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______________________________________________________________________
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-Q
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2002
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission file number 0-19761
OP-TECH Environmental Services, Inc.
(Exact name of registrant as specified in its charter)
Delaware 91-1528142
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
6392 Deere Road, Syracuse, NY 13206
(Address of principal executive offices) (Zip Code)
(315) 463-1643
(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 or No
APPLICABLE ONLY TO CORPORATE ISSUERS:
Indicate the number of shares outstanding of each of the issuer's
classes of common stock, as of November 12, 2002: 15,318,787
______________________________________________________________________
OP-TECH Environmental Services, Inc. and Wholly-Owned Subsidiaries
INDEX
Page No.
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
Consolidated Balance Sheets
-September 30, 2002 (Unaudited) and December 31, 2001 (Audited)..3
Consolidated Statements of Operations
-Three months ended September 30, 2002 and September 30, 2001
(Unaudited)
-Nine months ended September 30, 2002 and September 30, 2001
(Unaudited)......................................................4
Consolidated Statements of Cash Flows
-Nine months ended September 30, 2002 and September 30, 2001
(Unaudited)....................................................5
Notes to Consolidated Financial Statements (Unaudited).........6-8
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations...........................9-15
Item 3. Quantitative and Qualitative Disclosure About Market Risk .....16
PART II. OTHER INFORMATION .............................................17
SIGNATURES ....................................................18
2
ITEM # 1 FINANCIAL STATEMENTS PART 1 - FINANCIAL INFORMATION
OP-TECH ENVIRONMENTAL SERVICES, INC. AND WHOLLY-OWNED SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
September 30, December 31,
2002 2001
------------- --------------
ASSETS
Current Assets:
Cash $ 88,719 $ 51,818
Accounts receivable (net of allowance
for doubtful accounts of approximately
$200,000 and $195,000, respectively) 3,299,640 2,885,683
Costs on uncompleted projects applicable
to future billings 335,665 420,115
Prepaid Expenses and Other current assets 413,104 315,150
------------- -------------
Total Current Assets 4,137,128 3,672,766
Property and equipment, net 1,585,081 1,518,413
Assets held for sale 480,000 480,000
------------- -------------
Total Assets $ 6,202,209 $ 5,671,179
============= =============
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Accounts payable $ 708,305 $ 1,195,298
Billings in excess of costs and
estimated profit on uncompleted projects 356,796 541,373
Accrued expenses and other current liabilities 333,424 334,198
Current portion of long-term debt 465,382 239,369
------------- -------------
Total Current Liabilities 1,863,907 2,310,238
Long-term debt, net of current portion 697,288 698,346
Note payable to bank under line of credit 2,121,300 1,427,900
------------- -------------
Total Liabilities 4,682,495 4,436,484
------------- -------------
Shareholders' Equity:
Common stock, par value $.01 per share;
authorized 20,000,000 shares; 15,318,787
and 11,703,963 shares issued and
outstanding as of September 30, 2002 and
December 31, 2001, respectively 197,040 117,040
Additional paid-in capital 7,705,482 7,791,152
Accumulated deficit (6,338,956) (6,673,497)
Treasury stock; 4,385,170 shares as of
September 30, 2002 (43,852) -
------------- -------------
Total Shareholders' Equity 1,519,714 1,234,695
------------- -------------
Total Liabilities and Shareholders' Equity $ 6,202,209 $ 5,671,179
============= =============
The accompanying notes are an integral part of the financial statements.
