 30, 2001 Commission File Number 0-10125 Radiant Technology Corporation (Exact name of registrant as specified in its charter) California 95-2800355 (State or other jurisdiction of (I.R.S Employer incorporation or organization) identification number) 1335 South Acacia Avenue, Fullerton, CA 92831 (Address of principal executive offices)(Zip Code) (714) 991 - 0200 (Registrant's Telephone number, including area code) Inapplicable (Former name, former address and former fiscal year, if changed since last report) 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 X No Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date. Common Stock, no par value 2,081,678 -------------------------- --------- (Class) (Outstanding at June 30, 2001) 1 RADIANT TECHNOLOGY CORPORATION INDEX Part I Financial Information:...........................................Page No. Condensed Balance Sheets- June 30, 2001 and September 30, 2000 (unaudited)...............................3 Condensed Statements of Operations - Three Months Ended June 30, 2001 and 2000 (unaudited)...........................4 Condensed Statements of Operations - Nine Months Ended June 30, 2001 and 2000 (unaudited).........................4 Condensed Statements of Cash Flows - Nine Months Ended June 31, 2001 and 2000 (unaudited).........................5 Notes to Condensed Financial Statements (unaudited)................6 Management's Discussion and Analysis of Financial Condition and Results of Operation................................6 Part II Other Information: Legal Proceedings and Exhibits.....................................7 Signature Page.....................................................8 2 RADIANT TECHNOLOGY CORPORATION PART I FINANCIAL INFORMATION CONDENSED BALANCE SHEETS (UNAUDITED)

The accompanying notes are an integral part of these financial statements. 3 RADIANT TECHNOLOGY CORPORATION PART I FINANCIAL INFORMATION-CONTINUED CONDENSED STATEMENTS OF OPERATIONS (UNAUDITED)

The accompanying notes are an integral part of these financial statements 4 RADIANT TECHNOLOGY CORPORATION PART 1 FINANCIAL INFORMATION-CONTINUED CONDENSED STATEMENT OF CASH FLOWS (UNAUDITED)

The accompanying notes are an integral part of these financial statements 5 RADIANT TECHNOLOGY CORPORATION PART I FINANCIAL INFORMATION - CONTINUED NOTES TO CONDENSED FINANCIAL STATEMENTS FOR JUNE 30, 2001 (UNAUDITED) ITEM 1 - Notes 1. General The accompanying unaudited consolidated financial statements of Radiant Technology Corporation (the "Company") have been prepared in accordance with the instructions to Form 10-Q and do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. These statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company's Form 10-K for the year ended September 30, 2000. In the opinion of management, all adjustments, consisting of normal recurring adjustments, considered necessary for the fair presentation have been included. Operating results for interim periods are not necessarily indicative of results expected for a full year. ITEM 2 - Management's Discussion and Analysis of Financial Condition and Results of Operation All statements, other than statements of historical fact, included in this Form 10-Q are, or may be deemed to be, "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements involve assumptions, known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements contained in this Form 10-Q. Financial Condition, Liquidity and Capital Resources The Company's cash and equivalents decreased from $1,528,383 at September 30, 2000 to $1,143,533 at June 30, 2001. This decrease of $384,850 is attributable to cash generated from operating activities of $220,103, use of cash in investing activities of $118,078 and use of cash of $486,875 in the repayment of financing activities. Management believes that the expected revenues from operations, supplemented by the cash on hand, will be sufficient to provide adequate cash to fund anticipated working capital and other cash needs during the remainder of the year. 6 Results of Operations Sales were approximately $1,029,000 and $1,013,600 for the three months ended June 30, 2001 and 2000, respectively, an increase of 1.5%. Year-to-date sales were $4,506,700 and $2,871,000 for the nine months ended June 30, 2001 and 2000, respectively, an increase of 57.0%. The increase in revenues from 2000 to 2001 resulted principally from increased shipments to customers developed in prior periods. The Company's overall cost of sales increased as a percentage of sales for the three months ended June 30, 2001 to 75.2%, compared to the three months ended June 30, 2000 of 72.2%. The increase is attributed to a higher mix of lower margin products. Net income decreased to 0.4% of sales for the quarter ending June 30, 2001 compared to 1.5% for the quarter ending June 30, 2000 due to the lower gross profit margin more than offsetting lower operating expenses compared to the prior year. The Company's overall cost of sales increased as a percentage of sales for the nine months ended June 30, 2001 to 70.1%, compared to the nine months ended June 30, 2000 of 66.5%. The increase is attributed to additional costs incurred in managing an influx of orders and streamlining the process flow to manage continued increases in equipment orders. Net income increased to 4.7% of sales for the nine months ending June 30, 2001 compared to 2.5% for the comparable period ending June 30, 2000 due to reductions in operating expenses to 25.9% of sales from 31.9% of sales in the prior year. RADIANT TECHNOLOGY CORPORATION PART II - OTHER INFORMATION Item 1. Legal Proceedings None. Item 6. Reports on 8-K None. 7 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. RADIANT TECHNOLOGY CORPORATION (Registrant) Dated: August 15, 2001 /s/ L. R. McNamee Lawrence R. McNamee Chairman of the Board, Chief Operating Officer, Chief Executive Officer 8

RADIANT TECHNOLOGY CORP 10-Q