ITEM 1. BUSINESS. - ----------------- (a) GENERAL DEVELOPMENT OF BUSINESS.
The Registrant was incorporated on June 5, 1959 as a New Jersey corporation, commenced business operations in May, 1960, and was re-incorporated on March 29, 1965 as a New York corporation.
(b) FINANCIAL INFORMATION ABOUT INDUSTRY SEGMENTS.
For the past three years, market research accounted for 100% of consolidated operating revenues. No other segment accounted for as much as 15% of consolidated operating revenues during the last three years.
(c) NARRATIVE DESCRIPTION OF BUSINESS. 1. SERVICES -------- The Registrant operates a data processing service center in New York City, providing a variety of services principally utilizing computer packages for the processing of data for use in market research. These packages can be marketed to many different clients with only very limited program adaptation.
Market research data processing performed by the Registrant includes the processing of public opinion, readership audience, political, consumer, and general survey research data for manufacturers, market research companies, advertising agencies, governmental agencies, financial and educational institutions, and foundations. The Registrant also designs, prints, mails, and processes surveys for use in large database research. Data supplied by the Registrant's clients is refined by the Registrant into statistics designed to be of assistance to the client.
The above applications utilize computer software licensed to the Registrant. (See Item 2, INFRA.)
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2. SOURCES OF RAW MATERIALS ------------------------
The Registrant's major equipment suppliers are Gateway Computers, Hewlett-Packard, IBM, Megadata Corporation, and Qualstar Corporation.
The Registrant has been granted a perpetual license to use copies of World Research Systems' ("WRS") UNCLE software for cross tabulations as a result of a marketing agreement between the two companies under which the Registrant was given the right to market software developed by WRS.
3. DEPENDENCE ON CERTAIN CUSTOMERS -------------------------------
In 1999, there were three clients who accounted for more than 10% of consolidated operating revenues. These clients reflected 36%, 14%, and 11% of the consolidated operating revenues. Management believes that the loss of any one or a few of its largest clients would have a material adverse effect upon the Registrant.
4. COMPETITION -----------
The data processing service industry is highly competitive. The Registrant conducts business in direct competition with many companies (including both independent service bureaus and diversified companies with service divisions) which offer a wide range of general data processing services, including those performed by the Registrant. Some of the Registrant's competitors are smaller, and some are larger and possess greater financial resources. Another competitive factor in the data processing service business is "in-house" data processing, in which a company installs its own data processing equipment. The increasing availability and lower prices of mini- and micro-computers have permitted companies to install their own data processing equipment and to perform their own processing.
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Companies in the industry compete on the basis of a number of factors, including price, quality of service, and product features. Management believes the Registrant's particular strengths are its reputation and expertise in a wide variety of applications, a well qualified staff, and its advanced software. The Registrant provides extensive staff support to its clients while maintaining a competitive price structure within the industry.
5. RESEARCH AND DEVELOPMENT ------------------------
The Registrant did not engage in any research and development activities during the last fiscal year and Registrant has not engaged in any customer-sponsored research activities relating to the development or improvement of products or services during such period.
6. EMPLOYEES --------- As of March 20, 2000, the Registrant had 5 full-time employees. Part-time personnel are employed as needed.
(c) FINANCIAL INFORMATION ABOUT FOREIGN AND DOMESTIC ------------------------------------------------ OPERATIONS AND EXPORT SALES. ----------------------------
Not applicable.
ITEM 2.
ITEM 2. PROPERTIES. - ------------------
The Registrant maintains its executive offices and data center operations at 49 East 21st Street, New York, New York. The Registrant's parent company, Data Probe, Inc. acquired a lease for this location, and the Registrant will be renting space there on a month-to-month basis. (See Item 13, INFRA.)
The Registrant owns two Megadata 8300 Model 4's, a Megadata 8300 Model 6, a Gateway2000 Pentium PC, and various IBM display terminals and Hewlett Packard Printers.
ITEM 3.
ITEM 3. LEGAL PROCEEDINGS. - --------------------------
NONE.
ITEM 4.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. - ------- ----------------------------------------------------
No matter was submitted to a vote of security holders during the fourth quarter.
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PART II
ITEM 5.
ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER - ----------------------------------------------------------------------- MATTERS. --------
a) MARKET INFORMATION. -------------------
The Registrant's common shares are traded in the over-the-counter market and listed on the National Quotation Bureau's "Pink Sheets" (symbol: "DTAB"). The following table sets forth the range of high and low closing bid quotations for the Registrant's common shares for each quarterly period during the Registrant's last two fiscal years, as reported by the National Quotation Bureau:
PERIOD CLOSING BID PRICES ------ ------------------ Fiscal Year Ended December 31, 1999 HIGH LOW ---- --- First Quarter .02 .02 Second Quarter .02 .02 Third Quarter .02 .02 Fourth Quarter N/A * N/A *
Fiscal Year Ended December 31, 1998 HIGH LOW ---- --- First Quarter N/A * N/A * Second Quarter N/A * N/A * Third Quarter .02 .02 Fourth Quarter .02 .02
- ---------------
* Quotations were not available for the period indicated.
(b) HOLDERS. -------
The number of equity security holders of record at March 23, 2000 was 568.
(c) DIVIDENDS. ---------
The Registrant has never paid cash dividends on its shares. The Registrant does not anticipate paying cash dividends in the foreseeable future.
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ITEM 7.
ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION - --------------------------------------------------------------------- AND RESULTS OF OPERATION. - -------------------------
RESULTS OF OPERATIONS: - ----------------------
Operating revenue for the three most recent fiscal years ended December 31, was $383,047 in 1999, $394,947 in 1998, and $496,301 in 1997.
During fiscal year ending December 31, 1999 operating revenues decreased by 3.0%, or $11,900. During fiscal year 1998 operating revenues decreased by 20.4% when compared to the revenues in fiscal year 1997.
Revenue in fiscal year 1999 was slightly lower as compared to revenue during fiscal year 1998. The reduction in revenue is due to a reduction in the composition and scope of the surveys processed for Registrant's clients. The decrease in revenue in fiscal year 1998 is mainly due to a 69% reduction in revenue from the Registrant's largest client. Only a small portion of this decrease was offset by increased revenue from other existing clients. The lower level of revenue during fiscal year 1997 was due to a reduction of 13% in revenue from the Registrant's main client. That decrease was partly offset by several increases in work from smaller existing clients along with the addition of new clients.
In 1999 the Registrant's largest client accounted for 36%, or $114,000 of the Registrant's revenue as compared with 39%, or $122,000 in 1998. The $8,000 decrease in revenue was the main reason for the decrease in overall revenue.
The Registrant is continuously trying to add clients to its base. However, the key is to add repetitive work as opposed to one-time work. While the Registrant added several new clients during fiscal 1999, a few other clients either did not repeat their studies or reduced the amount of work sent to the Registrant.
For the past three years market research accounted for 100% of Registrant's consolidated revenue.
Cost of sales increased by 2.6%, or $9,865 in fiscal year 1999 as compared to fiscal year 1998. In fiscal 1998 these costs decreased by 17.3%, or $79,075. The Registrant's structure of cost of sales during the 1999 fiscal year were similar to the structure of similar costs during fiscal year 1998. The Registrant is continuously monitoring its operating cost structure and implementing cost saving programs wherever appropriate.
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Selling and administrative expenses were 6.4% higher in fiscal Year 1999. Selling and administrative expenses decreased by 2%, or $2,477, in fiscal year 1998 as compared to 1997.
The Registrant operated at a loss in fiscal years 1999 and 1998. These losses were a result of a revenue base that was not sufficient to cover Registrant's costs.
The Registrant had no capital expenditures in 1999 and 1998 and does not anticipate any capital expenditures in the near future.
In the opinion of management, inflation has not had a material impact on the operations of the Registrant.
THE YEAR 2000 ISSUE - -------------------
The Registrant has studied the impact of the year 2000 on the software and services it sells as well as its own internal systems.
It was concluded that all software and services provided by the Registrant are Year 2000 compliant. The Registrant has not experienced any Year 2000 compliance problems with either its internal systems or outside providers.
LIQUIDITY AND CAPITAL RESOURCES. - --------------------------------
AS of December 31, 1999 the Registrant's working capital decreased by approximately $116,000, creating a negative balance of ($57,000). Working capital at the end of fiscal year 1998 was lower by $84,617 compared to the working capital at the end of fiscal year 1997.
