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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Thermodynetics Inc (CE) | USOTC:TDYT | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.000001 | 0.00 | 01:00:00 |
Nevada
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06-1042505
|
(State or other jurisdiction
|
(I.R.S. Employer
|
of incorporation or organization)
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Identification No.)
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Large accelerated filer
¨
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Accelerated filer
¨
|
||||
Non-accelerated filer
¨
|
Smaller reporting company
þ
|
||||
(Do not check if a smaller reporting company)
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Class
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Outstanding at July 15, 2009
|
|
Common stock $.01 Par Value
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4,090,306 Shares
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Item 1.
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Financial Statements
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THERMODYNETICS, INC. AND SUBSIDIARIES
|
||||||||||||||||
CONSOLIDATED BALANCE SHEETS
|
||||||||||||||||
JUNE 30, 2009, 2008, 2007 AND 2006
|
||||||||||||||||
(UNAUDITED)
|
||||||||||||||||
(in 000's)
|
||||||||||||||||
2009
|
2008
|
2007
|
2006
|
|||||||||||||
(Restated)
|
(Restated)
|
(Restated)
|
(Restated)
|
|||||||||||||
ASSETS
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||||||||||||||||
CURRENT ASSETS
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||||||||||||||||
Cash
|
$ | 444 | $ | 331 | $ | 498 | $ | 1,632 | ||||||||
Marketable securities
|
51 | 72 | 248 | - | ||||||||||||
Prepaid expenses and other current assets
|
312 | 15 | 55 | 62 | ||||||||||||
Total current assets
|
807 | 418 | 801 | 1,694 | ||||||||||||
PROPERTY, PLANT AND EQUIPMENT, net
|
3,167 | 3,340 | 3,420 | 3,469 | ||||||||||||
DEFERRED INCOME TAXES
|
1,200 | 1,200 | 1,200 | 1,760 | ||||||||||||
OTHER ASSETS
|
||||||||||||||||
Investments - at equity
|
5,510 | 4,786 | 4,821 | 3,720 | ||||||||||||
Related party receivables
|
988 | 1,151 | 33 | (26 | ) | |||||||||||
Other
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80 | 188 | 166 | 130 | ||||||||||||
Total other assets
|
6,578 | 6,125 | 5,020 | 3,824 | ||||||||||||
$ | 11,752 | $ | 11,083 | $ | 10,441 | $ | 10,747 | |||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||||||||
CURRENT LIABILITIES
|
||||||||||||||||
Line of credit
|
$ | 1,012 | $ | 145 | $ | - | $ | - | ||||||||
Accounts payable
|
226 | 250 | 65 | 32 | ||||||||||||
Accrued expenses and taxes
|
588 | 166 | 223 | 154 | ||||||||||||
Current portion of long-term debt
|
98 | 123 | 96 | 164 | ||||||||||||
Current portion of liabilities from discontinued operations
|
- | - | - | 144 | ||||||||||||
Total current liabilities
|
1,924 | 684 | 384 | 494 | ||||||||||||
LONG-TERM LIABILITIES
|
||||||||||||||||
Long-term debt, less current maturities above
|
1,543 | 1,639 | 1,740 | 1,739 | ||||||||||||
Long-term liabilities from discontinued operations
|
2,782 | 2,782 | 2,782 | 3,312 | ||||||||||||
Total long-term liabilities
|
4,325 | 4,421 | 4,522 | 5,051 | ||||||||||||
COMMITMENTS AND CONTINGENCIES
|
- | - | - | - | ||||||||||||
STOCKHOLDERS' EQUITY
|
||||||||||||||||
Common stock, par value $.01 per share; authorized
|
||||||||||||||||
25,000,000 shares
|
41 | 41 | 40 | 40 | ||||||||||||