3
ITEM # 1 FINANCIAL STATEMENTS PART 1 - FINANCIAL INFORMATION
OP-TECH ENVIRONMENTAL SERVICES, INC. AND WHOLLY-OWNED SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
THREE MONTHS ENDED NINE MONTHS ENDED
September 30, September 30, September 30, September 30,
2002 2001 2002 2001
------------ ------------ ------------ -------------
Revenues:
Project billings
and services $ 3,728,173 $ 3,664,400 $ 10,453,271 $ 9,912,929
Project costs 2,578,700 2,738,364 7,419,087 7,104,559
------------ ------------ ------------ ------------
Gross margin 1,149,473 926,036 3,034,184 2,808,370
------------ ------------ ------------ ------------
Selling, general and
administrative expense:
Payroll expense and
related payroll taxes
and benefits 508,923 456,240 1,479,382 1,386,295
Depreciation 74,456 89,544 215,807 250,252
Occupancy 93,320 93,680 287,197 294,460
Professional Services 56,321 38,489 188,641 146,325
Office Expense 61,116 41,126 173,636 131,883
Business Insurance 54,084 30,747 125,688 78,682
Provision for impairment
of long-lived assets - 300,000 - 300,000
Other expenses, net 62,055 (10,153) 112,292 38,499
--------- ------------ ------------ -----------
910,275 1,039,673 2,582,643 2,626,396
--------- ------------ ------------ -----------
Operating income 239,198 (113,637) 451,541 181,974
--------- ------------ ------------ -----------
Other income and (expense):
Interest expense (43,862) (53,843) (117,879) (171,077)
Casualty gain from
insurance proceeds,
net (Note 5) - - - 301,881
Other, net (968) 5,032 877 (2,271)
---------- ------------ ------------ ------------
(44,830) (48,811) (117,002) 128,533
---------- ------------ ------------ ------------
NET INCOME (LOSS) $ 194,368 $ (162,448) $ 334,539 $ 310,507
========= ============ =========== ============
Earnings per common share:
Basic and diluted $0.012 $(0.014) $0.024 $0.027
Weighted average shares outstanding:
Basic 16,796,401 11,669,963 13,976,872 11,626,185
Diluted 16,406,915 11,669,963 13,770,055 11,626,185
The accompanying notes are an integral part of the financial statements.
4
ITEM # 1 FINANCIAL STATEMENTS PART 1 - FINANCIAL INFORMATION
OP-TECH ENVIRONMENTAL SERVICES, INC. AND WHOLLY-OWNED SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
NINE MONTHS ENDED
September 30, September 30,
2002 2001
------------- --------------
Operating activities:
Net income $ 334,539 $ 310,507
Adjustments to reconcile net income to net cash
used in operating activities:
Bad debt expense 101,078 100,223
Depreciation 227,306 258,824
Provision for impairment of long-lived assets - 300,000
Gain on insurance proceeds from loss
on real property - (301,881)
Loss on disposal of asset - 1,167
(Increase) decrease in operating assets and
increase (decrease) in operating liabilities:
Accounts receivable (515,035) (1,039,572)
Costs on uncompleted projects applicable to
future billings 84,450 225,823
Billings and estimated profit in excess
of costs on uncompleted contracts (184,577) (67,470)
Prepaid expenses and other current assets (97,955) 52,325
Accounts payable and accrued expenses (487,768) 24,562
------------ -------------
Net cash used in operating activities (537,962) (135,492)
------------ -------------
Investing activities:
Purchase of property and equipment (274,004) (523,601)
Insurance proceeds from loss on real property - 308,167
------------ -------------
Net cash used in investing activities (274,004) (215,434)
------------ -------------
Financing activities:
Proceeds from issuance of common stock 388,996 5,000
Purchase of treasury stock (438,517) -
Proceeds from note payable to bank and current
and long-term borrowings 6,878,285 4,947,958
Principal payments on current and
long-term borrowings (5,979,897) (4,602,722)
------------ -------------
Net cash provided by financing activities 848,867 350,236
------------ -------------
Increase (Decrease) in cash 36,901 (690)
Cash at beginning of period 51,818 6,249
CASH AT END OF PERIOD $ 88,719 $ 5,559
=========== ===========
Non-cash items:
Equipment purchased through bank and
other financing sources $ 19,966 $ 155,478
Non-cash financing of insurance - $ 158,174
Cash paid for interest $ 117,879 $ 171,077
The accompanying notes are an integral part of the financial statements.
