FOR THE TRANSITION PERIOD FROM TO
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Commission file number 1-9999
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ABC COMPANY
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(Exact name of registrant as specified in its charter) | ||
New York |
22-2222222 | |
(State or other jurisdiction of
incorporation or organization) |
(I.R.S. Employer
Identification Number) | |
1 Main Street, New York 00000 |
202-555-1212 | |
(Address of principal
executive offices) |
(Registrant's telephone number,
including area code) | |
Securities registered pursuant to Section 12 (b) of the Act: | ||
Class A Common Stock - $1.00 Par Value |
New York Stock Exchange | |
Class B Common Stock - $1.00 Par Value |
New York Stock Exchange | |
(Title of each class) |
(Name of each exchange on which registered) | |
Securities registered pursuant to Section 12 (g) of the Act:
None |
Large accelerated filer: x |
Accelerated filer: o |
Non-accelerated filer: o |
Smaller reporting company: o |
(Do not check if a smaller reporting company) |
2010 | 2009 | |
CURRENT ASSETS | ||
Cash and cash equivalents | 11,000 | 10,000 |
Restricted cash | 1,000 | 1,000 |
Short term investments | 1,000 | 1,000 |
Accounts receivable, net of allowance for doubtful accounts of $1,000 and $1,000 | 29,000 | 29,000 |
Inventories | 4,000 | 4,000 |
Prepaid expenses | 8,000 | 8,000 |
Other | 2,000 | 2,000 |
Total current assets | 56,000 | 56,000 |
NONCURRENT ASSETS | ||
Property, plant and equipment, net | 9,000 | 9,000 |
Other noncurrent assets (1) | 82,000 | 82,000 |
Total noncurrent assets | 91,000 | 91,000 |
Total assets | 147,000 | 147,000 |
2010 | 2009 | |
CURRENT LIABILITIES | ||
Accounts payable and accrued expenses | 7,000 | 7,000 |
Current portion of long-term debt | 22,000 | 22,000 |
Other | 26,000 | 26,000 |
Total current liabilities | 55,000 | 55,000 |
NONCURRENT LIABILITIES | ||
Accounts payable and accrued expenses, noncurrent | 1,000 | 1,000 |
Long-term debt | 19,000 | 19,000 |
Other noncurrent liabilities (2) | 32,000 | 33,000 |
Total noncurrent liabilities | 52,000 | 53,000 |
Total liabilities | 107,000 | 108,000 |
Commitments and contingencies (Note G) | ||
STOCKHOLDERS' EQUITY | ||
Preferred stock, $1 par, 10,000 shares authorized, issued and outstanding; redemption abount $5,000, liquidation preference $10,000, conversion basis Tincidunt cursus est | 10,000 | 10,000 |
Class A and Class B common stock, $1 par, 110,000 shares authorized (Class A 60,000, Class B 50,000), 90,000 shares issued and outstanding (Class A 50,000, Class B 40,000) | 20,000 | 20,000 |
Additional paid in capital | 1,000 | 1,000 |
Treasury stock, share value $1, 10,000 shares, restrictions are Cursus est ullamcorper vel sollicitudin lacus | (2,000) | (2,000) |
Retained earnings | 7,000 | 7,000 |
Stockholders' equity attributable to parent | 36,000 | 36,000 |
Stockholders' equity attributable to noncontrolling interest | 4,000 | 3,000 |
Stockholders' equity including portion attributable to noncontrolling interest | 40,000 | 39,000 |
Total liabilities and stockholders' equity | 147,000 | 147,000 |
(1) Proin elit sem, ornare non, ullamcorper vel, sollicitudin a, lacus. Mauris tincidunt cursus est. Nulla sit amet nibh. Sed elementum feugiat augue. Nam non tortor non leo porta bibendum. Morbi eu pede.
(2) Proin elit sem, ornare non, ullamcorper vel, sollicitudin a, lacus. Mauris tincidunt cursus est. Nulla sit amet nibh. Sed elementum feugiat augue. Nam non tortor non leo porta bibendum. Morbi eu pede.