Additional paid-in capital
|
7,138 | 7,138 | 7,116 | 7,237 | ||||||||||||
Accumulated other comprehensive income
|
25 | 45 | 24 | - | ||||||||||||
Deficit
|
(1,701 | ) | (1,246 | ) | (1,645 | ) | (2,075 | ) | ||||||||
5,503 | 5,978 | 5,535 | 5,202 | |||||||||||||
$ | 11,752 | $ | 11,083 | $ | 10,441 | $ | 10,747 |
THERMODYNETICS, INC. AND SUBSIDIARIES
|
||||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
|
||||||||||||||||
FOR THE THREE MONTHS ENDED JUNE 30, 2009, 2008, 2007 AND 2006
|
||||||||||||||||
(UNAUDITED)
|
||||||||||||||||
(in 000's, except earnings per share)
|
||||||||||||||||
2009
|
2008
|
2007
|
2006
|
|||||||||||||
(Restated)
|
(Restated)
|
(Restated)
|
(Restated)
|
|||||||||||||
REVENUES
|
|
|
|
|
||||||||||||
Consulting Fee & Rental Income
|
$ | 248 | $ | 273 | $ | 230 | $ | 214 | ||||||||
Manufacturing Sales
|
2,840 | |||||||||||||||
COST OF SALES
|
- | - | - | 2,160 | ||||||||||||
OPERATING EXPENSES
|
458 | 320 | 291 | 676 | ||||||||||||
Income (loss) from operations
|
(210 | ) | (47 | ) | (61 | ) | 218 | |||||||||
EQUITY IN EARNINGS OF UNCONSOLIDATED SUBSIDIARY
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211 | 304 | 297 | 79 | ||||||||||||
OTHER INCOME (EXPENSE)
|
||||||||||||||||
Other, net
|
1 | - | 6 | - | ||||||||||||
Interest expense
|
(40 | ) | (32 | ) | (32 | ) | (62 | ) | ||||||||
Gain of sale of investment in unaffiliated company
|
- | - | - | |||||||||||||
Gain on sale of stock
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2,666 | |||||||||||||||
(39 | ) | (32 | ) | (26 | ) | 2,604 | ||||||||||
Income (loss) before provision for income taxes
|
(38 | ) | 225 | 210 | 2,901 | |||||||||||
PROVISION FOR INCOME TAXES
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- | 2 | - | 107 | ||||||||||||
Income (loss) from continuing operations
|
(38 | ) | 223 | 210 | 2,794 | |||||||||||
DISCONTINUED OPERATIONS
|
||||||||||||||||
Loss from discontinued operations including gain on extinguishment
|
||||||||||||||||
of debt of $605,929
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- | - | - | (9 | ) | |||||||||||
Net loss on discontinued operations
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- | - | - | (9 | ) | |||||||||||
Net income (loss)
|
(38 | ) | 223 | 210 | 2,785 | |||||||||||
OTHER COMPREHENSIVE INCOME (LOSS), net of tax
|
- | 6 | 22 | - | ||||||||||||
Comprehensive income (loss)
|
$ | (38 | ) | $ | 229 | $ | 232 | $ | 2,785 | |||||||
EARNINGS PER COMMON SHARE
|
$ | (0.01 | ) | $ | 0.05 | $ | 0.05 | $ | 0.70 |
THERMODYNETICS, INC. AND SUBSIDIARIES
|
||||||||||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
||||||||||||||||
FOR THE THREE MONTHS ENDED JUNE 30, 2009, 2008, 2007 AND 2006
|
||||||||||||||||
(UNAUDITED)
|
||||||||||||||||
(in 000's)
|
||||||||||||||||
|
||||||||||||||||
2009
|
2008
|
2007
|
2006
|
|||||||||||||
(Restated)
|
(Restated)
|
(Restated)
|
(Restated)
|
|||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES
|
||||||||||||||||
Net income (loss)
|
$ | (38 | ) | $ | 223 | $ | 210 | $ | 2,785 | |||||||
Adjustments to reconcile net income (loss) to net
|
||||||||||||||||
cash provided by operating activities:
|
||||||||||||||||
Depreciation and amortization
|
51 | 103 | 42 | 59 | ||||||||||||
Earnings in unconsolidated subsidiary
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(187 | ) | (266 | ) | (455 | ) | (71 | ) | ||||||||
Gain on sale of stock of subsidiary
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- | - | - | (2,666 | ) | |||||||||||
Deconsolidation of subsidiary, net of cash
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- | - | - | 117 | ||||||||||||
Increase (decrease) in deferred tax liability
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- | - | - | (720 | ) | |||||||||||
Changes in operating assets and liabilities:
|
||||||||||||||||
Decrease (increase) in accounts receivable
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- | - | - | (1,147 | ) | |||||||||||
Decrease (increase) in inventories
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- | - | - | 1,090 | ||||||||||||
(Increase) decrease in prepaid expenses and
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||||||||||||||||
other current assets
|
271 | 10 | (18 | ) | 529 | |||||||||||
(Increase) decrease in other assets
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- | - | - | 35 | ||||||||||||
Increase (decrease) in accounts payable
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21 | 169 | 28 | (380 | ) | |||||||||||
Increase (decrease) in accrued expenses and taxes
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36 | (50 | ) | 136 | 267 | |||||||||||
Net cash provided by (used in) operating activities
|
154 | 189 | (57 | ) | (102 | ) | ||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES
|
||||||||||||||||
Purchases of property, plant and equipment
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(5 | ) | (58 | ) | - | (66 | ) | |||||||||
(Purchase) proceeds - marketable securities
|
- | 193 | (10 | ) | - | |||||||||||
Investment in unafiliated company
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- | (20 | ) | - | - | |||||||||||
Net cash provided by (used in) investing activities
|
(5 | ) | 115 | (10 | ) | (66 | ) | |||||||||
CASH FLOWS FROM FINANCING ACTIVITIES
|
||||||||||||||||
Net (increase) decrease in related party receivable
|
(99 | ) | (154 | ) | (24 | ) | 29 | |||||||||
Proceeds from issuance of stock
|
- | - | - | 3,213 | ||||||||||||
Proceeds from short-term borrowings
|
(50 | ) | 45 | - | 176 | |||||||||||
Principal payments on debt and capital lease obligations
|
(31 | ) | (40 | ) | (25 | ) | (1,618 | ) | ||||||||
Net cash provided by (used in) financing activities
|
(180 | ) | (149 | ) | (49 | ) | 1,800 | |||||||||
NET INCREASE (DECREASE) IN CASH
|
(31 | ) | 155 | (116 | ) | 1,632 | ||||||||||
CASH, beginning of year
|
475 | 176 | 614 | - | ||||||||||||
CASH, end of year
|
$ | 444 | $ | 331 | $ | 498 | $ | 1,632 |
As Restated |
As Previously Reported
|
Change
|
|||||||||||||||||||||||||||||||||||
2009
|
2008
|
2007
|
2006
|
2009
|
2008
|
2007
|
2006
|
2009
|
2008
|
2007
|
2006
|
||||||||||||||||||||||||||
ASSETS
|
|||||||||||||||||||||||||||||||||||||
CURRENT ASSETS
|
|||||||||||||||||||||||||||||||||||||
Cash
|
$ | 444 | $ | 331 | $ | 498 | $ | 1,632 | $ | 2,506 | $ | 828 | $ | 586 | $ | 1,833 | $ | (2,062 | ) | $ | (497 | ) | $ | (88 | ) | $ | (201 | ) | |||||||||
Marketable securities
|
51 | 72 | 248 | - | 51 | 72 | 248 | - | - | - | - | - | |||||||||||||||||||||||||
Inventories
|
- | - | - | - | 3,422 | 3,816 | 3,655 | 3,197 | (3,422 | ) | (3,816 | ) | (3,655 | ) | (3,197 | ) | |||||||||||||||||||||
Prepaid expenses and other current assets
|
312 | 15 | 55 | 62 | 494 | 279 | 344 | 127 | (182 | ) | (264 | ) | (289 | ) | (65 | ) | |||||||||||||||||||||
Total current assets
|
807 | 418 | 801 | 1,694 | 6,473 | 4,995 | 4,833 | 5,157 | (5,666 | ) | (4,577 | ) | (4,032 | ) | (3,463 | ) | |||||||||||||||||||||
PROPERTY, PLANT AND EQUIPMENT, net
|
3,167 | 3,340 | 3,420 | 3,469 | 8,236 | 7,891 | 7,635 | 7,192 | (5,069 | ) | (4,551 | ) | (4,215 | ) | (3,723 | ) | |||||||||||||||||||||
DEFERRED INCOME TAXES
|
1,200 | 1,200 | 1,200 | 1,760 | 980 | 980 | 980 | 1,760 | 220 | 220 | 220 | - | |||||||||||||||||||||||||
OTHER ASSETS
|
|||||||||||||||||||||||||||||||||||||
Investments - at equity
|
5,510 | 4,786 | 4,821 | 3,720 | - | - | - | - | 5,510 | 4,786 | 4,821 | 3,720 | |||||||||||||||||||||||||
Related party receivables
|
988 | 1,151 | 33 | (26 | ) | - | - | - | - | 988 | 1,151 | 33 | (26 | ) | |||||||||||||||||||||||
Other
|
80 | 188 | 166 | 130 | 181 | 282 | 261 | 234 | (101 | ) | (94 | ) | (95 | ) | (104 | ) | |||||||||||||||||||||
6,578 | 6,125 | 5,020 | 3,824 | 181 | 282 | 261 | 234 | 6,397 | 5,843 | 4,759 | 3,590 | ||||||||||||||||||||||||||
TOTAL ASSETS
|
$ | 11,752 | $ | 11,083 | $ | 10,441 | $ | 10,747 | $ | 15,870 | $ | 14,148 | $ | 13,709 | $ | 14,343 | $ | (4,118 | ) | $ | (3,065 | ) | $ | (3,268 | ) | $ | (3,596 | ) | |||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|||||||||||||||||||||||||||||||||||||
CURRENT LIABILITIES
|
|||||||||||||||||||||||||||||||||||||
Line of credit
|
$ | 1,012 | $ | 145 | $ | - | $ | - | $ | 1,012 | $ | 145 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||||
Accounts payable
|
226 | 250 | 65 | 32 | 1,171 | 2,236 | 2,770 | 1,776 | (945 | ) | (1,986 | ) | (2,705 | ) | (1,744 | ) | |||||||||||||||||||||
Accrued expenses and taxes
|
588 | 166 | 223 | 154 | 1,120 | 438 | 716 | 441 | (532 | ) | (272 | ) | (493 | ) | (287 | ) | |||||||||||||||||||||
Current portion of long-term debt
|
98 | 123 | 96 | 164 | 254 | 302 | 189 | 290 | (156 | ) | (179 | ) | (93 | ) | (126 | ) | |||||||||||||||||||||
Current portion of liabilities from discontinued operations
|
- | - | - | 144 | - | - | - | 144 | - | - | - | - | |||||||||||||||||||||||||
Total current liabilities
|
1,924 | 684 | 384 | 494 | 3,557 | 3,121 | 3,675 | 2,651 | (1,633 | ) | (2,437 | ) | (3,291 | ) | (2,157 | ) | |||||||||||||||||||||
LONG-TERM LIABILITIES
|
|||||||||||||||||||||||||||||||||||||
Long-term debt, less current maturities above
|
1,543 | 1,639 | 1,740 | 1,739 | 1,689 | 1,940 | 1,947 | 1,937 | (146 | ) | (301 | ) | (207 | ) | (198 | ) | |||||||||||||||||||||
Long-term liabilities from discontinued operations
|
2,782 | 2,782 | 2,782 | 3,312 | 2,782 | 2,782 | 2,782 | 3,312 | - | - | - | - | |||||||||||||||||||||||||
4,325 | 4,421 | 4,522 | 5,051 | 4,471 | 4,722 | 4,729 | 5,249 | (146 | ) | (301 | ) | (207 | ) | (198 | ) | ||||||||||||||||||||||
COMMITMENTS AND CONTINGENCIES
|
- | - | - | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||
STOCKHOLDERS' EQUITY
|
|||||||||||||||||||||||||||||||||||||
Common stock, par value $.01 per share; authorized
|
|||||||||||||||||||||||||||||||||||||
25,000,000 shares
|
41 | 41 | 40 | 40 | 41 | 41 | 40 | 40 | - | - | - | - | |||||||||||||||||||||||||
Additional paid-in capital
|
7,138 | 7,138 | 7,116 | 7,237 | 7,138 | 7,138 | 7,116 | 7,237 | - | - | - | - | |||||||||||||||||||||||||
Accumulated other comprehensive income
|
25 | 45 | 24 | - | 25 | 43 | 24 | - | - | 2 | - | - | |||||||||||||||||||||||||
Deficit
|
(1,701 | ) | (1,246 | ) | (1,645 | ) | (2,075 | ) | (2,323 | ) | (1,912 | ) | (2,314 | ) | (2,316 | ) | 622 | 666 | 669 | 241 | |||||||||||||||||
Total Thermodynetics , Inc. Stockholders Equity
|
5,503 | 5,978 | 5,535 | 5,202 | 4,881 | 5,310 | 4,866 | 4,961 | 622 | 668 | 669 | 241 | |||||||||||||||||||||||||
