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UNITED\ue000 STATES
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SECURITIES\ue000 AND\ue000 EXCHANGE\ue000 COMMISSION
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Washington,\ue000 D.C.\ue000 20549
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FORM\ue000 10-Q
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[X]\ue000 QUARTERLY\ue000 REPORT\ue000 PURSUANT\ue000 TO\ue000 SECTION\ue000 13\ue000 OR\ue000 15(d)\ue000 OF\ue000 THE\ue000 SECURITIES\ue000 EXCHANGE\ue000 ACT\ue000 OF\ue000 1934
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For\ue000 the\ue000 quarterly\ue000 period\ue000 ended\ue000 December\ue000 31,\ue000 2008
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[\ue000\ue000\ue000 ]\ue000 TRANSITION\ue000 REPORT\ue000 UNDER\ue000 SECTION\ue000 13\ue000 OR\ue000 15(d)\ue000 OF\ue000 THE\ue000 EXCHANGE\ue000 ACT
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For\ue000 the\ue000 transition\ue000 period\ue000 from\ue000________\ue000 to\ue000________
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Commission\ue000 File\ue000 Number\ue000 000-05391
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METWOOD,\ue000 INC.
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(Exact\ue000 name\ue000 of\ue000 small\ue000 business\ue000 issuer\ue000 as\ue000 specified\ue000 in\ue000 its\ue000 charter)
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NEVADA\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000 83-0210365
\ue000 (State\ue000 or\ue000 other\ue000 jurisdiction\ue000 of\ue000 incorporation)\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000 (IRS\ue000 Employer\ue000 Identification\ue000 No.)
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\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000
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\ue000 \ue000
\ue000 \ue000 \ue000
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819\ue000 Naff\ue000 Road,\ue000 Boones\ue000 Mill,\ue000 VA\ue000 24065
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(Address\ue000 of\ue000 principal\ue000 executive\ue000 offices)\ue000 (Zip\ue000 code)
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\ue000 \ue000
\ue000 \ue000 \ue000
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(540)\ue000 334-4294
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(Registrant's\ue000 telephone\ue000 number,\ue000 including\ue000 area\ue000 code)
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\ue000 \ue000
\ue000 \ue000 \ue000
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N/A
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(Former\ue000 name,\ue000 former\ue000 address\ue000 and\ue000 former\ue000 fiscal\ue000 year,\ue000 if\ue000 changed\ue000 since\ue000 last\ue000 report)
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\ue000 \ue000
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\ue000Check\ue000 whether\ue000 the\ue000 issuer\ue000 (1)\ue000 filed\ue000 all\ue000 reports\ue000 required\ue000 to\ue000 be\ue000 filed\ue000 by\ue000 Section\ue000 13\ue000 or\ue000 15(d)\ue000 of\ue000 the
\ue000 Exchange\ue000 Act\ue000 during\ue000 the\ue000 past\ue000 12\ue000 months\ue000 (or\ue000 for\ue000 such\ue000 shorter\ue000 period\ue000 that\ue000 the\ue000 registrant\ue000 was\ue000 required
\ue000 to\ue000 file\ue000 such\ue000 reports),\ue000 and\ue000 (2)\ue000 has\ue000 been\ue000 subject\ue000 to\ue000 such\ue000 filing\ue000 requirements\ue000 for\ue000 the\ue000 past\ue000 90\ue000 days.
