UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB/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 June 30, 1996
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES AND EXCHANGE ACT OF 1934
For the transition period from ________________________________
Commission file number 0-27100
FIELDS AIRCRAFT SPARES, INC.
(Exact name of registrant as specified in its charter)
UTAH 95-4218263
State or other jurisdiction of (I.R.S. Employer
incorporation or organization Identification No.)
2251-A Ward Avenue, Simi Valley, California 93005
(Address of principal executive offices (Zip Code)
(805) 583-0080
(Registrant's telephone number, including area code)
- ------------------------------------------------------------------------------
---------------------------------------------------
(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 14 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 No
APPLICABLE ONLY TO CORPORATE ISSUERS:
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date.
Class of Stock Amount Outstanding
$.05 par value Common Shares 984,352 Common Shares
at June 30, 1996
<PAGE>
PART II. OTHER INFORMATION
ITEM 1.LEGAL PROCEEDINGS.
None
ITEM 2.CHANGES IN SECURITIES.
None
ITEM 3.DEFAULTS UPON SENIOR SECURITIES.
The Company's subsidiary, Fields Aircraft Spares
Incorporated, a California corporation ("FAS-CA") was in default with
Norwest Business Credit, Inc. ("Norwest"), its primary lender, at May 1,
1996. The Loan Agreement with Norwest as of May 1, 1996 permitted up to
$7,239,000 to be drawn on the loan against eligible receivables and
inventory. As of May 1, 1996, the Company had outstanding approximately
$7,336,000. Norwest has subsequently agreed that FAS may have drawn at
any one time up to $150,000 in excess of the available line of credit,
such excess to be eliminated during May 1996.
FAS was also in default with Norwest at June 30, 1996. The Loan Agreement
with Norwest required of the Company as of June 30, 1996, to have
achieved net earnings from operations for the six months ending on that
date of $150,000 whereas the Company had a net loss from operations for
that period of $679,000. Norwest has indicated to the Company that it
does not intend to take any action as a result of the default but has
reserved its rights to take any appropriate action at any time.
The Company's credit facility with Norwest expires in February 1998 but
is payable on demand by Norwest. Accordingly, Norwest could require
repayment of all amounts owed by the Company at any time.
ITEM 4.SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
None
ITEM 5.OTHER INFORMATION.
In June, 1996, FAS-CA entered into a Third Amendment to Credit Agreement
with Norwest, whereby, among other things, the interest rate payable to
Norwest was increased to prime to 5.5%.
<PAGE>
ITEM 6.EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits
Exhibit 27 - Finacial Data Schedule
Those exhibits previously filed with the Securities and Exchange
Commission as required by Item 601 of Regulation S-K, are
incorporated herein by reference in accordance with the provisions
of Rule 12b-32.
(b) Reports on Form 8-K
A current report on Form 8-K, dated April 17, was filed during the
quarter.
<PAGE>
SIGNATURE
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.
Date: November 14, 1996
FIELDS AIRCRAFT SPARES, INC.
By: /s/ Alan M. Fields
Alan M. Fields,
President and Principal
Executive Officer
By: /s/ Lawrence J. Troyna
Lawrence J. Troyna, Principal Financial
Officer
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM FORM 10-QSB
FOR THE QUARTERLY PERIOD ENDED JUNE 30, 1996, AND IS QUALIFIED IN ITS ENTIRETY
BY REFRENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1996
<CASH> 74,000
<SECURITIES> 0
<RECEIVABLES> 941,000
<ALLOWANCES> 10,000
<INVENTORY> 7,917,000
<CURRENT-ASSETS> 9,072,000
<PP&E> 1,809,000
<DEPRECIATION> 675,000
<TOTAL-ASSETS> 10,726,000
<CURRENT-LIABILITIES> 7,797,000
<BONDS> 6,714,000
0
0
<COMMON> 297,000
<OTHER-SE> 3,426,000
<TOTAL-LIABILITY-AND-EQUITY> 10,726,000
<SALES> 1,186,000
<TOTAL-REVENUES> 1,186,000
<CGS> 741,000
<TOTAL-COSTS> 741,000
<OTHER-EXPENSES> 786,000
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 498,000
<INCOME-PRETAX> (85,000)
<INCOME-TAX> 0
<INCOME-CONTINUING> (85,000)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 0
<EPS-PRIMARY> .09
<EPS-DILUTED> .06
</TABLE>
