Back to GetFilings.com

Table of Contents

SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 10-Q

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

For the Nine Months Ended September 30, 2002

Commission File No. 0-8488

TWENTY SERVICES, INC.
(Exact name of Registrant as specified in its Charter)

Former name, former address, and former fiscal year, if changed since last report.

____________________________________________________________________________________________

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 ninety (90) days.

Yes x No o

Indicate the number of shares outstanding of each of the issuer’s classes of Common Stock, as of the period of this report.

Par Value $0.10 per share                                           1,283,068 shares

Table of Contents

TWENTY SERVICES, INC.

INDEX

Table of Contents

TWENTY SERVICES, INC.
CONSOLIDATED BALANCE SHEETS
(Unaudited)

Table of Contents

TWENTY SERVICES, INC.
STATEMENT OF OPERATIONS
(UNAUDITED)

Table of Contents

TWENTY SERVICES, INC.
CONDENSED STATEMENT OF CASH FLOWS
(UNAUDITED)

- 5 -

Table of Contents

         During the nine months ended September 30, 2002, the Registrant’s liquidity remained stable. The Company has no notes payable nor long term debt and does not anticipate the need for borrowing in the near future. The Registrant has sufficient cash and temporary cash investments to meet its short term liquidity needs. Should long term liquidity needs exceed cash and temporary cash investments, then the Registrant would dispose of marketable securities as it deems appropriate. Current trends and known demands and commitments do not create a need for liquidity in excess of the Company’s current liabilities to generate liquidity.

         The Company anticipates that its operating activities and its investing activities will generate net cash flows and that its financing activities will continue to use cash flows.

RESULTS OF OPERATIONS

         The Registrant reported a net income of $26,570 for the nine months ended September 30, 2002 as compared to the net income of $15,129 for the corresponding 2001 period. The increase is due primarily to a reduction in income taxes.

REVENUES

         Revenues for the nine months ended September 30, 2002 of $122,159 were comparable to $125,883 for the corresponding 2001 period. The decrease was due primarily to a decrease in interest income.

EXPENSES

         General and administrative expenses were $95,589 in 2002 as compared to $96,254 for the corresponding 2001 period.

______________

The above financial statements include all the adjustments which, in the opinion of Management, are necessary for a fair presentation of such financial information in conformity with generally accepted accounting principles. All adjustments are of a normal recurring nature.

Table of Contents

PART II

OTHER INFORMATION

 - 7 -

Table of Contents

TWENTY SERVICES, INC.

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 there unto duly authorized.

CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Twenty Services, Inc. (the “Company”) on Form 10-Q for the period ending September 30, 2002 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Jack C. Bridges, Executive Vice-President of the Company, certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

Table of Contents

TWENTY SERVICES, INC.

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 there unto duly authorized.

CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Twenty Services, Inc. (the “Company”) on Form 10-Q for the period ending September 30, 2002 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, David J. Noble, Chairman/Director of the Board and Principal Executive Officer of the Company, certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that: