SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
______________________
FORM 10-Q/A
(Mark One)
[x] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended December 31, 1996
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: 0-10909
CORNICHE GROUP INCORPORATED
(Exact name of registrant as specified in its charter)
Delaware 22-2343568
(State or other jurisdiction of (I.R.S. employer
incorporation or organization) Identification No.)
Wayne Interchange Plaza I
145 Route 46 West, Wayne, NJ 07470
(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code: 201-785-3330
Not Applicable
(Former name, former address and former fiscal year,
if changed since last report)
Indicate by check mark whether 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 registrant was required to file such
reports), and (2) has been subject to such filing requirements for
the past 90 days. Yes X No
------- -------------
2,412,278 shares, $.10 par value
(Indicate the number of shares outstanding of each of the
issuer's classes of common stock, as of the latest practicable date)
________________
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CORNICHE GROUP INCORPORATED
Statement of Operations
(UNAUDITED)
- - 3 Months Ended - - - - 9 Months Ended - -
Dec 30, Dec 30, Dec 30, Dec 30,
1996 1995 1996 1995
Net Sales $0 $0 $0 $0
Cost of Sales 0 0 0 0
- - - -
Gross profit 0 0 0 0
- - - -
Selling, General and
Administrative Expenses (44,803) (84,914) (112,663) (356,115)
---------- ----------- ---------- -----------
Operating Loss (44,803) (84,914) (112,663) (356,115)
Loss on Sale of Assets 0 (3,042) 0 (3,042)
Interest (net) ( 3,416) 3,988 (7,516) 12,317
--------- ---------- --------- ----------
Net loss before
Preferred Dividend (48,219) (83,968) (120,179) (346,840)
Preferred dividend (15,912) (15,283) (47,736) (50,943)
----------- ----------- ----------- -----------
Net Loss from Continuing
Operations (64,131) (99,251) (167,915) (397,783)
Loss from Discontinued
Operation 0 (672,742) 0 (3,432,032)
Excess of UK Subsidiary
Cumulative Losses over
Investment 0 5,466,636 0 5,466,636
------------ ------------ ------------- ------------
Net Income (Loss) (64,131) 4,694,643 (167,915) 1,636,821
======= ========== ============= ===========
Loss per share of
common stock
Loss from Continuing
Operations $(0.03) $(0.04) $(0.07) $(0.17)
Profit from Discontinued
Operations - 1.99 - 0.89
---------- ----------- ---------- -----------
Net Profit (Loss) per share $(0.03) $1.95 $(0.07) $(0.72)
====== ====== ====== ======
Weighted average
number of common
shares outstanding 2,412,278 2,408,307 2,412,278 2,260,599
See Accompanying Notes
2
CORNICHE GROUP INCORPORATED
Statement of Cash Flows
(Unaudited)
------ 9 Months Ended -----
Dec 31, Dec 31,
1996 1995
Cash Flows from Operations:
Net Loss from Continuing Operations $(167,915) $(397,783)
Adjustments to reconcile net loss
from continuing operations
to net cash used in operating
activities:
Depreciation 291 1,652
Loss on Sales of Assets 0 3,042
Changes in Assets and Liabilities:
(Inc)/Dec in Notes Receivable 125,000 0
(Inc)/Dec in Other Receivables 10,000 (67,646)
(Inc)/Dec in Prepaid Expenses 0 (142,785)
Inc/(Dec) in Accounts Payable (98,213) 270,280
Inc/(Dec) in Accrued Liabilities (6,910) (170,054)
Inc/(Dec) in Notes Payable 100,000 (4,613)
Increase in Dividends Payable 47,736 50,943
---------- ----------
Net Cash Used in Continuing Operations 9,989 (456,964)
---------- ----------
Net Cash Used in Discontinued Operations 0 (331,336)
- ----------
Net Cash Used in Operating Activities 9,989 (788,300)
--------- ---------
Cash Flows from Investing Activities:
Payments to acquire fixed assets 0 (8,926)
Proceeds from Sale of Assets 0 3,000
- --------
Net Cash Used in Investing Activities 0 (5,926)
- ---------
Cash Flows from Financing Activities:
Issuance of common stock for cash 0 794,336
- -------
Net Cash Provided by Financing Activities 0 794,336
- -------
Net Increase in Cash 9,989 110
Cash at Beginning of Period 66 100
--------- -------
Cash at End of Period $10,055 $210
======= ====
See accompanying notes.
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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.
CORNICHE GROUP INCORPORATED
(Registrant)
By /s/ James J. Fyfe
JAMES J. FYFE, Vice President and
Principal Financial Officer
Date: May 19, 1997
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