\ue000 Yes\ue000 [\ue000 X\ue000 ]\ue000 No\ue000 [\ue000 \ue000 \ue000 ]
\ue000 \ue000 \ue000
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\ue000 \ue000
\ue000 \ue000 \ue000
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\ue000Indicate\ue000 by\ue000 check\ue000 mark\ue000 whether\ue000 the\ue000 regiatrant\ue000 is\ue000 a\ue000 large\ue000 accelerated\ue000 filer,\ue000 an\ue000 accelerated\ue000 filer,\ue000 a
\ue000
\ue000 non-accelerated\ue000 filer,\ue000 or\ue000 a\ue000 smaller\ue000 reporting\ue000 company\ue000 as\ue000 defined\ue000 by\ue000 Rule\ue000 12b-2\ue000 of\ue000 the\ue000 Exchange\ue000 Act:
\ue000
\ue000 \ue000
\ue000 \ue000 \ue000
\ue000
\ue000 \ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000Large\ue000 accelerated\ue000 filer\ue000 [\ue000 \ue000 \ue000 ]\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000Non-accelerated\ue000 filer\ue000 [\ue000 \ue000 \ue000 ]
\ue000
\ue000 \ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000Accelerated\ue000 filer\ue000 [\ue000 \ue000 \ue000 ]\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000Smaller\ue000 reporting\ue000 company\ue000 [\ue000 X\ue000 ]
\ue000
\ue000 \ue000
\ue000 \ue000 \ue000
\ue000
\ue000Indicate\ue000 by\ue000 check\ue000 mark\ue000 whether\ue000 the\ue000 registrant\ue000 is\ue000 a\ue000 shell\ue000 company\ue000 (as\ue000 defined\ue000 in\ue000 Rule\ue000 12b-2\ue000 of\ue000 the\ue000 Exchange\ue000 Act):\ue000 \ue000 Yes\ue000 [\ue000 \ue000 \ue000 ]\ue000 No\ue000 [\ue000 X\ue000 ]
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\ue000 \ue000
\ue000 \ue000 \ue000
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\ue000As\ue000 of\ue000 February\ue000 24,\ue000 2009,\ue000 the\ue000 number\ue000 of\ue000 shares\ue000 outstanding\ue000 of\ue000 the\ue000 registrant's\ue000 common\ue000 stock,
\ue000 \ue000 \ue000
\ue000
\ue000$0.001\ue000 par\ue000 value\ue000 (the\ue000 only\ue000 class\ue000 of\ue000 voting\ue000 stock),\ue000 was\ue000 12,295,899\ue000 shares.
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1
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Table\ue000 of\ue000 Contents
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\ue000\ue000\ue000METWOOD,\ue000 INC.\ue000 AND\ue000 SUBSIDIARY
\ue000 TABLE\ue000 OF\ue000 CONTENTS\ue000 -\ue000 FORM\ue000 10-QSB
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PART\ue000 I\ue000 -\ue000 FINANCIAL\ue000 INFORMATION
Page(s)
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Item1\ue000 \ue000 Financial\ue000 Statements
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\ue000\ue000\ue000\ue000\ue000\ue000Consolidated\ue000 Balance\ue000 Sheet\ue000 As\ue000 of\ue000 December\ue000 31,\ue000 2008\ue000 (Unaudited)
3-4
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\ue000\ue000\ue000\ue000\ue000\ue000and\ue000 June\ue000 30,\ue000 2008
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\ue000
\ue000
\ue000
\ue000
\ue000\ue000\ue000\ue000\ue000\ue000Consolidated\ue000 Statements\ue000 of\ue000 Income\ue000 (Unaudited)\ue000 for\ue000 the\ue000 Three\ue000 and\ue000 Six\ue000 Months
5
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\ue000\ue000\ue000\ue000\ue000\ue000Ended\ue000 December\ue000 31,\ue000 2008\ue000 and\ue000 2007
\ue000
\ue000
\ue000
\ue000
\ue000
\ue000\ue000\ue000\ue000\ue000\ue000Consolidated\ue000 Statements\ue000 of\ue000 Cash\ue000 Flows\ue000 (Unaudited)\ue000 for\ue000 the\ue000 Three\ue000 and\ue000 Six\ue000 Months
6
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\ue000\ue000\ue000\ue000\ue000\ue000\ue000Ended\ue000 December\ue000 31,\ue000 2008\ue000 and\ue000 2007
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\ue000