2010 | 2009 | |
GROSS PROFIT | ||
Revenues | 10,000 | 10,000 |
Cost of revenues | 1,000 | 1,000 |
Gross profit | 9,000 | 9,000 |
OPERATING EXPENSES | ||
Operating costs and expenses | 1,000 | 1,000 |
Selling, general and administrative expense | 1,000 | 1,000 |
Provision for doubtful accounts | 1,000 | 1,000 |
(Gain) loss on disposal of assets | (1,000) | (1,000) |
Other general expenses | 1,000 | 1,000 |
Total operating expenses | 3,000 | 3,000 |
Other operating income | 1,000 | 1,000 |
Operating income | 7,000 | 7,000 |
Nonoperating income | 1,000 | 1,000 |
Interest and debt expense | (1,000) | (1,000) |
Income from continuing operations before Income taxes, noncontrolling interest and income (loss) from equity method investments | 7,000 | 7,000 |
Income from equity method investments | 1,000 | 1,000 |
Income tax expense | (1,000) | (1,000) |
Income from continuing operations including portion attributable to noncontrolling interests | 7,000 | 7,000 |
Income from discontinued operations, net of tax, including portion attributable to noncontrolling interests | 1,000 | 1,000 |
Income before extraordinary items | 8,000 | 8,000 |
Extraordinary gain, net of tax, including portion attributable to noncontrolling interests | 2,000 | 2,000 |
Net income including portion attributable to noncontrolling interest | 10,000 | 10,000 |
BREAKDOWN OF NET INCOME | ||
Net income attributable to parent | 9,000 | 9,000 |
Net income attributable to noncontrolling interest | 1,000 | 1,000 |
Net income including portion attributable to noncontrolling interest | 10,000 | 10,000 |
EARNINGS PER SHARE | ||
Basic earnings per common share | 1.00 | 1.00 |
2010 | 2009 | |
CASH FLOWS FROM OPERATING ACTIVITIES FROM CONTINUING OPERATIONS | ||
Proceeds from customers | 20,000 | 22,000 |
Payments to suppliers and employees | (10,000) | (11,000) |
Net cash flow provided by operating activities | 10,000 | 11,000 |
CASH FLOWS FROM FINANCING ACTIVITIES FROM CONTINUING OPERATIONS | ||
Proceeds from sale of property, plant and equipment | 20,000 | 20,000 |
Payments to aquire property, plant and equipment | (10,000) | (10,000) |
Net cash flow provided by investing activities | 10,000 | 10,000 |
CASH FLOWS FROM INVESTING ACTIVITIES FROM CONTINUING OPERATIONS | ||
Proceeds from issuance of long-term debt | 20,000 | 20,000 |
Repayment of long-term debt | (32,000) | (32,000) |
Payment of dividends | (8,000) | (8,000) |
Net cash flow used in financing activities | (20,000) | (20,000) |
Net cash flow provided by discontinued operations | 10,000 | 10,000 |
Effect of exchange rate on cash | (9,000) | (10,000) |
Net change in cash and cash equivalents | 1,000 | 1,000 |
Cash and cash equivalents, beginning balance | 10,000 | 9,000 |
Cash and cash equivalents, ending balance | 11,000 | 10,000 |
(Reconcilation of amount) | Preferred stock, Class A | Common stock, Class A | Common stock, Class B | Additional paid in capital | Treasury stock | Retained earnings | Stockholders' equity attributable to parent | Stockholders' equity attributable to noncontrolling interest | Stockholders' equity including portion attributable to noncontrolling interest |
Balance, December 31, 2008 | 10,000 | 10,000 | 10,000 | 1,000 | (2,000) | 7,000 | 36,000 | 2,000 | 38,000 |
Net income (loss) | - | - | - | - | - | 9,000 | 9,000 | 1,000 | 10,000 |
Dividends | - | - | - | - | - | (9,000) | (9,000) | - | (9,000) |
Balance, December 31, 2009, as previously reported | 10,000 | 10,000 | 10,000 | 1,000 | (2,000) | 7,000 | 36,000 | 3,000 | 39,000 |
Correction of prior period error | - | - | - | - | - | 2,000 | 2,000 | - | 2,000 |