The Registrant's balance sheet at December 31, 1999 reflects a receivable from its parent company, Data Probe, Inc., which represents a significant portion of its current assets and therefore its working capital. The collectability of this receivable is uncertain.
The Registrant's continued losses have greatly reduced its working capital. If the loss trends continue, or if additional revenues cannot be generated, or if significant operating costs cannot be reduced, the Registrant's ability to continue to operate would be severely affected in the absence of securing some type of supplemental financing, the availability of which there can be no assurance.
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GHASSEMI, PHOEL & COMPANY CERTIFIED PUBLIC ACCOUNTANTS 23 Langdon Place Lynbrook, NY 11563 Phone: 516-887-4444 Fax: 516-887-4450
INDEPENDENT AUDITORS' REPORT
Board of Directors and Shareholders Datatab, Inc.:
We have audited the accompanying consolidated balance sheet of Datatab, Inc. and subsidiaries as of December 31, 1999 and 1998 and the related consolidated statements of operations, retained earnings (deficit) and cash flows for each of the years in the three-years period ended December 31, 1999. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of Datatab, Inc. and subsidiaries at December 31, 1999, and 1998, and result of their operations and their cash flows for each of the three years in the period ended December 31, 1999, in conformity with generally accepted accounting principles.
The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in the notes to the financial statements, the Company has suffered recurring losses from operations that raise substantial doubt about its ability to continue as a going concern. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.
/S/ GHASSEMI, PHOEL & CO. Certified Public Accountants
Lynbrook, New York March 2, 2000
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DATATAB, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(CONTINUED)
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DATATAB, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
The notes to financial statements are made a part hereof.
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DATATAB, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF OPERATIONS
The notes to financial statements are made a part hereof.
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DATATAB, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF RETAINED EARNINGS (DEFICIT)
The notes to financial statements are made a part hereof.
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DATATAB, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS
(CONTINUED)
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DATATAB, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS
The notes to financial statements are made a part hereof.
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DATATAB, INC. AND SUBSIDIARIES
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1999
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: - -------------------------------------------
Principles of Consolidation - The consolidated financial statements include the accounts of the Company and its subsidiaries (all of which are wholly-owned) after elimination of inter-company investments, advances and transactions.
Inventory - Inventoried costs of uncompleted jobs represents unbilled labor and overhead charges. Inventories of supplies are stated at the lower of cost (first-in, first-out method) or market.
Furniture, Fixtures, Equipment and Improvements - Furniture, fixtures, equipment and improvements are recorded at cost. At the time assets are sold or otherwise disposed of, the cost and accumulated depreciation are eliminated from the asset and depreciation accounts; profits and losses on such dispositions are reflected in current operations. Expenditures for maintenance and repairs are charged to operations; replacements, renewals and betterments are capitalized.
Depreciation for financial accounting purposes is computed on the Straight-line method to amortize the cost of various classes of assets over their estimated useful lives. Leasehold improvements are amortized over the shorter of the life of the related asset or the life of the lease.
Depreciation for income tax purposes is computed substantially on accelerated methods; deferred income taxes have been provided on the difference between depreciation expense for financial accounting and income tax purposes; however, deferred taxes previously provided were eliminated as a result of accumulated net losses.
Systems Development Costs - Systems development costs are charged to operations as incurred.
(Continued)
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DATATAB, INC. AND SUBSIDIARIES
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1999
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED): - -------------------------------------------------------
Earnings or Loss per Share - Earnings or loss per share is based on the average number of shares of common stock outstanding each year after deducting treasury shares.
Cash and Cash Equivalents - All highly liquid investments with a maturity of three months or less at date of purchase are carried at fair value and are considered to be cash equivalents.
Use of Estimates - The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect certain report amounts and disclosures. Accordingly, actual results could differ from those estimates.
Fair Value of Financial Instruments - The carrying value of financial instruments approximate their fair value.
RECEIVABLE FROM DATA PROBE, INC.: - ---------------------------------
Data Probe, Inc., the majority stockholder, is indebted to the Company for advances made. For the year ended December 31, 1999 and 1998 total interest earned on the advances amounted to $19,988 and $20,249 respectively.