5
PART I - FINANCIAL INFORMATION
SPECIAL NOTICE REGARDING FORWARD-LOOKING STATEMENTS
The Company is including the following cautionary statement in this Form 10-Q
to make applicable and take advantage of the "safe harbor" provisions of the
Private Securities Litigation Reform Act of 1995 for any forward-looking
statement made by, or on behalf of, the Company. This 10-Q, press releases
issued by the Company, and certain information provided periodically in
writing and orally by the Company's designated officers and agents contain
statements which constitute forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. The words expect, believe, goal, plan, intend,
estimate, and similar expressions and variations thereof used are intended to
specifically identify forward-looking statements. Where any such forward-
looking statement includes a statement of the assumptions or basis underlying
such forward-looking statement, the Company cautions that, while it believes
such assumptions or basis to be reasonable and makes them in good faith,
assumed facts or basis almost always vary from actual results, and the
differences between assumed facts or basis and actual results can be
material, depending on the circumstances. Where, in any forward-looking
statement, the Company, or its management, expresses an expectation or belief
as to future results, such expectation or belief is expressed in good faith
and believed to have a reasonable basis, but there can be no assurance that
the statement of expectation or belief will result or be achieved or
accomplished.
Item 1. Financial Statements.
OP-TECH ENVIRONMENTAL SERVICES, INC.
AND WHOLLY-OWNED SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
1. Basis of Presentation
The accompanying unaudited consolidated financial statements have been
prepared in accordance with accounting principles generally accepted in the
United States of America for interim financial information and with the
instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they
do not include all of the information and footnotes required by accounting
principles generally accepted in the United States of America for complete
financial statements. In the opinion of management, quarterly results
include all adjustments (consisting of only normal recurring adjustments)
that the Company considers necessary for a fair presentation of such
information for interim periods.
The unaudited financial statements include the accounts of the Company and
its two wholly-owned subsidiaries; OP-TECH Environmental Services, Ltd, an
inactive Canadian company, and OP-TECH AVIX, Inc., a company formed in
January 2002 for purposes of pursuing and engaging in diversified lines of
business. All material intercompany transactions and balances have been
eliminated in consolidation.
6
2. Revenue Recognition
The timing of revenues is dependent on the Company's backlog, contract
awards, and the performance requirements of each contract. The Company's
revenues are also affected by the timing of its clients planned remediation
work as well as the timing of unplanned emergency spills. Historically,
planned remediation work generally increases during the third and fourth
quarters. Although the Company believes that the historical trend in
quarterly revenues for the third and fourth quarters of each year are
generally higher than the first and second quarters, there can be no
assurance that this will occur in future periods. Accordingly, quarterly or
other interim results should not be considered indicative of results to be
expected for any quarter or for the full year.
3. Related Party Transactions
The Company purchases subcontract labor services from St. Lawrence Industrial
Services, Inc., which is owned by a shareholder and director of the Company.
The costs for these services amounted to approximately $613,000 and $653,000
for the nine months ended September 30, 2002 and 2001, respectively. The
costs for these services were comparable to those which would have been
charged by a provider of labor services with no relationship to the Company.
4. Earnings per Share
Basic earnings per share is computed by dividing net income by the weighted
average shares outstanding. Diluted earnings per share includes the
potentially dilutive effect of common stock equivalents.
Warrants issued to a financial advisor in 1998 to purchase 302,500 shares of
common stock at $1.65 per share expired in March 2001.
Warrants were issued to a financial advisor in May 2002 to purchase 480,000
shares of common stock at $0.066 per share, expiring in May 2007.
In May 2002, a private offering of the Company's common stock was made
under Regulation D, Rule 506 of the Securities and Exchange Commission Act of
1933, as amended. Form D, Notice of sale of securities pursuant to
regulation D, was filed with the Securities and Exchange Commission on
June 13, 2002. The principal underwriter of the offering was Benchmark-
Pellinore. The offering resulted in the sale of 8,000,000 shares of the
Company's common stock at $0.06 per share to twenty-one accredited investors.
Gross proceeds from the offering were $480,000. Expenses and fees, including
an underwriting commission paid to Benchmark-Pellinore of $48,000, aggregated
approximately $91,000. Net proceeds of the offering were approximately
$389,000. Management used the proceeds from the offering to buy back into
treasury 4,385,170 shares of common stock from the Company's two largest
shareholders.
7
On August 2, 2002, the Company purchased into treasury 4,385,170 shares of
its common stock from the Company's two largest shareholders. 2,811,070
shares were purchased from M&T Bank for $.10 per share, or $281,107.
1,574,100 shares were purchased from O'Brien & Gere Limited for $.10 per
share, or $157,410.
5. Casualty Gain
On January 21, 2001, a fire destroyed the offices of the Massena, NY branch.
Insurance proceeds were received in the amount of $308,167 related to the
insured replacement value of the property that was destroyed. The proceeds
received were used to replace the destroyed building and contents at
substantially the same cost. A loss on disposal of assets, representing the
net book value of all the destroyed assets as of the date of the fire, was
recorded in the amount of $6,286. Accordingly, the Company realized a
casualty gain of $301,881 in the second quarter of 2001 as a result of the
proceeds collected.
8
PART I - FINANCIAL INFORMATION
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations.
LIQUIDITY AND CAPITAL RESOURCES
At September 30, 2002, the Company had cash and cash equivalents of $88,719
as compared to $51,818 at December 31, 2001. The Company voluntarily applies
excess cash in the Company's operating account to pay down the Company's
revolving line of credit.
At September 30, 2002, the Company had working capital of $2,273,221
compared to $1,362,528 at December 31, 2001, with a current ratio of 2.22 to
1 at September 30, 2002 and 1.59 to 1 at December 31, 2001.
For the nine months ended September 30, 2002, the Company's net cash used
in operations was $537,962 compared to $135,492 during the nine months ended
September 30, 2001. The increase in cash used in operations for the nine
months ended September 30, 2002 was primarily a result of a net decrease in
accounts payable as well as a net increase in accounts receivable and other
current assets.
The Company's net cash used in investing activities of $274,004 during the
first nine months of the year was attributable to the purchase of various
field and office equipment.
Cash provided by financing activities for the nine months ended September 30,
2002 was $848,867, which was primarily due to a net increase in the Company's
line of credit as a result of the cash used in operating activities.
As of September 30, 2002, the Company had a loan agreement that provided for
borrowings up to $2,300,000 on a revolving basis, collateralized by all
accounts receivable, inventory and equipment now owned or acquired later.
The loan is payable on May 31, 2004, bears interest at a rate of prime plus
1.25 percent, is subject to certain restrictive financial covenants, and is
subject to default if there is a material adverse change in the financial or
economic condition of the Company. As of September 30, 2002, borrowing
against the revolving loan aggregated $2,121,300.
During the first nine months of 2002, all principal payments on the Company's
bank debt were made within payment terms.
The Company expects, based on its operating results and the continued
availability of its line of credit, that it will be able to meet obligations
as they come due.
9
THE MASSENA PORT FACILITY
The Massena Port Facility is a former oil tank farm that is located on the St.
Lawrence River in Massena, NY. The property is improved with several
buildings and a deep water docking facility for large ocean going ships.
Currently, the Company uses the property for its Massena branch office
headquarters, equipment storage and its Aqueous Treatment/360 Facility. The
property has been held for sale since 1996, during which time the carrying
value has been reduced from $1,900,000 to $480,000.
During the third quarter of 2001, the Company recognized an additional
provision for impairment of long-lived assets of $300,000 to adjust the
carrying value of the Massena Port Facility to the estimated fair value, less
cost of disposal, of $480,000. Management's estimation of fair value is
based upon an evaluation of existing facts and circumstances, including
current real estate market conditions.
10
RESULTS OF OPERATIONS
BILLINGS
The Company's project billings for the third quarter of 2002 increased 2% to
$3,728,173 from $3,664,400 for the third quarter of 2001. For the nine-month
period ended September 30, 2002 the Company's billings have increased 6% to
$10,453,271 from $9,912,929 for the same period in 2001.
