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BP Prudhoe Bay Royalty Trust – ‘10QSB’ for 3/31/98

As of: Friday, 5/15/98 · For: 3/31/98 · Accession #: 950115-98-991 · File #: 1-10243 · Correction: This Filing was Deleted by the SEC on 5/29/98. `®`

  As Of                Filer                Filing    For·On·As Docs:Size              Issuer               Agent

 5/15/98  BP Prudhoe Bay Royalty Trust      10QSB       3/31/98    2:15K                                    Global Fin’l Press/FA

Quarterly Report — Small Business — Form 10-QSB
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10QSB       Quarterly Report                                       8     29K 
 2: EX-27       Financial Data Schedule                                1      8K

10QSB — Quarterly Report
Document Table of Contents

Page	(sequential)	\|	(alphabetic)	Top
			Alternative Formats (Word, et al.) Other Information On April 24, 1998, the Registrant announced the appointment of Randall Rueb as the Registrant's Chief Financial Officer
1	1st Page - Filing Submission
7	Item 5. Other Information On April 24, 1998, the Registrant announced the appointment of Randall Rueb as the Registrant's Chief Financial Officer

10QSB 1st Page of 8 TOC ↑Top Previous Next ↓Bottom Just 1st
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

Form 10-QSB

QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934

For the quarter ended March 31, 1998 Commission File No. 0-23016

HealthRite, Inc.
--------------------------------------------------------------------------------
(Exact name of small business issuer in its charter)

Delaware 13-3714405
----------------------------------- -----------------------------------------
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)

11445 Cronhill Drive, Owings Mills, MD 21117
--------------------------------------------
(Address of principal offices & Zip Code)

Registrant's telephone number, including Area Code: (410) 581-8042
--------------

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 | |

Number of shares outstanding of
Registrant's Common Stock, as of May 9, 1998: 4,400,198 shares Transitional
Small Business Disclosure Format (check one). Yes | | No |X|

10QSB 2nd Page of 8 TOC 1st Previous Next ↓Bottom Just 2nd
HealthRite, Inc.
Index

Part I
Financial Information:
Condensed Consolidated Balance Sheet -
March 31, 1998 (unaudited) and December 31, 1997 3

Condensed Consolidated Statement of Operations -
Three Months Ended March 31, 1998 and 1997 (unaudited) 4

Condensed Consolidated Statement of Cash Flows -
Three Months Ended March 31, 1998 and 1997 (unaudited) 5

Notes to Condensed Consolidated Financial Statements 6

Management Discussion and Analysis of Financial Condition
and Results of Operations 7

Part II
Other Information 8
Signature Page 9

10QSB 3rd Page of 8 TOC 1st Previous Next ↓Bottom Just 3rd
HealthRite, Inc.
Condensed Consolidated Balance Sheet
March 31, 1998 December 31, 1997
(Unaudited)

[Enlarge/Download Table]

Three Months Ended March 31,
March 31, 1998 December 31, 1997
(Unaudited)
-------------- -----------------
ASSETS
Current assets:

Cash ............................................................................. $ 397,000 $ 255,000
Accounts receivable, net of allowance ........................................... 1,423,000 1,112,000
Merchandise inventory ............................................................ 2,158,000 2,397,000
Prepaid expenses and other current assets ........................................ 550,000 266,000
----------- -----------
Total Current Assets ............................................................. 4,528,000 4,030,000
Property, plant and equipment - net .................................................. 2,832,000 2,674,000
Other assets ......................................................................... 139,000 240,000
----------- -----------
TOTAL ASSETS ................................................................ $ 7,499,000 $ 6,944,000
=========== ===========

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Current maturities of long-term obligations ...................................... $ 603,000 $ 333,000
Accounts payable and accrued expenses ............................................ 2,294,000 1,623,000
----------- -----------
Total Current Liabilities ........................................................ 2,897,000 1,956,000
Long-term obligations and capital leases ............................................. 2,516,000 2,198,000
----------- -----------
Total Liabilities ........................................................... 5,413,000 4,154,000

Commitments and Contingencies
Redeemable convertible 8% preferred stock;
par value $.001; 2,000,000 authorized;
432,500 issued and outstanding ................................................... 780,000 774,000
----------- -----------
Stockholders' Equity
Common stock; par value $.001 per share; 10,000,000
authorized; 4,400,198 issued at March 31, 1998
and 4,400,198 issued at December 31, 1997 ........................................ 4,000 4,000
Additional paid-in capital ............................................. 7,141,000 7,141,000
Accumulated deficit ............................................................. (5,839,000) (5,129,000)
----------- -----------
Total Equity ................................................................ 1,306,000 2,016,000
----------- -----------