Noncontrolling Interest
|
- | - | - | - | 4,057 | 3,330 | 3,344 | 2,698 | (4,057 | ) | (3,330 | ) | (3,344 | ) | (2,698 | ) | |||||||||||||||||||||
Total Equity
|
5,503 | 5,978 | 5,535 | 5,202 | 8,938 | 8,640 | 8,210 | 7,659 | (3,435 | ) | (2,662 | ) | (2,675 | ) | (2,457 | ) | |||||||||||||||||||||
$ | 11,752 | $ | 11,083 | $ | 10,441 | $ | 10,747 | $ | 16,966 | $ | 16,483 | $ | 16,614 | $ | 15,559 | $ | (5,214 | ) | $ | (5,400 | ) | $ | (6,173 | ) | $ | (4,812 | ) |
As Restated
|
As Previously Reported
|
Change | |||||||||||||||||||||||||||||||||||
2009
|
2008
|
2007
|
2006
|
2009
|
2008
|
2007
|
2006
|
2009
|
2008
|
2007
|
2006
|
||||||||||||||||||||||||||
REVENUES
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
Consulting Fee & Rental Income
|
$ | 248 | $ | 273 | $ | 230 | $ | 214 | - | - | - | - | $ | 248 | $ | 273 | $ | 230 | $ | 214 | |||||||||||||||||
Manufacturing Sales
|
- | - | - | 2,840 | $ | 4,927 | $ | 7,399 | $ | 7,251 | $ | 5,680 | (4,927 | ) | (7,399 | ) | (7,251 | ) | (2,840 | ) | |||||||||||||||||
COST OF SALES
|
- | - | - | 2,160 | 3,352 | 5,235 | 5,279 | 4,321 | (3,352 | ) | (5,235 | ) | (5,279 | ) | (2,161 | ) | |||||||||||||||||||||
OPERATING EXPENSES
|
458 | 320 | 291 | 676 | 1,305 | 1,594 | 1,365 | 964 | (847 | ) | (1,274 | ) | (1,074 | ) | (288 | ) | |||||||||||||||||||||
Income (loss) from operations
|
(210 | ) | (47 | ) | (61 | ) | 218 | 270 | 570 | 607 | 395 | (728 | ) | (890 | ) | (898 | ) | (391 | ) | ||||||||||||||||||
EQUITY IN EARNINGS OF UNCONSOLIDATED SUBSIDIARY
|
211 | 304 | 297 | 79 | - | - | - | - | 211 | 304 | 297 | 79 | |||||||||||||||||||||||||
OTHER INCOME (EXPENSE)
|
|||||||||||||||||||||||||||||||||||||
Other, net
|
1 | - | 6 | - | (2 | ) | (7 | ) | (1 | ) | (46 | ) | 3 | 7 | 7 | 46 | |||||||||||||||||||||
Interest expense
|
(40 | ) | (32 | ) | (32 | ) | (62 | ) | (41 | ) | (36 | ) | (40 | ) | (80 | ) | 1 | 4 | 8 | 18 | |||||||||||||||||
Gain of sale of investment in unaffiliated company
|
- | - | - | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||
Gain on sale of stock
|
- | - | - | 2,666 | - | - | - | 2,666 | - | - | - | - | |||||||||||||||||||||||||
(39 | ) | (32 | ) | (26 | ) | 2,604 | (43 | ) | (43 | ) | (41 | ) | 2,540 | 4 | 11 | 15 | 64 | ||||||||||||||||||||
Income (loss) before provision for income taxes
|
(38 | ) | 225 | 210 | 2,901 | 227 | 527 | 566 | 2,935 | (265 | ) | (302 | ) | (356 | ) | (34 | ) | ||||||||||||||||||||
PROVISION FOR INCOME TAXES
|
- | 2 | - | 107 | 177 | 228 | 206 | 142 | (177 | ) | (226 | ) | (206 | ) | (35 | ) | |||||||||||||||||||||
Income (loss) from continuing operations
|
(38 | ) | 223 | 210 | 2,794 | 50 | 299 | 360 | 2,793 | (88 | ) | (76 | ) | (150 | ) | 1 | |||||||||||||||||||||
DISCONTINUED OPERATIONS
|
|||||||||||||||||||||||||||||||||||||
Loss from discontinued operations including gain on
|
|||||||||||||||||||||||||||||||||||||
extinguishment of debt of $605,929
|
- | - | - | (9 | ) | - | - | - | (9 | ) | - | - | - | - | |||||||||||||||||||||||
Net loss on discontinued operations
|
- | - | - | (9 | ) | - | - | - | (9 | ) | - | - | - | - | |||||||||||||||||||||||
Net income (loss)
|
(38 | ) | 223 | 210 | 2,785 | 50 | 299 | 360 | 2,784 | (88 | ) | (76 | ) | (150 | ) | 1 | |||||||||||||||||||||
Less Net Income attributable to the Noncontrolling Interest
|
- | - | - | - | (121 | ) | (154 | ) | (181 | ) | (42 | ) | 121 | 154 | 181 | 42 | |||||||||||||||||||||
Net income (loss) attributable to Thermodynetics, Inc.