INVENTORIES: - ------------
Inventories are summarized as follows:
DECEMBER 31, ------------ 1999 1998 ---- ----
Work in process . . . . . . $ 1,050 $ 1,165
======= ======= (Continued)
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DATATAB, INC. AND SUBSIDIARIES
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1999
FURNITURE, FIXTURES, EQUIPMENT AND IMPROVEMENTS: - ------------------------------------------------
Furniture, fixtures, equipment and improvements comprise the following:
COST AND BOOK VALUE DECEMBER 31, ------------ ESTIMATED USEFUL 1999 1998 LIVES ---- ---- ----- Computer data processing equipment . . . $118,033 $118,033 7 to 10 years Furniture, fixtures and improvements. . 8,647 8,647 5 to 10 years -------- --------
126,680 126,680
Less accumulated depreciation. . 125,236 123,801 ------- ------- Net . . $ 1,444 $ 2,879 ======== ========
INCOME TAXES: - -------------
At December 31, 1999, the Company has available net operating loss Carry-forwards in excess of $1,380,000, of which $320,000 expires in 2000, $175,000 in 2001, $199,000 in 2002, $120,000 in 2003, $ 87,000 in 2004, $94,000 in 2005 and the balance in 2006 and thereafter.
The Company has provided a valuation allowance in its entirety to offset potential benefit derived with the utilization of the net operating loss carry-forwards and tax credits available.
The consolidated federal income tax returns of the Company and its subsidiaries have been examined by the Treasury Department through 1977.
(Continued)
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DATATAB, INC. AND SUBSIDIARIES
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1999
TRANSACTIONS WITH RELATED PARTIES: - ----------------------------------
Data Probe, Inc. charged the Company for the following:
TOTAL SERVICES RENT ----- -------- ----
1999. . . $237,574 $168,887 $ 68,687 1998. . . 161,166 95,123 66,043 1997. . . 218,034 177,796 40,238
In addition, the Company charged Data Probe, Inc. for the following:
TOTAL SERVICES INTEREST SALES ----- -------- -------- -----
1999. . . $218,569 $135,000 $ 19,988 $ 63,581 1998. . . 105,002 48,000 20,249 36,753 1997. . . 95,834 60,000 35,834
COMMITMENTS: - ------------
As of January 1, 1997, Data Probe, Inc. acquired a lease for new office space, and the Company will be renting its offices from them on a month to month basis.
GOING CONCERN: - --------------
As reflected in the accompanying financial statements, the Company incurred net operating losses of $113,475 and $84,368 for each of the two years ended December 31, 1999 and 1998. Adverse economic conditions have limited the ability of the Company to market its services at amounts sufficient to recover operating and administrative cost. Continued losses have exhaust the remaining net working capital. Working capital had been supplemented by the collections of a note receivable, which was fully collected as of December 31, 1994. Because of the conditions surrounding the Company and its inability to generate profit, there is doubt about the Company's ability to continue as a going concern. The financial statements do not include any adjustments that might be necessary should the Company be unable to continue as a going concern.
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ITEM #9. DISAGREEMENTS ON ACCOUNTING AND FINANCIAL DISCLOSURE: - -------- -----------------------------------------------------
Not applicable.
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Part III
ITEM 10.
ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT.
(a), (b) IDENTIFICATION OF DIRECTORS AND EXECUTIVE OFFICERS. DIRECTOR OFFICER NAME AGE POSITION SINCE SINCE ---- --- -------- ----- -----
Yitzhak N. Bachana 67 President, Treasurer, 1983 1983 and Director
James R. Sheridan 54 Executive Vice President, 1983 1983 Secretary, and Director
Each director is elected to serve as a director until the next succeeding annual meeting of shareholders and until his successor is duly elected and qualified. Each executive officer is elected to serve at the pleasure of the Board of Directors.
(c) IDENTIFICATION OF CERTAIN SIGNIFICANT EMPLOYEES. None.
(d) FAMILY RELATIONSHIPS. None.
(e) BUSINESS EXPERIENCE.