TOTAL LIABILITIES & STOCKHOLDER'S EQUITY ........................................ $ 7,499,000 $ 6,944,000
=========== ===========

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HealthRite, Inc.
Condensed Consolidated Statement of Operations

Three Months Ended March 31,
1998 1997
---- ----
Revenue .................................... $2,941,000 $4,271,000
Cost of sales, including warehousing
distribution, and occupancy ............ 1,846,000 2,616,000
---------- ----------
Gross Profit ............................... 1,095,000 1,655,000
Selling, general, and administration ....... 1,724,000 1,778,000
Cost of Consolidation Plan
---------- ----------
Loss from operations ....................... (629,000) (123,000)
Other Income/(Expenses)
Interest, net .......................... (57,000) (70,000)
---------- ----------
Loss from operations before
provision for income taxes ........ (686,000) (193,000)
Provision (Benefit) for income taxes ....... 0 (23,000)
---------- ----------
Loss from continuing operations ............ (686,000) (170,000)
---------- ----------
Net Loss ................................... (686,000) (170,000)
========== ==========
Less: Stock dividend on preferred stock..... (18,000) (17,000)
Accretion of preferred stock ......... (6,000) (6,000)
Net Loss attributable to common shareholders $ (710,000) $ (193,000)
---------- ----------
Net Loss per share (basic and diluted) ..... $ (0.16) $ (0.04)
========== ==========
Weighted average shares outstanding ........ 4,400,000 4,300,000

10QSB 5th Page of 8 TOC 1st Previous Next ↓Bottom Just 5th
HealthRite, Inc.
Condensed Consolidated Statement of Cash Flows

[Enlarge/Download Table]

Three Months Ended March 31,
1998 1997
Cash Flow from Operating Activities:

Net Loss ........................................... $ (710,000) $ (193,000)
Depreciation & amortization ................... 114,000 184,000
Deferred tax asset ............................ 0 (32,000)
Changes in assets and liabilities:
Changes in assets and liabilities:
(Increase)/decrease in accounts receivable .... (311,000) (205,000)
(Increase)/decrease in inventory .............. 239,000 (158,000)
(Increase)/decrease in prepaid expenses &
other current assets .......................... (284,000) (152,000)
(Increase)/decrease in plant equipment ........ (247,000) 0
(Increase)/decrease in A/P and accrued expenses 670,000 704,000
----------- -----------
Net Cash provided by Operating Activities .......... (529,000) 148,000
----------- -----------
Cash Flow from Investing Activities:
Purchase of equipment .............................. (24,000) (79,000)
Increase/(decrease) in other assets ................ 107,000 (16,000)
----------- -----------
Total Cash Flow from Investing Activities .......... 83,000 (95,000)
----------- -----------
Cash Flow from Financing Activities:
Proceeds from debt ................................. 1,262,000 111,000
Payment of debt .................................... (674,000) (72,000)
----------- -----------
Net Cash provided by Financing Activities: ............. 588,000 39,000
----------- -----------
NET INCREASE/(DECREASE) IN CASH ........................ 142,000 92,000
Cash and cash equivalents at beginning of period ....... 255,000 286,000
----------- -----------
Cash and cash equivalents at end of period ............. $ 397,000 $ 378,000
=========== ===========
Supplemental disclosure of cash flow information:
Cash paid during the period for:
Interest ...................................... 63,000 70,000
Income Taxes .................................. 0 6,000
----------- -----------
Total ....................................... $ 63,000 $ 76,000

10QSB 6th Page of 8 TOC 1st Previous Next ↓Bottom Just 6th
HealthRite, Inc.
Notes to Condensed Consolidated Financial Statements

1. Basis of Presentation

The information contained herein with respect to the three month periods ended
March 31, 1998 and 1997 has not been audited but was prepared in conformity with
generally accepted accounting principles for interim financial information and
with instructions for Form 10-QSB and Item 310(b) of Regulation S-B.
Accordingly, the combined condensed financial statements do not include
information and footnotes required by generally accepted accounting principles
for financial statements. Included are the adjustments, which in the opinion of
management are necessary for a fair presentation of the financial information
for the three month periods ended March 31, 1998 and 1997. The results are not
necessarily indicative of results to be expected for the year.

