q1231.htm 10-Q 1 q1231.htm 10-Q FOR 12/31/07
 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_____________________

FORM 10-Q

/x/           QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF1934

For the quarterly period ended December 31, 2007
or
/ /           TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number 000-28052
____________________

EN POINTE TECHNOLOGIES, INC.
(Exact name of registrant as specified in its charter)

Delaware
75-2467002
(State or other jurisdiction of
 (I.R.S. Employer Identification No.)
incorporation or organization)
  

18701 S. Figueroa Street
  
Gardena, California
90248
(Address of principal executive offices)
(Zip Code)

                                           (310) 337-5200
(Registrant's telephone number, including area code)

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 [    ]

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definitions of “accelerated filer", "large accelerated filer” and "smaller reporting company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer _____  Accelerated filer  _______   Non-accelerated filer                     Smaller Reporting Company       X      
 
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes [ ] No [ X ]

As of February 14, 2008, 7,159,193 shares of common stock of the Registrant were issued and outstanding.
 
 
 
 

 




INDEX

En Pointe Technologies, Inc.

 
PART I
 
Item 1.
 
 
 
 
Item 2.
 
Item 4.
 
PART II
 
Item 6.
 
 
 
FINANCIAL INFORMATION
 
Financial Statements
 
 
 
OTHER INFORMATION
 
 
Item 3 of Part I has been omitted based on the Company’s status as a “smaller reporting company.”  Items 1, 1A, 2, 3, 4 and 5 of Part II have been omitted because they are not applicable with respect to the current reporting period.
 




 
En Pointe Technologies, Inc.
            
Condensed Consolidated Balance Sheets
            
(Unaudited)
            
(In Thousands Except Share and Per Share Amounts)
            
             
   
December 31,
    
September 30,
  
   
2007
    
2007
  
ASSETS:
            
Current assets:
            
Cash
   $
 8,168
     $
 6,000
  
Restricted cash
    
77
      
76
  
Short term cash investment
    
      11
      
1,000
  
Accounts receivable, net
    
53,619
      
61,391
  
Inventories, net
    
 7,652
      
8,768
  
Prepaid expenses and other current assets
    
1,716
      
1,548
  
    Total current assets
    
71,243
      
78,783
  
                 
Property and equipment, net of accumulated
                
depreciation and amortization
    
5,472
      
5,022
  
                 
Other assets
    
2,658
      
2,201
  
     Total assets
   $
79,373
     $
86,006
  
                 
                 
LIABILITIES AND STOCKHOLDERS' EQUITY:
                
Current liabilities:
                
Accounts payable, trade
   $
27,752
     $
19,034
  
Borrowings under line of credit
    
14,524
      
30,314
  
  Short-term borrowings and current maturities of long-term debt
     2,712       2,450  
Accrued liabilities
    
6,112
      
6,177
  
Accrued taxes and other liabilities
    
4,567
      
4,364
  
     Total current liabilities
    
55,667
      
62,339
  
Long term liabilities
    
424
      
447
  
     Total liabilities
    
56,091
      
62,786
  
                 
Minority interest
    
2,001
      
1,957
  
                 
Stockholders' equity:
                
Preferred stock, $.001 par value:
                
   Shares authorized--5,000,000
                
   No shares issued or outstanding
    
--
      
--
  
Common stock, $.001 par value:
                
  Shares authorized--15,000,000; with 7,159,193shares issued
    
7
      
7
  
Additional paid-in capital
    
42,207
      
42,207
  
Treasury stock
     (1 )     (1 )
Accumulated deficit
     (20,932 )     (20,950 )
Total stockholders' equity
    
21,281
      
21,263
  
     Total liabilities and stockholders' equity
   $
79,373
     $
86,006
  
                 
 
 
See Notes to Condensed Consolidated Financial Statements.
                

 
 
En Pointe Technologies, Inc.
            
Condensed Consolidated Statements of Operations
        
and Comprehensive Income
            
(Unaudited)
            
(In Thousands, Except Per Share Amounts)
            
             
 
Three months ended
  
 
December 31,   
  
   
2007
    
2006
  
Net sales:
            
   Product
   $
74,148
     $
62,962
  
   Service
    
12,734
      
12,658
  
     Total net sales
    
86,882
      
75,620
  
Cost of sales:
                
   Product
    
67,922
      
57,697
  
   Service
    
7,066
      
8,050
  
     Total cost of sales
    
74,988
      
65,747
  
Gross profit:
                
   Product
    
6,226