|
(38 | ) | 223 | 210 | 2,785 | (71 | ) | 145 | 179 | 2,742 | 33 | 78 | 31 | 43 | |||||||||||||||||||||||
OTHER COMPREHENSIVE INCOME (LOSS), net of tax
|
- | 6 | 22 | - | - | 6 | 22 | - | - | - | - | - | |||||||||||||||||||||||||
Comprehensive income (loss) attributable to Thermodynetics
|
$ | (38 | ) | $ | 229 | $ | 232 | $ | 2,785 | $ | (71 | ) | $ | 151 | $ | 201 | $ | 2,742 | $ | 33 | $ | 78 | $ | 31 | $ | 43 | |||||||||||
EARNINGS PER COMMON SHARE
|
$ | (0.01 | ) | $ | 0.05 | $ | 0.05 | $ | 0.70 | $ | (0.02 | ) | $ | 0.04 | $ | 0.04 | $ | 0.69 | $ | 0.01 | $ | 0.02 | $ | 0.01 | $ | 0.01 |
As Restated
|
As Previously Reported
|
Change | |||||||||||||||||||||||||||||||||||
2009
|
2008
|
2007
|
2006
|
2009
|
2008
|
2007
|
2006
|
2009
|
2008
|
2007
|
2006
|
||||||||||||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES
|
|||||||||||||||||||||||||||||||||||||
Net income (loss)
|
$ | (38 | ) | $ | 223 | $ | 210 | $ | 2,785 | (71 | ) | $ | 145 | $ | 179 | $ | 2,742 | $ | 33 | $ | 78 | $ | 31 | $ | 43 | ||||||||||||
Adjustments to reconcile net income (loss) to net
|
|||||||||||||||||||||||||||||||||||||
cash provided by operating activities:
|
|||||||||||||||||||||||||||||||||||||
Depreciation and amortization
|
51 | 103 | 42 | 59 | 133 | 121 | 110 | 98 | (82 | ) | (18 | ) | (68 | ) | (39 | ) | |||||||||||||||||||||
Earnings in unconsolidated subsidiary
|
(187 | ) | (266 | ) | (455 | ) | (71 | ) | - | - | - | (187 | ) | (266 | ) | (455 | ) | (71 | ) | ||||||||||||||||||
Gain on sale of stock of subsidiary
|
- | - | - | (2,666 | ) | - | - | - | (2,666 | ) | - | - | - | - | |||||||||||||||||||||||
Deconsolidation of subsidiary, net of cash
|
- | - | - | 117 | - | - | - | - | - | - | - | 117 | |||||||||||||||||||||||||
Increase (decrease) in deferred tax liability
|
- | - | - | (720 | ) | (32 | ) | (74 | ) | (49 | ) | 43 | 32 | 74 | 49 | (763 | ) | ||||||||||||||||||||
Unrealized gain on marketable securities
|
- | (6 | ) | 22 | - | - | 6 | (22 | ) | - | |||||||||||||||||||||||||||
Changes in operating assets and liabilities:
|
|||||||||||||||||||||||||||||||||||||
Decrease (increase) in accounts receivable
|
- | - | - | (1,147 | ) | 413 | 352 | (351 | ) | (74 | ) | (413 | ) | (352 | ) | 351 | (1,073 | ) | |||||||||||||||||||
Decrease (increase) in inventories
|
- | - | - | 1,090 | 150 | (680 | ) | (239 | ) | (196 | ) | (150 | ) | 680 | 239 | 1,286 | |||||||||||||||||||||
(Increase) decrease in prepaid expenses and
|
|||||||||||||||||||||||||||||||||||||
other assets
|
271 | 10 | (18 | ) | 529 | (131 | ) | (83 | ) | (190 | ) | 348 | 402 | 93 | 172 | 181 | |||||||||||||||||||||
(Increase) decrease in other assets
|
- | - | - | 35 | - | - | - | - | - | - | - | 35 | |||||||||||||||||||||||||
Increase (decrease) in accounts payable
|
21 | 169 | 28 | (380 | ) | 266 | 195 | 675 | (483 | ) | (245 | ) | (26 | ) | (647 | ) | 103 | ||||||||||||||||||||
Increase (decrease) in accrued expenses and taxes
|
36 | (50 | ) | 136 | 267 | (83 | ) | (380 | ) | (219 | ) | 105 | 119 | 330 | 355 | 162 | |||||||||||||||||||||
Net cash provided by (used in) operating activities
|
154 | 189 | (57 | ) | (102 | ) | 645 | (410 | ) | (62 | ) | (83 | ) | (491 | ) | 599 | 5 | (19 | ) | ||||||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES
|
|||||||||||||||||||||||||||||||||||||
Purchases of property, plant and equipment
|
(5 | ) | (58 | ) | - | (66 | ) | (139 | ) | (146 | ) | (110 | ) | (135 | ) | 134 | 88 | 110 | 69 | ||||||||||||||||||
(Purchase) proceeds - marketable securities
|
- | 193 | (10 | ) | - | 193 | (32 | ) | - | - | - | 22 | - | ||||||||||||||||||||||||
