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T.J.T., Inc. Reports Results For Fiscal Year 2012

Copies of this report and additional historical financial information can be found at www.otcmarkets.com, or you may contact:

Nicole L. Glisson
Senior Vice President, Chief Financial Officer and Treasurer
T.J.T., Inc.
(208) 472-2500
 
T.J.T., INC.
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)
                 
 
At September 30, 2012 2011
(Unaudited) (Audited)
 
Current assets:
Cash and cash equivalents $ 697 $ 1,875

Accounts receivable (net of allowances and discounts of $17 and $111)

237 337
Current portion of notes receivable 4 74
Inventories 886 1,189
Prepaid expenses and other current assets   30     181  
Total current assets 1,854 3,656
 

Property, plant and equipment, net of accumulated depreciation

759 317
 
Notes receivable, net of current portion 25 29
Real estate held for sale 270 474
Real estate held for investment 378 167
Other assets   33     5  
Total assets $ 3,319   $ 4,648  
 
Current liabilities:
Accounts payable $ 235 $ 244
Accrued liabilities 201 286
Deferred income   0     69  
Total current liabilities 436 599
 
 
Shareholders' equity:

Preferred stock, $.001 par value; 5,000,000 shares authorized; 0 shares issued and outstanding

- -

Common stock, $.001 par value; 10,000,000 shares authorized; 4,532,862 shares outstanding

5 5
Capital surplus 5,875 5,872
Retained earnings   (2,963 )   (1,812 )
2,917 4,065
 
Treasury shares, at cost, 81,113 and 46,735 shares, respectively   (34 )   (16 )
Total shareholders' equity   2,884     4,049  
Total liabilities and shareholders' equity $ 3,319   $ 4,648  
 
T.J.T., INC.
CONSOLIDATED STATEMENTS OF OPERATION
(Dollars in thousands except per share amounts)
                   
 
Year Ended

September 30,

2012 2011 2010
(Unaudited) (Audited) (Audited)
 
Sales (net of returns and allowances):
Axles and tires $ 2,174 $ 3,900 $ 4,963
Accessories and siding 1,683 2,132 2,375
Other   147     -     -  
Total sales 4,004 6,032 7,338
 
Cost of goods sold
Axles and tires 1,703 3,309 4,511
Accessories and siding 1,078 1,387 1,702
Other   28     -     -  
Cost of goods sold   2,809     4,696     6,213  
 
Gross profit 1,195 1,336 1,125
 
Selling, general and administrative expenses   2,523     2,361     2,643  
 
Operating loss (1,328 ) (1,025 ) (1,518 )
 
Impairment loss on real estate - (154 ) (65 )
Interest income, net of expense 13 27 21
Equity investment income - 32 -
Rental income 55 17 17
Other income   111     3     26  
 
Loss before taxes (1,149 ) (1,100 ) (1,519 )
 
Income tax expense (benefit)   -     3     16  
 
Net loss $ (1,149 ) $ (1,103 ) $ (1,535 )
 
Net loss to common shareholders:
Basic $ (0.25 ) $ (0.24 ) $ (0.34 )
Diluted $ (0.25 ) $ (0.24 ) $ (0.34 )
 
Weighted average shares outstanding:
Basic 4,532,862 4,532,862 4,532,862
Diluted 4,543,637 4,542,122 4,543,198
 
T.J.T., INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in thousands)
                     
 
For the year ended September 30, 2012 2011 2010
(Unaudited) (Audited) (Audited)
 
Cash flows from operating activities:
Net loss $ (1,149 ) $ (1,103 ) $ (1,535 )

Adjustments to reconcile net loss to net cash used by operating activities:

Depreciation and amortization 87 67 118
Impairment loss on real estate held for sale - 154 65
Loss on sale of other assets held for sale - - 16
Gain on sale of assets (111 ) - (42 )
Gain on sale of equity investment - (30 ) -
Equity investment earnings - (2 ) -
Stock compensation 3 5 11
Change in accounts receivables 100 37 288
Change in inventories 303 942 1,249
Change in prepaid expenses and other current assets 151 (19 ) (120 )
Change in accounts payable (9 ) 112 (129 )
Change in taxes - - 596
Change in other assets and liabilities   (115 )   (16 )   (53 )
Net cash provided (used) by operating activities (739 ) 147 464
 
Cash flows from investing activities:
Purchases of property, plant and equipment (563 ) (138 ) (13 )
Repayments received on notes receivable 74 12 21
Proceeds from sale of assets 75 8 53
Proceeds from sale of equity investment - 32 -
Proceeds from split dollar life insurance - - 392
Investment in real estate held for investment and sale (8 ) - -
Proceeds from sale of other assets held for sale   -     5     19  
Net cash provided (used) by investing activities   (422 )   (81 )   472  
 
Cash flows from financing activities:
Purchase of treasury shares   (18 )   (16 )   -  
Net cash used by financing activities   (18 )   (16 )   -  
 
Net change in cash and cash equivalents (1,178 ) 50 936
Cash and cash equivalents at October 1   1,875     1,825     889  
 
Cash and cash equivalents at June 30 $ 697   $ 1,875   $ 1,825  
 
Supplemental information:
Cash paid for interest $ - $ - $ -
Income tax refunds received - - 580
 
Noncash transactions:
Sale of investment property by issuance of note receivable $ - $ - $ -
Sale of fixed assets by issuance of note receivable or other - - 6




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