Effect of mandatory change in accounting policy for adoption of FAS XXX | - | - | - | - | - | (1,000) | (1,000) | - | (1,000) |
Effect of Voluantary Change in Accounting Policy | - | - | - | - | - | (1,000) | (1,000) | - | (1,000) |
Balance, December 31, 2009, restated | 10,000 | 10,000 | 10,000 | 1,000 | (2,000) | 7,000 | 36,000 | 3,000 | 39,000 |
Net income (loss) | - | - | - | - | - | 9,000 | 9,000 | 1,000 | 10,000 |
Dividends | - | - | - | - | - | (9,000) | (9,000) | - | (9,000) |
Balance, December 31, 2010 | 10,000 | 10,000 | 10,000 | 1,000 | (2,000) | 7,000 | 36,000 | 4,000 | 40,000 |
(Reconcilation of shares outstanding) | Preferred stock, Class A | Common stock, Class A | Common stock, Class B |
Balance, December 31, 2008 | 20,000 | 50,000 | 40,000 |
Sollicitudin lactus | - | - | - |
Balance, December 31, 2009 | 20,000 | 50,000 | 40,000 |
Sollicitudin lactus | - | - | - |
Balance, December 31, 2010 | 20,000 | 50,000 | 40,000 |
Proin elit sem, ornare non, ullamcorper vel, sollicitudin a, lacus. Mauris tincidunt cursus est. Nulla sit amet nibh. Sed elementum feugiat augue. Nam non tortor non leo porta bibendum. Morbi eu pede.
Proin elit sem, ornare non, ullamcorper vel, sollicitudin a, lacus. Mauris tincidunt cursus est. Nulla sit amet nibh. Sed elementum feugiat augue. Nam non tortor non leo porta bibendum. Morbi eu pede. Proin elit sem, ornare non, ullamcorper vel, sollicitudin a, lacus. Mauris tincidunt cursus est. Nulla sit amet nibh. Sed elementum feugiat augue. Nam non tortor non leo porta bibendum. Morbi eu pede.
Mauris tincidunt cursus est. Nulla sit amet nibh. Sed elementum feugiat augue. Nam non tortor non leo porta bibendum. Morbi eu pede.Proin elit sem, ornare non, ullamcorper vel, sollicitudin a, lacus.
Pellentesque condimentum commodo wisi. Fusce gravida, ligula a placerat placerat, leo erat euismod lectus, et lacinia justo libero non pede. Vivamus ac velit vel magna nonummy pretium.
Nulla facilisi. Aliquam viverra risus vitae ante. Sed rhoncus mi in wisi.
Valuation basis | Depreciation method | Estimated life | Dispositions | |
Land | Mauris tincidunt cursus est | NA | NA | Nam non tortor non |
Machinery and equipment | Mauris tincidunt cursus est | Sed elementum feugiat augue | 20 | Nam non tortor non |
Furniture and fixtures | Mauris tincidunt cursus est | Mauris tincidunt | 10 | Nam non tortor non |
Inventories as of December 31 was as follows (thousands):
2010 | 2009 | |
Finished goods | 1,000 | 1,000 |
Work in progress | 1,000 | 1,000 |
Raw materials | 1,000 | 1,000 |
Other | 1,000 | 1,000 |
Total inventory, net | 4,000 | 4,000 |
Property, plant and equipment as of December 31 was as follows (thousands):
2010 | 2009 | |
Land | 1,000 | 1,000 |
Machinery and equipment, net | 2,000 | 2,000 |
Furniture and fixtures, net | 6,000 | 6,000 |
Total property, plant and equipment, net | 9,000 | 9,000 |
Maturities of debt as of December 31 was as follows (thousands):
2010 | |
Current | 22,000 |
2012 | 1,000 |
2013 | 1,000 |
2014 | 1,000 |
2015 | 1,000 |
Thereafter | 15,000 |
Total debt | 41,000 |
Long-term debt instruments as of December 31 was as follows (thousands):
2010 | 2009 | |
Mauris tincidunt cursus est, 10% cursus elit sem, April elit tincidunt tincidunt, collateral mincidunt | 30,000 | 30,000 |
Mincidunt est, 12.5% cursus elit sem, October elit tincidunt tincidunt, collateral mincidunt | 11,000 | 11,000 |
Total debt | 41,000 | 41,000 |
Less current portion | (22,000) | (22,000) |
Long-term debt | 19,000 | 19,000 |
Sed elementum feugiat augue. Nam non tortor non leo porta bibendum. Morbi eu pede. Nulla sit amet nibh. Proin elit sem, ornare non, ullamcorper vel, sollicitudin a, lacus. Mauris tincidunt cursus est.