The following sets forth the business experience during the past five years of each director and officer:
Mr. Bachana has been President, Treasurer, and a director of Data Probe, Inc., a publicly-traded, New York based computer service bureau and parent of Data Probe Acquisition Corp., for more than the past five years. Mr. Bachana has been a director of the Board of Megadata Corporation since April 20, 1976 and has been President and Chief Executive Officer of Megadata Corporation since June 3, 1980. On October 2, 1998, Mr. Bachana has resigned his post as President of Megadata. Megadata Corporation's securities are registered under Section 12(g) of the Securities Exchange Act of 1934, as amended.
Mr. Sheridan has been Executive Vice President and served as a supervisor and operations manager of Data Probe, Inc. for more than the past five years.
(f) INVOLVEMENT IN CERTAIN LEGAL PROCEEDINGS.
The Registrant knows of no event which occurred during the past five years and which is described in Item 401(f) of Regulation S-K relating to any director or officer of the Registrant.
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ITEM 11.
ITEM 11. EXECUTIVE COMPENSATION.
(a) COMPENSATION.
The following table sets forth all compensation paid to the executive officers of the Registrant as a group for such fiscal year.
SUMMARY COMPENSATION TABLE - -------------------------------------------------------------------------------- (A) (B) (C) (D) (E) - -------------------------------------------------------------------------------- NAME AND PRINCIPAL OTHER POSITION YEAR SALARY BONUS COMPENSATION - ------------------ ---- -------- ----- ------------
Yitzhak N. Bachana - President 1999 $ 55,000 - $ 62,305 (1) 1998 6,346 (2) - 62,305 (3) 1997 51,925 (4) - 13,652 (5)
James R. Sheridan - 1999 $ 58,500 - $ 32,695 (6) Executive Vice President 1998 48,500 (7) - 37,362 (8) 1997 63,500 (9) - 32,090 (10) - -------------------------------------------------------------------------------- (1) Represents earned but unpaid salary as of December 31, 1999. (2) Does not include earned but unpaid salary of $48,654 as of December 31, 1998. (3) Represents earned but unpaid salary through December 31, 1998. (4) Does not include earned but unpaid salary of $3,075 as of December 31, 1997. (5) Represents earned but unpaid salary through December 31, 1997.
(6) Represents earned but unpaid commission as of December 31, 1999. (7) Does not include earned but unpaid commission of $37,362 as of December 31, 1998. (8) Represents earned but unpaid commission as of December 31, 1998. (9) Does not include earned but unpaid commission of $32,090 as of December 31, 1997. (10) Represents earned but unpaid commission through December 31, 1997.
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(b) (1) COMPENSATION PURSUANT TO PLANS.
The Registrant's employees (including officers) are all employed on a month-to-month basis.
(2) PENSION TABLE. Not applicable.
(3) ALTERNATIVE PENSION PLAN DISCLOSURE. Not applicable.
(4) STOCK OPTION AND STOCK APPRECIATION RIGHT PLANS. Not applicable.
(c) OTHER COMPENSATION. None.
(d) COMPENSATION OF DIRECTORS. 1. STANDARD ARRANGEMENTS. None. 2. OTHER ARRANGEMENTS. None.
(e) TERMINATION OF EMPLOYMENT AND CHANGE OF CONTROL ARRANGEMENT. None.
ITEM 12.
ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT.
(a) SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS.
The following chart sets forth the name and address of the person known to the Registrant to be the beneficial owner of more than 5% of the Registrant's common shares, par value $1.00, at March 20, 2000.
AMOUNT OF NAME AND ADDRESS OF BENEFICIAL PERCENT BENEFICIAL OWNER OWNERSHIP OF CLASS - ---------------- --------- --------
Data Probe Acquisition Corp. 517,959(1)(2) 73.38 49 East 21 Street NEW YORK, NEW YORK 10010
- ---------- (1) All shares are owned of record and beneficially.
(2) Yitzhak N. Bachana, President of the Registrant, owns 57.22% of the outstanding shares of Data Probe, Inc., the parent of Data Probe Acquisition Corp., and by virtue thereof may be deemed to be the beneficial owner of more than 5% of the Registrant's outstanding shares.
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(b) SECURITY OWNERSHIP OF MANAGEMENT.