When comparing the first nine months of 2002 to the same period in 2001, the
overall increase in billings is due to several factors. Revenues from New
York State Department of Environmental Conservation ("NYSDEC") remediation
projects increased approximately $1,760,000. The increased revenue from
NYSDEC remediation projects is primarily due to a single large project in the
Plattsburgh, NY area in the first quarter and single large projects in the
Massena, NY and Albany, NY areas in the second quarter. This increase was
partially offset by decreases in revenue from asbestos remediation projects
totaling approximately $787,000 and spill response, transportation and
disposal projects totaling approximately $340,000. As part of the Company's
plan to refocus its efforts on lines of work that are more profitable, the
Company is being more selective in bidding on asbestos remediation projects.
PROJECT COSTS AND GROSS MARGIN
Project costs for the third quarter of 2002 decreased 6% to $2,578,700 from
$2,738,364 for the same period in 2001. Project costs as a percentage of
revenues were 69% and 75% for the three months ended September 30, 2002 and
2001, respectively. Gross margin for the third quarter of 2002 increased to
31% from 25% for the same period in 2001.
For the nine-month period ended September 30, 2002, project costs increased
4% to $7,419,087 from $7,104,559 for the nine months ended September 30, 2001.
Project costs as a percentage of revenues were 71% and 72% for the nine months
ended September 30, 2002 and 2001, respectively. Gross margin for the nine
months ended September 30, 2002 increased to 29% from 28% for the same period
in 2001.
As a result of increased billings for the nine-month period ended September
30, 2002, project costs also increased. The slight increase in the gross
margin is due to the Company being more selective in project bidding and
project managers meeting their budgetary guidelines.
11
SELLING, GENERAL, ADMINISTRATIVE AND INTEREST EXPENSES
Selling, general and administrative expenses ("SG&A") for the quarter ended
September 30, 2002 decreased 12% to $910,275 from $1,039,376 for the same
period in 2001. For the nine month period ended September 30, 2002, SG&A
decreased 2% to $2,582,643 from $2,626,396 for the same period in 2001. SG&A
as a percentage of revenues was 25% for the nine months ended September 30,
2002 compared to 27% for the same period in 2001.
When comparing SG&A excluding the effect of the impairment of long-lived
assets, for the quarter ended September 30, 2002, SG&A increased 23% to
$910,275 from $739,673 for the same period in 2001. For the nine-month period
ended September 30, 2002, SG&A increased 11% to $2,582,643 from 2,326,396 for
the same period in 2001. SG&A as a percentage of revenues increased to 25%
versus 24% for the nine months ended September 30, 2001.
When comparing the first nine months of 2002 to the same period in 2001, the
overall increase in SG&A is due primarily to the commencement of operations
of OP-TECH AVIX, Inc ("AVIX") in January 2002. AVIX accounted for SG&A of
approximately $139,000 for the nine months ended September 30, 2002. Based
on the categories of SG&A as illustrated on the Consolidated Statements of
Operations on page 4, AVIX contributed the following amounts:
Payroll Expenses and related payroll taxes and benefits $ 95,794
Depreciation 928
Occupancy 4,814
Professional Services 16,800
Office Expense 8,607
Other Expenses, net 12,295
------------
$ 139,238
============
SG&A, net of AVIX, as a percentage of revenues decreased to 23% for the nine
months ended September 30, 2002 compared to 24% for the same period in 2001.
12
INTEREST EXPENSE
Interest expense for the nine months ended September 30, 2002 decreased 31%
to $117,879 from $171,077 for the same period in 2001. The decrease in
interest expense was primarily due to a decrease in the average interest rate
on the Company's floating rate debt.
CASUALTY GAIN
On January 21, 2001, a fire destroyed the offices of the Massena, NY branch.
Insurance proceeds were received in the amount of $308,167 related to the
insured replacement value of the property that was destroyed. The proceeds
received were used to replace the destroyed building and contents at
substantially the same cost. A loss on disposal of assets, representing the
net book value of all the destroyed assets as of the date of the fire, was
recorded in the amount of $6,286. Accordingly, the Company realized a
casualty gain of $301,881 in the second quarter of 2001 as a result of the
proceeds collected.
NET INCOME
The net income for the nine months ended September 30, 2002 and 2001 was
$334,539, or $0.024 per share basic and diluted, and $310,507 (includes
$301,881 casualty gain), or $0.027 per share basic and diluted, respectively.