\ue000
\ue000
\ue000
\ue000\ue000\ue000\ue000\ue000\ue000Notes\ue000 to\ue000 Consolidated\ue000 Financial\ue000 Statements
7
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Item2\ue000\ue000\ue000\ue000\ue000\ue000 Management's\ue000 Discussion\ue000 and\ue000 Analysis\ue000 of\ue000 Financial\ue000 Condition
8
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\ue000\ue000\ue000\ue000\ue000\ue000and\ue000 Results\ue000 of\ue000 Operations
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Item4\ue000\ue000\ue000\ue000\ue000\ue000 Controls\ue000 and\ue000 Procedures
9
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PART\ue000 II\ue000 -\ue000 OTHER\ue000 INFORMATION
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Item6\ue000\ue000\ue000\ue000\ue000\ue000 Exhibits\ue000 and\ue000 Reports\ue000 on\ue000 Form\ue000 8-K
10
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Signatures
11
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Index\ue000 to\ue000 Exhibits
12
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2
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Table\ue000 of\ue000 Contents
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\ue000
METWOOD,\ue000 INC.\ue000 AND\ue000 SUBSIDIARY
CONSOLIDATED\ue000 BALANCE\ue000 SHEETS
\ue000
\ue000 \ue000
\ue000 \ue000 \ue000
\ue000
\ue000
\ue000 \ue000
\ue000 \ue000 \ue000
\ue000
\ue000
\ue000 \ue000
\ue000 \ue000 \ue000
\ue000
\ue000
\ue000(UNAUDITED)\ue000 \ue000 (AUDITED) \ue000
\ue000
\ue000 December\ue00031, \ue000 \ue000
June\ue00030, \ue000
\ue000
\ue000
2008
\ue000 \ue000
2008
\ue000
ASSETS
\ue000 \ue000
\ue000 \ue000 \ue000
\ue000
\ue000
\ue000 \ue000
\ue000 \ue000 \ue000
\ue000
Current\ue000 Assets
\ue000 \ue000
\ue000 \ue000 \ue000
\ue000
Cash\ue000 and\ue000 cash\ue000 equivalents
\ue000$
43,212\ue000 \ue000$
67,880\ue000
Accounts\ue000 receivable
\ue000\ue000
462,822\ue000 \ue000\ue000
535,799\ue000
Inventory
\ue000\ue000
1,490,336\ue000 \ue000\ue000
1,492,924\ue000
Recoverable\ue000 income\ue000 taxes
\ue000\ue000
3,868\ue000 \ue000\ue000
45,955\ue000
Prepaid\ue000 expenses
\ue000\ue000
77,089\ue000 \ue000\ue000
53,184\ue000
\ue000
\ue000 \ue000
\ue000\ue000 \ue000 \ue000
\ue000\ue000
Total\ue000 current\ue000 assets
\ue000\ue000
2,077,327\ue000 \ue000\ue000
2,195,742\ue000
\ue000
\ue000 \ue000
\ue000\ue000 \ue000 \ue000
\ue000\ue000
Property\ue000 and\ue000 Equipment
\ue000 \ue000
\ue000\ue000 \ue000 \ue000
\ue000\ue000
Leasehold\ue000 and\ue000 land\ue000 improvements
\ue000\ue000
208,233\ue000 \ue000\ue000
174,385\ue000
Furniture,\ue000 fixtures\ue000 and\ue000 equipment
\ue000\ue000
94,319\ue000 \ue000\ue000
86,341\ue000
Computer\ue000 hardware,\ue000 software\ue000 and\ue000 peripherals
\ue000\ue000
198,238\ue000 \ue000\ue000
197,817\ue000
Machinery\ue000 and\ue000 shop\ue000 equipment
\ue000\ue000
407,555\ue000 \ue000\ue000
407,103\ue000
Vehicles
\ue000\ue000
387,651\ue000 \ue000\ue000
369,451\ue000
\ue000
\ue000\ue000
1,295,996\ue000 \ue000\ue000
1,235,097\ue000
Less\ue000 accumulated\ue000 depreciation
\ue000\ue000
(772,631) \ue000 \ue000
(703,815)
\ue000
\ue000 \ue000
\ue000\ue000 \ue000 \ue000
\ue000\ue000
Net\ue000 property\ue000 and\ue000 equipment
\ue000\ue000
523,365\ue000 \ue000\ue000
531,282\ue000
\ue000
\ue000 \ue000
\ue000\ue000 \ue000 \ue000
\ue000\ue000
Goodwill
\ue000\ue000
253,088\ue000 \ue000\ue000
253,088\ue000
\ue000
\ue000 \ue000
\ue000\ue000 \ue000 \ue000
\ue000\ue000
TOTAL\ue000 ASSETS
\ue000$
2,853,780\ue000 \ue000$
2,980,112\ue000
\ue000
See\ue000 accompanying\ue000 notes\ue000 to\ue000 consolidated\ue000 financial\ue000 statements.
\ue000
\ue000
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