The following chart sets forth the number of the Registrant's common shares, $1.00 par value, beneficially owned by all of the directors of the Registrant and by the directors and officers of the Registrant as a group at March 20, 2000:
NAME OF AMOUNT OF BENEFICIAL BENEFICIAL PERCENT OWNER OWNERSHIP (1) OF CLASS - ----- ------------- --------
Yitzhak N. Bachana 0 (2) 0
James R. Sheridan 0 0
Officers and Directors as a Group (2 PERSONS) 0 (2) 0
- ----------------------------
(1) All shares are owned of record and beneficially.
(2) Yitzhak N. Bachana is the President, Chairman of the Board, and majority shareholder of Data Probe, Inc., the parent of Data Probe Acquisition Corp., which owns 517,959 common shares of the Registrant (or 73.38% of all issued and outstanding shares) which are excluded from the foregoing table.
(c) CHANGES IN CONTROL.
Not applicable.
ITEM 13.
ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS.
(a) TRANSACTIONS WITH MANAGEMENT AND OTHERS.
Since December 27, 1996 The Registrant, located its executive offices at 49 East 21 Street, New York, New York, where it shares space with its parent company, Data Probe, Inc. Data Probe acquired a lease for this location, and the Registrant has been renting space pursuant to an allocation arrangement providing that the Registrant pay Data Probe, Inc. on a month to month basis approximately $5,500. (See Item 13, INFRA.)
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From time to time the Registrant and Data Probe, Inc. hire each other's employees for specific projects. For the fiscal year ended December 31, 1999, the Registrant incurred expenses of $168,887 with respect to these transactions. The Registrant was charged $68,687 for rent pursuant to an allocation arrangement. The Registrant charged Data Probe, Inc. $198,581 for sales and services and $19,988 for interest in 1999.
All fees are determined on a project-by-project basis and, in the opinion of Registrant's management, are no less favorable to the Registrant than those which could be obtained from unrelated third parties.
(b) CERTAIN BUSINESS RELATIONSHIPS. None.
(c) INDEBTEDNESS OF MANAGEMENT. None.
(d) TRANSACTIONS WITH PROMOTERS. Not applicable.
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PART IV
ITEM 14.
ITEM 14. EXHIBITS, FINANCIAL STATEMENTS SCHEDULES, AND REPORTS ON FORM 8-K. PAGE ---- (a) 1. FINANCIAL STATEMENTS
Included in Part II of this report:
Selected Financial Data at December 31, 1999, 1998, 1997, 1996, 1995 II-2
Report of Independent Certified Public Accountants II-6
Consolidated Balance Sheets at December 31, 1999 and 1998 II-7
Consolidated Statements of Operations for the years ended December 31, 1999, 1998, and 1997 II-9
Consolidated Statements of Retained Earnings (Deficit) for the years ended December 31, 1999, 1998, and 1997 II-10
Consolidated Statements of Cash Flows for the years ended December 31, 1999, 1998, and 1997 II-11
Notes to Consolidated Financial Statements II-13
2. Financial Statements Schedules
Included in Part IV of this report:
Accountant's report on financial statement schedules IV-4
Schedule V-Equipment and Improvements for the years ended December 31, 1999, 1998, and 1997 IV-5
Schedule VI-Depreciation and Amortization of Equipment and Improvements for the years ended December 31, 1999, 1998, and 1997 IV-6
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Schedules, other than those listed above, have been omitted since they are not required or the information required therein has been presented elsewhere in the financial statements.
Separate financial statements of Datatab, Inc. (parent) have been omitted since the conditions for omission have been met.
(b) REPORTS FILED ON FORM 8-K.
None
(c) EXHIBITS
None
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SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) 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.
DATATAB, INC.
Dated: March 30, 2000 By: /S/ YITZHAK N. BACHANA ---------------------- Yitzhak N. Bachana, President
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated:
Dated: March 30, 2000 /S/ YITZHAK N. BACHANA ---------------------- Yitzhak N. Bachana, President, Treasurer, Principal Executive Officer, Principal Financial Officer, Director
Dated: March 30, 2000 /S/ JAMES R. SHERIDAN --------------------- James R. Sheridan, Executive Vice President, Director
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