Proceeds from the sale of stock of subsidiary
|
- | - | - | - | - | - | - | 6,797 | - | - | - | (6,797 | ) | ||||||||||||||||||||||||
Investment in unaffiliated company
|
- | (20 | ) | - | - | - | (20 | ) | - | - | - | - | - | ||||||||||||||||||||||||
Net cash provided by (used in) investing activities
|
(5 | ) | 115 | (10 | ) | (66 | ) | (139 | ) | 27 | (142 | ) | 6,662 | 134 | 88 | 132 | (6,728 | ) | |||||||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES
|
|||||||||||||||||||||||||||||||||||||
Net (increase) decrease in related party receivable
|
(99 | ) | (154 | ) | (24 | ) | 29 | - | - | - | - | (99 | ) | (154 | ) | (24 | ) | 29 | |||||||||||||||||||
Proceeds from issuance of stock
|
- | - | - | 3,213 | - | - | - | - | - | - | 3,213 | ||||||||||||||||||||||||||
Proceeds from short-term borrowings
|
(50 | ) | 45 | - | 176 | - | - | - | - | (50 | ) | 45 | - | 176 | |||||||||||||||||||||||
Payments of debt from stock offering proceeds
|
- | - | - | - | - | - | - | (4,610 | ) | - | - | - | 4,610 | ||||||||||||||||||||||||
Compensation Expense from stock options
|
- | - | - | - | - | - | 10 | - | - | - | (10 | ) | - | ||||||||||||||||||||||||
Principal payments on debt and capital lease obligations
|
(31 | ) | (40 | ) | (25 | ) | (1,618 | ) | (76 | ) | (74 | ) | (59 | ) | (226 | ) | 45 | 34 | 34 | (1,392 | ) | ||||||||||||||||
Net cash provided by (used in) financing activities
|
(180 | ) | (149 | ) | (49 | ) | 1,800 | (76 | ) | (74 | ) | (49 | ) | (4,836 | ) | (104 | ) | (75 | ) | - | 6,636 | ||||||||||||||||
NET INCREASE (DECREASE) IN CASH
|
(31 | ) | 155 | (116 | ) | 1,632 | 430 | (457 | ) | (253 | ) | 1,743 | (461 | ) | 612 | 137 | (111 | ) | |||||||||||||||||||
CASH, beginning of year
|
475 | 176 | 614 | - | 1,984 | 1,062 | 659 | - | (1,509 | ) | (886 | ) | (45 | ) | - | ||||||||||||||||||||||
CASH, end of year
|
$ | 444 | $ | 331 | $ | 498 | $ | 1,632 | $ | 2,414 | $ | 605 | $ | 406 | $ | 1,743 | $ | (1,970 | ) | $ | (274 | ) | $ | 92 | $ | (111 | ) | ||||||||||
Year
|
Carrying Value
|
Per Share MV
|
Market Value
|
|||||||||
2009
|
$ | 5,510 | $ | 0.33 | $ | 2,383 | ||||||
2008
|
4,786 | 1.48 | 10,651 | |||||||||
2007
|
4,821 | 1.55 | 11,202 | |||||||||
2006
|
3,720 | 1.53 | 11,005 |
2009
|
2008
|
2007
|
2006
|
|||||||||||||
Current assets
|
$ | 7,117 | $ | 7,112 | $ | 7,307 | $ | 5,614 | ||||||||
Property and equipment, net
|
5,069 | 4,551 | 4,215 | 3,724 | ||||||||||||
Other assets, net
|
101 | 95 | 508 | 103 | ||||||||||||
Total assets
|
12,287 | 11,758 | 12,030 | 9,441 | ||||||||||||
Current liabilities
|
1,633 | 2,437 | 3,331 | 2,103 | ||||||||||||
Long-term Debt
|
146 | 301 | 207 | 198 | ||||||||||||
Deferred liabilities
|
781 | 708 | 493 | 908 | ||||||||||||
2,560 | 3,446 | 4,031 | 3,209 | |||||||||||||
Stockholders' equity
|
9,727 | 8,312 | 7,999 | 6,232 | ||||||||||||
12,287 | 11,758 | 12,030 | 9,441 | |||||||||||||
Sales
|
4,927 | 7,399 | 7,251 | 5,680 | ||||||||||||
Net income
|
$ | 330 | $ | 491 | $ | 492 | $ | 362 |
Three Months Ended June 30,
|
||||||||||||||||
(in 000's)
|
||||||||||||||||
2009 | 2008 |
2007
|
2006 | |||||||||||||
Weighted Average Shares Outstanding-Basic
|
4,090,306 | 4,080,306 | 4,046,361 | 4,002,308 | ||||||||||||
Weighted Average Shares Outstanding-Diluted
|
4,090,306 | 4,080,306 | 4,046,361 | 4,002,308 |
Three Months Ended June 30,
|
|||||||||||||||
(in 000's)
|
|||||||||||||||
2009
|
2008
|
2007
|
2006
|
||||||||||||
Cash payments for interest
|
$ | 40 | $ | 32 | $ | 32 | $ | 62 |
a)
|