13
CONTRACTUAL OBLIGATIONS
The Company's future payments related to its material debt and other certain
contractual obligations and the timing of those payments are set forth below.
Since many of these payment amounts are not fixed, the amounts in the table
are solely estimates as more fully indicated in the footnotes and the actual
amounts may be different.
Contractual Obligations Fiscal Year 2-3 4-5 After 5
($ in thousands) 2002 (1) Years Years Years
- ---------------------------- ----------- ---------- ---------- --------
Note payable to bank under
lline of credit (2) - 2,121 - -
Term loans (3) 296 446 238 -
Equipment line of credit (4) 49 139 139 16
Equipment note payable (5) 33 55 - -
1. Amounts due within one year represent payment obligations from January 1,
2002 to December 31, 2002.
2. Note payable to bank under line of credit includes scheduled maturities,
but excludes interest payments. The scheduled amortization does not consider
the Company's ability to draw or pay down the line of credit facility prior
to maturity. Remaining credit available under the line of credit is $179,000
at September 30, 2002.
3. Term loan payable includes scheduled maturities, but excludes variable
rate interest payments.
4. Equipment line of credit includes scheduled maturities, but excludes
interest payments. The scheduled amortization does not consider the
Company's ability to draw or pay down the line of credit facility prior to
maturity. Remaining credit available under the equipment line of credit is
$733,886 at September 30, 2002.
5. Equipment note payable includes scheduled maturities including interest
payments.
14
CRITICAL ACCOUNTING POLICIES AND ESTIMATES
Management has identified the following critical accounting policies that
affect the Company's more significant judgments and estimates used in the
preparation of the Company's consolidated financial statements. The
preparation of the Company's financial statements in conformity with
accounting principles generally accepted in the United States of America
requires the Company's management to make estimates and judgments that affect
the reported amounts of assets and liabilities, revenues and expenses, and
related disclosures of contingent assets and liabilities. On an on-going
basis, management evaluates those estimates, including those related to
assets held for sale, revenue recognition, allowance for doubtful accounts
and contingencies and litigation. The Company states these accounting
policies in the notes to the consolidated financial statements and in
relevant sections in this discussion and analysis. These estimates are based
on the information that is currently available to the Company and on various
other assumptions that management believes to be reasonable under the
circumstances. Actual results could vary from those estimates.
The Company believes that the following critical accounting policies affect
significant judgments and estimates used in the preparation of its
consolidated financial statements:
Contracts are predominately short-term in nature (less than three months) and
revenue is recognized as costs are incurred and billed. Income on long-term
fixed-priced contracts greater than three months is recognized on the
percentage-of-completion method. Project costs are generally billed in the
month they are incurred and are shown as current assets. Revenues recognized
in excess of amounts billed are recorded as an asset. In the event interim
billings exceed costs and estimated profit, the net amount of deferred
revenue is shown as a current liability. Estimated losses are recorded in
full when identified.
The Company maintains an allowance for doubtful accounts for estimated losses
resulting from the inability of its customers to make required payments,
which results in bad debt expense. Management determines the adequacy of
this allowance by continually evaluating individual customer receivables,
considering the customer's financial condition, credit history and current
economic conditions. If the financial condition of customers were to
deteriorate, resulting in an impairment of their ability to make payments,
additional allowances may be required.
15
Item 3. Quantitative and Qualitative Disclosure About Market Risk.
There were no material changes in the Company's market risk or market risk
strategies during the quarter ended September 30, 2002.
16
PART II - OTHER INFORMATION
Item 1. Legal Proceedings.
None
Item 2. Changes in Securities.
None
Item 3. Defaults Upon Senior Securities.
None
Item 4. Submission of Matters to a Vote of Security Holders.
None
Item 5. Other Information.
None
Item 6. Exhibits and Reports on Form 8-K.
None
17
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.
OP-TECH Environmental Services, Inc.
(Registrant)
Date: November 14, 2002 /s/ Christopher J. Polimino
Christopher J. Polimino
President and Chief Executive Officer
/s/ Douglas R. Lee
Douglas R. Lee
Chief Financial Officer and Treasurer
18