HealthRite, Inc.
Management Discussion and Analysis of
Financial Condition and Results of Operations
General

Three Months Ended March 31, 1998 and March 31, 1997.
Revenues decreased $1,330,000 or 31% under the comparative period. The decrease
was attributable to selling the retail stores of the Vitamin Specialties
operation in June 1997 and the decrease in Nautilus sales. Congruently, cost of
sales, including warehousing, distribution, and occupancy decreased $770,000 or
29%. The percentage of cost of sales to revenues increased 1.5%. Also in
conjunction with the revenue decrease, selling, general and administrative
expenses decreased $54,000. As a percentage of revenues, selling, general and
administrative expenses increased by 17% between year to date March 1997 and
year to date March 1998. The increase was fundamentally attributable to the
increased advertising expense of $470,000 arranged by previous management and
recognized in the 1st Quarter. Interest expense was $63,000 in the 1st Quarter
of 1998 as compared to $70,000 in the same period of 1997. The difference was
attributable to better interest rates on outstanding borrowings.

10QSB 7th Page of 8 TOC 1st Previous Next ↓Bottom Just 7th
PART II- Other Information
Seasonality
The Registrant believes that its business is not subject to significant
seasonality.

Liquidity and Capital Resources
In October 1997, U.S. Bank, formerly the First Bank, Montana (with a U.S.
Department of Agriculture guarantee) provided a $4,500,000 financing package,
and Lake County Community Development Corporation (through a CDBG grant)
provided an additional $450,000 financing package for the expansion of plant and
equipment and working capital in return for the Registrant's pledge to expand
operations and increase the employee count in Arlee, Montana. Funding of these
loans began in 1997. Terms of the loan specify that plant and equipment
additions be completed by September 30, 1998.

The Registrant has assigned the Nautilus distribution rights for network
marketing to Worldwide Universal Health, Inc., a network marketing company.
HealthRite will receive over $100,000 from Worldwide Universal Health, Inc. for
these rights and inventory.

In December 1997 the Registrant's subsidiary, Jason
Pharmaceuticals, Inc., entered into a loan agreement with Century Credit
Corporation to provide working capital. A term loan of $260,000 and a revolving
credit line with advances based on percentages of accounts receivable and raw
materials inventory were obtained. The total of the revolving credit and term
loan outstanding was limited to a total of $1,000,000. At March 31, 1998
$600,000 was available, of which $341,000 had been drawn.
The term loan balance was $244,000.

The Company had working capital of $1,631,000 on March 31, 1998 compared with
$2,074,000 at December 31, 1997. The $443,000 decrease reflects the recording in
the 1st Quarter of 1998 of $470,000 in advertising debt and inventory write-offs
which were offset by increases in current assets.

Inflation
To date, inflation has not had a material effect on the Registrant's business.

Item 5. Other Information
On April 24, 1998, the Registrant announced the appointment of Randall Rueb as
the Registrant's Chief Financial Officer.

10QSB Last Page of 8 TOC 1st Previous Next ↓Bottom Just 8th
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.

HealthRite Inc.
(Registrant)

-----------------------------
Bradley T. MacDonald
Chairman and CEO

-----------------------------
Randall Rueb
Chief Financial Officer

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Dates Referenced Herein and Documents Incorporated by Reference

		Referenced-On Page
This ‘10QSB’ Filing	Date	First	Last	Other Filings

	9/30/98	7		10-Q
Deleted on:	5/29/98
Filed on:	5/15/98			10-Q
	5/9/98	1
	4/24/98	7
For Period End:	3/31/98	1	7	10-Q
	12/31/97	3	7	10-K405
	3/31/97	2	6	10-Q
				List all Filings

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Filing Submission 0000950115-98-000991 – Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

BP Prudhoe Bay Royalty Trust – ‘10QSB’ for 3/31/98

As of: Friday, 5/15/98 · For: 3/31/98 · Accession #: 950115-98-991 · File #: 1-10243 · Correction: This Filing was Deleted by the SEC on 5/29/98. ®

Quarterly Report — Small Business — Form 10-QSBFiling Table of Contents

10QSB — Quarterly ReportDocument Table of Contents

Dates Referenced Herein and Documents Incorporated by Reference

As of: Friday, 5/15/98 · For: 3/31/98 · Accession #: 950115-98-991 · File #: 1-10243 · Correction: This Filing was Deleted by the SEC on 5/29/98. `®`

Quarterly Report — Small Business — Form 10-QSB
Filing Table of Contents

10QSB — Quarterly Report
Document Table of Contents