The lawsuit instituted by the Company on January 8, 2008 in the High Court in England, file no. HC08C00046, against Turbotec Products Plc was concluded in February, 2010. A judgment in favor of the Company on one count and against it on two counts was rendered on May 10, 2010. The net effect of the judgment held that administrative fees were not payable to the Company, and that the Company was required under British law to reimburse the PLC for a substantial portion of the PLC’s legal expenses. All administrative fees that had been paid to the Company by the PLC were credited against the dividends that had been due to the Company, and no further previously declared dividend payments are payable. The PLC has claimed total legal costs of approximately £700,000 which are to be subject to an assessment by the court if they cannot be agreed. The PLC will be entitled to 85% of its legal costs after assessment by the court. On May 24, 2010, in accordance with the judgment, the Company paid £350,000 to the PLC on account of their costs. The exchange rate of pounds sterling for US dollars is approximately $1.45 per £1.
|
b)
|
Turbotec Products, Inc. commenced a lawsuit against Thermodynetics on February 27, 2008 in the Connecticut Superior Court, Judicial District of Hartford, alleging that Thermodynetics breached two commercial leases, and that Thermodynetics improperly withdrew funds from a sinking fund established under the leases. The lawsuit was transferred from the regular docket to the Housing Session and now is entitled Turbotec Product, Inc. v. Thermodynetics, Inc., Connecticut Superior Court, J.D. of Hartford, Housing Session, Docket No. 7712.
In 2009, Turbotec Products filed an amended complaint adding counts for fraudulent inducement, fraudulent misrepresentation, and violation of the Connecticut Unfair Trade Practices Act (Conn. Gen. Stat. Sect. 42-110b, et seq.). Thermodynetics has completed discovery. The Company's motion to transfer the case back to the regular docket given the nature of the new claims was granted on August 5, 2009. A prejudgment hearing is scheduled for July 21, 2010.
Turbotec Products claims that it suffered damages in excess of $350,000 and such damages are continuing to accrue. Thermodynetics denies the allegations, is vigorously defending the case, and filed counterclaims for sums due under the two leases, and has claimed the case for a jury trial. Thermodynetics does not view the risk of loss in the case as probable or material.
|
c)
|
There are a number of threatened and pending actions against Vulcan, and a number of material judgments obtained against Vulcan. Thermodynetics and its other subsidiaries are not and have not been a party to any such Vulcan actions.
|
Item 2.
|
Management's Discussion in Analysis of Financial Condition and Results of Operations.
|
Item 4T.
|
Controls and Procedures.
|
(a)
|
Evaluation of Disclosure Controls and Procedures
-
|
(b)
|
Changes in Internal Controls
-
|
Item 6.
|
Exhibits.
|
|
·
|
Exhbit 31.(a)
|
Certification of Chief Executive Officer.
|
|
·
|
Exhbit 31.(b)
|
Certification of Chief Financial Officer.
|
|
·
|
Exhbit 32.(a)
|
Certification of Chief Executive Officer.
|
|
·
|
Exhbit 32.(b)
|
Certification of Chief Financial Officer.
|
THERMODYNETICS, INC.
|
|||
Date: June 25, 2010
|
By:
|
/s/ R
obert
A. L
erman
|
|
Robert A. Lerman
|
|||
President and Chief Executive Officer
|
|||
Date: June 25, 2010
|
By:
|
/s/ J
ohn
F. F
erraro
|
|
John F. Ferraro
|
|||
Treasurer and Chief Financial Officer
|
1 Year Thermodynetics (CE) Chart |
1 Month Thermodynetics (CE) Chart |
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