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Item 1 Financial Information

Item 1 Financial Statements         

 THE FLAMEMASTER CORPORATION - CONDENSED BALANCE SHEETS

December 31 1999  (Unaudited)

September 30 1999 (Note)

ASSETS:

Current Assets:

Cash and cash equivalents

$ 2,153,920

$ 1,913.201

Marketable securities

4,191,443

2,449,981

Accounts receivable, less allowance of $5,000 and $5,000, respectively

364,043

496,776

Inventories

983,941

873,504

Prepaid expenses

24,522

36,298

Deferred income taxes

28,518

33,485

Settlement receivable

4,800

                   -------

Other investments

46,287

46,287
Total Current assets:

7,797,474

5,849,532

Machinery & Improvements, net of Accumulated depreciation

22,443

21,311

License agreement, net of accumulated amortization

83,397

87,567
TOTAL ASSETS

$ 7,903,314

$ 5,958,410

LIABILITIES AND STOCKHOLDERS' EQUITY:

Current Liabilities:

Accounts payable

$ 183,913

$ 85,880

Accured liabilities

10,180

8,203

Income tax payable

80,133

                   ------

Deferred tax liability

18,953

14,695

Deferred credits

22,262

22,262

Total current liabilities:

315,441

131,040

Long-term liabilities:

Notes payable

382,542

376,656

Total Liabilities

697,983

507,696

SHAREHOLDERS' EQUITY

Common Stock, par value, $.01 per, share authorized 6,000,000 shares; issued and outstanding 1,615,432 shares at 12/31/99 and 1,626,935 shares at 9/30/99

16,154

16,269

Additional paid-in Capital

3,707,444

3,733,846

Retained earnings

1,631,928

1,562,002

Allowance for marketable securities

1,849,805

138,597

TOTAL STOCKHOLDERS' EQUITY

$ 7,205,331

$ 5,450,714

TOTAL LIABILITY AND EQUITY

$ 7,903,314

$ 5,958,410
 

Note: Balance sheet as of September 30, 1999 has been derived from the audited balance sheet at that date.   

 

 

THE FLAMEMASTER CORPORATION

CONDENSED STATEMENTS OF INCOME (UNAUDITED)

THREE MONTHS ENDED DECEMBER 31,
 

1999

  

1998
Net sales $   850,516   $   800,131
Royalties 813   489
Interest and Other Income 166,218  

59,527
 

1,017,547

  

860,147
Costs and expenses:      
   Cost of sales 454,658   447,740
   Selling 68,909   66,871
   General and administrative 164,317   141,258
   Laboratory costs 67,077   62,775
   Other (income), expenses, net 21,496   13,078
Total costs and expenses: 776,457   731,722
Income before income taxes 241,090   128,425
Income taxes 100.316  

47,949
Net income 140,774   80,476
       
Other comprehensive income      
   Net of income tax      
Unrealized Holding Gains (Losses) 1,029,634   38,623
Comprehensive Income $ 1,170,408 $   119,099
       
Net income per share, basic

$.09

  

$.05
Net income per share, diluted

*****

  

$.05
Weighted average shares outstanding:      
   Basic

1,621,144

  

1,642,414
       
   Diluted

1,737,531

  

1,758,801
 

*****Diluted earnings per share is not presented, as effect of the assumed conversion of notes payabe is anti-dilutive.