Proin elit sem, ornare non, ullamcorper vel, sollicitudin a, lacus. Mauris tincidunt cursus est. Nam non tortor non leo porta bibendum. Morbi eu pede. Nulla sit amet nibh. Sed elementum feugiat augue. Proin elit sem, ornare non, ullamcorper vel, sollicitudin a, lacus. Mauris tincidunt cursus est. Nulla sit amet nibh. Sed elementum feugiat augue. Nam non tortor non leo porta bibendum. Morbi eu pede.
Nulla sit amet nibh. Sed elementum feugiat augue. Nam non tortor non leo porta bibendum. Morbi eu pede. Proin elit sem, ornare non, ullamcorper vel, sollicitudin a, lacus. Mauris tincidunt cursus est. Nulla sit amet nibh. Sed elementum feugiat augue. Nam non tortor non leo porta bibendum. Morbi eu pede. Mauris tincidunt cursus est. Proin elit sem, ornare non, ullamcorper vel, sollicitudin a, lacus.
2010 | 2009 | |
Loss contingency accrual, at carrying value, beginning balance | 1,147 | 1,148 |
Provision | 6,408 | 400 |
Payments | (2,208) | (401) |
Loss contingency accrual, at carrying value, ending balance | 5,347 | 1,147 |
2010 | 2009 | |
Mauris tincidunt cursus est | 100,000 | 200,000 |
Nulla sit amet nibh | 100,000 | 200,000 |
Nam non tortor non leo | 100,000 | 200,000 |
Total | 300,000 | 600,000 |
Information for business segments as of and for the years ended December 31 was as follows (thousands):
2010 | Revenues | Operating Expenses | Selling and administrative expenses | Depreciation | Operating Income (Loss) | Capital Additions | Total Assets |
Business segment Alpha | 4,000 | 1,000 | 250 | 100 | 4,000 | 4,000 | 25,000 |
Business segment B | 2,000 | 1,000 | 250 | 100 | 1,000 | 2,000 | 25,000 |
Business segment C | 2,000 | 500 | 250 | 100 | 1,000 | 2,000 | 47,000 |
Business segment D | 2,000 | 500 | 250 | 200 | 1,000 | 2,000 | 50,000 |
Total | 10,000 | 3,000 | 1,000 | 500 | 7,000 | 10,000 | 147,000 |
2009 | Revenues | Operating Expenses | Selling and administrative expenses | Depreciation | Operating Income (Loss) | Capital Additions | Total Assets |
Business segment Alpha | 4,000 | 1,000 | 250 | 100 | 4,000 | 4,000 | 25,000 |
Business segment B | 2,000 | 1,000 | 250 | 100 | 1,000 | 2,000 | 25,000 |
Business segment C | 2,000 | 500 | 250 | 100 | 1,000 | 2,000 | 47,000 |
Business segment D | 2,000 | 500 | 250 | 200 | 1,000 | 2,000 | 50,000 |
Total | 10,000 | 3,000 | 1,000 | 500 | 7,000 | 10,000 | 147,000 |
Revenues by geographic areas were as follows for the years ended December 31 (thousands):
2010 | 2009 | |
NORTH AMERICA: | ||
United States | 4,000 | 4,000 |
Canada | 2,000 | 2,000 |
Total North America | 6,000 | 6,000 |
EUROPE: | ||
United Kingdom | 2,000 | 2,000 |
Germany | 2,000 | 2,000 |
Total Europe | 4,000 | 4,000 |
Total | 10,000 | 10,000 |